Paul Meeks, head of technology research at Freedom Capital Markets, is purchasing Nvidia shares following the resignation of CEO Jensen Huang on November 12, 2026. Meeks characterized the valuation as reaching "stupid" levels after the stock decline tied to Huang's departure.
Huang led Nvidia for more than 30 years and guided the company to a dominant position in the AI industry. The resignation followed allegations that emerged in early November. Nvidia's board named CFO Colette Kress as interim CEO while searching for a permanent replacement.
The stock declined 20% in November alone. After the decline, Nvidia trades at 10 times analysts' earnings estimates for fiscal 2028. The company's market capitalization has shed losses in the multi-hundred billion dollar range since early November.
Meeks said he is buying Nvidia shares "with both hands," betting that the company's value rests in its products rather than its founder. The research findings indicate this is his first bullish call on Nvidia tied to a leadership crisis rather than a broader market pullback.
Uncertainty around Nvidia's China-related operations has been flagged as a specific concern following the leadership change. Any disruption to contracts or partnerships in that region could affect the earnings base underlying Meeks's investment thesis. Tech stocks tied to the AI boom are facing heightened scrutiny and volatility in the wake of the scandal.
