Nvidia’s stock is experiencing one of its most turbulent weeks. On Monday afternoon, the Nasdaq increased by 1.5%, gaining 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris on Sunday. The Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has named Harris as the Democratic nominee, while PredictIt anticipates she will become the 47th president of the United States.
In a development for Nvidia, shares rose by 4% after a report indicated the company is working on a version of its Blackwell AI chips for the Chinese market. Nvidia is expected to collaborate with local distributor Inspur to introduce and sell a chip provisionally named the “B20,” which is anticipated to start shipping in the second quarter of 2025. Nvidia has chosen not to comment on the matter.
Tesla’s stock surged nearly 5% in anticipation of its upcoming earnings report, during which Elon Musk is likely to address the company’s delayed robotaxi announcement. Musk stated on X that Tesla aims to have functional humanoid robots in limited production for internal use next year and hopes for mass production for external companies by 2026.
On the other hand, CrowdStrike, the cybersecurity firm involved in last Friday’s significant global tech outage, is still dealing with the repercussions but reports things are gradually returning to normal. Of the 8.5 million Windows devices impacted, many are reportedly back online and functioning. Despite this, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop after announcing its quarterly earnings, which fell short of revenue projections. The telecommunications giant noted that customers are keeping their old phones longer, negatively affecting upgrade rates for companies offering new mobile plans. Verizon’s second-quarter revenue was $32.8 billion, slightly lower than the expected $33.06 billion, with earnings per share reported at $1.15, consistent with forecasts.