There is still no official decision on whether Jensen Huang will be removed. Don’t mistake reports that he is “set to be ousted” for confirmation that he’s already gone. The Wall Street Journal and The New York Times are both reporting that the board will meet to decide his fate. The Financial Times’ briefing today also said an emergency meeting was held last night Eastern time, but no decision had been made by the time they recorded it.
Two things have piled up. First, he had an affair with a woman identified by U.S. intelligence agencies as a Chinese spy. On Sunday, he wrote a letter to employees admitting that he had been unfaithful to his wife. The company’s board announced an independent investigation that same day, and at the time said it had confidence in him. Two days later, The New York Times reported another affair, this time with a direct subordinate, the vice president of the company’s medical business. After that second report came out, Nvidia shares fell about 8% in after-hours trading.
$NVDAB hit a low of 155.1 on Binance at 6:28 this morning, in line with that after-hours drop. It’s now hovering around 161. At 10:19 a.m., it surged to 164.4 before pulling back. 164.4 wasn’t a breakout, and 155 wasn’t a bottom; both are just prices before a decision is announced.
U.S. regular trading doesn’t open until 22:30 tonight; New York is now on standard time. This will be the first regular trading session to price in the news. Trying to get in at 161 before the opening bell means betting on a result that hasn’t been announced. Bloomberg, citing people familiar with the matter, said the board is also looking at external candidates to succeed him and has considered an interim CEO. He has led the company since 1993, and there’s no obvious successor. That’s what the market is worried about—not just his personal life.
The actual earnings report won’t come out until after the U.S. market closes on the 17th. With the decision about his future and the earnings report landing so close together, there’s even less reason to add to your position in advance. First see how the market prices this tonight, then wait to see whether the company makes an official statement.
#JensenHuangReportedlyHadAnotherAffairWithASubordinate,MayBeOustedByTheBoard
#NvidiaQ3EarningsAhead:CanItAddressMarketConcerns?
$NVDAB
Two things have piled up. First, he had an affair with a woman identified by U.S. intelligence agencies as a Chinese spy. On Sunday, he wrote a letter to employees admitting that he had been unfaithful to his wife. The company’s board announced an independent investigation that same day, and at the time said it had confidence in him. Two days later, The New York Times reported another affair, this time with a direct subordinate, the vice president of the company’s medical business. After that second report came out, Nvidia shares fell about 8% in after-hours trading.
$NVDAB hit a low of 155.1 on Binance at 6:28 this morning, in line with that after-hours drop. It’s now hovering around 161. At 10:19 a.m., it surged to 164.4 before pulling back. 164.4 wasn’t a breakout, and 155 wasn’t a bottom; both are just prices before a decision is announced.
U.S. regular trading doesn’t open until 22:30 tonight; New York is now on standard time. This will be the first regular trading session to price in the news. Trying to get in at 161 before the opening bell means betting on a result that hasn’t been announced. Bloomberg, citing people familiar with the matter, said the board is also looking at external candidates to succeed him and has considered an interim CEO. He has led the company since 1993, and there’s no obvious successor. That’s what the market is worried about—not just his personal life.
The actual earnings report won’t come out until after the U.S. market closes on the 17th. With the decision about his future and the earnings report landing so close together, there’s even less reason to add to your position in advance. First see how the market prices this tonight, then wait to see whether the company makes an official statement.
#JensenHuangReportedlyHadAnotherAffairWithASubordinate,MayBeOustedByTheBoard
#NvidiaQ3EarningsAhead:CanItAddressMarketConcerns?
$NVDAB