Nvidia shares are experiencing one of their most volatile weeks to date. The Nasdaq composite climbed 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s announcement the previous day that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 rose 0.3% and 1.1%, respectively, in the afternoon session.
According to the betting platform Polymarket, Harris is being favored as the Democratic nominee for president, while PredictIt, a New Zealand-based site, anticipates she will become the 47th president of the United States.
Nvidia’s stock rose by 4% after a report from Reuters indicated that the company is developing a version of its new Blackwell AI chips aimed at the Chinese market. Nvidia is reportedly collaborating with local partner Inspur to launch a chip tentatively named “B20,” which is projected to begin shipping in the second quarter of 2025. Nvidia has not provided further commentary on this matter.
Tesla’s stock surged nearly 5% ahead of its earnings report scheduled for the next day. CEO Elon Musk is expected to discuss the long-awaited rollout of the company’s robotaxi vehicles. Musk shared on social media that Tesla aims to have functional humanoid robots at low production levels for internal use by next year, with hopes for mass production for external entities by 2026.
Meanwhile, CrowdStrike is still dealing with the consequences of a significant global tech outage that occurred recently. The cybersecurity firm reported that a substantial portion of the 8.5 million Windows devices affected are returning to operational status. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop in its stock price following the release of its quarterly earnings report. The telecommunications giant reported second-quarter revenue of $32.8 billion, below analysts’ expectations of $33.06 billion, largely due to consumers holding onto their phones longer, which has diminished upgrade rates for telecom services. The company’s earnings per share (EPS) met projections at $1.15.