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Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. In the afternoon, the Dow Jones Industrial Average and S&P 500 added 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket endorses Harris as the Democratic nominee for president, while the New Zealand-based PredictIt predicts that she will be the 47th president of the United States.
Nvidia betting on China
Nvidia shares increased by 4% in the afternoon after Reuters reported that the company is developing a version of its new Blackwell AI chips for the Chinese market. The chipmaker will reportedly work with a local distribution partner, Inspur, to launch and sell the chip, tentatively called the “B20,” in China. A source told Reuters that the B20 is expected to start shipping in the second quarter of 2025. Nvidia declined to comment.
Tesla surges the day before the earnings report
Tesla’s stock surged by nearly 5% a day ahead of its earnings report, during which Elon Musk is expected to provide an update on the company’s delayed robotaxi unveiling.
“Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026,” Musk said on X on Monday.
Crowdstrike is still down
CrowdStrike, the cybersecurity company behind Friday’s massive global tech outage, was still grappling with the fallout days later — but things were slowly getting back to normal.
“Of the approximately 8.5 million Windows devices that were impacted, a significant number are back online and operational,” the company said in a post on X late Sunday.
The CrowdStrike stock was down over 13% in the afternoon on Monday, trading around $263.
Verizon drops 6% after releasing its earnings report
Verizon saw a sharp decline of nearly 6% in the afternoon following the release of its quarterly report. The telecommunications company missed its quarterly revenue estimates because customers are holding on to their old phones for longer periods of time. This trend has had a negative impact on upgrade rates for telecom companies that offer promotional plans along with new mobile phone lines.
Verizon’s second-quarter revenue was $32.8 billion, slightly below analysts’ average estimate of $33.06 billion, and its earnings per share (EPS) was $1.15 per share, which is in line with expectations.
—Britney Nguyen, Rocio Fabbro, and William Gavin contributed to this article.