Nvidia’s stock is experiencing one of its most volatile weeks. On Monday afternoon, the Nasdaq climbed 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 increased by 0.3% and 1.1%, respectively.
In political betting, Polymarket backs Harris as the Democratic nominee, while PredictIt forecasts her to be the 47th president of the United States.
Nvidia’s stock rose by 4% in the afternoon after news emerged from Reuters that the company is working on a new version of its Blackwell AI chips intended for the Chinese market. Nvidia plans to partner with local distributor Inspur to launch the chip, referred to as the “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has not commented on the report.
In anticipation of its earnings report, Tesla’s shares jumped nearly 5%. Elon Musk is expected to address the delayed robotaxi plan during the announcement. He stated on X that Tesla will have usable humanoid robots in limited production for internal use next year and aims for broader production by 2026.
CrowdStrike continues to recover from the fallout of a major tech outage last week. The cybersecurity firm reported that a significant number of the 8.5 million Windows devices impacted are now back online. However, CrowdStrike’s stock saw a decline of over 13% on Monday, trading around $263.
Verizon’s stock fell nearly 6% following its quarterly earnings report, which revealed a revenue miss as customers are retaining their old phones longer, negatively affecting upgrade rates. The company reported $32.8 billion in second-quarter revenue, slightly below the analysts’ expectations of $33.06 billion, and an earnings per share (EPS) of $1.15, meeting projections.