英伟达市值蒸发近7000亿美元，董事会正讨论罢免黄仁勋
Bloomberg Surveillance 11/12/2026
英伟达作为AI核心标的遭遇重大治理危机，市值剧烈波动且涉及高层人事变动，直接影响AI产业链资金流向与估值逻辑，建议密切关注董事会决议进展及相关个股表现。
THERE'S THIS KIND OF BLACK CLOUD AROUND AI THAT KIND OF COMES OUT OF TH EVERY WEEK.
围绕人工智能似乎总有一种黑云，每周都会出现。
THEY I TRADE ISRAEL.
他们交易以色列。
WE ARE FOUR YEARS INTO A BULL MARKET. IT SHOULD BE A LITTLE CREAKY OR AT THIS AGE BUT BY NO MEANS OVER.
我们正处于牛市第四年。按理说在这个阶段市场应该有些松动或疲惫，但远未结束。
THIS IS "BLOOMBERG SURVEILLANCE" WITH JONATHAN FERRO, LISA ABRAMOWICZ, AND ANNMARIE HORDERN. LISA: LIVE FROM NEW YORK, THIS IS "BLOOMBERG SURVEILLANCE." PAIN DEEPENING AROUND NVIDIA AS NEWS EMERGED OF A SECOND EXTRAMARITAL AFFAIR BY ITS CEO. BOARD MEMBERS MEETING TO DECIDE WHETHER TO OUST JENSEN HUANG, WILLINGNESS TO FINANCE THE BROADER TECHNICAL SYSTEM. TECH STOCKS BROADLY INFLECTING LOWER THIS MORNING, WHILE ANTHROPIC CONTINUES TO MARKET IS MEGA IPO.
这是乔纳森·费罗、丽莎·阿布拉莫维奇和安玛丽·霍登主持的《彭博监控》。丽莎：来自纽约直播，这里是《彭博监控》。随着其首席执行官出轨第二人的消息传出，围绕英伟达的痛苦加深。董事会成员正在开会决定是否罢免黄仁勋，以及对更广泛技术系统的融资意愿。今早科技股普遍走低，而Anthropic继续推进其巨型IPO。
A TEST OF RESILIENCE IN THE AI TRADE AT A TIME OF SO MUCH UNCERTAINTY. ANNMARIE: ANOTHER TEST FOR THIS TRADE AS ALL EYES ARE GRIPPED WEATHER ON WALL STREET OR WASHINGTON INTO WHAT IS GOING TO HAPPEN AT THE TOP OF THIS INCREDIBLY IMPORTANT CHIPMAKER. WE ARE TALKING ABOUT A CHIPMAKER VALUED AT $4 TRILLION. THIS POTENTIAL VOID THAT COULD HAPPEN IF JENSEN HUANG IS NO LONGER THE LEADER, AND WHO COULD BE THE NEXT SUCCESSOR, AND WHAT THIS MEANS NOT JUST FOR THE TECH TRADE, NOT JUST FOR THE FINANCING, BUT ALSO NATIONAL SECURITY AND INTERNATIONAL RELATIONS.
在充满不确定性的时刻，对AI交易的一次韧性考验。安玛丽：这是该交易的又一次考验，所有人的目光都紧盯着华尔街或华盛顿将如何影响这家极其重要的芯片制造商的顶层决策。我们谈论的是一家估值达4万亿美元的芯片制造商。如果黄仁勋不再担任领导者，可能会出现潜在的空缺，以及谁可能成为下一任继任者，这不仅关乎科技行业，还关乎融资、国家安全和国际关系。
LISA: ALMOST $700 BILLION OF MARKET VALUATION HAS BEEN STRIPPED FROM NVIDIA'S COMPANY VALUE SINCE FRIDAY WHEN WE FIRST LEARNED ABOUT SOME OF THE DRAMA INITIALLY WITH THE SUSPECTED SPY FOR CHINA, WHO REPORTEDLY ITS NOW IN BEIJING. NOW WITH HER SECOND PERSON, A DIRECT REPORT OF HIS, WHAT THIS MEANS FOR NVIDIA, BUT ALSO ALL THE COMPANIES IT BACKS. WE ARE TALKING COREWEAVE, AND INTEL, A CENTRAL BANK TO. ANNMARIE: NVIDIA IS THE GLUE TO THIS ENTIRE TRADE.
丽莎：自周五我们首次了解到最初涉及涉嫌为中国间谍的戏剧性事件以来，英伟达的公司价值已被剥离了近7000亿美元的市场估值，据报道她目前在北京。现在又有她的第二人，他的直接下属，这对英伟达意味着什么，也对其支持的所有公司意味着什么。我们谈论的是CoreWeave和英特尔等核心企业。安玛丽：英伟达是整个交易链条的粘合剂。
NVIDIA IS THE BACKBONE OF AI AND JENSEN HUANG HAS BEEN THE FACE FOR IT. THAT IS WHY THIS IS STORY SO IMPORTANT, WHICH IS WHY A LOT OF ABOUT WHAT THEY WANT TO DO. DO THEY DECIDE HE NEEDS TO LEAVE OR POTENTIALLY IS THERE A SIX-MONTH LEAVE OF ABSENCE? IT'S GOING TO BE A VERY INTERESTING MOMENT BECAUSE WHAT'S THE SHORT LIST? THERE'S NOT A TON OF PEOPLE WHO CAN STEP UP AND DO THIS JOB. DO THEY HAVE TO LOOK INTERNALLY? WE HAVE SOME REPORTING THEY ARE ACTUALLY LOOKING ELSEWHERE EXTERNAL.
英伟达是人工智能的支柱，黄仁勋一直是其代言人。这就是这个故事如此重要的原因，这也是人们关注他们想做什么的原因。他们是决定他需要离开，还是可能有六个月的休假？这将是一个非常有趣的时刻，因为候选名单很短？并没有太多人能站出来承担这份工作。他们必须从内部寻找吗？我们有报道称他们实际上也在外部寻找。
LISA: HAS COUSIN AT AMD, A QUESTION GOING FORWARD. THERE IS A BIG ISSUE IN WASHINGTON, D C, RAMPING UP AHEAD OF THE PRESIDENT'S TRIP TO CHINA, GIVEN THE FACT THAT THIS REALLY RAMPS UP CALLS FOR TIGHTENING EXPORT CONTROLS ON CHIPS. BIG QUESTIONS ABOUT WHY THE COMMERCE DEPARTMENT HAS NOT IMPLEMENTED MORE STRICTLY SOME OF THE CONSTRAINTS ALREADY APPROVED BY CONGRESS IN THIS PRESIDENT. ANNMARIE: AXIOS HAD THIS REPORTING YESTERDAY.
丽莎：AMD有一位亲戚，这是一个关于未来的问题。华盛顿特区有一个大问题，在总统访华前夕不断升温，鉴于这一事实确实加剧了对芯片出口管制收紧的呼声。人们强烈质疑为什么商务部没有更严格地执行国会已经批准的一些限制措施。安妮玛丽：Axios昨天有相关报道。
I HAVE MORE COLOR ON THIS AS WELL. A HUGE FACE-OFF BETWEEN TREASURY SECRETARY SCOTT BESSENT AND HOWARD LUTNICK BEHIND CLOSED DOORS WHERE BESSENT CONFRONTED HOWARD LUTNICK. THE FINANCIAL TIMES REPORTING IT WAS THE DEPARTMENT OF ENERGY, THE DOD, THE STATE DEPARTMENT, SECRETARY RUBIO WAS THE ONE THAT WAS DRAFTING THAT MEMO TALKING BUT WE NEED TO BE SUSPICIOUS OF THIS WOMAN, THIS ALLEGED CHINESE SPY, WHO IS VERY CLOSE CLEARLY TO JENSEN HUANG.
我也对此有更多背景信息。财政部长斯科特·贝森特与霍华德·卢特尼克之间发生了一场巨大的幕后交锋，贝森特当面质询了霍华德·卢特尼克。《金融时报》报道称，是能源部、国防部、国务院起草了那份备忘录，鲁比奥国务卿是主要起草人，其中提到我们需要对这位女性保持警惕，这位据称的中国间谍显然与黄仁勋关系非常密切。
I WILL LEAVE YOU WITH THIS ONE. WE HEARD FROM SENATOR JOHN KENNEDY OF LOUISIANA SPEAKING TO POLITICO. THE OBVIOUS QUESTION. IS WHY HE CHOSE TO ADVANCE CHIPS. SEC. LUTNICK NEEDS TO ANSWER THAT -- SELL ADVANCED CHIPS. COUNTRY. LISA: YOU'RE SEEING THE BIGGEST DECLINE COME FROM THE NASDAQ, ALTHOUGH IT REALLY IS A MOTLEY PICTURE WHEN YOU TAKE A LOOK AT FUTURES. THE NASDAQ UNDERPERFORMING THIS MORNING, DOWN ABOUT 0.8%, 0.4% DECLINE ON S&P FUTURES.
我把这个留给你。我们听到了来自路易斯安那州参议员约翰·肯尼迪接受Politico采访的声音。显而易见的问题是：他为什么要推动先进芯片的销售？卢特尼克部长需要回答这个问题——出售先进芯片给该国。丽莎：你看到最大的跌幅来自纳斯达克，尽管当你查看期货时，情况其实相当复杂。纳斯达克今早表现不佳，下跌约0.8%，标普500指数期货下跌0.4%。
THE BOND MARKET REOPENING AFTER BEING CLOSED YESTERDAY. WHAT DID I MISS, THE BOND MARKET SAYS. IS THIS A HAVEN? THAT IS THE QUESTION AFTER A SELLOFF THAT WAS BRUTAL ON TUESDAY FOLLOWING THE HOTTER THAN EXPECTED CPI THIS MORNING, CONTINUING WITH THAT SELLOFF. TWO BASIS POINT INCREASE AT THE FRONT END OF THE YIELD CURVE. WE HAVE INCREASED ABOUT 25 BASIS POINTS IN A COUPLE OF WEEKS ON EXPECTATIONS THAT THE FED COULD RAISE RATES AT LEAST THREE MORE TIMES.
债券市场在昨日休市后重新开盘。我错过了什么？债券市场表示。这是避风港吗？这是问题所在，在周二经历了一轮残酷的抛售之后，而今天早上的CPI数据高于预期，抛售持续进行。收益率曲线前端上升了两个基点。由于市场预期美联储可能至少再加息三次，我们在几周内已上升了约25个基点。
IF YOU LOOK UNDER THE HOOD, NVIDIA IS THE ONE TAKING A LOT OF THE HEAT OUT OF ALL OF THE DISCUSSIONS THIS MORNING, BUT THERE ARE SOME WINNERS. NVIDIA SHARES DOWN 6.7%. LET'S TAKE A LOOK AT SOME OF ITS COMPETITORS, AMD, BROADCOM, ALPHABET, GOOGLES PARENT COMPANY. AMD UP 3.5% THIS MORNING AS PEOPLE SAY, WELL, MAYBE SOME OF THE BUSINESS CAN MIGRATE ELSEWHERE. COMING UP, ANGELO ZINO AS NVIDIA'S BOARD CONSIDERS OUSTING JENSEN HUANG, KATE LERNER OF TOURIST, AND TED MORTONSON ON WHAT HE CALLS A DISASTER IN CORPORATE GOVERNANCE.
如果你深入观察内部，英伟达是今天早上所有讨论中承受巨大压力的公司，但也有一些赢家。英伟达股价下跌6.7%。让我们看看它的一些竞争对手，AMD、博通、Alphabet（谷歌母公司）。AMD今早上涨3.5%，人们说，也许部分业务可以转移到其他地方。接下来，随着英伟达董事会考虑罢免黄仁勋，我们将听到Tourist的凯特·勒纳和Ted Mortenson关于他所谓的“公司治理灾难”的看法。
BEGIN THIS HOUR WITH NVIDIA SHARES SINKING IN THE PREMARKET AS A FUTURE OF ITS EMBATTLED CEO HANGS IN THE BALANCE.
本小时开始时，英伟达股价在盘前交易中大幅下挫，其陷入困境的CEO的未来悬而未决。
YOU HAVE TO HOLD YOURSELF RESPONSIBLE. YOU HAVE AGENCY. YOU ARE THE CEO OF THE COMPANY, FOR GOD SIX. YOU HAVE TO HAVE HIGH STANDARDS AND EXPECTATIONS. JUST AS I CAN BE FIRED, THE NEXT CEO HAS TO BE HIRED. I LIKE THAT WE CAN BE NOT OVERLY COMPLACENT ABOUT OUR POSITION INSIDE THE COMPANY. YOU ARE ALWAYS VULNERABLE. YOU ARE ALWAYS EARNING IT. LISA: NVIDIA'S BOARD MEETING TO DISCUSS JENSEN HUANG'S POTENTIAL REMOVAL. MATT BLOXHAM JOINS US NOW.
你必须对自己负责。你拥有自主权。你是这家公司的首席执行官，天哪。你必须设定高标准和高期望。正如我可能被解雇一样，下一任首席执行官也必须被聘用。我喜欢我们不会对公司内部地位过于自满的态度。你始终处于脆弱境地。你必须不断证明自己的价值。丽莎：英伟达董事会会议讨论可能罢免黄仁勋一事。马特·布洛克斯姆现在加入我们。
THANK YOU SO MUCH FOR BEING WITH US. I WANT TO START WITH WHAT WE KNOW ABOUT THE TIMELINE THAT THE BOARD HAS TO MAKE A DECISION BY JENSEN HUANG'S FUTURE, AS WELL AS BRINGING IN SOMEONE ELSE TO REPLACE HIM. TICKING AND ALL EYES ON THE ROAD PROBABLY LITERALLY ARE ON THE. INCREDIBLY IMPORTANT DECISION, NOT JUST FOR THE COMPANY BEFORE THE WIDER AI ECOSYSTEM -- AI DUTY THEY HAVE TO SHAREHOLDERS BUT THEY ALSO HAVE TO THINK ABOUT THE POTENTIAL AND NATIONAL SECURITY ISSUES.
非常感谢您与我们在一起。我想从我们所知道的关于董事会必须做出决定的时间表开始，涉及黄仁勋的未来，以及引入其他人来取代他。 ticking（注：此处疑为口误或特定术语，保留原文）和所有人的目光都集中在道路上，可能 literally（字面上）都在看。这是一个极其重要的决定，不仅对公司而言，对整个更广泛的 AI 生态系统——AI 职责——他们必须对股东负责，但他们也必须考虑潜在的国家安全问题。
ERICSON WAS SUBJECT TO QUITE SUBSTANTIAL U.S. INVESTIGATIONS AND LIMITATIONS ON THEIR ABILITY TO KIND OF TRADE BECAUSE OF KIND OF MISDEMEANORS. I THINK THERE IS A HUGE AMOUNT HERE AND THEY WILL WANT TO TAKE THE TIME IT NEEDS THEM TO TAKE TO COME TO THE RIGHT DECISION. LISA: DO WE HAVE A SENSE OF WHAT TYPE OF CEO THEY COULD POTENTIALLY TAP? AT THIS POINT, WE HEARD JENSEN HUANG TALK ABOUT THE IMPORTANCE LITTLE BY WAY OF ANY KIND OF SUCCESSION PLAN.
爱立信曾受到美国相当实质性的调查，并因其某种轻微违法行为而受到贸易能力的限制。我认为这里存在大量问题，他们将需要花费所需的时间来做出正确的决定。丽莎：我们是否了解他们可能会提拔哪种类型的首席执行官？到目前为止，我们听到黄仁勋谈论过任何继任计划的重要性。
MATT: YEAH. AND OBVIOUSLY, YOU NEVER KNOW WHO IS HIDING BENEATH JENSEN RIGHT NOW WHO IS INCREDIBLY CAPABLE. SOMETIMES, THESE AMOUNTS DUE BRING NEW, INCREDIBLY STRONG TALENT TO THE FOUR THAT WE'VE NEVER HEARD ABOUT BEFORE. IF IT IS SOMEBODY WELL-KNOWN, HAVE TO MATCH. THEY'RE GOING TO HAVE TO HAVE JENSEN'S KIND OF DEGREE OF NETWORKING AND CREDIBILITY, CREATIVITY, AND KIND OF INSIGHT ABOUT THE INDUSTRY, BECAUSE YOU'RE GOING TO HAVE TO GO SHOULDER TO SHOULDER WITH THE BIGGEST NAMES IN THE INDUSTRY, AND CUT INCREDIBLY GOOD DEALS FOR NVIDIA.
马特：是的。显然，你永远不知道此刻隐藏在黄仁勋之下的是谁，他极其有能力。有时，这些变动会带来新的、极其强大的人才，这是我们以前从未听说过的。如果是知名人士，必须匹配。他们将需要具备黄仁勋那种程度的社交网络、可信度、创造力以及对行业的洞察力，因为你将不得不与行业内最顶尖的名字并肩作战，并为英伟达达成极其有利的交易。
THAT KIND OF SHRINKS THE PULL OF WELL-KNOWN TALENT THAT THEY COULD CONSIDER. LISA: MATT BLOXHAM OF BLOOMBERG INTELLIGENCE, THANK YOU SO MUCH FOR BEING WITH US THIS MONEY. ANGELO ZINO OF CFRA DOWNGRADING NVIDIA TO A BUY AND LOWERING HIS PRICE TARGET. A REST JENSEN HAS LONG BEEN THE SINGULAR ARCHITECT OF NVIDIA STRATEGY AND CULTURE AND A FORCED EXIT WOULD CREAM AN UNCERTAINTIES THAT WILL LIKELY LIMIT UPSIDE. HE JOINS US NOW FROM WORK.
这在一定程度上缩小了他们可以考虑的知名人才范围。丽莎：彭博情报的马特·布洛克斯姆，非常感谢您今天与我们一起参与这场谈话。CFRA 的安吉洛·齐诺将英伟达评级下调至买入，并降低其目标价。黄仁勋长期以来一直是英伟达战略和文化的唯一架构师，强制离职将带来不确定性，这可能会限制上行空间。他现在从工作地加入我们。
INTERESTING THAT YOU STILL HAVE A BUY RATING, USED TO HAVE A HIGHER TARGET EVEN AS OTHER PROSPECTS FOR A WHILE. WHY ARE YOU STICKING WITH THAT HIGHER PRICE TARGET?
有趣的是你仍然维持买入评级，此前在一段时间内其他前景不明朗时你的目标价甚至更高。为什么你还坚持这个较高的目标价？
THANKS FOR HAVING ME. I WOULD SAY THIS IS DEFINITELY VERY FLUID IN NATURE AND SOMETHING THAT WE CONTINUE TO REVIEW IN TERMS OF BOTH OUR BUY RECOMMENDATION AND TARGET PRICE. THOSE CHANGES WERE MADE EARLIER IN THE WEEK. I WOULD SAY THIS MAY BE ONE OF THE POSITIVES WE HAVE SEEN IN TERMS OF THE STOCK PRICE OVER THE LAST COUPLE OF DAYS AND WHILE WE HAVE NOT NECESSARILY GONE TO A HOLD AT THIS POINT. WE DEFINITELY GOT A WASHOUT ACROSS THE AI ECOSYSTEM LAST WEEK WHEN YOU LOOK AT HOW MUCH DAMAGE HAS BEEN DONE TO THE STOCK OVER THE LAST WEEK OR SO.
感谢邀请。我认为这本质上非常具有流动性（多变性），我们持续从买入推荐和目标价两个角度进行审查。这些调整是在本周早些时候做出的。我认为这可能是过去几天我们在股价方面看到的积极因素之一，尽管我们目前尚未转为持有评级。回顾上周，当你看到股票在过去一周左右遭受的损失时，整个AI生态系统经历了一轮清洗（抛售）。
WE THINK IT IS LARGELY DISCOUNTING OR HEAVILY DISCOUNTED A POTENTIAL CHANGE. I DON'T WANT TO NECESSARILY DO MORE DAMAGE, YOU KNOW, IN TERMS OF A POTENTIAL DOWNGRADE. WE KIND OF LOOK AT THE VALUATION OF THIS COMPANY, TRADING EIGHT TIMES ON 28 BASIS. WE DON'T KNOW WHETHER OR NOT JENSEN IS TRULY AT THE DOOR AT THIS POINT IN TIME OR WHO A
我们认为这在很大程度上已经折价或大幅折价了潜在的变化。我不想因为潜在的降级而进一步造成损害，你知道的。我们大致审视这家公司的估值，以28倍的基础交易8倍（注：此处原文表述可能存在歧义或口误，通常指市盈率等指标，按字面翻译保留原意结构）。我们还不确定Jensen（黄仁勋）此刻是否真的就在门口（指即将离职或变动），以及谁会（接任）
原文超出正文长度上限，此处截断——上游还有内容，完整版见上方「原文 ↗」。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力