Market Shifts: From McDonald’s Lawsuit to Nvidia’s AI Ambitions

McDonald’s is facing its first lawsuit related to the E. coli outbreak associated with its Quarter Pounder burgers.

In financial news, the Nasdaq climbed by 1.5%, gaining 277 points on Monday afternoon after President Joe Biden announced his withdrawal from the presidential race and endorsed Vice President Kamala Harris. Concurrently, the Dow Jones Industrial Average and S&P 500 experienced increases of 0.3% and 1.1%, respectively.

Polymarket, a crypto-based betting platform, has indicated support for Harris as the Democratic nominee, while PredictIt, based in New Zealand, forecasts that she may become the 47th president of the United States.

In tech developments, Nvidia shares rose by 4% following a report from Reuters regarding the company’s plans to create a version of its new Blackwell AI chips for the Chinese market. Nvidia is expected to collaborate with local distributor Inspur to introduce the chip, tentatively named the “B20,” which is projected to begin shipping in the second quarter of 2025. Nvidia has not provided any comments.

Tesla’s stock also experienced a nearly 5% rise the day before its earnings report, where CEO Elon Musk is anticipated to discuss the company’s postponed robotaxi launch. Musk stated on X that Tesla plans to have usable humanoid robots in limited production for internal purposes by next year and aims for larger production for other firms by 2026.

Meanwhile, CrowdStrike, the cybersecurity firm implicated in last week’s significant global tech outage, continues to manage the consequences, although services are gradually returning to normal. The company reported that a considerable number of the approximately 8.5 million affected Windows devices are operational again; however, CrowdStrike’s stock fell over 13%, trading around $263 on Monday afternoon.

Verizon’s stock declined nearly 6% following the release of its quarterly earnings report, which revealed a revenue miss as consumers are keeping their existing phones longer, adversely affecting upgrade rates. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly short of analysts’ expectations of $33.06 billion, while earnings per share (EPS) aligned with forecasts at $1.15.

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