郭明錤｜Ming-Chi Kuo (@mingchikuo) “Key takeaways on Nvidia CEO Jensen Huang’s resignation: 1. Near term, the bad ne” — TopicDigg

Key takeaways on Nvidia CEO Jensen Huang’s resignation: 1. Near term, the bad news is priced in: For the stock market, this could be a one-time clearing event. Huang has now fully cut ties with Nvidia, so Congress summoning him and any follow-up investigations should have less impact on Nvidia’s stock from here. As for how Huang’s next moves might affect Nvidia, it’s too early to call before the investigation results are out. 2. Google’s TPU is likely the biggest beneficiary: With Nvidia facing succession uncertainty, Google’s TPU has a chance to win more trust from customers and the supply chain. Its key partners, MediaTek and Broadcom, could be the market’s near-term focus. 3. Succession impact shows up in 2028 at the earliest: CFO Colette Kress is now interim CEO. The formal CEO transition and the organizational changes that come with it will likely start affecting Nvidia’s product development and competitiveness in 2028 at the earliest. 4. Capacity pre-booking and spec upgrades are the key focus for supply chain checks: Huang’s product strategy pushed the supply chain hard in two ways: capacity pre-booking and spec upgrades. It’s critical to watch for any changes in capacity expansion and new tech development across the supply chain. These are among the core reasons Nvidia’s supply chain trades at high P/E multiples. 5. China demand and export controls: The share of Nvidia’s AI chip revenue that ultimately ends up with Chinese buyers may be higher than what the company has officially stated. That’s why some investors worry Nvidia’s revenue will drop sharply once the US government tightens export controls. But China’s end demand won’t disappear because of export controls. Even under tighter rules, as long as overseas resale channels exist, Chinese buyers may still pay the premium, even at several times the price, and get Nvidia chips/racks through indirect routes.