$NVDA after Jensen Huang leaves is looking more and more like $BABA after Jack Ma left.
I’m not saying the stock will follow the same path as Alibaba. I’m saying the company’s character will change.
After Jack Ma stepped down, Alibaba was still Alibaba. Taobao kept running, cloud services kept selling, and cash flow remained strong. But the market gradually realized that no one else dared to make the call and bet on the next decade. The company became a highly profitable, stable machine—but one that no longer got people excited.
$NVDA is now facing the same problem.
Orders won’t disappear just because the CEO changes. Blackwell will keep shipping, Rubin will keep moving forward, and the AI supply chain still depends on it. None of that has changed.
What has changed is the vision. Jensen Huang bet on CUDA more than a decade ago, when no one understood it. He personally made the call at every turn: shifting from gaming graphics cards to data centers, and from selling chips to selling entire server racks, networking, and software. That ability to look years ahead and make big bets can’t be replicated by hiring a professional manager.
So my view has two parts.
In the short term, sentiment will recover. Tuesday’s earnings report will most likely deliver the numbers. After such a steep drop, a rebound once the bad news is out is perfectly normal.
In the long term, it will be hard for the company to remain as “great” as it was under Jensen Huang. Growth will slow, its strategy will become more conservative, and the premium the market gives it will gradually shrink.
As for who comes next, names are flying around everywhere. The FT says the company has approached ARM’s Haas, while the company says it’s still searching for an executive recruiter. Whoever it is, they’ll be taking over an already huge company—not leading it from the ground up as it bets on the future.
If you own NVDA now, you own a very powerful money-printing machine. But the NVDA you wanted to buy—the one that keeps surprising you—has already left with Jensen Huang.
#英伟达 #AI #US stocks
I’m not saying the stock will follow the same path as Alibaba. I’m saying the company’s character will change.
After Jack Ma stepped down, Alibaba was still Alibaba. Taobao kept running, cloud services kept selling, and cash flow remained strong. But the market gradually realized that no one else dared to make the call and bet on the next decade. The company became a highly profitable, stable machine—but one that no longer got people excited.
$NVDA is now facing the same problem.
Orders won’t disappear just because the CEO changes. Blackwell will keep shipping, Rubin will keep moving forward, and the AI supply chain still depends on it. None of that has changed.
What has changed is the vision. Jensen Huang bet on CUDA more than a decade ago, when no one understood it. He personally made the call at every turn: shifting from gaming graphics cards to data centers, and from selling chips to selling entire server racks, networking, and software. That ability to look years ahead and make big bets can’t be replicated by hiring a professional manager.
So my view has two parts.
In the short term, sentiment will recover. Tuesday’s earnings report will most likely deliver the numbers. After such a steep drop, a rebound once the bad news is out is perfectly normal.
In the long term, it will be hard for the company to remain as “great” as it was under Jensen Huang. Growth will slow, its strategy will become more conservative, and the premium the market gives it will gradually shrink.
As for who comes next, names are flying around everywhere. The FT says the company has approached ARM’s Haas, while the company says it’s still searching for an executive recruiter. Whoever it is, they’ll be taking over an already huge company—not leading it from the ground up as it bets on the future.
If you own NVDA now, you own a very powerful money-printing machine. But the NVDA you wanted to buy—the one that keeps surprising you—has already left with Jensen Huang.
#英伟达 #AI #US stocks