Nvidia’s stock is experiencing one of its most volatile weeks in recent memory. The Nasdaq Composite rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. During the same time, the Dow Jones Industrial Average and S&P 500 increased by 0.3% and 1.1%, respectively.
Crypto-based betting platform Polymarket favors Harris as the Democratic nominee, while PredictIt from New Zealand predicts she will become the 47th president of the United States.
Nvidia’s shares climbed by 4% in the afternoon after reports indicated that the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is said to be collaborating with local distributor Inspur to introduce the chip, referred to as the “B20,” in China, with expectations for shipments to begin in the second quarter of 2025. Nvidia has not commented on this development.
Tesla’s stock surged nearly 5% ahead of its earnings report set to be released soon, where CEO Elon Musk is expected to discuss updates on the company’s delayed robotaxi reveal. Musk mentioned on social media that Tesla plans to have functional humanoid robots in low production for internal use next year, with high production projected for 2026.
CrowdStrike, the cybersecurity firm involved in a significant global tech outage last Friday, is still dealing with the aftermath. The company reported that many of the roughly 8.5 million affected Windows devices have returned to normal operations. However, CrowdStrike’s stock dropped over 13% on Monday afternoon, trading around $263.
Verizon experienced a decline of nearly 6% in the afternoon following the release of its quarterly earnings report. The company fell short of revenue expectations due to customers retaining their old phones for longer periods, adversely affecting upgrade rates for telecom providers. Verizon reported second-quarter revenue at $32.8 billion, slightly below the analyst average estimate of $33.06 billion, with earnings per share of $1.15 matching expectations.