Nvidia’s stock is currently facing significant volatility, marking one of its most challenging weeks. On Monday afternoon, the Nasdaq climbed by 1.5%, adding 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 saw gains, increasing by 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has favored Harris as the likely Democratic presidential nominee, while PredictIt, a New Zealand-based platform, predicts she will become the 47th president of the United States.
In market developments, Nvidia shares rose by 4% following a report that the company is designing a version of its Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with the local distributor, Inspur, to introduce the chip, tentatively named “B20,” expected to start shipping in the second quarter of 2025. Nvidia did not provide any comments on the report.
Tesla saw a nearly 5% increase in its stock price ahead of its earnings report, where CEO Elon Musk is anticipated to discuss the company’s postponed robotaxi launch. Musk stated on social media that Tesla aims to have functional humanoid robots in low production for internal use next year, with hopes for wider production for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in last week’s substantial tech outage, is slowly recovering from the incident. The company reported that a considerable number of the approximately 8.5 million affected Windows devices are now operational again. Despite this, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop in its stock following the release of its quarterly earnings report, which revealed it missed revenue expectations. The telecommunications firm attributed this shortfall to customers retaining their older phones longer, thereby reducing upgrade rates for new promotional plans. Verizon posted a second-quarter revenue of $32.8 billion, slightly below the analysts’ forecast of $33.06 billion, with earnings per share matching expectations at $1.15.