{"text":[[{"start":11,"text":"Nvidia’s prospects as one of the biggest beneficiaries of the AI boom remain intact, according to top investors, even after the sudden resignation of co-founder Jensen Huang sent the chip giant’s shares tumbling."}],[{"start":20.92,"text":"Major investors remained upbeat on the company’s potential despite $182bn being wiped off the company’s market capitalisation on Thursday after Huang stepped down following revelations of his extramarital affairs."}],[{"start":36.92,"text":"“This is a $4tn company, not because Jensen is CEO, but because it did $100bn of revenue last quarter and grew 100 per cent year-over-year last quarter,” said Matt Witheiler, head of late-stage growth for private investments at Wellington Management."}],[{"start":53.84,"text":"Witheiler’s portfolio does not hold Nvidia, but Wellington as a group is a large shareholder in the tech giant."}],[{"start":59.592,"text":"Nvidia’s shares on Thursday dropped as much as 14 per cent in early trading on news of Huang’s departure following revelations that he had two extramarital affairs, including one with a woman whom US authorities believe was a Chinese spy."}],[{"start":60.092,"text":"Later, they recovered partially to close down 4.3 per cent, buoyed by investors’ cautious optimism — including that of individual traders."}],[{"start":82.84,"text":"During the first 30 minutes of the US trading session, there was $111mn net buying of Nvidia shares by retail investors, according to data from Vanda Research."}],[{"start":93.12,"text":"This marked the “biggest opening bid we have ever recorded in Nvidia”, the investment flow tracker said — more than 40 times the usual market open volumes."}],[{"start":101.174,"text":"Vanda’s data showed retail investors have been “aggressive” buyers of the chip group this week as its share price had fallen. Nvidia has been the most bought stock every day of the week."}],[{"start":110.945,"text":"Its shares have dropped about one-third from their October 6 high, wiping more than $1.8tn in market capitalisation off a stock that has been a favourite of investors riding the AI boom. The company’s success also made Huang one of the tech industry’s most prominent figures and a powerful voice on AI policy in Washington."}],[{"start":130.416,"text":"Huang, who co-founded Nvidia in 1993 and has been synonymous with the chip group’s rise to the heart of the global AI boom, will be replaced by chief financial officer Colette Kress on an interim basis. But investors cited the company’s strong competitive advantage and pipeline of business that they said was unlikely to be dislodged by the current turmoil."}],[{"start":152.742,"text":"“When you think about what Nvidia is going to be doing for the next two or three years, that’s already set in stone,” said Wellington’s Witheiler. “Whoever comes in . . . they’re not going to impact the next two or three years of product releases and cadence for the company.”"}],[{"start":166,"text":"Stephen Yiu, manager of the Blue Whale fund, backed by billionaire Peter Hargreaves, added that “investors have to consider . . . the competitive position of the company”, noting that strong relations with customers and suppliers are still “intact”."}],[{"start":183.68,"text":"Some owners of Nvidia’s shares were worried about the “painful” implications of Huang’s departure, with one top-10 investor arguing he represented a “key man risk”. Yet others said the group’s success transcended his oversight of the company, arguing that the potential repercussions for the wider AI industry would be limited."}],[{"start":202.46,"text":"“It’s a human event, but it’s an idiosyncratic event, which is very specific to Nvidia,” argued a portfolio manager at a large shareholder of the group."}],[{"start":210.839,"text":"“We’re still in the early innings of the business impact of AI,” they added, noting that other equities benefiting from the efficiency gains of new technologies could “be the winners of AI that will maybe fill in the performance gaps, if these stocks come a little bit more back to Earth”."}],[{"start":227.4,"text":"Additional reporting by Emily Herbert and Emma Dunkley"}],[{"start":233.36,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794539877_7984.mp3"}