Wolfe Research semiconductor analyst Chris Caso released a report on November 12 stating that even if Jensen Huang is asked to step down, Nvidia's fundamentals and profitability will not be affected until at least 2028, as the company's current products are largely sold out, and orders and product roadmaps are already locked in. The firm believes that Nvidia's AI chip shipments to China are currently negligible; the real risk lies in Huang's long-term influence on AI technology direction and the company's strategy. However, Nvidia's software advantages, intellectual property, and engineering team still constitute long-term competitive barriers. The firm believes that if Huang leaves, the main impact will be a contraction in valuation multiples, rather than a short-term decline in profits. The report maintains an "Outperform" rating on Nvidia with a target price of $275, 58.3% higher than the closing reference price of $173.73 on November 11.
