Nvidia’s stock is experiencing significant volatility this week as the broader market reacts to political developments. On Monday afternoon, the Nasdaq Composite rose by 1.5%, gaining 277 points, following President Joe Biden’s announcement that he is withdrawing from the presidential race and endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
The betting platform Polymarket has identified Harris as the likely Democratic nominee, while PredictIt forecasts her as a potential 47th president of the United States.
In a development for Nvidia, shares rose by 4% after reports emerged that the company is developing a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to introduce the chip, tentatively named “B20,” expected to begin shipping in the second quarter of 2025. Nvidia has not yet commented on this report.
Tesla’s stock surged by nearly 5% ahead of its earnings report, in which Elon Musk is anticipated to address the delayed unveiling of the robotaxi. Musk announced on X that Tesla will produce humanoid robots for internal use next year, with hopes for large-scale production for external companies by 2026.
Meanwhile, CrowdStrike is still contending with the repercussions of a significant global tech outage that occurred last week. The company reported that of the approximately 8.5 million affected Windows devices, many are now back online and operational. Despite these recovery efforts, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s stock dropped nearly 6% following the release of its quarterly earnings report, which fell short of revenue estimates due to customers retaining their older phones longer. This trend has adversely affected upgrade rates for telecom companies offering promotional plans with new mobile lines. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the average analyst estimate of $33.06 billion, while its earnings per share (EPS) met expectations at $1.15.