Nvidia stock is facing one of its most tumultuous weeks yet. The Nasdaq increased by 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s exit from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. In the same timeframe, the Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
The online betting platform Polymarket supports Harris as the Democratic nominee for president, while New Zealand’s PredictIt predicts she will become the 47th president of the United States.
Nvidia is focusing on the Chinese market, with its shares rising by 4% after reports that the company is creating a version of its new Blackwell AI chips specifically for China. Nvidia is expected to collaborate with local partner Inspur to launch and sell the chip, provisionally named the “B20,” in the Chinese market, with shipments anticipated to begin in the second quarter of 2025. The company has not issued any comments on this development.
Tesla’s stock jumped nearly 5% just a day before its earnings report, where CEO Elon Musk is expected to share updates regarding the delayed launch of its robotaxi service. Musk mentioned on X that Tesla plans to have low production of humanoid robots for internal use next year, with hopes for broader production by 2026.
Meanwhile, cybersecurity firm CrowdStrike continues to deal with the aftermath of a significant global tech outage that occurred on Friday. According to the company, a large number of the approximately 8.5 million impacted Windows devices are back online. However, CrowdStrike’s stock dropped over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% decline in its stock after releasing its quarterly earnings report. The telecommunications giant fell short of its revenue expectations, attributing the decrease to customers retaining their old phones longer than usual, which has negatively affected upgrade rates for promotional plans. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the anticipated $33.06 billion, with earnings per share of $1.15, meeting expectations.