Nvidia’s stock has faced one of its most chaotic weeks yet as market movements unfold. On Monday afternoon, the Nasdaq gained 1.5%, adding 277 points, boosted by President Joe Biden’s exit from the presidential race and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 also showed positive movements, increasing by 0.3% and 1.1%, respectively.
In the realm of politics, the crypto-based betting platform Polymarket is backing Harris as the Democratic presidential nominee, while PredictIt predicts she will become the 47th president of the United States.
In a positive turn for Nvidia, the company’s shares rose by 4% after reports emerged that it is working on a version of its Blackwell AI chips specifically for China. The chipmaker is expected to collaborate with local partner Inspur to launch the chip, which is tentatively named “B20.” Sources indicate that shipments for the B20 could begin in the second quarter of 2025, although Nvidia has chosen not to comment on the matter.
Tesla’s stock saw a nearly 5% jump the day before its earnings report is set to be released. Elon Musk is anticipated to address updates regarding the company’s delayed robotaxi project. Musk indicated on social media that Tesla plans to have truly functional humanoid robots produced on a smaller scale for internal use next year, with hopes for wider production for other companies by 2026.
In contrast, CrowdStrike has been recovering from the effects of the significant global tech outage that occurred last week. The cybersecurity firm reported that out of approximately 8.5 million Windows devices affected, many have successfully come back online. However, the company’s stock dipped over 13% on Monday afternoon, trading around $263.
Verizon’s stock dropped nearly 6% in the afternoon after it announced its quarterly earnings report, which showed a shortfall in revenue expectations. The telecom giant’s latest revenue figures of $32.8 billion fell slightly below the consensus estimate of $33.06 billion, while its earnings per share matched expectations at $1.15. The company attributed the disappointing performance to customers holding onto their old phones for longer, adversely affecting upgrade rates associated with promotional plans for new devices.