即時觀點：消息人士稱，輝達董事會開會決定執行長黃仁勳去留

舊金山，11 月 11 日（路透社）—— 一名知情人士告訴路透社（Reuters），輝達（Nvidia）董事會週三正在開會，決定是否罷免執行長黃仁勳（Jensen Huang）。這家全球主導 AI 處理器供應商，正努力因應關於這位長期領導人的兩段婚外情的報導。SAN FRANCISCO, Nov 11 (Reuters) - Nvidia's board is meeting on Wednesday to decide whether to oust CEO Jensen Huang, a source familiar with the matter told Reuters, as the world's dominant supplier of AI processors grapples with reports of two extramarital affairs involving its longtime leader.

輝達未立即回應有關董事會會議的採訪請求。Nvidia did not immediately respond to a request for comment on the board meeting.

《華爾街日報》（The Wall Street Journal）週三報導，輝達董事會正準備罷免黃仁勳，報導引述了知情人士的說法。The Wall Street Journal reported on Wednesday that Nvidia's board is preparing to oust Huang, citing people familiar with the matter.

以下是對這項報導的一些反應：Here are some reactions to the report:

FUTURUM EQUITIES 首席市場策略師謝伊・博洛爾（SHAY BOLOOR）SHAY BOLOOR, CHIEF MARKET STRATEGIST, FUTURUM EQUITIES

「我認為市場需要把領導危機和輝達實際業務分開來看，因為 Blackwell 需求、Rubin 路線圖、網路業務擴張和 CUDA 生態系，早在這場風波之前就已經相當穩固。因此，如果 Jensen 離開，我不認為未來 12 到 18 個月的營收會突然消失。"I think the market needs to separate leadership crisis from Nvidia's actual business because Blackwell demand, the Rubin roadmap, networking expansion and CUDA ecosystem were already firmly established long before this fiasco, so I don't see the next 12 to 18 months of revenue suddenly disappearing if Jensen were to leave.

「我更擔心的是下一個十年，因為 Jensen 不只是輝達的執行長，他總能敏銳地洞察運算技術的發展方向，甚至在客戶意識到自己需要這些技術之前，就已先看出未來趨勢。對一家圍繞 60 名直接下屬、又沒有明確的第二接班人打造起來的公司而言，要取代這種策略眼光是極大的挑戰。"My bigger concern is next decade because Jensen isn't simply Nvidia's CEO but he's the person who has consistently identified where computing is going before customers even realize they need those tech and replacing that strategic vision at a company built around 60 direct reports and no obvious second-in-command is an enormous challenge.

「如果轉換變得必要，考量到伊恩・巴克（Ian Buck）曾參與創建 CUDA，並領導輝達的超大規模業務，他是最有實力的長期內部人選；Arm 執行長瑞恩·哈斯（Rene Haas）曾在輝達任職七年，也是值得考慮的外部人選。」"If a transition becomes necessary then Ian Buck is the strongest long-term internal candidate given his role in creating CUDA and leading Nvidia's hyperscale business and Arm CEO Rene Haas is an external candidate worth considering given his seven years at Nvidia."

TEN CAP 首席投資組合經理劉俊貝（JUN BEI LIU）JUN BEI LIU, LEAD PORTFOLIO MANAGER, TEN CAP

「他是輝達的門面，而輝達一直站在 AI 建設的最前線。"He's the face of Nvidia and Nvidia has been front and center of the AI build-out.

「如果我們看看在這個循環融資世界裡，有多少新的雲端資料中心業務獲得支持，幾乎全都是由輝達支持。所以我其實認為，這對接下來的發展有相當重大的影響。"And if we look at how many new cloud data center businesses have been sponsored in this circular financing world, it's pretty much all by Nvidia. And so I actually think it has quite a meaningful ramification for what is to come.

「他們還會提供那麼多資金嗎？新型雲端（neocloud）還會是他們的重點嗎？接下來有非常多不確定性……不只是對輝達，而是對整個 AI、循環融資、AI 建設，以及所有他們共同投資和支持的企業而言。」"Are they still going to give that much funding? Is neocloud still going to be a focus for them? There's just a lot of uncertainty to come … not just for Nvidia, it's for the whole AI, the circular financing, the AI build-out, all the businesses that they co-invest and sponsor."

ATFX GLOBAL 首席市場分析師尼克·特威代爾（NICK TWIDALE）NICK TWIDALE, CHIEF MARKET ANALYST, ATFX GLOBAL

「我認為我們會看到他離開公司，而他們此刻可能只是正在進行協商程序，同時也在強化公關操作，讓投資人相信即使沒有他，輝達未來仍會是市場領導者——不過我猜未來可能會有某種顧問角色。我認為，他辭職的初步反應會是股價進一步受挫……儘管目前我們已充分反映在價格中。"I think we will see him leave the company and they are probably just going through a negotiation process at the moment while also working a strong PR angle to give investors confidence that Nvidia will remain the market leader moving forward without him — although I suspect some sort of consultant role in the future. I think the initial reaction to his resignation will be a further hit to the share price … although we have it well priced in at the moment.

「不過，在目前正面的環境下，更廣泛的 AI 交易看起來確實穩健。因此，在投資人轉向 AI 產業其他地方尋找更多價值之前，我們可能會先看到一些初步負面反應。」"The broader AI trade though does seem robust in the current positive environment. So we may see some initial negative reaction before investors look elsewhere in the AI sector for more value."

盛寶銀行（SAXO）首席投資策略師查魯・查納納（CHARU CHANANA）CHARU CHANANA, CHIEF INVESTMENT STRATEGIST, SAXO

「看來投資人現在需要提高輝達領導層變動風險的機率。這帶來了新一層不確定性。這對輝達的業務計畫意味著什麼，也存在不確定性，尤其是在中國業務方面；此外，新領導人是否會延續黃仁勳更廣泛的策略願景，也仍不確定。"Looks like investors now need to put a higher probability on the risk of a leadership change at Nvidia. That creates a fresh layer of uncertainty. There’s also uncertainty about what that would mean for Nvidia’s business plans, especially in China, and whether a new leader would carry forward Huang’s broader strategic vision.

「輝達的技術與工程實力不會一夕之間消失。但在領導層、調查，以及對其中國業務的影響更明朗之前，投資人可能不太願意再為其未來成長支付同樣的溢價。」"Nvidia’s technology and engineering strengths won’t disappear overnight. But until there’s more clarity on leadership, the investigations and the implications for its China business, investors may be less willing to pay the same premium for its future growth."

ETORO 首席分析師喬許・吉爾伯特（JOSH GILBERT）JOSH GILBERT, LEAD ANALYST, ETORO

「由於市場過去所認識的輝達，一直都是由黃仁勳掌舵，因此要評估沒有他的輝達值多少，不會一夕之間完成。這一切都不會改變大型科技公司想買多少晶片，但投資人想要高層的確定性，就像他們想要成長一樣；而現在輝達只能提供其中之一。市場以前處理過執行長醜聞，但從未發生在一家對全球最大投資主題如此關鍵的公司身上。」"Because the market has only ever known Nvidia with Huang in charge, working out what it's worth without him won't happen overnight. None of this changes how many chips the big tech names want to buy, but investors want certainty at the top as much as they want growth, and right now Nvidia can only offer one of those. Markets have dealt with CEO scandals before, but never at a company so imperative to the biggest investment theme in the world."

LONGBOW ASSET MANAGEMENT 執行長傑克・多拉海德（JAKE DOLLARHIDE）JAKE DOLLARHIDE, CHIEF EXECUTIVE OFFICER, LONGBOW ASSET MANAGEMENT

「從每個角度看都很糟。我相信，在董事會找到一位明星級人物、一位科技業知名的重量級人物來取代他之前，不會罷免他……董事會的想法是，我們至少在臨時執行長人選上必須打出全壘打；如果不是臨時人選，那就是永久接任者。"It looks bad from every single angle. I believe the board won't oust him until they have an all-star, a known entity in the tech sector, to replace him … The board's thinking, we have to have a home run at least as far as an interim CEO, if not, the permanent replacement.

「歸根究柢，別忘了輝達晶片是 AI 故事的核心。因此，無論黃仁勳在不在，它都會繼續是全球 AI 故事的核心，尤其是在美國這裡。所以，輝達將繼續是我們所知 AI 宇宙中絕對的核心。」"At the end of the day, let's not forget that the Nvidia chip is the centerpiece of the AI story. And so whether Jensen Huang's around or not, it'll continue to be the centerpiece of the AI story globally, but particularly here in the US. So, Nvidia will continue to be the absolute centerpiece of the AI universe as we know it."

PEPPERSTONE 研究主管克里斯・韋斯頓（CHRIS WESTON）CHRIS WESTON, HEAD OF RESEARCH, PEPPERSTONE

「這個人掌握了所有關係……對中國人、日本人、韓國人都是如此……外界會預期他們將找來一位擁有類似關係的人，而且交接會相當順利。"This is the man who's got all the relationships … to the Chinese, Japanese, Koreans … one expects they're going to bring someone in who has similar relationships and it's going to be fairly seamless.

「這只是意味著他們確實有一點公關問題，而且政府層面可能會有一些限制。但新上任的人不會讓他們的產品組合脫軌。"It just means they do have a bit of a PR problem and potentially there could be some constraints from the government level. But the new person coming in isn't going to derail their product suite.

「你同時也看到超微（AMD）和博通（Broadcom）盤後價格走高。所以，市場占有率顯然會被那些其他生產商拿走。"What you're also seeing is a move higher in the after-hours prices in AMD and Broadcom. So, market share is clearly going to get picked up by those other producers.

「（而且）如果川普，甚至民主黨……已經把輝達放在聚光燈下，並想把輝達當成中國與美國之間的政治棋子，他們現在完全有理由對輝達下重手。」"(And) if Trump or even the Democrats … had Nvidia under the spotlight and wanted to use Nvidia as a political pawn between China and the US, they have absolutely every reason now to go hard on them."

D.A. DAVIDSON & CO 董事總經理吉爾・盧里亞（GIL LURIA）GIL LURIA, MANAGING DIRECTOR, D.A. DAVIDSON & CO

「黃先生若立即被撤換，對輝達可能會是一項挑戰，因為該公司尚未備妥接班計畫。投資人會期待董事會履行其受託責任。如果黃先生違法或違反公司政策，董事會很可能在掌握證據後立即採取行動。」"Mr. Huang being removed immediately could be challenging for Nvidia since it does not have a succession plan in place. Investors would expect the board to live up to their fiduciary responsibility. If Mr. Huang broke the law or violated company policies, the board is likely to act as soon as they have proof."

GRANITE WEALTH MANAGEMENT 董事總經理布魯斯・札羅（BRUCE ZARO）BRUCE ZARO, MANAGING DIRECTOR, GRANITE WEALTH MANAGEMENT

「Jensen 是帶領輝達驚人崛起的人……是他主導了這一切，但他們有 4 萬 2,000 名員工。我想問題會是，如果 Jensen 必須辭職或被迫離開，是否有人能挺身而出？是否有人能挺身而出，成為他過去在資料中心面前所扮演的那種大使？我想這個問題會隨著時間得到答案。」"Jensen was the one who has led the marvelous rise of Nvidia … he spearheaded that, but they have 42,000 employees, and I guess the question would be, can someone step up if Jensen has to resign or is forced out? Can someone step up and be the ambassador that he has been with the data centers? I guess that's the question that will be answered in time."

（安庫爾・班納吉、Mrinmay Dey、Caroline Valetkevitch、Tom Westbrook 與 Prathik Jayaprakash 報導；Peter Henderson 與 Chris Reese 編輯）(Reporting by Ankur Banerjee, Mrinmay Dey, Caroline Valetkevitch, Tom Westbrook and Prathik Jayaprakash; Editing by Peter Henderson and Chris Reese)