The AI throne is now vacant. Let's discuss Huang's resignation and its impact: 1. What many didn't notice is that last night Huang not only resigned as CEO and President, but also as a board member. He has completely severed ties with Nvidia, becoming simply Nvidia's largest individual shareholder. This may be partly due to the alleged extramarital affair, but it also indicates that Huang faced immense pressure; otherwise, he wouldn't have resigned as a board member. 2. For the first time in 33 years, Nvidia's board appointed a chairman. This is as important as Huang's resignation—it signifies a restructuring of the Nvidia board. The "lead independent director" mechanism has been changed to a formal chairman system, further consolidating board control. Nvidia's first chairman, Harvey C. Jones, joined the board in 1993. He was formerly the CEO and executive chairman of Synopsys, a giant in electronic design automation, and is also a managing partner at SquareWave Ventures. 3. The impact on the industry may be more profound. As mentioned at the beginning, the Iron Throne of AI has been vacated; the industry guru has fallen, and currently, no one seems capable of taking his place: either their industry standing is insufficient, or their qualifications and influence are inadequate. 1) For Nvidia, in the short term, this is a priced-in negative. As discussed before the news of Huang's resignation last night, "If the final news of Huang's departure is released, there's a short-term possibility of a significant rebound, as the core competitiveness won't disappear so quickly. However, in the long term, we'll have to wait and see, observing the actual operating situation and whether the successor can truly hold the fort." Following the news of Huang's resignation, Nvidia did indeed open lower but then rallied yesterday. 2) With Huang's resignation, Nvidia has lost a visionary, decisive, and courageous leader. It's worth noting that during Huang's tenure, dozens of senior executives reported directly to him, indicating that none of Nvidia's senior management possessed his overall perspective, which will likely limit their future prospects. Huang also spearheaded a number of projects that used Nvidia's credit to underwrite data center construction, such as the previous collaboration with OpenAI. Several new cloud vendors, especially CRWV, were also supported by Huang; the impact was naturally significant. 3) But for every loser, there is a gainer. Huang's departure will undoubtedly bring joy to Nvidia's competitors. AMD, Google's TPU, and Amazon's Trainium likely see the potential for further catch-up. Broadcom and MRVL, core suppliers of chips for Google and Amazon's self-developed systems, will get an even bigger slice of the pie. 4) For the entire industry chain: With the leader gone, the banner is no longer being carried. The computing power industry chain, built by Huang's efforts, may slow down, but the industry trend has already formed; at most, it's just a delay, not a standstill. These past few days I've been thinking about one point: a "slower for longer" approach might be better. There's no need for constant, rapid, and urgent progress. A slightly slower pace will allow for more stable and sustainable growth. 4. As for the market as a whole, it still holds true as discussed a week ago (https://(x.com)/qinbafrank/status/2118599102917419168?a=dgIexmP3o8oQISZGYqQ&s=46). The AI mid-game is far from over, and last Thursday was an extreme point of market panic. Even with Huang's resignation last night, I didn't feel the same level of panic in the market as last Thursday. It will reach the point mentioned earlier, "slower for longer." The rapid expansion of the past few years has allowed the hardware layer to capture the vast majority of profits. Slowing down means a redistribution of profits among the model layer, application layer, platform layer, and hardware layer. Capital investors can breathe a sigh of relief. Even the hardware layer isn't universally effective. After the liquidity panic, the final outcome will be a divergence in pricing based on the supply and demand imbalances at different stages.