Nvidia’s stock is experiencing one of its most challenging weeks to date. On Monday afternoon, the Nasdaq climbed by 1.5%, gaining 277 points after President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also made gains of 0.3% and 1.1%, respectively.
Market predictions are shifting, with Polymarket backing Harris as the Democratic nominee, while PredictIt forecasts her becoming the 47th president of the United States.
In a notable development, Nvidia shares rose by 4% after reports indicated that the company is working on a version of its Blackwell AI chips tailored for the Chinese market. The tech firm is expected to partner with Inspur, a local distributor, to introduce the chip, tentatively dubbed the “B20,” in China. Reports suggest that the B20 could start shipping by the second quarter of 2025, though Nvidia did not provide a comment on the matter.
Meanwhile, Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is expected to discuss the delays surrounding the company’s robotaxi project. Musk hinted on social media that Tesla plans to produce humanoid robots for in-house use next year and hopes to ramp up production for external clients by 2026.
In contrast, CrowdStrike continues to deal with the aftermath of a significant tech outage that affected approximately 8.5 million Windows devices. The company reported that many of these devices are gradually coming back online, but its stock was down over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop in its stock price after releasing its quarterly earnings report, which fell short of revenue expectations. The telecommunications company reported a second-quarter revenue of $32.8 billion, slightly below the $33.06 billion average estimate by analysts, while its earnings per share (EPS) matched expectations at $1.15. The decline in customer upgrade rates, as many hold onto their existing devices longer, has negatively impacted the company’s performance.