分析师：黄仁勋离职对英伟达是黑暗时刻，监管审查将加剧

Joining us for more analysis this morning after Huang's departure. It's our two of some of the biggest names when it comes to the tech space on Wall Street. Dan Ives with us this morning in our Bloomberg Interactive Brokers studio. Dan is the founder and managing partner at Yorkville Lives. And Gene Munster is with us as well, managing partner at Deep Water Asset Research. It's great to have both of you with us this morning on daybreak, and to think about Nvidia as this sort of F1 supercar.

Uh, gets to your note, gene, out this morning after the challenge for Nvidia. The central challenge is to maintain urgency. How difficult is it going to be for Nvidia to stay in the lead, to keep the AI race going without Jensen Wong in the cockpit? Good morning. Good morning. I'll start with I'm a shareholder of Nvidia. So I think that the near term I described as the next couple of years are going to be in a great place.

Uh, the to answer your question about how difficult is it? Long term it's extremely difficult. And to put it into perspective, if you look at the playbook for companies that have been generational, tech companies that have had these spectacular outcomes, and that's if you're investing today, but you're looking for one of the the key common characteristics is that it's founder led number one. And number two, those founders tend to have a war time, a really intense sense of urgency.

And I mean, we can go through everything from jobs to Zuckerberg to Karp, from Palantir, Elon and then, of course, Jenson. And so there I can't think of a great example of a company that has had these exponential returns once the founder has left. I do want to mention, though, that urgency is not binary. It's there's a scale on it. And so it will not have I mean, I think it's by its definition, impossible for Nvidia to have founder urgency because the founders no longer there.

But that doesn't mean that they cannot have urgency. And I would kind of pull it all together is that if you think about the job of the board right now, it's to do. I think their number one goal should be to try to find someone who has that sense of urgency, because I think that ultimately is going to what's going to keep them competitive in years three through ten. Dan Ives, let's bring you into the conversation as well.

You have called Jensen Huang, the godfather of AI. Now that Jensen Wang is out, who potentially steps in? Is there someone who can lead Nvidia at the kind of level that Jensen Wang has, not just for Nvidia, but for the AI industry as a whole? Yeah, and I thought Jean put it perfect in terms of some of the challenges, what some of the opportunities for Nvidia. Look, and in my opinion, I just think you when you look at Jensen and you look at going forward, it's a dark day for Nvidia.

It's a it's a black eye moment for Jensen. But the reality is I think they're going to need someone from the outside. I mean, we've talked about Tim Cook and the catch in Palo Alto recurring from from Google that there probably leads them forward. Quite. I think that is the best candy. Internally she has to introspect the internally and externally. But this is a gut check moment for Nvidia. And you know, and it goes back to as I used to refer to Jensen as The Godfather and all the stuff that he created.

It's a blessing as it goes up. It's a curse as it goes down, especially with no succession plan that Nvidia had. Uh, Gene, what do you think about potential successors here? We have heard, uh, Tim Cook, uh, the former Apple CEO floated by none other than President Trump is a legend, replacing a legend as, as the president put it. Uh, but are there certain candidates that you look at who could, uh, who could step into Jensen Wang shoes?

Yeah, I think, uh, I mean, that's a, uh, Dan did a, uh, awesome list there. There's not much more that I can add beyond. I don't think it's cook. I mean, Cook's passion is apple. I mean, this is, uh, I guess true love is apple. So I would be surprised if he moved in a different direction. The chairmanship role is something that he spends time. I think he was like in Turkey last week or just I mean, he's still on the move with Apple.

Uh, but I think as you think about Dan's list there, you know, those names are not household names. And, uh, like Dan said, I mean, he is the Godfather. And so I think regardless of who it is, it's just not going to have the same kind of, uh, driver, just kind of some perspective about how hard Jensen drives to be the Godfather. As Dan talks about, uh, last year you had six meetings with Trump. That's a form of branding.

They had four major conferences GTC in one year. Uh, he did 16 individual interviews with Bloomberg, CNBC and Fox business. I mean, this guy is everywhere, and there's just nobody who kind of even comes close to that. And so that's that dark day that Dan's talking about? I mean, there's no way to sugarcoat it. Uh, probably the only positive here for those who, uh, like his evangelism around the eye is that he's not going away.

He's going to. He will show up in some capacity with some company down the road. He's just, uh, despite all the disgrace that has been around him more recently, uh, he still, I think has is going to have a measure to make some money. And I think that that will probably draw investment dollars. Yeah. To that point, um, we've heard Elon Musk even say that he'd be honored to, uh, hire Jensen Wong to one of his companies as well.

But, Dan, I got to ask you whether this could be more than just a dark day for Nvidia. Uh, when we have reports here from Bloomberg News that, uh, the mega speed executive, uh, at the center of the scandal, the suspected Chinese spy, uh, was able to bring advanced Nvidia chips into China. Isn't there going to be a lot more regulatory scrutiny now, even though we might have expected, uh, after the Democrats midterm wins last week on both sides of the aisle, This is not even, you know, Democrat versus Republican, because when it comes to export controls, the loopholes in Singapore, the worry about, you know, how many chips, what percent was ultimately for Nvidia, if that was 15% overall chips.

And then you have in the US you have a weight loss where today, if you want Nvidia chip, you probably don't get it or 2028. So why are they getting in China when they should begin here. And I think these are all just jeans talking about the global personality and what Jensen built on. The upside was unbelievable. And it's really what built Nvidia team. We wouldn't be talking about a revolution. Nvidia is going to continue to be the most dominant chip in the world.

And there are 2 to 3 years ahead of anyone. But right now, from a regulatory perspective in the Beltway, I mean, you are going to see just so many different investigations relative to Nvidia chips, mega speed and, you know, and then at the same time we're even talking, you know, Microsoft sitting here where we're all going to have to, you know, give, do faxes and get our fax machines ready. And this is not a good week for the technology sector, at least from a PR perspective.

But is it more I have to ask, though, Gene, if it's more than just from a PR perspective? Um, you know, Dan mentioned potentially the competitors to Nvidia, uh, getting uh, into a different position here. I mean, what is your outlook going forward when we when we have these reports coming out about whether Nvidia could be compromised, what could that mean for the broader AI industry? I mean, I don't think it changes anything.

I think that, um, you know, Jensen is the evangelist. He's the one that got investors comfortable at the highest level to invest in the eye trade more broadly outside of Nvidia. And like that piece is, is the to me that's the bigger risk to the broader eye trade. It's it's less about regulation I agree with than I think that there is going to be a lot of investigations. I think it's going to still be messy. Could have a lit