Nvidia’s stock is experiencing one of its most challenging weeks. On Monday afternoon, the Nasdaq composite index climbed 1.5%, rising by 277 points, following President Joe Biden’s withdrawal from the presidential race and endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket and New Zealand’s PredictIt suggest that Harris is likely to be the Democratic nominee and potentially the 47th president of the United States.
Nvidia’s shares rose by 4% after reports emerged that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is reportedly collaborating with a local partner, Inspur, to launch the chip, preliminarily named the “B20,” expected to start shipping in the second quarter of 2025. Nvidia has chosen not to comment on this development.
Tesla’s stock surged nearly 5% ahead of its earnings report, during which CEO Elon Musk is expected to provide updates on the delayed robotaxi project. Musk stated on social media that Tesla aims to have useful humanoid robots in low production for internal use next year and hopes for high production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm responsible for last week’s widespread tech outage, reported that many of the impacted 8.5 million Windows devices are gradually returning to service. However, its 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 revealed revenue below analysts’ expectations due to customers extending the lifespan of their current phones, negatively affecting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the average estimate of $33.06 billion, with earnings per share standing at $1.15, matching expectations.