Altimeter Capital and Atreides Management, which held about $2.1 billion of Nvidia shares combined as of 30 June, urged the company’s board to consider founder Jensen Huang’s return in a letter posted on X on 13 November, CNBC reported. The request came a day after Huang resigned as chief executive, leaving Nvidia’s board to choose a permanent successor.
Key points
- Altimeter held 9.4 million Nvidia shares worth nearly $1.9 billion as of 30 June. Atreides held 1.2 million shares worth nearly $250 million.
- The investors asked for a measured leadership search that allows for Huang’s return, rather than his immediate reinstatement.
- Colette Kress is interim CEO. A separate online petition asks the board to bring Huang back while an investigation establishes the facts.
Altimeter’s largest holding backs the letter
Altimeter chief executive Brad Gerstner posted the letter, which was also signed by Gavin Baker of Atreides Management. It asks Nvidia’s directors to pursue a “slow, measured, and deliberate process” on leadership and to consider “the potential return of Jensen Huang”.
Nvidia was Altimeter’s largest disclosed equity holding in its most recent regulatory filing, according to CNBC. The firm’s 9.4 million shares were worth nearly $1.9 billion at the end of June. Atreides held 1.2 million shares worth nearly $250 million at the same date. The holdings give both firms a direct financial interest in the board’s choice of CEO.
The letter says Kress will lead Nvidia capably during the transition. It argues that the board should avoid rushing to replace Huang before it has all the facts. It does not call for his immediate reinstatement, CNBC reported.
Kress leads Nvidia during the CEO search
Huang resigned as Nvidia’s president, chief executive and director on 12 November. Kress, who had served as chief financial officer for 13 years, took the interim CEO role. AI Affairs reported the leadership change when Nvidia announced it.
The board accepted Huang’s resignation on 11 November, Yahoo Finance reported, citing a regulatory filing. Director Harvey Jones became the board’s first chair. Huang had co-founded Nvidia in 1993 and led the chipmaker for 33 years.
The investors’ intervention comes as the board considers candidates. AI Affairs has reported that Nvidia had not chosen a search firm to replace Huang. It also reported that the board approached Arm chief executive Rene Haas in its search for a successor.
Stand with Jensen seeks reinstatement
The shareholders’ request differs from the separate Stand with Jensen petition. That letter asks the board to bring Huang back while an independent investigation establishes the facts, unless it can provide evidence that his removal serves Nvidia’s interests. It also asks directors to set out the investigation’s scope, independence and timeline, and to let Huang respond before a final decision.
At 10:30 a.m. ET on 14 November, the petition listed more than 100,000 names, including more than 5,000 people who said they worked at Nvidia, Yahoo Finance reported. The site says it is unaffiliated with Nvidia or Huang. Its organisers say they may review new signatures before adding them to the count.
An internal Nvidia post asking the board to consider employees’ views on Huang had drawn more than 1,600 comments by 12 November, most supporting his return, Wired reported. That internal response is separate from the public petition’s tally.
Elon Musk, the SpaceX chief executive, said on X on 13 November that he was signing the petition. On 14 November he said some “critical deals will be lost” without Huang.
