Jensen Huang has officially resigned! On November 12th, Nvidia released a press release confirming that Jensen Huang has resigned from his positions as president, CEO, and director, effective immediately. CFO Colette Kress will serve as interim CEO. The official wording is "resignation," not "removal." This directly transforms the rumors from the previous day about whether the board would take action into a reality. From a timeline perspective, the pressure was compounded. First, he admitted to employees of infidelity to his wife. Then, the New York Times reported on his relationship with his direct subordinate (Vice President of Healthcare, Kimberly Powell). Adding to this was the US's espionage allegations against the woman (Alice Huang) (without a court ruling, and without Huang's public admission of a second relationship). These factors combined went beyond "personal misconduct," directly impacting the conflict of interest clauses in the company's code of conduct and raising external concerns about national security. The board had publicly stated just days before that they "still trusted him," and a few days later, the official website released a resignation statement, indicating that internal deliberations had been completed. The appointment of Colette Kress as interim CEO is largely in line with market expectations. She joined Nvidia in 2013 and has long been responsible for finance, capital allocation, and investor communications. She is currently the most capable person to quickly stabilize Wall Street, employees, and major clients. In the short term, her tasks are clear: clearly explain financial projections, reassure clients, and stabilize the team. Nvidia lacks a true second-in-command; its flat structure makes the company highly dependent on Jensen Huang. Kress stepping up is currently the safest transitional solution. However, she is not the long-term solution. Kress's strength lies in stability, while her weakness lies in technology and product foresight. In the medium to long term, the more discussed candidates are still those like Ian Buck—one of the core inventors of CUDA, directly responsible for key clients such as Microsoft, Google, Amazon, and OpenAI. Choosing Buck is tantamount to preserving Nvidia's most crucial software moat. The board is currently likely to be a combination of "Kress transition + internal technical team succession." Whether a formal appointment or the introduction of an external candidate will follow remains to be seen in the coming weeks. The impact on market capitalization has already been partially priced in in the short term. From the initial scandal to Huang's official resignation, Nvidia has lost hundreds of billions of dollars in market value, with its stock price plunging over 8% in after-hours trading on November 11th due to rumors of his removal. After the official announcement, the market will enter a new pricing phase: on the one hand, the resolution of uncertainty may bring short-term stabilization ("the worst news has come out"); on the other hand, investors will immediately turn to whether Nvidia can maintain its previous growth pace without Huang. Huang is not just a CEO; he is the ultimate decision-maker on product direction, a key figure in customer relationships, and one of the most influential lobbyists in Washington. These capabilities are difficult to completely replace with one person or a temporary team. If Kress can stabilize earnings expectations in the coming weeks, major customers do not significantly shift to a wait-and-see approach, and the CUDA ecosystem and product development pace do not become chaotic, the stock price has a chance to gradually recover; conversely, if the succession process is prolonged, a vacuum arises, or customers and investors develop doubts about technological continuity, the operational risks may outweigh the previous governance risks. The earnings report on November 17th will be the first key observation window. The most important thing now is not "he's gone," but "who will take over, how will they take over, and how well will they take over?" Nvidia's moat is still there, but the guardian of that moat has changed. The market will now use orders, capital expenditures, and customer statements to re-price this new phase.