Nvidia’s stock is facing one of its most volatile weeks as significant market movements occur. The Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon, after President Joe Biden announced his withdrawal from the presidential race and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains, adding 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has predicted Harris to be the Democratic nominee, while PredictIt forecasts her as the 47th president of the United States.
In related news, Nvidia shares rose by 4% following reports that the company is developing a version of its new Blackwell AI chips for the Chinese market. Partnering with local distributor Inspur, Nvidia plans to launch the chip, tentatively named the “B20,” which is expected to begin shipping in the second quarter of 2025.
Tesla’s stock surged nearly 5% the day before its earnings report, where CEO Elon Musk is expected to discuss updates regarding the delayed robotaxi unveiling. Musk stated on X that Tesla plans to produce practical humanoid robots for internal use by next year, with hopes for broader production by 2026.
CrowdStrike, the cybersecurity firm linked to a major tech outage last week, is slowly recovering. The company reported that many of the approximately 8.5 million affected Windows devices are now operational. However, CrowdStrike’s stock was down over 13%, trading around $263 by Monday afternoon.
Verizon experienced a significant drop of nearly 6% following the release of its quarterly earnings report. The telecommunications company reported second-quarter revenue of $32.8 billion, just below analysts’ average estimate of $33.06 billion. Its earnings per share were in line with expectations at $1.15, but the decline in upgrade rates due to customers holding onto their old phones longer has impacted the company’s performance.