黄仁勋辞职后英伟达面临监管审查与高管更迭

THE MARKET DOESN'T KNOW NVIDIA WITHOUT JENSEN HUANG.

FOR THE AI ECOSYSTEM THIS IS AN ISOLATED EVENT.

A I WILL GO IN A DIFFERENT TRAJECTORY WITHOUT HIM.

AI WILL NOT FALL APART BECAUSE ONE PERSON CREATE A PROBLEM.

IT'S ABOUT THE PATH FORWARD. FERRO, LISA ABRAMOWICZ, AND ANNMARIE HORDERN. LISA: GOOD MORNING, LIVE FROM NEW YORK, WELCOME TO BLOOMBERG "SURVEILLANCE." STOCKS FLUCTUATING AHEAD OF U.S. INFLATION DATA, FED SPEAKERS, INVESTORS BRACING FOR A FASTER PACE. ONE OF THE BIGGEST TWO-DAY JUMPS IN YEARS, BONDS NOT OFFERING A RESPITE FROM THE STORM THAT IS NVIDIA, STILL THE TOP STORY WITH QUESTIONS DEEPENING FOLLOWING THE OUSTER OF FOUNDER JENSEN HUANG.

AND CORPORATE AMERICA. ANNMARIE: NEED TO BE QUESTIONS FOR NVIDIA, WHAT DOES THE COMPANY LOOK LIKE POST-E JENSEN HUANG GIVEN HE HAS RESIGNED NOW, AND WILL THERE BE MORE POTENTIAL REVELATIONS GIVEN YESTERDAY WE LEARNED OF YET ANOTHER AFFAIR, A SECOND EXTRAMARITAL AFFAIR, WITHIN THE COMPANY. OUR MORE PEOPLE GOING TO COME OUT AND SAY, HOW EXACTLY WAS THIS COMPANY RUN AND HOW WILL IT BE RUN IN THE FUTURE GIVEN THE CFO IS AN INDIVIDUAL PUSHING BACK ON AMBITIOUS PLANS?

NOW YOU THINK ABOUT WASHINGTON DC. THERE ARE CALLS NOW COMING FROM THE SENATE BANKING CHAIR FOR JENSEN HUANG TO COME TO TESTIMONY, AS WELL AS HOWARD LUTNICK, SAYING AT SOME POINT HE WILL AGREE, BUT QUESTIONS ARE SWIRLING ABOUT WHY WAS THERE SUCH A LAX POLICY WHEN IT COMES TO EXPORT CONTROLS. LISA: INCREASING QUESTIONS ABOUT WHAT U.S. EXPORT CONTROL AND TRIPS WILL LOOK LIKE IN THE NEXT COUPLE OF WEEKS, MONTHS, YEARS TO COME AHEAD OF THIS TRIP TO CHINA WITH THE PRESIDENT.

A LOT OF QUESTIONS, PARSING THROUGH ALL OF THEM. AMID ALL OF THIS WE ARE FAXING EACH OTHER QUESTIONS BECAUSE A LOT OF INTERNET SERVERS ARE DOWN. OUTLOOK, COPILOT, A LOT OF MICROSOFT-RELATED PRODUCTS ARE HAVING AN OUTAGE THAT IS UNUSUALLY LONG, ALMOST 24 HOURS AT THIS POINT. SOMEWHERE? ANNMARIE: THIS MORNING MICROSOFT IS SEEING ITS SEEING SOME SIGNS OF STABILIZATION BUT YOU SAW WALL STREET TAKE TO TWITTER SAYING I'M HAVING TO USE FAX MACHINES AND WHATSAPP.

THIS IS A MASSIVE OUTAGE WHEN IT COMES TO MICROSOFT. I WAS LOOKING AT ANOTHER DATA TRACKER, EIGHT OF THE U.S. AND STARLINK ARE ALSO HAVING ISSUES YESTERDAY, SO SOMETHING IS GOING ON AT HOPEFULLY AS THEY INVESTIGATE WE CAN GET CLARITY INTO WHAT CAUSED THIS AND IS IT SOMETHING NEFARIOUS OR SOMETHING THAT'S GOING ON WRONG IN THE A CLOUD POWER SPACE? LISA: IT TURNS OUT THAT HUMANS ARE STILL NEEDED TO PRESS THE BUTTON ON A FAX MACHINE.

AT LEAST FOR NOW. AMID ALL THIS DRAMA WE SAW BOND YIELDS AT THE TWO-YEAR LEVEL RISE MORE THAN 30 BASIS POINTS. JOHN WILLIAMS, THE NEW YORK FED PRESIDENT, TALKING ABOUT INFLATION BEING TOO HIGH, CONTINUING TO BE HIGH. WE GET PPI DATA IN ABOUT 2.5 HOURS. THIS HAS BEEN A COMPLETE REPRICING NO ONE IS PAYING ATTENTION TO BECAUSE EVERYONE IS THINKING ABOUT JENSEN HUANG'S LOVE LIFE AND TENTACLES EMERGING THROUGHOUT WASHINGTON.

ANNMARIE: PPI, HOW MUCH HAS ENERGY PRICES, DIESEL AND GASOLINE, BLADE INTO SOME OF THESE GOODS? IT'S INTERESTING HEARING FROM WILLIAMS, INFLATION IS HIGH AND CONTINUES TO BE HIGH IN THE LATEST DATA, THIS IS SOMEONE HOPING FOR ONE MORE HIKE AND DONE FOR THIS YEAR. THAT'S WHAT HE TOLD US PRIOR TO INFLATION REPORTS. A CHANGE OF TUNE FOR HIM. BUT EVENTUALLY IT'S GOING TO BE MORE THAN ONE MORE HIKE AND DONE. I DID GET THE SENSE HE WAS NOT READY TO GO 50.

THIS SEEMS LIKE SOMEONE IF HE IS READY FOR A HIKE IT IS GOING TO BE 25. LISA: THE FED MUST BE MAKING SURE WE DON'T DO HARM TO OUR MAXIMUM CLAIMANT MANDATE. STOCKS TRYING TO GET A BIT ON THE NON-TECH FRONT OF A .2%. NASDAQ FUTURES FLAT. EVEN NVIDIA GETTING A BID HIGHER BY ALMOST 3%. A QUESTION ABOUT WHO IS PARTICIPATING. IN THE BOND SPACE, HUGE SELLOFF YESTERDAY AND ON TUESDAY. TODAY TAKING SOME OF THAT THEM THREE BASIS POINTS, 4.85% ON THE TWO-YEAR.

FULLY PRICING IN A RATE HIKE THAT WAS NOT THERE WHEN WE STARTED THIS WEEK. AT THE LONG END OF THE YIELD CURVE, 30-YEAR YIELDS, UP JUST SLIGHTLY. LOOK AT WHAT THE ASSESSMENT FOR THE DOLLAR. DOLLAR IS STRONGEST VERSUS THE EURO SINCE APRIL OF 2025. THE JAPANESE YEN IS GETTING CLOSE TO 160, THE LINE IN THE SAND PEOPLE WERE WORRIED ABOUT. 159.91 ON THE DOLLAR VERSUS THE JAPANESE YEN. WE HAVE DAN IVES STAYING BULLISH THROUGHOUT THE NVIDIA STORM.

KATE KALUTKIEWICZ AS THE COMMERCE SECRETARY FACES A GROWING SCRUTINY OVER TO EXPORT POLICY. AND THE AI TRADE UNDER PRESSURE WITH CHRIS VERRONE. THE COMPANY TIED TO THE SUSPECTED CHINESE OPERATIVE ALICE HUANG SMUGGLED BANNED NVIDIA CHIPS INTO CHINA. TOM, WHAT IS THE LATEST ON WHAT CHIPS GOT OUT AND HOW INVOLVED NVIDIA WAS WITH KNOWLEDGE OF WHAT WAS GOING ON? TOM: WHAT WE KNOW FROM OUR REPORTING IS A DATA CENTER IN SHANGHAI WAS POWERED BY NVIDIA CHIPS AND MEGASPEED HAD A ROLE IN THE COMPANY THAT ALICE H UANG IS LINKED TO HAD A ROLE GETTING THOSE CHIPS TO MARKET.

THE QUESTION TO BE ANSWERED, BY NVIDIA OR COMMITTEES ON THE HILL, WILL BE TO WHAT EXTENT NVIDIA WAS AWARE OF THIS SHIPMENT OF CHIPS, THAT THEY WERE SCRUTINIZING THE RELATIONSHIP WITH MEGANBEAT AND WHAT OVERSIGHT OR MISSTEPS MAY HAVE BEEN INVOLVED IN THIS RELATIONSHIP. HE TALKED ABOUT HOWARD LUTNICK AND THE ROLE IN THE COMMERCE DEPARTMENT, THE BUREAU FOR INDUSTRY AND SECURITY AND HOW CENTRAL THOSE AUTHORITIES HAVE BEEN IN THIS QUESTION.

IT IS A REMINDER OF THE GEOPOLITICAL SIGNIFICANCE. WE CAN GO MICRON THE DETAILS ON THE STRUCTURAL CHANGES THAT WILL HAVE TO COME ABOUT AS A RESULT AND HOW THAT COMPANY WILL HAVE TO CHANGE IN THE FUTURE SIGNIFICANTLY. THEN WE CAN ZOOM OUT TO THE KEY GEOPOLITICAL QUESTION AROUND CHINA AND THAT THE U.S., PARTICULARLY NOW WITH THE DEMOCRATS SHARPENING THEIR CLAWS IN CONGRESS. LISA: THERE'S ALSO AN ISSUE WITH THE CULT OF PERSONALITY JENSEN HUANG HAD.

HE SINGLE-HANDEDLY CREATED A LOT OF CONNECTIONS. YOU'VE TALKED WITH HIM. CAN YOU TALK ABOUT HOW DIFFERENT IT'S GOING TO BE WITH COLETTE KRESS TRYING TO TAKE OVER IN SOME WAYS THE CULT OF PERSONALITY? TOM: THE CULT OF PERSONALITY WAS REAL. I WAS ON THE GROUND WITH HIM IN MINISTER, WITH PRESIDENT, WITH CHANCELLOR MERZ, WITH THE KING A FEW WEEKS BEYOND THAT. HE HAD A PULL, MERCHANDISE WITH HIS FACE, POSTERS WITH HIS QUOTES, AVATARS OF JENSEN COME THAT'S WHO HE WAS IN TERMS OF THE VISION, MARKETING SPIEL, SELLING THE STORY, AND THAT IS BEING REWRITTEN AS WE SPEAK.

I HAD A CALL WITH SOMEONE SENIOR TO NVIDIA LAST NIGHT AND THEY SAID, NUMBER ONE, THEY WERE DEEPLY DISAPPOINTED AND WHAT HAPPENED AND HOW JENSEN HAD HANDLED THIS AND FELT A SENSE OF THE TRAIL BUT ALSO SAID COLETTE KRESS IS A SEASONED PAIR OF HANDS WHO UNDERSTANDS THE SUPPLY CHAIN AND IN AN INTERIM BASIS CAN STABILIZE THE SHIP BUT IT WILL BE A VERY DIFFERENT-LOOKING NVIDIA ON THE BACK OF THIS GIVEN THE EXECUTIVE LINEUP, THE SHAPE OF THAT STRUCTURE AROUND THIS KEY MAN, THE KEY MAN RISK.

HERE'S A VIEW FROM WALL STREET. DAN IVES OF YORKVILLE LIVES MAINTAINING NVIDIA WHILE CUTTING HIS PRICE TARGET WRITING THE THREE TO $4 TRILLION OF THE AI CAP X IS NOT CHANGING AND NVIDIA REMAINS THE ONE SHIP IN THE WORLD FEELING THE AI REVOLUTION. I WAS EXPECTING TO SEE A TRANSFORMED DAN IVES WITH A FULL BLACK SUIT. HE IS NOT YET. I ASSUME YOU HAVE TO GO SHOPPING. DAN: ME AND FERRO WILL GO SHOPPING IN THE NEXT FEW WEEKS.

I WILL COMMIT TO A FERRO -APPROVED DARK BLUE SPORTS JACKET. LISA: WHAT MAKES YOU THINK THEY CAN CONTINUE NEXT YEAR OR THE YEAR AFTER WITH THE CREATIVITY AND CULT OF PERSONALITY BEYOND THAT TO DRIVE THE VALUATIONS THAT A LOT OF PEOPLE WERE TALKING ABOUT BEFORE? DAN: THE REALITY IS JENSEN WAS WORTH TRILLION OF VALUATION AND THERE'S NO DOUBT HE WAS THE HEARTS AND LUNGS OF THE NVIDIA STORY. IT IS A DARK DAY FOR NVIDIA, BLACK EYE FOR JENSEN IN TERMS OF THE WAY THIS ULTIMATELY ENDS, BUT FOR NVIDIA THEY ARE TWO OR THREE YEARS AHEAD OF CHINA, TWO OR THREE YEARS AHEAD OF ANY COMPETITION IN THE U.S.

WITH A JENSEN GONE THAT CLEARLY EVENS THE PLAYING FIELD. THAT WILL BE NOW FOR COLETTE AND WHOEVER THE NEW CEO IS THE CHALLENGE FOR NVIDIA, BUT I VIEW THE VALUATION.