Nvidia’s recent 20% stock drop is being viewed positively by strategists, who suggest it indicates a healthy market correction. On Monday, the Nasdaq climbed by 1.5%, adding 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 achieved gains of 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, now favors Harris as the leading Democratic candidate, while PredictIt anticipates she could become the nation’s 47th president.
In other news, Nvidia’s shares saw a 4% increase after it was revealed that the company is developing a new version of its Blackwell AI chips tailored for the Chinese market. Nvidia is collaborating with Inspur, a local distributor, to introduce the “B20” chip, which is expected to start shipping by the second quarter of 2025.
Tesla’s stock rose nearly 5% one day ahead of its earnings report, where Elon Musk is anticipated to discuss the company’s delayed robotaxi project. Musk mentioned on X that Tesla expects to produce useful humanoid robots by next year for internal use, with more significant production anticipated by 2026.
In the realm of cybersecurity, CrowdStrike is still recovering from a major global tech outage tied to its services. The company reported that a substantial portion of the 8.5 million impacted Windows devices were back online, but its stock fell over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% drop in share price after announcing its quarterly earnings, which fell short of revenue expectations. The company’s revenue came in at $32.8 billion, just below the analysts’ average forecast of $33.06 billion. Its earnings per share matched expectations at $1.15, but the trend of customers retaining older phones has adversely affected upgrade rates for telecom companies offering new phone line promotions.