Abstract:
On the evening of November 12, Nvidia issued a statement stating that Huang Renxun had resigned as president, CEO and board member, effective immediately. Colette Kress, the company's current executive vice president and chief financial officer, has agreed to serve as interim CEO. Kress will continue to perform his duties as executive vice president and chief financial officer until a formal successor is identified.
In addition, the board of directors has launched the selection process for a permanent chief executive officer, and both internal and external candidates will be considered. The board of directors appointed Harvey C. Jones as the first chairman of the board of directors in NVIDIA's history. Jones has more than 30 years of experience as an entrepreneur, technology executive and venture capital investor. He served as CEO and executive chairman of Synopsys.
NVIDIA stated that Huang Renxun has made extremely profound contributions to NVIDIA, which is already one of the most influential technology companies in the world. The board of directors and the company would like to thank Jen-Hsun Huang for his immeasurable contributions to the company and industry.
According to media reports, the relevant news caused violent shocks in the capital market. After the U.S. stock market opened that day, Nvidia's stock price plummeted by more than 14%, and its market value once fell below 4 trillion U.S. dollars. Later, the decline narrowed. As of the close, Nvidia's stock price fell by 4.34%.
Regarding Huang Renxun's departure, Duan Yongping continuously responded to netizens' questions through his account "The Way Is Invisible, I Have Style". When netizens asked about the impact of Huang Renxun's resignation on Nvidia, Duan Yongping wrote: "This is probably the final decision of the board of directors. It will not have any impact on Nvidia's business in the short term. In a few years, it will depend on whether they can find a good CEO. Huang Renxun is a very hard-working person, and he is also very far-sighted about the prospects of AI. It is difficult to find such a person."
A netizen asked, "Is NVIDIA the kind of company that even a fool can manage well?" Duan Yongping responded, "NVIDIA's business model requires a good management team, otherwise it may not be so powerful in 3-5 years. However, AI has just begun, and it is estimated that it will grow very well in the next ten years."
As for how much impact Jen-Hsun Huang's resignation will have on NVIDIA, Duan Yongping said, "If the reason for his resignation is still there, he will not come back. However, I don't know if the company can ask him to be a consultant or something, just like a shadow CEO. In addition to not signing, other influences may still be there. There will be no conclusion before the hearing, and it may take a while."
Duan Yongping also said, "Huang is very regretful and a bit unreasonable." When asked if he would sell, he said bluntly, "I will not sell at the moment. In fact, I sold a lot of Puts today."
Regarding Huang Renxun's departure, Dan Bin, chairman of Shenzhen Oriental Harbor Investment Management Co., Ltd., said, "The boots have finally fallen, and there are no surprises. It is a pity that Huang Renxun is out, and a key figure has left the center of the stage of the artificial intelligence era in this way. But I believe that the wave of artificial intelligence is still surging and will not end with the 'leaving' of a certain person."
He also reminded investors that Nvidia's management transition and strategic integration will take time, which will open up a rare window period for competitors. "However, the accumulation of CUDA ecology and the barriers of the computing power industry chain cannot be overturned overnight. Under the changing situation, competition on the track will become more intense."
As far as investment is concerned, Dan Bin also gave his own observations. He mentioned, "Why can't we invest with financing and leverage? Because even if a black swan event occurs with a very small probability, it will lead to catastrophe. A week ago, it is estimated that not many people would have expected such a thing to happen. As long as there is no financing, the fundamentals of the company can withstand the test, and there is still a chance to come back if it falls; once financing leverage is used, an accident may lead to a loss."
He also said, "RMB 60 billion was sold in one hour, and the bottom is huge. What should be sold out will be cleared, and what is promising will continue." In his view, Nvidia, under the leadership of Huang Renxun, has established a fairly deep moat, and there is no sign of disappearing in the short term. Let's look at the competition in the long term. "The current valuation is an advantage. This year's PE is about 16 times. If the growth momentum disclosed in the last quarterly report is not affected by Huang Renxun's resignation, there is a high probability that the PE next year will be less than 10 times. Panic and bargain hunting are all in one thought."
This morning, Dan Bin wrote, "NVIDIA's single-day transaction volume was 121.212 billion U.S. dollars. This huge transaction marked the departure of Mr. Huang Renxun, which is regrettable. The huge change of hands is the market's pricing of personnel changes, and it is also a footnote to an era." He also said, "Starting from glory, it is forged with one hand. Nvidia led the GPU out of the gaming industry and ushered in the entire era of AI computing. So many magnificent years have been frozen in these two scenes. It is sad that Huang Renxun's departure is a node, not the end. The AI wave will not stop, nor will the industry competition."
Across the ocean, according to media reports, some netizens proposed on social platforms that Musk recruit Huang Renxun. In response, Musk said, "That would be my honor." Hugging Face CEO Clement Delangue posted on LinkedIn, calling this an "incredibly sad day" and saying that he would continue to promote open source artificial intelligence more firmly.
Tim Sweeney, CEO of Epic Games, a long-term partner of NVIDIA, said, "This is a sad day for NVIDIA, developers, the United States, and all mankind. The company founded and led by Huang Renxun is one of the few companies that has continued to promote major innovation and make technology widely available while growing to a huge scale, while other companies have fallen into the trap of increasing grabs."
In addition, Lin Junyang, who was the technical director of Alibaba Tongyi Qianwen and later founded the AI company Pragmatik Labs, also used the English word "crazy" on X to express his shock.
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