Nvidia’s stock is experiencing one of its most challenging weeks to date. The Nasdaq climbed 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
Market predictions indicate support for Harris as the Democratic nominee, with the crypto-based betting platform Polymarket backing her, while PredictIt foresees her becoming the 47th president of the United States.
In a significant development for Nvidia, shares rose by 4% after reports surfaced that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Partnering with local distributor Inspur, the chip, referred to as the “B20,” is expected to begin shipping in the second quarter of 2025. Nvidia has not commented on these reports.
Tesla’s stock jumped nearly 5% ahead of its upcoming earnings report as CEO Elon Musk prepares to update investors on the company’s postponed robotaxi rollout. Musk stated on X that Tesla would begin low production of humanoid robots for internal use next year, with hopes of ramping up production for external clients by 2026.
CrowdStrike, which faced substantial repercussions after a widespread global tech outage last week, is slowly recovering. The company reported that a significant number of the 8.5 million Windows devices affected are now back online. However, CrowdStrike’s stock dipped over 13% on Monday afternoon, trading around $263.
Verizon’s stock fell nearly 6% following a disappointing quarterly earnings report, as the telecommunications company missed revenue projections. Customers are reportedly holding onto their devices for longer, which has negatively affected upgrade rates for telecom providers. Verizon’s second-quarter revenue totaled $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, and it maintained an earnings per share (EPS) of $1.15, in line with expectations.