New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, November 12, 2026

Back to the front page

From X

@convequity 1 click

Convequity on X

Reflections on $NVDA's corporate governance after Jensen Huang's exit 1) It is strange that the CIA and the government ran the rumored China spy investigation without notifying Nvidia's board and Jensen first. The matter had been brewing for several quarters, and the news only broke after the mid-term election. 2) Jensen should have asked for a bigger stake in Nvidia, just as Elon Musk did at $TSLA. Elon set an outlandish long-term stock price target with a vesting schedule tied to it, and that gave him more control and more ownership. 3) Dual-class share structures, where the founder's shares carry extra votes, are rare among established semiconductor firms. This lack of founder voting control is a common issue across semiconductor companies. Jensen seems to have been too focused on technology and too little on politics and control. 4) Where Jensen goes next is the open question. We hope Nvidia gets him back in some way, or Elon hires him, or he finds another place to thrive. Age 63 is just the start for him. We hope he perseveres through this storm and thrives. The worst case is that he retires into a VC-like role, but we don't think he will settle for that at this stage. 5) In the best world, NVDA shareholders would vote to bring Jensen back and fire what we see as a woke board. We think that is unlikely. Share ownership is widely distributed and the investor base is very diversified. Many of those investors do not follow the company or its governance closely, so they are hard to mobilize. And the board was not constructed as thoughtfully as the one Elon built, after he suffered the same problem early in his PayPal years. 6) Those who said founder control, vision and ownership don't matter to the Nvidia business will feel they are right, and buying the dip will look great in the short term. We think they will be proven wrong over the longer term. 7) This is a great time for $AVGO, $AMD and $CBRS. But note that Broadcom and AMD have similar governance issues too.
@convequity

Convequity on X

Jensen Huang is not Steve Jobs. It is way bigger than that! Jensen Huang has resigned as Nvidia's CEO, and CFO Colette Kress is interim CEO. The Jobs comparison comes naturally, but it undersells what is happening here. When Steve Jobs passed away, $AAPL Apple's structural leadership, moat and scaling path were clear. The next captain inherited a ship whose course was set. $NVDA Nvidia's are not. It is facing the biggest challenge in its leadership from all fronts: Custom ASICs by $AVGO, merchant GPUs by $AMD, Chinese alternatives by Huawei, and numerous AI chip startups with unique architectures such as $CBRS. All while Nvidia's CUDA moat is facing a shake-up with the prevalence of inference and coding agents — factors we anticipated back in 2023. Most AI compute is moving to inference, where CUDA protects less and the entry barriers are lower. Our December 2023 NVDA MSU note flagged three things: lower entry barriers for inference chips, the CUDA moat getting circumvented as the transformer architecture hardens, and AI spreading into every aspect of applications as copilot and automated agents. Apple was a steady ship sailing on a calm ocean, with moderate potential and a tailwind. Nvidia is a speedy Ultra Large Container Vessel sailing on a tumultuous ocean, with storms but also a huge tailwind, where things are changing fast and growing rapidly. That kind of ship needs the captain to stay on board, to adjust and remain adaptive. Jensen is the only one who can do that. Anyone else will only do a worse job. The most ironical outcome can be the most likely outcome. The resignation knocked the stock down as much as 14% intraday before buyers pared the loss to roughly 4%. The dip-buying instinct is already on display. Nvidia may well go woke in the years to come — drifting from the technical obsession that made it fast. In the near term, once the issue settles, people may buy the dip and claim that Jensen doesn't matter that much to the company, while the coming quarters still report stellar earnings. The true damage will only show up years later, because the semiconductor industry is a long game — a much longer game than many laymen, including politicians, understand. We expect that damage to land in product cycles and market share, not in next quarter's report. Full note: Convequity MSU: NVIDIA, Dec 2023

Investor Letters

All letters

Top Rebound Stocks for Nov’26

Texas Pacific Land's 50% selloff reflects faded data-center expectations, while its Permian royalty business generated $498 million of 2025…

TPL $19B
Rebound Capital 1 click

Peloton: Beyond The Bike

Peloton’s connected-fitness subscribers fell 9% year over year to 2.475 million, with another high-single-digit holiday decline forecast as…

PTON $2.6B
TSOH Investment Research 3 clicks

DoorDash’s FBA Moment

DoorDash’s $17 billion Instacart deal targets DashMart warehouse scale, where 99%+ order accuracy and faster delivery address the limits of…

DASH $78BKR $41B
MBI Deep Dives 3 clicks
HGV · long

Hilton Grand Vacations

Hilton Grand Vacations faces an inflection point in profitability growth and free cash flow generation.

HGV $3.4B
Value Investors Club

Ally Financial: The Next Vintage

Ally Financial's Q2 FY26 consumer auto originations rose 21% to $13.3 billion as newer, 9%+ yield vintages replace troubled 2022 loans;…

ALLY $11B
TSOH Investment Research

Netflix: Deep Dive Analysis

Netflix's Q3 guidance points to sub-12% growth as viewing hours rise about 2%, increasing reliance on pricing, paid sharing and advertising.

NFLX $265B
Hated Moats

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 84 of 286

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

376 firms

Sectors

Ordered by how often our editor reaches for them.