For the first time in 33 years, Nvidia is being run by someone other than Jensen Huang, and some of the loudest voices in the market are already lining up behind the person filling his seat.
Jim Cramer, Ross Gerber, Daniel Newman, and Kevin O’Leary have all voiced support for interim CEO Colette Kress as the chipmaker enters a new chapter.
That backing arrives at a shaky moment. Nvidia shares fell more than 13% at the open and were down about 5% by the time trading settled on Nov. 12, the day the company confirmed Huang’s departure.
The big question now is whether Kress can steady the world’s most closely watched AI company until the board settles on a permanent leader.
Cramer had already warned investors to prepare for a future without Huang, but once the resignation landed, his view shifted to backing the person now in the seat.
Why Cramer thinks Kress is the right call for Nvidia right now
Cramer did not hold back. Speaking on CNBC, he described Kress as a tough, “no-nonsense” executive who “runs with a steel fist.” He added that “she is absolutely the one you need right now” because she commands authority and has no patience for nonsense.
His view is shaped by years of dealing with her directly. Cramer noted that Kress has led Nvidia’s earnings conference calls and has been his main contact at the company, alongside Huang, for a long time.
Also read: Michael Burry has a surprising new take on Nvidia stock
Kress brings a long record to the job. She has been Nvidia’s chief financial officer since September 2013 and held senior finance roles at Texas Instruments, Microsoft, and Cisco before that.
She also holds a finance degree from the University of Arizona and an MBA from Southern Methodist University. During her time as CFO, Nvidia’s yearly revenue grew from about $4 billion to more than $200 billion, as reported by Al Jazeera.
Gerber and Newman point to Nvidia’s deep bench
Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, said he was “very pleased” with the promotion and called Kress “more than prepared and capable to help lead Nvidia.” He also argued the company has “a deep bench of highly skilled leaders,” adding, “It’s their time to step up.”
Newman, who runs Futurum Group, said Kress “has always impressed me in our conversations.” He expects Nvidia’s long-term leadership to be “much more of an operations-centric leadership team” focused on “maniacal execution,” similar to what Tim Cook was to Steve Jobs at Apple. “There is no replacing Jensen,” he wrote on X.
That bench is about to be tested like never before. Huang ran a flat organization with about 60 direct reports, and he left behind no heir apparent or succession plan. He also owns only about 3.5% of the company and has no supervoting rights, TechCrunch reported.
Some analysts see Kress’ long tenure as a real advantage. KeyBanc’s John Vinh called her appointment constructive, “given her tenure as CFO since 2013 and deep institutional knowledge of Nvidia’s business and strategy.”
Cramer had already warned investors to prepare for a future without Huang, but once the resignation landed, his view shifted to backing the person now in the seat.Michael M. Santiago / Getty Images
O’Leary says the answer may already be inside Nvidia
O’Leary went a step further and made the case for Kress to keep the job. He said she “knows the business, the deals, the production schedule, and how the chips get to customers.” O’Leary also suggested giving her a few quarters to show what she can do, arguing that Nvidia should consider promoting from within.
Not everyone shares that optimism. Michael Burry summed up the moment with “The Don has fallen” and argued that neither Kress nor an outside hire could step into Huang’s role without disruption. He also claimed that Nvidia pushed customers to buy chips before their data centers were ready, while stressing that he was not alleging fraud, as reported by TheStreet.
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Bernstein’s Stacy Rasgon also turned cautious, cutting his price target to $200 from $400 and downgrading the stock to Market Perform. He said he isn’t worried about near-term damage to the business but questioned “the ability of any new CEO to truly fill Jensen’s shoes,” according to Yahoo Finance.
Part of the worry is how much of the AI ecosystem leaned on Huang personally. In January, Nvidia invested $2 billion in CoreWeave, which rents out Nvidia chips to customers such as Microsoft and OpenAI.
Nvidia’s board starts hunting for Huang’s successor
Nvidia said on Nov. 12 that Huang had resigned as president, CEO, and board member, effective immediately. Kress will lead the company while keeping her finance duties, and the board will consider both internal and external candidates for the permanent role. “The Board has full confidence in Colette and the leadership team,” Chair Harvey Jones said, according to Nvidia.
The exit capped a turbulent week. It followed disclosures of extramarital relationships and questions about a woman suspected of being a Chinese spy, though the espionage claims have not been established and China has denied them.
Three House committee chairs also asked Huang to sit for a closed-door briefing on Nov. 18.
Kress will not have long to settle in. Nvidia reports quarterly earnings on Nov. 17, which will offer the first public look at the company without Huang in charge.
For Cramer, Gerber, Newman, and O’Leary, that call will be the first chance to see whether their faith in her steel fist holds up.
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