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By Steve Mollman
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Prominent Nvidia bull Dan Ives has ruled out a return to the company for Jensen Huang, even as its former CEO reportedly considers a comeback with support from leading Silicon Valley figures.
"Despite pressure from major shareholders we see no chance Jensen comes back to Nvidia as CEO," Ives told Newsweek in an email Sunday. "The black eye moment for Jensen is impossible to come back from and this is the reality in my view."
The Financial Times reported Sunday that Huang has discussed returning with confidantes, citing multiple people familiar with the matter. One ally told the newspaper that supporters were organizing a "war room" of technology executives to lobby Nvidia's board and seek White House backing.
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The reported effort has Huang's support, according to the FT, even as Nvidia's board investigates the conduct that led to his resignation Thursday.
Corporate governance expert Charles Elson also questioned the prospects of Huang returning, telling Newsweek Sunday that reinstating the chipmaker's co-founder would not resolve the questions facing its board.
Newsweek contacted Nvidia on Sunday. The company provided statements from its board of directors regarding the CEO search and its support for interim CEO Colette Kress.
Dan Ives Says Jensen Huang Has No Chance of Returning to Nvidia
Ives, a senior managing director at Yorkville Ives & Co., said Huang's departure had left a void that no successor could fully fill.
"There will be major pressure on the Board and Jensen is one of a kind and he is worth roughly $1 trillion to Nvidia's valuation," Ives told Newsweek.
But the analyst said the reputational damage and investigations surrounding Huang made a comeback unrealistic.
In a separate Sunday note to investors, Ives said the former CEO's familiar public image could not be restored.
"No one individual can replace Jensen as CEO," he wrote. "But at the end of the day after this global scandal the old Jensen with the black leather jacket and rock star persona is gone for good."
Huang resigned Thursday as Nvidia's president, CEO and a member of its board after 33 years leading the company he co-founded.
His departure followed revelations of extramarital relationships, including one involving Alice Huang, an executive at Singapore-based Megaspeed whom U.S. intelligence reportedly identified as having been recruited by Chinese intelligence.
Nvidia previously said it had no reason to believe national security or company secrets had been compromised. China has denied the espionage allegations.
Ives said Nvidia should look outside the company for its next leader.
"More investigations need to come out but we believe an external candidate such as Tim Cook or Nikesh from Palo Alto is the most likely path as CEO," he told Newsweek, referring to Apple's former CEO and current executive chairman Tim Cook, and Palo Alto Networks CEO Nikesh Arora.
He also raised the possibility of Huang pursuing a new venture.
"This is a very complex spider web and Jensen is going to go somewhere, either start his new company or go with Musk to SpaceX," Ives said.
There has been no confirmed announcement of plans for Huang to establish another company or join Elon Musk's SpaceX.
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Jensen Huang Reportedly Weighs Nvidia Comeback
The reported comeback campaign has Huang's support, according to the Financial Times, which cited multiple people familiar with the matter.
"Everyone that matters in tech outside the frontier labs loves Jensen," one person involved in the effort told the newspaper.
The campaign comes as Nvidia's board conducts an independent investigation into Huang's conduct following allegations about his relationships with Alice Huang and a subordinate at the company.
Huang faces potential resistance in Washington, where Treasury Secretary Scott Bessent said Sunday that Nvidia should hire its next CEO from outside the company, calling for a "dramatic shakeup" in leadership during an appearance on Fox News' Sunday Morning Futures.
The newspaper also reported that even some of Huang's allies were uncertain how to rehabilitate his reputation.
"Having an affair with a subordinate is a fireable offence," one person involved in the reinstatement effort acknowledged to the FT.
Nvidia and a spokesperson for Huang declined to comment to the newspaper.
Corporate Governance Expert Questions Jensen Huang's Return
Elson, a corporate governance expert and former director of the University of Delaware's Weinberg Center for Corporate Governance, told Newsweek that reinstating Huang would not resolve the questions confronting Nvidia's board.
"Bringing him back doesn't solve any problems at all," Elson said in a Sunday interview.
Elson pointed to the national security allegations, potential shareholder litigation and questions about whether Nvidia's board had been adequately informed about Huang's relationships.
He also questioned whether the company's leadership structure had become too dependent on its longtime CEO.
Elson said corporate boards should maintain emergency succession plans and identify potential long-term replacements well before a leadership crisis emerges.
He argued that Huang's success in building Nvidia did not mean he should remain indispensable to the company.
"Yes, he did very well. He created an amazing company, but that doesn't mean he's the person forever to do it, nor should he be," Elson said.
Elson also raised concerns about company policies governing relationships with employees and the importance of enforcing those rules consistently, including at the CEO level.
"No one is above company policy, even the CEO," he said.
His comments reflected his assessment of the governance issues raised by the reported relationships, rather than a finding that Huang had violated a particular company policy.
Elson also said the allegations involving a suspected foreign intelligence operative made the controversy unusually serious.
He questioned whether reinstatement would expose Nvidia to further political and legal scrutiny at a time when its business already faces questions about compliance with U.S. restrictions on advanced AI chip exports to China.
"And that's why I don't think he's coming back," Elson told Newsweek.
Nvidia Investors Push for Jensen Huang's Reinstatement
The skepticism from Ives and Elson contrasts with efforts by prominent Nvidia investors to preserve the possibility of Huang's return.
Brad Gerstner, founder of Altimeter Capital, and Gavin Baker, founder of Atreides Management, published an open letter Friday urging Nvidia's board to leave "all options on the table, including the potential return of Jensen Huang," according to the Financial Times.
The investors cited Huang's extraordinary record leading Nvidia and uncertainty surrounding his departure as reasons not to rule out his reinstatement.
Their firms held approximately 10.6 million Nvidia shares combined as of June 30, according to regulatory filings cited by CNBC.
The letter stopped short of demanding Huang's immediate return, instead urging the board to consider the possibility as it evaluates the company's future leadership.
Asked why major shareholders would push for Huang's return despite the controversy, Elson questioned whether investors had access to all the information available to Nvidia's directors.
"Do they know all the facts? Do they know what's in there?" he told Newsweek.
Elson said shareholders may have strong views about Huang's value to the company without knowing everything the board knows about the circumstances surrounding his resignation.
"If you knew everything, you may have a different view," he said.
Elon Musk, Nvidia Employees Back Jensen Huang Campaign
An online petition calling for Huang's reinstatement has also drawn support from technology executives and people identifying themselves as Nvidia employees and shareholders.
The petition had attracted more than 156,000 signatures as of Sunday, including more than 7,500 people identifying themselves as Nvidia employees and more than 82,700 identifying as shareholders.
Those identities and affiliations have not been independently verified.
Tesla and SpaceX CEO Elon Musk and Epic Games CEO Tim Sweeney were among the prominent technology figures reported to have supported the campaign.
The Financial Times reported that several Nvidia employees have publicly called for Huang's return and signed the open letter.
But questions have emerged about some material circulating in support of the former CEO.
Bryan Catanzaro, an Nvidia researcher, said Friday that a letter claiming his involvement in a push to reinstate Huang was fabricated.
"There is a made-up letter circulating online asking NVIDIA's board to reinstate Jensen, claiming my involvement," Catanzaro wrote on X. "This letter is obviously fake, and even if it were real I would not sign it."
Catanzaro expressed sadness over Huang's departure while backing Nvidia's leadership transition under interim CEO Colette Kress.
"I am grief-stricken that Jensen is no longer with NVIDIA. At the same time, I fully support NVIDIA's board and have confidence in their decisions," he wrote.
"I've worked with Colette for years and know her as an extraordinary leader. She has my full support."
Catanzaro's statement concerned the purported letter, not necessarily the broader online petition.
Nvidia Board Addresses CEO Search and Colette Kress's Future
Nvidia's board has not publicly ruled out Huang's return, but it has begun the process of finding a permanent replacement.
In a statement Friday, November 13, provided to Newsweek by Nvidia, the board said it was still preparing to hire a search firm.
"We are in the process of selecting a search firm for the NVIDIA CEO role. We have not formally engaged any potential candidates. Any speculation regarding individual candidates, whether internal or external, is premature."
The Financial Times reported Friday that Arm CEO Rene Haas had been approached as a potential successor. Nvidia's statement did not address whether informal discussions had occurred.
Harvey Jones, who was appointed Nvidia's first-ever board chair, expressed confidence in Kress and the existing management team.
"Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position," Jones said in the company's November 12 announcement.
"The Board has full confidence in Colette and the leadership team, and we expect the company's operations, customer commitments and product roadmap to continue without interruption."
Nvidia Earnings Tuesday Could Test Investor Confidence
Nvidia is scheduled to report third-quarter fiscal 2027 earnings Tuesday, November 17, at approximately 4:20 p.m. Eastern, followed by a conference call at 5 p.m.
The results will provide investors with an opportunity to assess the company's business outlook following Huang's departure.
Ives remains optimistic about Nvidia's competitive position, arguing that demand for its advanced AI chips will continue despite the leadership upheaval.
In his Sunday note, he estimated that scrutiny of Nvidia's China operations and possible export-control loopholes could put approximately 10 to 15 percent of revenue at risk.
That estimate reflects potential exposure rather than a confirmed revenue loss.
Ives said Kress had built considerable credibility within Nvidia and on Wall Street, but he favored an outside candidate for the permanent CEO position.
The board has not identified any candidates or announced a timetable for completing its search.
With Huang reportedly weighing a comeback and investors pressing for his reinstatement, Nvidia faces a consequential leadership decision ahead of Tuesday's earnings. Ives, however, sees no path back for the company's co-founder.
Newsweek reporters and editors used Martyn, our AI assistant, to produce this story. Learn more about Martyn here.
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