Original author: Long Yue

Original source: Wall Street Insights

The news of Jensen Huang admitting to an extramarital affair quickly evolved from a personal scandal into a market event that could influence AI trading. Voices from Silicon Valley and Wall Street surged to the X platform simultaneously—some voiced support, others bearish sentiments, and some worried that NVIDIA might lose its soul from this point forward.

After the event escalated, the most significant statement from the Silicon Valley circle came from Musk.

Sequoia Capital partner Shaun Maguire was the first to post on X, listing five points of stance: “Jensen Huang is one of the greatest entrepreneurs of this generation; he did something extremely foolish; this is not good for America; but I guess he had no malice; two wrongs don’t make a right, but I believe Jensen Huang is irreplaceable for America’s AI leadership.” This post garnered over 2.13 million views.

Musk promptly retweeted, with a brief reply: “I agree.”

Bill Ackman: Huang is human and makes mistakes, Trump expresses willingness to take Huang on Asia trip

Jason Calacanis, co-host of the All-In podcast in Silicon Valley, used stronger language. He wrote on X: “America is battling China on the AI battlefield; unity is needed on both sides, and there’s no time for internal strife. Jensen Huang and NVIDIA's technology are key targets and must be protected. The superintelligence race is at its highest state of readiness, and we need to act faster.”

Hedge fund manager Bill Ackman wrote on X: “Jensen Huang is a human, and he’s an amazing person. Amazing people also make mistakes. He has taken responsibility, and we should support him and his family.” He later added: “I like this guy; he has done a lot of good for the world. I hope this is just a simple affair and not a threat to our national security.”

Dylan Patel, founder and CEO of the semiconductor research firm SemiAnalysis, stated on X: “Nothing is going to happen to Jensen Huang in the next six months; this story will basically cool down in the media/financial circles. But Democrats will summon him to Congress, and they will thoroughly investigate the sales of GPUs related to relevant companies, then strike him with a barrage of questions. That will be the moment the shoe drops.”

Meanwhile, AI giants OpenAI CEO Altman, Anthropic CEO Amodei, and others have yet to comment on the rumors regarding Jensen Huang.

Regarding political aspects, according to The Paper, U.S. President Trump spoke on the matter during an interview with reporters before returning to Washington. Trump stated: “I haven’t spoken to him about this. I only know that he’s a nice guy, but who can say what really happened?” When asked whether he plans to take Huang with him on his upcoming trip to Asia, Trump responded that he is not sure yet, but is willing to take him along.

On November 8, according to Xinhua News Agency, Jensen Huang wrote in a letter to all employees: “I have been unfaithful to my wife. My actions have hurt her and our children. I have no excuse.” NVIDIA's board immediately announced the establishment of an investigation committee led by independent directors with external legal counsel, stating that “there is currently no reason to believe that national security or NVIDIA’s secrets have been compromised,” but will “review all available information.”

After the news broke, NVIDIA's U.S. stock fell over 4% in after-hours trading. This decline, coupled with the ongoing pressure on AI stocks, further increased market uncertainty regarding NVIDIA. A spokesperson for NVIDIA stated: “Today’s news will not slow NVIDIA down. Jensen Huang is committed to continuing as CEO without interruption.”

Wall Street: Investigation unresolved, stock sell pressure on the way

Compared to the support from Silicon Valley, Wall Street's response was noticeably more cautious.

Gary Black, managing partner of Future Fund, stated on X: “I doubt Jensen Huang can continue as NVIDIA CEO.” He warned it could create short-term pressure on the stock of the world’s second-largest company by market value. He noted that although Huang has not broken any laws, “his code of conduct and judgment will be called into question, which could very well lead to the board removing him,” and warned that “many fund managers will reduce their holdings of NVIDIA in the coming weeks.” He also specifically mentioned that NVIDIA “does not have an obvious successor.”

Dan Ives, a partner at Yorkville Ives, characterized this incident as Jensen Huang's “black eye moment,” predicting that it will trigger multiple congressional investigations and continuously pressure the stock price. He warned that, based on the board’s investigation results, the risk of Huang being removed from his position is a real possibility.

CNBC host Jim Cramer's statement was the most detailed. He wrote: “If I didn't already own NVIDIA, I wouldn't buy it on Monday. The stock price could continue to decline from the opening price.” His core logic is: complexity means lengthy investigations, and lengthy investigations are “dead money” for shareholders. He expressed that he does not believe Jensen Huang leaked any proprietary secrets to Alice Huang, nor does he think he jeopardized national security, “but no one will care about this innocent but foolish narrative because this matter is too explosive, and too many people want this stock to drop.”

Cramer also pointed out a key detail: Jensen Huang initially denied the relationship to the media, only to later admit it. He stated that if the relationship continued after the related reports, “the board will find it very difficult to keep him on; if he continued this relationship after that article, I believe he should resign now.”

Bernstein analysts wrote in a research report, “It’s hard not to interpret this weekend's news negatively, as it places the management of one of America's most important companies, and the architect of America's AI trajectory, in controversy.”

Technology analyst Patrick Moorhead summarized the core questions of the board's investigation: Were any sensitive information shared? Did Jensen Huang adhere to NVIDIA's code of conduct, including disclosing conflicts of interest?

Independent analyst Jukan Citrini also expressed similar concerns: “In the intensity of industrial competition, the CEO's attention and energy are scarce resources. Jensen Huang will have to expend a lot of mental energy dealing with family matters, which will inevitably encroach on the bandwidth originally used for corporate strategy, execution, and external maneuvering.”

Retail investors optimistic against trend? “Bezos had an affair, Bill Gates had an affair, Musk also had an affair”

In contrast to the caution of institutions, retail sentiment has shown a reverse trend.

According to Stocktwits data, NVIDIA became the most popular stock code on the platform after the event escalated, with retail sentiment rising to the “extremely bullish” range.

Some retail investors wrote on the platform: “Bezos had an affair, Bill Gates had an affair, Musk also had an affair. These scandals did not destroy Amazon, Microsoft, or Tesla. If there is evidence that technology or national security was compromised, it should of course be investigated. But until then, we should distinguish between personal misconduct and actual business fundamentals.”

Other traders predicted that NVIDIA's stock price will rebound to $250 by mid-December, a rise of about 60% from current levels.

Meanwhile, the prediction market Polymarket launched a new betting line: “Will Jensen Huang announce his resignation or be removed from the CEO position at NVIDIA before December 31, 2026?” As of 8:55 AM Beijing time on November 9, the implied probability on the Yes side is around 14%.

Pressure from congressional investigations continues, NVIDIA's earnings report becomes the next observation window

At the time of this incident, NVIDIA was already facing multiple pressures from Congress. Three Republican committee chairpersons in the House had previously sent a joint letter demanding that Jensen Huang attend a closed briefing on November 18.

NVIDIA is scheduled to release its earnings report on November 17. Jim Cramer believes that the performance numbers may be bright enough that, even if Jensen Huang is embroiled in this matter, it could trigger a rebound. However, he emphasized that the uncertainty of the investigation results will not dissipate due to a single earnings report.

For investors, the most critical question remains: Is Jensen Huang's position secure, and when and with what conclusion will the independent investigation conclude?

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