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Thursday, November 12, 2026

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Looking Back at Another Successful Thesis

DoubleU Games raised its all-cash tender offer for DoubleDown Interactive minority holders to $16.25 per ADS from $11.25 after net cash made the earlier bid untenable.

DDI $779M
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From X

@convequity

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.
@SouthernValue95

SouthernValue on X

In addition to having significant revenue at risk in China from future legislation changes (or enforcement of current legislation), I wonder if $NVDA may end up held liable for looking the other way as chips it sold ended up in China illegally. If fined for the value of all past sales, that could be many tens of billions of dollars. From @SemiAnalysis_ on Jensens ousting and illegal chip sales to China: “Our data shows more than 1.5GW of Nvidia chips, which are restricted, still ultimately ended up in China. This figure doesn’t even include chips that Nvidia created to circumvent US rules, a story we originally broke. We believe the US intelligence community is a large part of the push to get Jensen out of Nvidia. Specifically, we believe it is likely that RASA or similar legislation, which has already passed the house, will move forward. AI and chip restrictions on China are going to ramp now much faster with the biggest defender Jensen, gone.”
@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

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