Nvidia is experiencing a turbulent week as its stock fluctuates significantly. This follows President Joe Biden’s recent announcement that he will not seek re-election and his endorsement of Vice President Kamala Harris. Consequently, the Nasdaq Composite Index rose by 1.5%, gaining 277 points, while the Dow Jones and S&P 500 saw increases of 0.3% and 1.1%, respectively.
In the realm of predictive markets, Polymarket favors Harris as the Democratic nominee, and PredictIt speculates she could become the 47th president.
Nvidia’s stock surged 4% after news broke that the company plans to introduce a version of its new Blackwell AI chips for the Chinese market. The chips, identified as “B20,” will be developed in collaboration with local partner Inspur, with expectations for shipping to begin in the second quarter of 2025. Nvidia has not provided additional commentary on this development.
Meanwhile, Tesla’s stock rose nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is expected to address the timeline of the company’s delayed robotaxi project. Musk indicated that Tesla aims to produce useful humanoid robots for its internal operations by next year, with hopes for broader production by 2026.
CrowdStrike is still recovering from a recent global tech outage attributed to the cybersecurity firm’s systems. The firm reported that a considerable number of the approximately 8.5 million affected Windows devices are now back online. Despite this, CrowdStrike’s stock dipped over 13%, trading around $263 on Monday afternoon.
Verizon’s stock dropped nearly 6% following the release of its quarterly earnings, which fell short of expectations due to customers extending the lifespan of their devices longer than anticipated. The company reported revenue of $32.8 billion for the second quarter, slightly below the $33.06 billion forecasted by analysts, while its earnings per share aligned with expectations at $1.15.