Nvidia’s stock is experiencing one of its most tumultuous weeks, with significant market movements following President Joe Biden’s exit from the presidential race and endorsement of Vice President Kamala Harris. On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points, while the Dow Jones Industrial Average and the S&P 500 saw increases of 0.3% and 1.1%, respectively.
In terms of political predictions, the crypto betting platform Polymarket supports Harris as the Democratic nominee, while PredictIt forecasts that she will become the 47th president of the United States.
Nvidia shares climbed by 4% after reports surfaced that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is reportedly collaborating with local partner Inspur to launch a chip, provisionally named the “B20,” which is expected to start shipping in the second quarter of 2025. Nvidia has not commented on the reports.
Tesla’s stock jumped nearly 5% one day before its earnings report, during which CEO Elon Musk is anticipated to share updates regarding the delayed robotaxi introduction. Musk indicated on X that Tesla plans to have functional humanoid robots in low production for internal use next year, with hopes for broader production available to other companies by 2026.
In contrast, CrowdStrike, the cybersecurity firm involved in a recent global tech outage, is still dealing with the aftermath, although normal operations are gradually being restored. The company reported that a substantial number of the 8.5 million impacted Windows devices are back online, yet its stock dropped over 13%, trading around $263 on Monday afternoon.
Verizon experienced a notable decline of nearly 6% following its quarterly earnings report, which revealed revenue shortfalls as customers are retaining their old phones longer. This trend has negatively affected upgrade rates essential for telecom companies promoting new mobile lines. Verizon reported second-quarter revenue of $32.8 billion, slightly under analysts’ expectations of $33.06 billion, while its earnings per share matched projections at $1.15.