Big Shareholders and 3,000 Nvidia Employees Want Jensen Huang Back
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Two well-known investors in NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) sent the company’s board a letter on Friday, November 13, asking it to slow down. A separate public petition went further, asking the board to put Jensen Huang back in charge.
On November 12, NVIDIA disclosed in an 8-K that Huang resigned as president, CEO and director. The CFO, Colette Kress, is serving as interim CEO, and the board has opened an independent review.
The stock closed Friday at $162.85, down 2.01%, valuing it at $3.93 trillion. It was quoted at $161.04 at 7:59 p.m. ET, after about $573 billion in market value was erased over the week ended November 13. The two efforts want different things and are best judged separately.
Funds Ask for a Patient, Open CEO Search
Altimeter Capital founder and CEO Brad Gerstner posted on X at 6:47 p.m. ET that a letter went to the board setting out what he called the minimum standards it owes shareholders. The post had about 732,000 views at about 1:10 a.m. ET on November 14.
Atreides Management managing partner and CIO Gavin Baker posted the same letter at 7:34 p.m. ET. It asks the board to skip a rushed permanent CEO pick and run a slow, measured process that keeps every option open, including Huang’s return.
The letter says major questions remain about the events behind his exit, says Kress and her team can lead in the meantime, and leaves the final decision to the board. It limits its requests to process and leaves reinstatement, a vote, new directors and a special meeting off the table. A separate letter threatening mass resignations circulated on X Friday and was reported as fake.
How Much Stock Stands Behind the Letter
As of June 30, Altimeter held 9,413,589 shares worth $1.88 billion, or 19.2% of a $9.83 billion portfolio. Atreides held 1,249,291 shares worth $250.0 million, about 1.7% of a $14.34 billion portfolio.
At Friday’s close, those share counts would be worth about $1.53 billion and $203 million, or about $1.74 billion together. That is about 0.04% of NVIDIA’s shares.
Neither fund had filed a third-quarter 13F as of early Saturday, ahead of the November 16 deadline. Altimeter has far more at stake than Atreides, but the two funds’ influence over the board comes from their public profile.
Petition Grows Fast on Unverified Names
The Stand with Jensen open letter asks the board to reinstate Huang while an independent investigation runs, or explain with evidence why not. It also seeks the inquiry’s scope and timeline, a fair hearing and a timely public explanation.
At 1:07 a.m. ET Saturday, it carried 55,078 names, up from about 36,000 late Friday. People who say they are current NVIDIA employees rose from about 2,993 to 3,574, but most come from outside: 30,524 shareholders and 20,414 supporters, plus 566 self-described former employees.
Affiliations are self-reported, and the site says NVIDIA and Huang have not endorsed it. Listed signers include Elon Musk, Replit CEO Amjad Masad, Baker, Epic Games CEO Tim Sweeney, and Y Combinator CEO Garry Tan.
Employee sentiment still matters, because NVIDIA’s value rests on engineers who can leave. An internal post urging the board to consider that sentiment drew more than 1,600 comments.
Board Says Search Has Barely Started
No response from the board or Huang to either letter had appeared by early Saturday, and NVIDIA did not respond to a request for comment. The board said Friday it is still selecting a search firm, has not formally engaged candidates and considers speculation premature.
That pace already matches what the funds requested. Kress will likely lead the next quarterly report, expected November 17 after the close.
What the Fundamentals Say Ahead of Earnings
Fiscal second-quarter revenue was $96.221 billion[1], up 105.85%, and third-quarter guidance was $108.0 billion, plus or minus 2%. Kress said fiscal 2028 growth of approximately 70%[2] is limited by supply.
The stock has fallen 26.41% in a month to about 33 times trailing earnings, though NVIDIA’s demand environment likely remains solid, because Vera Rubin orders and supply commitments were set before Huang left and signed purchase orders stay in force through a CEO change.
The test comes November 17. If revenue lands near $108.0 billion[1] and Kress reaffirms the fiscal 2028 outlook, the selloff overshot; a guidance cut would break this case.
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Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
