黄仁勋的辞职让英伟达的接班人计划及其对创始人的依赖受到了严格审视。
Jensen Huang’s resignation has put Nvidia’s succession planning and its dependence on its founder under scrutiny.
分析人士和行业专家表示，黄仁勋的价值不仅限于技术，还延伸到了供应商关系、客户以及他在整个人工智能行业的影响力。
Analysts and industry experts say Huang’s value extended beyond technology to supplier relationships, customers and his influence across the AI industry.
英伟达的权力过渡给董事会提出了一个更广泛的公司治理问题：当一位领导者成为其战略和身份的核心时，一家公司能否保持韧性？
Nvidia’s transition raises a broader governance question for boards: Can a company remain resilient when one leader becomes central to its strategy and identity?
当黄仁勋辞职时，我脑海中浮现出一个感受：舆论话题从他的离职迅速转向了英伟达能否在没有他的情况下运转。
When Jensen Huang quit, it struck me how quickly the conversation shifted from his departure to whether Nvidia could manage without him.
这并不是关于公司是否拥有继续增长的技术、客户或人才，而是是否还有其他人能够为这项业务做到黄仁勋一直在做的事。这让我不禁思索：投资者信任的是英伟达，还是仅仅信任黄仁勋？
It wasn't about whether the company had the technology, customers or talent to keep growing, but whether anyone else could do what Huang had been doing for the business. That made me wonder: did investors believe in Nvidia, or just Huang?
这家公司并不缺乏能干的人才。临时首席执行官兼首席财务官科莱特·克雷斯自2013年起就在英伟达工作。英伟达拥有经验丰富的工程师、稳定的客户关系以及在人工智能芯片市场上的领先地位。
The company is hardly short of capable people. Interim CEO and Chief Financial Officer Colette Kress has been with Nvidia since 2013. Nvidia has experienced engineers, established customer relationships and a leading position in the artificial intelligence chip market.
但是，本周听了CNBC嘉宾的发言后，我注意到他们相当一部分担忧都集中在黄仁勋在英伟达外部建立的影响力上。
But, listening to guests on CNBC this week, I noticed how much of their concern was about the influence Huang had built outside Nvidia.
周五，就在黄仁勋辞职仅仅一天后，SemiAnalysis的迪兰·帕特尔在CNBC的《亚洲财经论坛》节目中讲述了黄仁勋如何说服制造关键零部件的小公司高管，让他们将产能承诺给英伟达。他说，这帮助英伟达确保了“大部分供应链产能”。
On Friday, just a day after Huang quit, Dylan Patel of SemiAnalysis told CNBC's "Squawk Box Asia" how Huang would persuade executives at smaller companies that make critical components to commit capacity to Nvidia. This helped it secure "the majority of supply chain capacity," he said.
帕特尔认为，如果没有黄仁勋，竞争对手可能会试图说服这些供应商向他们分配更多产能。因此，最大的问题在于，英伟达的优势有多少来自其技术，又有多少来自黄仁勋建立的人脉关系？
Without Huang, competitors could try to persuade those suppliers to allocate more capacity to them, Patel argued. And so the big question is, how much of Nvidia's advantage comes from its technology and how much comes from the relationships Huang built?
明星CEO 将CEO打造成明星显而易见有诸多好处。他们能够吸引投资者、打通渠道并赋予公司全新的身份。富有个人魅力的领导者能够吸引眼球、让投资者吃定心丸，并使公司的战略更容易推销。
A rockstar CEO There are obvious benefits to elevating CEOs to be rockstars They can attract investors, open doors and give a company a new identity. A charismatic leader attracts attention, reassures investors and makes a company's strategy easier to sell. Huang was particularly good at this.
黄在这方面尤为擅长。他帮助塑造了关于人工智能发展方向的舆论，并使英伟达成为其中的核心。黄身穿标志性的皮夹克，登上世界各地的舞台，与各国领导人交好，阐述他的愿景，并解释为什么英伟达将处于这一愿景的中心。
He helped shape the conversation about where AI was heading and made Nvidia central to it. Donning his trademark leather jacket, Huang took to stages around the world courting world leaders to lay out his vision and explain why Nvidia would be at its center. Before Huang resigned, Eric Ross told "Squawk Box Asia" that Huang "is the company."
在黄辞职前，埃里克·罗斯向《亚洲财经论谈》表示，黄“就是公司”。这听起来可能是一种背书，但也解释了为什么他的离职引发了如此多的疑问。
That may sound like an endorsement, but it also helps explain why his departure has raised so many questions. Bernstein's Stacy Rasgon made an interesting distinction on the same program, also before Huang's departure.
伯恩斯坦公司的斯泰西·拉斯贡在同一档节目中、也就是在黄离职前作出了一个有趣的区分。他说，英伟达拥有能够维持业务运转的能干高管。更难取代的是黄的愿景。“他们需要这样一位有远见的人，”他说。
Nvidia had capable executives who could keep the business running, he said. What was harder to replace was Huang's vision. "They need a visionary like that," he said. But for a company whose valuation reflects not just what it sells but expectations of what AI could become, replacing that vision may prove harder than replacing the CEO.
但对于一家其估值不仅反映了其销售的产品、还反映了对人工智能未来发展预期的公司来说，取代这种愿景可能比更换CEO更难。
Duncan Clark pointed to another part of Huang's job.
邓肯·克拉克指出了黄工作的另一个方面。他已成为硅谷、亚洲和华盛顿之间的桥梁，也是整个更广泛的人工智能行业中最杰出的声音之一。
He had become a bridge between Silicon Valley, Asia and Washington, and one of the most prominent voices for the wider AI industry. "I don't think you can replace him with one individual," Clark said on "Access Middle East" on Friday.
克拉克周五在《走近中东》节目中表示：“我认为你无法用某一个人来取代他。”他补充说，用多个人来取代他“需要时间，而且情况会不一样”。
Replacing him with multiple people is "going to take time, and it won't be the same," he added. That distinction may be important.
这种区分可能很重要。英伟达董事会已开始物色常任CEO，并表示将同时考虑内部和外部候选人。但无论谁接任这一职务，可能都不会亲自承担黄在公司周围所扮演的所有角色。他的一些职责和关系最终可能会分散到英伟达更广泛的领导团队中。
Nvidia's board has begun a search for a permanent CEO and said it will consider both internal and external candidates. But whoever takes the job may not personally assume every role Huang had come to play around the company. Some of his responsibilities and relationships could end up being spread across Nvidia's broader leadership team. For now, the board is emphasizing continuity.
目前，董事会正强调保持连任。新任主席哈维·琼斯表示，克雷斯得到了经验丰富的领导团队的支持，英伟达预计其运营、对客户的承诺和产品路线图将继续顺利推进，不会中断。与此同时，克雷斯指出，在公司向前迈进之际，英伟达的员工和领导团队是其优势所在。
New chair Harvey Jones said Kress is backed by an experienced leadership team and that Nvidia expected its operations, customer commitments and product roadmap to continue without interruption. Kress, meanwhile, pointed to Nvidia's people and leadership team as strengths as the company moves forward. Governance risk Other boards will be watching, particularly those that have allowed their CEOs to become the face of everything their companies do.
治理风险 其他董事会将拭目以待，尤其是那些允许其首席执行官成为公司一切事务代言人的董事会。
When a charismatic leader is the only person outsiders hear from, it becomes harder to convince them that anyone else can take over.
当外界只能听到富有魅力的领导者的声音时，就会更难让外界相信其他人能够接任。此外，还存在问责问题。
There is also the question of accountability. Clark described Nvidia's situation as a governance failure.
克拉克将英伟达的局势描述为治理失败。我的同事、“欧洲财经论坛”节目主播史蒂夫·塞奇威克周五也提出了类似观点，谈到了美国企业界对待ESG（环境、社会和公司治理）的方式。
And my colleague, "Squawk Box Europe" anchor Steve Sedgwick raised a similar point on Friday about how corporate America has approached ESG. Much of the political debate has focused on its environmental component, Steve said.
史蒂夫说，许多政治辩论都集中在环境部分。总统唐纳德·特朗普多次使用“绿色骗局”等词汇攻击环境和气候政策。但史蒂夫质疑治理要素是否被忽视了，尤其是在美国一些最大的科技公司。
President Donald Trump has repeatedly attacked environmental and climate policies using phrases such as "green scam." But Steve questioned whether the governance element has been overlooked, particularly at some of America's biggest technology companies. "When you have a 'Rockstar' CEO you need way more governance, NOT less," he said, citing his recent conversations with CEOs and senior executives.
他援引自己最近与首席执行官和高级高管的对话表示：“当你拥有一个‘摇滚巨星’式的首席执行官时，你需要更多的治理，而不是更少。”
His point was that powerful leaders can come to believe the normal rules don't apply to them.
他的观点是，权势强大的领导者可能会认为常规规则不适用于他们。如果没有强有力的治理来对其进行监督并为他们的离任做准备，对公司造成的后果可能会严重得多。
Without strong governance to challenge them and prepare for their departure, the consequences for a company can be far greater. Linda Ford, chief executive of The Chartered Governance Institute in the U.K., said Nvidia showed what could happen "when a company's leadership is built around one person."
英国特许公司治理研究所（The Chartered Governance Institute）首席执行官琳达·福特（Linda Ford）表示，英伟达展示了“当一家公司的领导层围绕一个人构建时”可能发生的情况。她指出，英伟达此前从未有过董事会主席，并补充道：“一个高调的领导者可以是一项资产，但董事会需要努力保护其独立性，并提供股东有权期望的监督。”这触及了一个更大的问题。一个董事会要如何轻易地去质询一位取得了非凡成功的CEO，尤其是当投资者已经开始将此人视为不可或缺的时候？
She noted that Nvidia had never previously had a board chair, adding: "A high-profile leader can be an asset, but the board needs to work hard to protect its independence and provide the scrutiny shareholders are entitled to expect." And that gets to the bigger issue. How easily can a board challenge a CEO who has delivered extraordinary success, particularly when investors have come to see that person as indispensable?
公司花费数年时间将领导者推到投资者和客户面前，使其成为业务的核心。但是，有多少精力花在了确保公司在没有他们的情况下也能运转上？
Companies spend years putting leaders in front of investors and customers and making them central to the business. But how much effort goes into making sure the company can function without them?
英伟达现在必须证明，黄仁勋建立的业务能够独立支撑。其他董事会或许应该问问自己，他们是否也能这样说。
Nvidia now has to show that the business Huang built can stand on its own. Other boards might want to ask themselves whether they could say the same.