Trump Media may be characterized as a meme stock, according to a strategist. On Monday afternoon, the Nasdaq experienced a rise of 1.5%, gaining 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
In the realm of political predictions, the crypto-based betting platform Polymarket supports Harris as the likely Democratic nominee for president, while PredictIt, a New Zealand-based platform, forecasts that she will become the 47th president of the United States.
In corporate news, Nvidia’s shares rose by 4% after reports indicated that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is expected to partner with Inspur for the launch and sale of the chip, temporarily named the “B20.” Sources suggest that shipments of the B20 could begin in the second quarter of 2025, although Nvidia has not commented on this development.
Tesla’s stock also saw a significant increase, climbing nearly 5% ahead of its earnings report. CEO Elon Musk is expected to provide an update on the anticipated robotaxi debut during the report. Musk announced on social media that Tesla plans to have functioning humanoid robots for internal use by next year, with broader production aimed for 2026.
In contrast, CrowdStrike, the cybersecurity firm linked to a significant global technology outage last week, is still managing the repercussions but is making progress in restoring services. The company reported that a notable number of the approximately 8.5 million impacted Windows devices are back online. However, CrowdStrike’s stock fell over 13% to around $263 on Monday afternoon.
Verizon’s shares experienced a nearly 6% drop after the company released its quarterly earnings report, which fell short of analysts’ revenue expectations. The telecom giant attributed the downturn to customers extending the life of their existing devices, adversely affecting upgrade rates for new promotional plans. Verizon reported second-quarter revenues of $32.8 billion, slightly below the anticipated $33.06 billion, while its earnings per share remained steady at $1.15.