Investors with $2.1B of Nvidia urge board to go slow — and keep Huang's return on the table
Altimeter CEO Brad Gerstner and Atreides CIO Gavin Baker wrote to Nvidia's board on Friday urging a 'slow, measured, and deliberate process' that leaves 'all options on the table, including the potential return of Jensen Huang' — without calling for his immediate reinstatement. The two funds hold about $2.13 billion of Nvidia stock combined.
The News
Two major Nvidia investors have written to the company's board urging it to take its time choosing a permanent chief executive — and to keep Jensen Huang's return on the table. Altimeter Capital chief executive Brad Gerstner and Atreides Management chief investment officer Gavin Baker posted a joint letter on Friday, November 13, calling on the board to 'pursue a slow, measured, and deliberate process regarding the future leadership of Nvidia' that leaves 'all options on the table, including the potential return of Jensen Huang.'
The letter did not call for Huang's immediate reinstatement. It praised interim chief executive Colette Kress, saying she can lead the company capably in the meantime, and it said that if the board decides after the facts are known that a return is not in shareholders' interests, 'that is the Board's prerogative.' The letter was reported by CNBC on Saturday, November 14, at 12:35 p.m. ET. Nvidia has not publicly responded.
Altimeter's stake is its largest holding, which is why the letter carries weight: the fund has more riding on Nvidia than on any other company. Atreides' holding is smaller — 1.2 million shares worth nearly $250 million — but the two funds writing together, and posting the letter publicly, turns a private view into a public signal the board cannot easily ignore.
The two funds disclosed about $2.13 billion of Nvidia stock combined as of June 30. Altimeter held 9.4 million shares worth nearly $1.9 billion — its largest holding — and Atreides held 1.2 million shares worth nearly $250 million. That is the weight behind the letter: two prominent fund managers whose funds own Nvidia stock, asking the board not to rush.
$2.13 billion of shareholders just told Nvidia's board to slow down — and to keep every option, including Huang's return, on the table.
Why It Matters
The letter matters because major shareholders have now publicly weighed in on the succession, and because of what it does not say. It does not demand Huang back tomorrow, and it does not attack Kress. It asks for a process — slow, measured, deliberate — and it keeps every option open, including a return. That is a very different message from the petition circulating online, and it carries the authority of $2.13 billion of stock.
It also puts the board in a bind. Moving fast would look like the board is settling the question before the facts are known; moving slowly leaves the company in interim hands while its biggest customers and rivals watch. Kress has to present quarterly results on Tuesday, and the board has said it is still only picking a search firm. The investors' letter gives the board cover to take its time — but time is also what the market is short of.
For shareholders, the letter is a signal that the investor base is split between two fears: the fear of bringing back a chief executive under investigation, and the fear of losing the leader who built the company. The letter tries to hold both at once, and that is why it stops short of a demand.
The letter is also notable for what it praises. By saying Kress can lead the company capably in the meantime, Gerstner and Baker give the board room to move slowly without looking rudderless — and by saying the final decision is the board's prerogative, they leave the board free to decide against a return once the facts are known. It is pressure that gives the board cover to take its time.
Analyst's Take
Our call is Mixed. The letter is reassuring in one way — major investors are engaging with the board rather than selling — and unsettling in another: the fact that $2.13 billion of shareholders felt the need to write at all says the succession is unresolved and the market knows it. Nothing in the letter changes the facts of the investigation or the search, and Nvidia has not responded.
What to watch: whether other large shareholders join in, what Kress says on Tuesday's call, and whether the board gives any timeline for the search. A board that can show a credible process will calm the stock; a board that looks adrift will not.
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By The Numbers
FAQ
Who are Altimeter and Atreides?
Altimeter Capital and Atreides Management are investment funds that own Nvidia stock. Altimeter's chief executive is Brad Gerstner and Atreides' chief investment officer is Gavin Baker. Together they disclosed about $2.13 billion of Nvidia shares as of June 30, 2026.
Did they demand Huang's return?
No. The letter urged the board to keep 'all options on the table, including the potential return of Jensen Huang,' but it did not call for immediate reinstatement. It praised interim CEO Colette Kress and said the final decision is the board's prerogative.
Has Nvidia responded?
No. Nvidia has not publicly responded to the letter as of Saturday, November 14.
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Source: CNBC