鲜有科技领袖能像黄仁勋那样与其公司紧密相连。这位英伟达联合创始人被公认在三十年间，通过一系列高风险押注，将公司从一家小众显卡设计商转型为市值达4万亿美元的巨头。
Few tech leaders are as synonymous with their companies as Jensen Huang. The Nvidia co-founder has been credited with transforming the firm over three decades from a niche graphics-chip designer into a US$4 trillion powerhouse through a series of high-stakes bets.
如今，关于他与两名女性存在婚外情的指控——加上内部调查和可能的国会调查——迫使英伟达董事会面对一个曾难以想象的问题：在没有明显继任者的情况下，谁能接替黄仁勋？
Now, allegations of extramarital affairs with two women – alongside an internal review and a potential congressional probe – have forced Nvidia’s board to confront a once-unimaginable question: who can replace Huang when there is no heir apparent?
据报道，英伟达董事会正在权衡将其免职，分析师表示寻找继任者绝非易事，而任何过渡都可能改变公司的内部动态和供应链影响力。
With Nvidia’s board reportedly weighing his removal, analysts said finding a successor would be no small feat, while any transition would risk altering the company’s internal dynamic and supply chain clout.
“英伟达不是一家普通公司，黄仁勋也不是一位普通CEO，”伯恩斯坦研究分析师本周早些时候写道。“他就是英伟达。如果他不愿或无法继续领导，目前尚不清楚谁会、也能站出来接管。”天风国际证券分析师郭明𫓹表示，黄仁勋的价值在于他能将工程概念转化为全公司上下齐心协力的高信念押注，让供应商获得强有力的订单可视性，并有信心跟上激进的规格升级步伐。
“Nvidia is not an ordinary company, and Jensen is not an ordinary CEO,” Bernstein Research analysts wrote earlier this week. “He is Nvidia. It is not immediately clear who would, or could, step in should he find himself unwilling or unable to lead.”TF International Securities analyst Kuo Ming-chi said Huang’s value lay in his ability to translate engineering concepts into high-conviction bets that the entire company rallied behind, giving suppliers strong order visibility and the confidence to keep pace with aggressive specification upgrades.
独立半导体分析师陈云表示：“我认为，基于目前的公开信息，黄仁勋被罢免的可能性高达99%。”
不过，郭明𫓹补充称，董事会最务实的举措可能是逐步降低英伟达对黄仁勋个人决策的依赖，同时制定继任计划，因为“黄仁勋想全身而退看来很难”。
I believe there is a 99 per cent possibility that Jensen Huang will be ousted given the public information so farChen Yun, independent semiconductor analyst However, Kuo added that the most practical move for the board could be to gradually reduce Nvidia’s reliance on Huang’s personal decision-making while preparing a succession plan, as “it looks hard for Huang to come out of this unscathed”.
随着猜测升温，多位内部和外部人士浮现为潜在的短期和长期接班人选。
As speculation mounts, several internal and external figures have emerged as potential short- and long-term replacements.
其中最引人注目的是自2013年起担任英伟达首席财务官的科莱特·克雷斯。克雷斯在华尔街极具知名度，分析师视她为危机时期的稳健过渡之选。
Among the most prominent options is Colette Kress, Nvidia’s chief financial officer since 2013. Highly visible to Wall Street, Kress is viewed by analysts as a stabilising interim choice during a crisis.
另一位资深内部人士是 Jay Puri，这位长期任职的高管于 2005 年加入英伟达，曾担任执行副总裁，负责全球现场运营，目前担任高级顾问。
Another seasoned insider is Jay Puri, a long-serving executive who joined Nvidia in 2005, previously led worldwide field operations as executive vice-president and currently serves as a senior adviser.
在技术方面，一些业内观察人士指出了 Ian Buck，他是英伟达超大规模和高性能计算业务副总裁。
On the technical side, some industry watchers pointed to Ian Buck, vice-president of Nvidia’s hyperscale and high-performance computing business.
Buck 为机构投资者所熟知，“在我们看来，他是 Jensen Huang 的合乎逻辑的继任者”，Morningstar 高级股票分析师 Brian Colello 表示，尽管他警告称，他对董事会的审议没有内部消息。
Well known to institutional investors, Buck “strikes us as a logical successor to Jensen Huang”, said Brian Colello, a senior equity analyst at Morningstar, though he cautioned he had no insight into the board’s deliberations.
然而，预测市场正在关注更具戏剧性的情景。Polymarket 周四早些时候发布的数据显示，Huang 在年底前被免去 CEO 职务的几率为 65%，其女儿 Madison Huang 成为接任他的领跑者。
Prediction markets, however, are looking into more dramatic scenarios. Data released by Polymarket early on Thursday put the odds of Huang being removed as CEO by the end of the year at 65 per cent, with his daughter, Madison Huang, emerging as the front runner to succeed him.
竞争对手芯片制造商超威半导体 CEO Lisa Su 以 7% 的几率紧随其后，她是 Jensen Huang 的远房表亲，领先于同样为 7% 的 Kress，以及 6% 的 Puri。
Lisa Su, CEO of rival chipmaker Advanced Micro Devices and Jensen Huang’s distant cousin, followed at 7 per cent, ahead of Kress, also at 7 per cent, and Puri at 6 per cent.
Chen 认为，虽然 Kress 在短期内有利于稳住华尔街的预期，但 Madison Huang 很可能成为长期继任者。
Chen argued that while Kress was well positioned to steady the ship with Wall Street in the short term, Madison Huang was likely to become the long-term successor.
她目前担任英伟达实体 AI 平台产品和技术营销高级总监。她拥有烹饪艺术和酒店管理学位，在加入英伟达之前曾在法国奢侈品集团 LVMH 工作，于 2020 年入职英伟达。
She currently serves as Nvidia’s senior director of product and technical marketing for physical AI platforms. She holds degrees in culinary arts and hospitality and worked for French luxury conglomerate LVMH before joining Nvidia in 2020.
即便如此，分析师们对于这场丑闻最终是否会赶走 Jensen Huang，以及它将在多大程度上影响业务，仍存在分歧。
Even so, analysts remain divided on whether the scandal will ultimately unseat Jensen Huang – and how deeply it will affect the business.
咨询公司 DGA-Albright Stonebridge Group 合伙人 Paul Triolo 表示，Huang 的命运取决于英伟达内部调查以及任何国会调查的结果。
Paul Triolo, a partner at advisory firm DGA-Albright Stonebridge Group, said Huang’s fate hinged on the results of Nvidia’s internal investigation and any congressional probe.
Triolo 表示，如果 Huang “仅仅是有婚外情，且未涉及公司数据或影响力”，他大概率能保住工作；但如果出现充分证据表明他受到影响、为针对中国的政策进行游说，那就“另当别论”了。
Huang would be likely to keep his job if he “merely had an affair, and no corporate data or influence was involved”, Triolo said, though it “would be another story” if sufficient evidence emerged that he was influenced to advocate for China-specific policies.
“欺骗可能发生在 CEO 层面，但并未蔓延至英伟达的财务预测中，”Morningstar 的 Colello 说。“鉴于对 AI 算力的旺盛需求，我们仍预测英伟达设备在近期和中期将保持高需求。”
Deception may have occurred at the CEO level, but it hasn’t crept into Nvidia’s financial forecastsBrian Colello, Morningstar Regardless of who takes the helm, analysts said Nvidia’s product road map and near-term financial trajectory remained largely insulated by robust demand. “Deception may have occurred at the CEO level, but it hasn’t crept into Nvidia’s financial forecasts amid the artificial intelligence boom,” said Morningstar’s Colello.
无论谁接任掌舵，分析师称，得益于强劲需求，英伟达的产品路线图和近期财务轨迹在很大程度上不受影响。
“We still forecast high near-term and medium-term demand for Nvidia’s gear, given insatiable AI computing growth.”