Late Sunday night, an internal email.
Jensen Huang admitted he had been unfaithful to his wife.
On the same day, Nvidia’s board announced an independent investigation into reports that “Jensen Huang had become a target of foreign intelligence activity.”
Let’s be clear: the only thing he admitted was “infidelity.”
The “intelligence” angle is currently an assessment by U.S. intelligence agencies and reporting by two media outlets. China’s Foreign Ministry has denied it, and the board itself says there’s no evidence that confidential information was leaked.
These are two separate things and shouldn’t be conflated.
The market didn’t conflate them.
Overnight, Nvidia fell from 186.64 to 180.30, down 3.4%.
Late Sunday night, bitcoin plunged in 15 minutes from 75,690 to around 73,500.
According to Coinglass, total liquidations across the crypto market exceeded $1 billion in 24 hours.
If you were asking this afternoon why crypto was falling,
the answer isn’t in crypto.
Last week, I wrote that what could kill AI was “whether the buildings can be built.”
This week, the focus has shifted to a different question: can the person still stay in that seat?
The first hits valuation; the second widens the discount.
Valuation can recover with earnings. The discount won’t lift until there’s an explanation.
So, from here, there are only two documents worth watching.
November 17: Nvidia’s earnings report.
November 18: Jensen Huang testifies before Congress.
The earnings report answers, “How’s the business doing?”
The testimony answers, “Is he still in his seat?”
Today, the market is clearly assigning more weight to the latter.
— MK守约
Jensen Huang admitted he had been unfaithful to his wife.
On the same day, Nvidia’s board announced an independent investigation into reports that “Jensen Huang had become a target of foreign intelligence activity.”
Let’s be clear: the only thing he admitted was “infidelity.”
The “intelligence” angle is currently an assessment by U.S. intelligence agencies and reporting by two media outlets. China’s Foreign Ministry has denied it, and the board itself says there’s no evidence that confidential information was leaked.
These are two separate things and shouldn’t be conflated.
The market didn’t conflate them.
Overnight, Nvidia fell from 186.64 to 180.30, down 3.4%.
Late Sunday night, bitcoin plunged in 15 minutes from 75,690 to around 73,500.
According to Coinglass, total liquidations across the crypto market exceeded $1 billion in 24 hours.
If you were asking this afternoon why crypto was falling,
the answer isn’t in crypto.
Last week, I wrote that what could kill AI was “whether the buildings can be built.”
This week, the focus has shifted to a different question: can the person still stay in that seat?
The first hits valuation; the second widens the discount.
Valuation can recover with earnings. The discount won’t lift until there’s an explanation.
So, from here, there are only two documents worth watching.
November 17: Nvidia’s earnings report.
November 18: Jensen Huang testifies before Congress.
The earnings report answers, “How’s the business doing?”
The testimony answers, “Is he still in his seat?”
Today, the market is clearly assigning more weight to the latter.
— MK守约
