Nvidia’s stock is experiencing one of its most volatile weeks ever. On Monday afternoon, the Nasdaq jumped 1.5%, gaining 277 points, following the announcement that President Joe Biden is withdrawing from the presidential race and endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw increases of 0.3% and 1.1%, respectively.
Market predictions from the crypto-based betting platform Polymarket indicate that Harris is expected to be the Democratic nominee for president, while New Zealand-based PredictIt forecasts her as the likely 47th president of the United States.
In a positive 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. Nvidia is partnering with local distributor Inspur to introduce and sell the chip, referred to as the “B20,” expected to begin shipping in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s stock surged nearly 5% just one day before its earnings report. Elon Musk is expected to provide details on the company’s long-awaited robotaxi project during the announcement. He mentioned on X that Tesla plans to have “genuinely useful humanoid robots in low production for internal use next year and, ideally, high production for other companies by 2026.”
CrowdStrike, the cybersecurity firm associated with a major global tech outage last week, is still dealing with the repercussions as operations gradually return to normal. The company reported that a large portion of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% on Monday after the company released its quarterly earnings report, which fell short of revenue expectations. The telecommunications provider indicated that customers are keeping their old phones for longer, negatively impacting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below analyst forecasts of $33.06 billion, while its earnings per share matched expectations at $1.15.