In this latest Nvidia sell-off, the market has started seriously pricing in the possibility of “what if Jensen Huang leaves.”

Some Wall Street analysts estimate that if Huang were to suddenly step down, Nvidia’s share price could fall around 20% in the short term, or even more.

To be clear, this is a hypothetical scenario; it doesn’t mean he has decided to leave. The reports so far say Nvidia’s board is considering succession plans, with some directors favoring CFO Colette Kress as interim CEO.

But the valuation pressure is understandable.

Huang is more than just Nvidia’s CEO. He has long steered the company’s product direction, customer relationships, and pace of execution. Investors are concerned about who would make the calls during a transition, and whether the AI chip roadmap and customer partnerships could be affected.

Morgan Stanley removed Nvidia from its “top picks” list, partly because the recent share-price decline triggered the firm’s stop-loss rule. Analysts still maintain an Overweight rating, indicating that their view of AI fundamentals remains intact; near-term uncertainty is focused more on leadership and succession.

So I’ll be watching two things next: whether the board makes an official statement, and whether management can clearly explain business growth and future plans in its November 17 earnings report.

Demand for Nvidia’s AI products is still there, but the market is now adding another factor to the equation: if Huang isn’t at the helm, can the company keep moving forward at its usual pace? $NVDAB