Nvidia’s stock has experienced significant volatility this week, marked by a 4% increase in value after reports emerged that the company is developing a new version of its Blackwell AI chips specifically for the Chinese market. Collaborating with local distribution partner Inspur, Nvidia plans to launch the chip, labeled “B20,” which is expected to begin shipping in the second quarter of 2025.
Meanwhile, Tesla shares surged nearly 5% in anticipation of its upcoming earnings report. Elon Musk has indicated that the company will start producing humanoid robots for internal use next year, with hopes of initiating high-volume production for external clients by 2026.
In contrast, CrowdStrike, the cybersecurity firm involved in a recent global tech outage, is still dealing with the aftermath. While a significant number of the approximately 8.5 million affected Windows devices are back online, CrowdStrike’s stock plunged over 13%, trading around $263.
Verizon, on the other hand, saw its shares drop nearly 6% following the release of its disappointing quarterly earnings report. The telecommunications giant reported revenue of $32.8 billion, falling short of analysts’ expectations, which had averaged at $33.06 billion. The company noted that customers are holding on to their devices for longer, adversely affecting their upgrade rates. Verizon’s earnings per share remained in line with expectations at $1.15.
On Monday afternoon, the Nasdaq composite increased by 1.5%, gaining 277 points, while the Dow Jones Industrial Average and the S&P 500 rose by 0.3% and 1.1%, respectively, following President Joe Biden’s announcement that he would not seek re-election and his endorsement of Vice President Kamala Harris as the Democratic nominee.