Jensen Huang Resigns: What’s Next, & Who is Alice Huang? 11/12/26

NVIDIA

Across the shows: 123 speakers in other episodes, 106 bullish and 79 bearish calls, past 30 days

• Eamon Javers · CNBCBearish

  Nvidia faces potential criminal exposure if insiders knew of export-control circumvention to China.

  Javers says the key question is whether anyone at Nvidia knew about deliberate efforts to route chips around US export controls into China, especially through the relationship with Megaspeed and its Chinese data centers. He notes that laws with jail sentences are on the books and that the risk exists whatever happens to Huang's job. Other employees could also be exposed. He presents this as a real legal overhang on the company.

  “it's clear that there's some potential criminal exposure, for Jensen Huang and anybody inside NVIDIA who knew about deliberate efforts to circumvent US export controls of advanced chips to China”at 7:21

• Jamieson Greer · Office of the United States Trade RepresentativeBullish

  The AI data center build-out is the next industrial revolution; Nvidia's stock swings are only day-to-day noise.

  Greer calls Nvidia structurally important. He treats the stock's fluctuations as day-to-day noise and says the AI build-out of data centers, which he calls the next industrial revolution, is actually happening. He separates the leadership scandal from the underlying build-out, implying the investment cycle outlasts the headlines. He has no stake in the company.

  “NVIDIA is a structurally important company. We're seeing fluctuations, of course, and their stock value and things like that. Those are day to day. The reality is the AI build out data centers, the next industrial revolution, that's happening.”at 26:18

• Jim Cramer · CNBCBullish

  Nvidia's operations don't hinge on Huang; Kress can steady the company, and analysts are wrong to say otherwise.

  Cramer argues that analysts who are cutting and running assume the roughly 42,000 other employees don't matter because Huang set up the company around himself. He calls that untrue, saying the company is staffed by brilliant people Huang assembled. He likes interim CEO Colette Kress, whom he knows well, expects her to be terrific at sorting out the pieces, and says she has long been the company's spokesperson and will bring needed order.

  “I know all the analysts had to cut and run. They all think that there's 42,000 other people there who have absolutely no bearing whatsoever because the way the company was set up by Jensen. I think that's just not true.”at 45:39

• Jim Cramer · CNBCBullish

  Nvidia has had a very good quarter and can raise guidance when it reports next week.

  Cramer says Nvidia reports next week and that the quarter has been really good, so the company can guide up. He adds that if Kress tells investors she can do a big buyback, that would be one positive. The argument rests on the quarter's strength and the outlook, and he doesn't attach a number to it. He is not confident about the stock price itself.

  “They report next week. I think it's been a really good quarter. They can guide up.”at 46:52

US–China AI & chip race

• Eunice Yoon · CNBC

  Smuggled Nvidia chip prices surged to nearly $3M in China, with traders expecting demand to stay robust.

  Yoon reports from a Chinese chip smuggler that the underground price of B300 chips has risen about fivefold since May, to nearly $3 million against an official US price of $550,000. Smugglers expect a pause through APEC because of the scandal and likely tighter US scrutiny ahead of Trump's visit. Traders still expect demand to stay strong and say they are seeing hoarding, so the price gap signals that the grey market expects tighter export curbs to keep supply scarce.

  “I've been told that the price of eight b 300 chips has, now reached, come up five times from May at now nearly $3,000,000. This is versus the official US price of $550,000.”at 18:20

• Eunice Yoon · CNBC

  Beijing is limiting Nvidia imports to build local chips, but Chinese AI firms say they cannot do without them.

  Yoon describes a conflicted Chinese government. Reports say about 600,000 H200 chips were held at a Hong Kong port and not allowed in, because Beijing wants to develop its own chip industry. People in China's AI industry, however, say they cannot do without Nvidia chips and do not want to rely on local alternatives if they can avoid it. This points to a gap between state industrial policy and industry demand.

  “because the government here does want to develop its own industry, it doesn't necessarily want to have so many NVIDIA chips here. But when I speak to people who are in the AI industry, they have said that they cannot do without the NVIDIA chips”at 20:23

• Jamieson Greer · Office of the United States Trade Representative

  Sell US AI chips abroad to spread the tech stack, but keep core technology in US or allied hands.

  Greer says the US wants the world on the American AI stack, so chip sales abroad are encouraged. The limit is that the most sensitive technology, which he calls the crown jewels, must stay in US hands or those of allies. He frames export controls as protecting that core technology while still allowing commercial sales.

  “when we're selling our chips to the world, we want the world to be on the AI stack, but we want the crown jewels to remain in US hands or in the hands of our allies.”at 26:18

• Jamieson Greer · Office of the United States Trade Representative

  Cutting off remote chip access for suspected smugglers is under active discussion; more action may follow.

  Greer says remote access to chips by companies suspected of smuggling has been debated since the Biden administration, which declined to cut it off. He says the administration is still in active discussions and is sensitive to the issue. Given recent disclosures, he expects continued focus and says further action will be taken if needed.

  “There are always active discussions about this. We continue to have active discussions about this in the administration. We're sensitive to these issues... I think there'll be a focus on this and if further action's needed.”at 34:44

US–China relations

• Eunice Yoon · CNBC

  If Trump skips the Xi meeting at APEC, China would take it badly because of face and its APEC showcase.

  Yoon says APEC is framed in China as Xi Jinping's moment, when countries and companies come to Beijing and the authorities want them to see China as essential to their trade. Sources told her that a last-minute withdrawal by Trump would be taken very badly. She ties this to Chinese culture, where face matters more than in the US, so a snub could carry real diplomatic cost.

  “if president Trump decided suddenly to pull out at this late stage and not show up, that could be taken very badly, especially because culturally here, a Chinese... face is just so much more important here”at 21:28

• Jamieson Greer · Office of the United States Trade Representative

  China is only partially complying with trade commitments, with soybean buying ahead but other purchases lagging.

  Greer says China has partly complied with its trade commitments. It committed to buy 25 million metric tons of soybeans this year and has made purchases or booked orders toward that target. Non-soybean agricultural purchases are progressing but below what the US wants. He says the US will press China on these gaps in Shenzhen next week.

  “it's a partial compliance is how we look at it. They committed to buy 25,000,000 metric tons of soybeans this year. They've done that or they've made purchases to that effect or they've or they've booked orders to that effect.”at 27:27

Critical minerals & rare earths

• Jamieson Greer · Office of the United States Trade Representative

  China is delivering some rare earths, but flows are well below pre-crackdown levels.

  Greer says the US is getting some of the rare earths it needs from China, but wants faster delivery and higher volume. He says supply should return to the levels of a few years ago, before China started tightening rare earth exports at the end of the Biden administration and again under the current administration. Current flows are therefore a fraction of what the US had before the restrictions.

  “When it comes to rare earths, we're getting some of what we need. We always want to have it at a at a quicker pace and in a higher volume. We'd like it to be at the same levels that it was, you know, a few years ago before they started cracking down on rare earths”at 27:35

US immigration

• Jamieson Greer · Office of the United States Trade Representative

  The president will use economic measures, if needed, to keep the southern border closed.

  Greer says the president normalized the border quickly after taking office and will not allow a reopening after the midterms. He says the president is prepared to take whatever economic or other measures are needed to keep the gains. Greer says he will work with the president on any economic measures needed.

  “The president's prepared to take whatever measures he needs to, economic or otherwise, to maintain the gains that he made in shutting down that border.”at 28:47

Tariffs & trade policy

• Jamieson Greer · Office of the United States Trade Representative

  Tariffs are not behind food or gas prices; energy costs drive the affordability concern.

  Greer says voters are most worried about energy, gasoline and the fuel costs that flow into transport and goods. He argues tariffs do not explain the problem. Most food in US grocery carts is produced domestically or imported from Canada and Mexico without duties, and oil and gas were never tariffed. He concludes the administration will keep using trade actions regardless.

  “the vast majority of food we eat in America is in your grocery cart is made here in America, no duties, or we import it from Canada and Mexico with no duties. So the vast amount of food just... It's not subject to tariffs, never has been. Gas and oil was never subject to tariffs.”at 30:37