Before the U.S. stock market opens on Monday, this situation involving @JensenHuang is likely to continue unfolding. First, let’s clearly understand what has happened. On November 8, Jensen Huang admitted to infidelity, apologized to his family and employees, and on the same day, NVIDIA’s board announced the initiation of an independent investigation, hiring an external law firm to determine whether he had become a target of foreign intelligence operations. It’s important to note that these are two entirely separate issues: 🔹 One is a personal ethical matter he has already acknowledged. 🔹 The other is an ongoing national security investigation. The board has clearly stated there is no reason to believe that national security or NVIDIA’s confidential information has been compromised, and it has expressed continued confidence in Huang and the management team. This does not mean the investigation carries no risk—but at this point, there is no justification for removing the CEO. More importantly, I’m more interested in how the market will price this event. NVDA dropped over 2% after hours, and Nasdaq futures also fluctuated, with many in the market declaring disaster. But I believe that damage to Huang’s personal reputation does not mean NVIDIA’s demand for computing power has suddenly vanished. The possibility of regulatory or export policy risks from the national security probe does not equate to a global pause in AI infrastructure development. Consider the domestic GPU market: channel premiums for the 50-series cards have declined from their peak, with some models seeing significant price drops—yet upstream DRAM costs continue to rise. What does this indicate? Speculative fervor is cooling, but the underlying cost structures and supply-demand dynamics of the supply chain have not been upended by a single news story. I’ve always believed that what matters most in this AI cycle is not the stock price of any single company, but whether the entire computing power supply chain can sustainably deliver on demand. Now let’s talk about crypto. The crypto market is already under pressure: Bitcoin has broken below key prior levels, risk appetite is contracting, and sentiment is being simultaneously influenced by post-U.S. midterm election regulatory expectations, exchange security incidents, and volatility in U.S. tech stocks. So it’s no surprise that the Nasdaq remains under pressure and BTC and ETH are also fluctuating—but don’t attribute every decline solely to the Huang situation.