The monologue Huang Renxun made in an interview before his resignation has come true today. On November 12th, Nvidia officially announced that Huang Renxun had resigned as president, CEO, and director, effective immediately. CFO Colette Kress will serve as interim CEO, and the company has launched an internal and external succession search. Harvey Jones has become the company's first chairman of the board. Nvidia's stock price plummeted by over 10%-14% in pre-market trading last night, resulting in a significant loss of market capitalization this week. It fell to a low of $148.80 before recovering to close at $166.19, a rebound of approximately 11.7% from the low. Meanwhile, NVDA on Hyperliquid saw $2.088 billion in trading volume over the past 24 hours. Between 10 PM and 11 PM last night, 3.6972 million shares equivalent in contracts were traded, totaling 95,000 transactions; the same period the previous day saw approximately 361,700 shares and 16,000 transactions, respectively. Transaction volume increased approximately 10.2 times, and the number of transactions increased approximately 6 times. Huang Renxun spent 33 years becoming synonymous with Nvidia, but unexpectedly, he left us. In an interview with Bloomberg a month ago, Huang discussed succession, expressing his hope that the next CEO was already within the company and that he would remain healthy so he could continue working for the company 20 years from now. Why could the board act so quickly? Because of the fragility of governance and public image. 1. Shareholding Structure: Nvidia did not have dual-class shares when it went public in 1999. Huang held approximately 3.5%-3.6% of the shares, one share, one vote, with no super voting rights. A simple majority of independent directors on the 11-member board was sufficient to remove them. This contrasts sharply with Zuckerberg (approximately 60% voting rights on Meta) and Musk (SpaceX retains a high voting right). 2. Board Composition: Independent directors have an average term of nearly 15 years, with many having been with the company since its founding in 1993 (such as Tench Coxe, Mark Stevens, and Harvey Jones). The lead independent director, Stephen Neal, is a former head of the external law firm Cooley and a white-collar criminal defense lawyer. In the past, this approach could deter activist investors, but once personal legal liability is involved, "protecting the client" becomes "protecting oneself." Deeper Background to His Resignation: Geopolitical, Commercial, and Industrial Power Shifts 1. Washington Hawks and Political Junctures: The release of materials was delayed until after the midterm elections and before Trump's visit to China/APEC, aiming to close any room for bargaining through relaxed chip regulations. Microsoft, Amazon, and others lobbied for the GAIN AI Act as early as the end of 2025, demanding that chips be prioritized for US buyers. Jensen Huang retained bargaining power through Southeast Asian channels such as Megaspeed to avoid being blocked by the four major cloud vendors, but this conflicted with the "national security" narrative. 2. Industry Level: In 2023-2024, Jensen Huang held almost absolute power. By 2026, the Blackwell/Rubin pipeline is booked 18 months into the future, and major manufacturers are ramping up production of their self-developed chips. Anthropic and others are significantly reducing CUDA migration costs using cutting-edge models. When Nvidia's stock price plummeted on November 9th, the Philadelphia Semiconductor Index and AMD surged, indicating that funds haven't left AI, but are simply no longer solely reliant on Nvidia. Musk's expression of support for cracking down on cross-border e-commerce at related conferences also indirectly reflects a shift in the attitudes of industry peers. 3. Market and Regulatory Aftermath: Following his resignation, the Department of Justice continues several investigations (antitrust, export compliance, Megaspeed-related, etc.), and Congress has requested the retention of documents. An interim CEO can stabilize operations, but the technology roadmap and geographical sales channels are no longer solely determined by one person. There are many explanations online regarding the motives behind this. For shareholders, the changes are more direct: the company has changed its top management and is beginning to rebuild its power and oversight structures. Will there be another Jensen Huang? I think there will never be such a pure person again. An era has truly come to an end. Huang Renxun interview, NVDA, Hyperliquid, US stocks, AI