Nvidia shareholders Altimeter and Atreides urge board not to rush Jensen Huang's replacement, keep his return on the table

Altimeter Capital and Atreides Management, which together held about $2.1 billion of Nvidia stock, have written to Nvidia's board urging it not to rush to replace Jensen Huang and to keep his potential return on the table. Altimeter CEO Brad Gerstner posted the one-page letter, co-signed by Atreides managing partner and CIO Gavin Baker, on X on Nov 13, saying it "outlines the minimum acceptable standards the Board owes shareholders as it manages this difficult situation."

The letter says the two are sharing "a view that we believe is widely agreed to among shareholders" and that "the Board should avoid a rush to replace Jensen that undermines and thwarts the best interests of shareholders," adding that the company "will be capably led in the interim by Colette Kress and team." It leaves the final call to the directors: if the board decides after all the facts are known that Huang's return is not in shareholders' interest, "that is the Board's prerogative." According to a FourWeekMBA tally of the funds' June 30 13F filings, they held 10.66 million shares worth $2.13 billion, about 0.04% of Nvidia; Nvidia made up 19.2% of Altimeter's reported holdings. Baker reposted the letter calling it "a first" for Atreides. Gerstner's post passed 260,000 views, and Vercel CEO Guillermo Rauch replied "Reasonable!", while other replies noted both funds have a stake in Nvidia's share price. Huang resigned on Nov 12 after 33 years following disclosures about extramarital relationships, and the board is searching for a permanent successor. Nvidia reports third-quarter earnings on Nov 17.