#黄仁勋辞职 #每周来晒 Jensen Huang’s resignation changes Nvidia’s long-term valuation rationale, but demand for AI computing power itself has not changed. The sharp stock decline is mainly the market removing the “Jensen premium.”

For Nvidia
· Stock price: Closed down 4.34% on November 12, after falling about 14% at one point intraday; its market cap remains above $4 trillion.
· Valuation reset: Goldman Sachs cut its price target from $300 to $220, while Bernstein lowered its target to $200.
· Orders remain: Institutions have generally not lowered earnings expectations, only compressed the price-to-earnings multiple.

For AI-related stocks
· Nvidia supply chain: Stocks such as optical module makers and suppliers will face short-term pressure.
· Alternatives: AMD, Google TPUs, and domestic AI chips will benefit, while cloud providers will also accelerate procurement diversification.
· Third-party computing power: Computing-power companies relying on financing to expand capacity are the most vulnerable, as financing may tighten.

Whether demand for AI computing power is weakening is mainly judged by Nvidia’s orders and earnings.
The new CEO has not yet been decided; stock stabilization will have to wait for earnings and clarity on the new CEO.
Domestic AI chip companies are the biggest beneficiaries among A-shares.

Two things to watch next: the November 17 earnings report, to see whether orders have shifted elsewhere; and whether the new CEO can stabilize customers and the supply chain. $NVDA