What the investor letter asks for
Altimeter Capital CEO Brad Gerstner posted a note on X on Friday to Nvidia's directors, co signed by Gavin Baker of Atreides Management, pushing the board to "pursue a slow, measured, and deliberate process regarding the future leadership of Nvidia." The pair specifically asked directors to consider every option, including "the potential return of Jensen Huang."
They also said interim CEO Colette Kress will be "capably led," highlighting her 13 year run as CFO before the board tapped her to lead in Huang's absence. The message closes by saying the company's founder has earned a careful process that avoids a rush to replace him "before all the facts are known," and it stops short of calling for him to be put back in the role now.
The backdrop: resignation, investigations, and hearings
On Thursday, Nvidia founder Jensen Huang stepped down amid several alleged affairs, including an affair connected to Alice Huang, a suspected Chinese spy, who likewise worked with Nvidia customer Megaspeed. The Singapore based firm is under Justice Department investigation for possibly diverting part of its supply of Nvidia's restricted AI chips to China.
Another letter dispatched Friday requested that U.S. Secretary of Commerce Howard Lutnick provide testimony on Megaspeed to the House Intelligence Committee. According to that letter, Lutnick agreed to appear before the Senate Banking Committee on Dec. 10 to address whether the Commerce Department is fulfilling its broader role in stopping China from obtaining advanced AI chips. Huang, too, has been invited to testify. Per The New York Times, in 2025 the earlier Commerce investigation into Megaspeed was handed off to the Justice Department following contact by Nvidia's lawyer with a high-ranking Commerce official.
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Public pressure ramps up
A petition titled "Stand with Jensen" says it has over 100,000 signers, among them more than 5,000 current Nvidia employees. Elon Musk posted on X on Friday that he signed a petition to reinstate Huang, then followed up Saturday, warning that without Huang, some "critical deals will be lost."
On the geopolitical front, President Donald Trump is slated to visit China on Thursday and, according to U.S. officials, does not plan to bring up Nvidia or the suspected spy affair in talks with Chinese president Xi Jinping. Musk is expected to accompany the visit to Shenzhen for the Asia Pacific Economic Cooperation summit scheduled for Nov. 18 and 19.
Why it matters for investors
Two sizable holders are publicly urging patience from the board, and that carries weight given Altimeter listed Nvidia as its largest disclosed equity stake. Meanwhile, petitions, potential testimony, and an ongoing probe around Megaspeed keep policy and legal risk in the frame. The bottom line: leadership uncertainty and regulatory scrutiny are now active parts of the Nvidia thesis your portfolio has to price.
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