After Jensen Huang Lost the Top Job, Wall Street Wonders Who Claims Its Biggest Prize

A forceful dealmaker

Huang led Nvidia’s rise from a regional chipmaker to the world’s largest company. Rather than rely on cautious corporate deliberations, he personally drove high-profile deals and complex financing arrangements.

Those moves sent hundreds of billions of dollars toward prospective competitors, suppliers and customers. Nvidia had been spending or committing money at an unusually fast and large scale, making the company a major source of business for Wall Street.

Wall Street watches what follows

Huang’s departure has prompted concern among bankers, traders and some Nvidia competitors. They are asking whether the change in leadership will slow the company’s rapid investments. The deals brought billions of dollars in fees to banks, asset managers and advisers. For financial firms, Nvidia’s activity made Huang a valuable figure beyond his public role in the global A.I. build out.

Nvidia retains major advantages

Some observers argue that Nvidia’s underlying strengths remain in place. These include its strong control over the global chip supply, deep cash reserves and support from the Trump administration for the industry’s regulatory agenda. Michael Edwards, director of Forum Markets, an A.I.-focused merchant bank, called Nvidia “the central bank of A.I.” He added, “Imagine the Fed without a chairman,” describing the uncertainty around losing Huang’s leadership.