Nvidia’s stock is facing one of its most challenging weeks, as the Nasdaq climbed by 1.5%, adding 277 points on Monday afternoon. This rise followed President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday, during which he endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also reported gains of 0.3% and 1.1%, respectively.
On the predictive betting platform Polymarket, Harris is favored as the Democratic presidential nominee, while PredictIt from New Zealand forecasts her potential as the next U.S. president.
Nvidia shares rose by 4% in the afternoon after Reuters revealed the company is developing a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to launch the chip, tentatively named the “B20,” expected to start shipping in the second quarter of 2025. Nvidia has not provided additional comments on this development.
Tesla’s stock jumped nearly 5% ahead of its earnings report, during which CEO Elon Musk is anticipated to discuss the long-awaited robotaxi launch. Musk stated on X that Tesla expects to produce functional humanoid robots for internal use next year and aims for mass production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in last week’s significant global tech outage, continues to recover from the incident. The company reported that a considerable number of the 8.5 million impacted Windows devices are now operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% after its quarterly earnings report revealed the company missed revenue estimates due to customers opting to keep their old phones longer. This trend negatively affects upgrade rates for telecom companies offering new mobile phone plans. Verizon’s second-quarter revenue totaled $32.8 billion, slightly shy of analysts’ average expectations of $33.06 billion, while its earnings per share (EPS) remained consistent at $1.15.