Two major Nvidia shareholders are urging the board not to rush its long-term leadership decision and to keep open the possibility of founder Jensen Huang returning once the facts are clearer. The two firms hold about $2.13 billion in Nvidia shares combined, giving their appeal weight as investors assess the implications for governance, business continuity and management stability.
Shareholders call for a slower CEO search
Altimeter Capital CEO Brad Gerstner posted a letter to Nvidia’s board on X on Friday. Gavin Baker of Atreides Management also signed it. The investors said the company’s future leadership should be handled in a “slow, deliberate and thoughtful” manner, and argued against moving quickly to replace Huang before the facts are established.
The letter praised interim CEO Colette Kress, who served as Nvidia’s chief financial officer for 13 years. The board announced on Thursday that she would lead the company while Huang was away. The investors did not call for Huang to be reinstated immediately. Instead, they said the founder and longtime leader should be given time while the board conducts a careful assessment.
Combined Nvidia holdings total about $2.13 billion
As of June 30, Altimeter held about 9.4 million Nvidia shares, worth close to $1.9 billion. Nvidia was the investment firm’s largest disclosed stock holding in its latest filing. Atreides held about 1.2 million shares at the same date, worth nearly $250 million. Together, the firms’ positions were valued at about $2.13 billion.
Their holdings give the investors’ public comments on governance added significance. But the letter sets out their view on the pace of the process and the options the board should consider; it does not say the board has changed the interim leadership arrangement. Nvidia has not disclosed a timetable for selecting a permanent CEO.
Circumstances of Huang’s departure remain unclear
Huang resigned as Nvidia’s president, CEO and a director on November 12. His departure came as allegations concerning his personal relationships emerged and the board opened an independent investigation. Nvidia did not give a reason when it announced his resignation. The allegations and the investigation’s findings have not been fully detailed in company announcements, prompting the two shareholders to argue that a long-term leadership decision should wait until the facts are clear.
There have also been public calls for Huang to return. SpaceX CEO Elon Musk said on Friday that he had signed a petition seeking Huang’s reinstatement. The online petition, titled “Stand with Jensen,” said it had gathered more than 100,000 signatures, including more than 5,000 from current Nvidia employees. Musk said on Saturday that Nvidia could lose some key deals if Huang left. That was Musk’s public assessment, not a business change disclosed by Nvidia.
Megaspeed probe adds scrutiny
The dispute also touches on Nvidia customer Megaspeed. The Singapore-based company is under investigation by the U.S. Department of Justice over allegations that it diverted some restricted Nvidia AI chips to China. Reports about Huang’s personal relationships included allegations involving Megaspeed, but Nvidia has not publicly explained how these matters relate to the leadership change.
A separate letter on Friday called for U.S. Commerce Secretary Howard Lutnick to testify before the House Intelligence Committee about Megaspeed. Lutnick has agreed to appear before the Senate Banking Committee on December 10 for a hearing on whether the Commerce Department has properly carried out its responsibility to prevent China from obtaining advanced AI chips. Huang has also been asked to testify on chip sales.
Nvidia’s board must weigh interim management, the search for a permanent CEO and the progress of the investigations. Altimeter and Atreides did not demand Huang’s immediate return; their central request was to avoid a rushed decision. Nvidia has not announced a permanent leadership plan or the findings of the investigation.