Berkshire Hathaway possesses $234.6 billion in U.S. Treasury bills, surpassing even the Federal Reserve’s holdings.
On Monday afternoon, the Nasdaq climbed 1.5%, gaining 277 points, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. In the same timeframe, the Dow Jones Industrial Average increased by 0.3%, while the S&P 500 rose by 1.1%.
The betting platform Polymarket anticipates Harris will be the Democratic nominee for president, and PredictIt, based in New Zealand, predicts she will become the 47th president of the United States.
Nvidia’s stock rose by 4% in the afternoon when Reuters reported that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with a local partner, Inspur, to introduce and sell the chip, tentatively named the “B20,” in China, with shipments expected to begin in the second quarter of 2025. Nvidia did not provide any comments on the report.
Tesla’s share price surged nearly 5% a day before its earnings report, during which CEO Elon Musk is expected to update investors on the company’s postponed robotaxi launch. Musk stated on social media that Tesla plans to have functional humanoid robots for internal use next year, aiming for high production for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in a major global tech outage, was still working to stabilize operations days later. The company reported that many of the approximately 8.5 million affected Windows devices have returned to service, but CrowdStrike’s stock dropped over 13% in the afternoon, trading around $263.
Meanwhile, Verizon’s stock fell nearly 6% after the telecommunications company released its quarterly earnings report, which showed it missed revenue expectations. This shortfall is attributed to customers retaining their old phones longer, adversely affecting upgrade rates for telecom companies with promotional offers for new mobile lines. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ forecast of $33.06 billion, while earnings per share matched expectations at $1.15.