General Motors’ recent earnings report surpassed expectations, raising optimism for Tesla and other companies in the “Magnificent 7” category, according to strategists. On Monday afternoon, the Nasdaq climbed by 1.5%, adding 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 also reported gains of 0.3% and 1.1%, respectively.
In the realm of political forecasting, the crypto-based betting platform Polymarket is favoring Harris as the Democratic nominee for president, while PredictIt predicts she could be the 47th president of the United States.
In technology news, shares of Nvidia rose 4% after reports that the company is developing a new version of its Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to introduce the chip, tentatively named the “B20,” with shipments expected in the second quarter of 2025. Nvidia has not provided any comments on this matter.
Tesla’s stock experienced a nearly 5% surge just a day before its earnings report, where CEO Elon Musk is anticipated to discuss updates on the much-awaited robotaxi launch. Musk stated on X that Tesla expects to produce humanoid robots for internal use by next year, with full production available for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in a significant worldwide tech outage last Friday, is still recovering from the incident. The company announced that many of the approximately 8.5 million Windows devices affected are now back online and operational. However, CrowdStrike’s stock fell over 13%, trading around $263 on Monday afternoon.
Verizon, on the other hand, faced a nearly 6% drop in stock value following its quarterly earnings report, which fell short of revenue projections. The telecommunications giant cited consumers keeping their old phones longer as a key factor impacting upgrade rates for promotional plans tied to new devices. For the second quarter, Verizon reported revenue of $32.8 billion, slightly under the analysts’ forecast of $33.06 billion, with earnings per share matching expectations at $1.15.