Two major Nvidia shareholders asked the chipmaker’s board to keep the return of co-founder Jensen Huang on the table as it searches for a new chief executive, in a letter made public on Friday, Nov. 13, 2026.[1] The investors’ firms disclosed about $2.13 billion of Nvidia stock combined as of June 30.[1]
Related: Nvidia CEO Huang resigns as shares plunge 13% at the open.
What the letter asks
Brad Gerstner, chief executive of Altimeter Capital, posted the letter on X.[1] Gavin Baker of Atreides Management also signed it.[1]
The letter urged directors to “pursue a slow, measured, and deliberate process regarding the future leadership of Nvidia.”[1] It asked the board to weigh all options, including “the potential return of Jensen Huang.”[1] The document did not call for his immediate reinstatement.[1]
“We believe the Board should avoid a rush to replace Jensen that undermines and thwarts the best interests of stakeholders,” Gerstner and Baker wrote.[2]
The investors wrote that Nvidia will be “capably led” by interim CEO Colette Kress.[1] Kress served as chief financial officer for 13 years before the board named her to the interim post on Thursday.[1]
Huang resigned as president, CEO and director on Nov. 12 after reports about personal relationships and amid an independent board investigation.[1] Nvidia’s resignation announcement did not state a reason.[1] The board has said it will consider internal and external candidates.[2]
What the two firms own
Nvidia was Altimeter Capital’s largest disclosed equity holding in its most recent Securities and Exchange Commission filing.[1] The firm held 9.4 million shares worth nearly $1.9 billion as of June 30.[1] Atreides held 1.2 million shares worth nearly $250 million at the end of June.[1]
More company and market coverage is on The Boston Report’s business and finance page.
A petition adds pressure
A separate online petition called “Stand with Jensen” asks the board to bring Huang back while an independent investigation establishes the facts.[3] Its website listed more than 115,000 signatures as of Saturday afternoon.[3] The site’s own tally included 5,965 current Nvidia employees and 63,063 shareholders.[3]
Those totals come from the petition’s organizers and are unconfirmed. The list included entries such as “Tim Cruise, Hollywood actor,” and organizers said Saturday they were working to remove fake signatures, Business Insider reported.[2]
SpaceX CEO Elon Musk said on X on Friday that he signed the petition.[1] Musk said on Saturday that without Huang, some “critical deals will be lost.”[1]
Megaspeed opens an internal review
Megaspeed, the Singapore-based cloud computing company at the center of the reports, said Sunday it had hired outside legal counsel to conduct a “thorough internal investigation.”[4] The company made the statement to CNBC.[4] The review covers media reports about its business, supply chain and global operations.[4]
“Ms. Alice Huang officially left Megaspeed effective August 30, 2025 and currently has no role with the Company,” Megaspeed said in the statement.[4] Reports have linked Jensen Huang to Alice Huang, a former Megaspeed executive.[4]
U.S. intelligence officials believe Alice Huang is a Chinese intelligence asset, The New York Times reported, as cited by CNBC.[4] China has denied that claim.[2] Attorney General Todd Blanche said Thursday the Justice Department had not concluded whether she was a spy.[2]
The Justice Department is investigating whether Megaspeed redirected some restricted Nvidia artificial intelligence chips to China, CNBC reported.[1] Megaspeed said the media reports are not supported by verifiable evidence.[4] The company said its supply-chain controls are designed to comply with U.S. export control requirements.[4]
What comes next
Nvidia reports quarterly earnings on Tuesday, Nov. 17, after the market closes.[5] The stock ended last week down about 13% and last traded near $160.[5] The major U.S. stock averages still posted their best week since August.[5] Daily index moves are tracked in the Markets section.
Commerce Secretary Howard Lutnick has agreed to testify before the Senate Banking Committee on Dec. 10 about controls on advanced AI chip sales to China.[1] Huang has also been asked to testify.[1] Coverage of the wider AI industry is in the AI News & Research Center.
Our Take (opinion): The letter stops short of demanding reinstatement, and that restraint makes it harder for the board to dismiss. Directors who name a permanent successor before their own investigation ends may have to defend the choice twice. Tuesday’s earnings call gives Kress and the board a first chance to tell shareholders how long the search will take.
Sources
- CNBC: Nvidia board urged to consider ‘potential return of Jensen Huang’ by two major investors
- Business Insider: A petition to reinstate Jensen Huang as Nvidia CEO has over 100,000 signatures, including some big names
- TechCrunch: Elon Musk, other tech execs sign petition calling on Nvidia to reinstate Jensen Huang
- CNBC: Megaspeed says Alice Huang left in 2025 as it launches internal probe into reports about its business
- CNBC: The AI trade faces big tests next week, starting with Nvidia earnings and capped by Anthropic IPO
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