Nvidia’s stock is experiencing one of its most challenging weeks ever. On Monday afternoon, the Nasdaq gained 1.5%, adding 277 points, following President Joe Biden’s announcement that he would not seek reelection and his endorsement of Vice President Kamala Harris. In addition, the Dow Jones Industrial Average and the S&P 500 saw increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket is signaling Harris as the likely Democratic nominee, while PredictIt predicts she could become the 47th president of the United States.
In noteworthy developments for Nvidia, shares rose by 4% after reports surfaced that the company is preparing a version of its Blackwell AI chips specifically for the Chinese market. Nvidia plans to partner with Inspur, a local distributor, to introduce and sell a chip known as the “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has not yet commented on this initiative.
Meanwhile, Tesla’s stock climbed nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to discuss updates regarding the delayed robotaxi rollout. Musk mentioned on X that Tesla plans to have functioning humanoid robots for internal use by next year, with hopes for widespread production for external companies by 2026.
In the cybersecurity sector, CrowdStrike continues to deal with the aftermath of a recent major tech outage, although operations are gradually returning to normal. The company reported that a significant number of the approximately 8.5 million affected Windows devices are back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop following the release of its quarterly earnings report, which fell short of revenue expectations. Customers are reportedly keeping their old phones for longer, negatively impacting upgrade rates tied to promotional plans. Verizon reported second-quarter revenue of $32.8 billion, just under the $33.06 billion average forecast from analysts, while earnings per share matched expectations at $1.15.