在英伟达首席执行官黄仁勋辞职之后，这家人工智能巨头任命了新的临时负责人，即科莉特·克雷斯，她自2013年起就在该公司任职。
In the wake of Jensen Huang’s resignation as CEO of the artificial intelligence giant Nvidia, the company has brought in a new interim chief, Colette Kress who has been with the company since 2013.
与克雷斯一道，这家人工智能风向标公司任命了其首位董事会主席，即拥有三十年科技行业经验的风险投资人哈维·琼斯。
Along with Kress, the AI bellwether appointed its first-ever board chair, Harvey Jones, a venture investor with three decades of tech industry experience.
这些变动标志着英伟达公司架构和领导层的重大改组，黄仁勋自1993年联合创立这家人工智能芯片制造商以来一直主导着公司。作为硅谷的有影响力人物，他在周四辞职，此前有报道称，他与一名涉嫌中国情报人员以及两名员工的恋情引起了美国立法者、公司董事会和股东的关注。
The changes mark a major overhaul of Nvidia’s corporate structure and leadership, which Huang has dominated since cofounding the AI chipmaker in 1993. A powerful figure in Silicon Valley, he stepped down on Thursday following reports of his affairs with a suspected Chinese intelligence operative and two employees that have drawn scrutiny from United States lawmakers, the company’s board and shareholders.
尽管发生了人事变动，但英伟达近4万亿美元的市值有多少与其长期领导人挂钩，这一问题依然存在，黄仁勋与公司的指数级增长密不可分。约克维尔艾夫斯分析师丹·艾夫斯预测，如果没有黄仁勋掌舵，英伟达的市值可能下跌25%至30%。
Despite the shakeup, the question remains how much of Nvidia’s nearly $4 trillion value was pegged to its longtime leader, who is synonymous with the company’s exponential growth. Dan Ives, an analyst at Yorkville Ives, predicted that Nvidia’s value could decline 25 to 30 percent without Huang at the helm.
历史上，美国企业高管一直受制于股东，股东对高管负责。然而，在硅谷，公司往往围绕创始人的愿景构建，英伟达便是如此。为什么科技公司对创始人如此信任？
Historically, executives across corporate America have been beholden to shareholders, who hold executives accountable. In Silicon Valley, however, companies have often been built around a founder’s vision – as was the case for Nvidia. Why do tech companies put so much faith in their founders?
分析人士长期认为，英伟达等公司的成功取决于其创始人的成功和愿景。贝恩公司的一份报告发现，2015年至2025年间，由创始人领导的公司表现优于非创始人领导的公司2.1倍，而在科技领域，这一比例上升至2.6倍。
Analysts have long maintained that the success of companies like Nvidia hinges on the success and vision of their founder. A report from Bain and Company found that founder-led companies perform 2.1 times better than companies that are not led by their founders between 2015 and 2025, and when it comes to tech, that jumps to 2.6 times.
“谈到继任问题，数据显示，无论这些创始人多么杰出，他们的继任者能像创始人那样取得同样成就的情况极为罕见。所以我不会将其称为风险。这仅仅是建立公司的进化生命周期而已，”Founders 100 ETF投资组合经理迈克尔·莫纳汉对半岛电视台表示。
“When it comes to succession, the data shows that, as great as these founders are, it’s incredibly rare for their successors to do as well as the original founder. So I wouldn’t necessarily call it a risk. It’s simply the evolutionary life cycle of building a company,” Michael Monaghan, portfolio manager of Founders 100 ETF, told Al Jazeera.
硅谷长期以来一直推崇这种模式，Meta——Facebook和Instagram的母公司——以及特斯拉等公司都是围绕其创始人的愿景和个性建立起来的。
Silicon Valley has long embraced this model, with companies such as Meta – Facebook and Instagram’s parent company – and Tesla built around the vision and personalities of their founders.
“这是科技巨头普遍面临的挑战。你可以问：没有埃隆·马斯克的SpaceX会是什么样子？没有马克·扎克伯格的Meta会是什么样子？我认为同样的原则也适用于此，特别是在像这样的紧急情况下，”欧亚集团地缘科技总监陆晓蒙对半岛电视台表示。
“It’s a common challenge among tech giants. You can ask: What does SpaceX look like without Elon Musk? What does Meta look like without Mark Zuckerberg? I think the same principle applies here, particularly in an emergency situation like this,” Xiaomeng Lu, director of geo-technology at the Eurasia Group, told Al Jazeera.
马斯克因注意力分散在不断扩大的业务组合中，而受到特斯拉董事会的审视，这分散了他对公司的精力。
Musk came under scrutiny from the board at the electric vehicle maker as his attention was divided among a growing portfolio of businesses, which was a distraction from the company.
马斯克与美国总统唐纳德·特朗普政府日益公开的政治活动成为特斯拉争议的根源，该公司面临其展厅前的抗议活动，品牌形象受损，车辆销量下滑。2025年第一季度，特斯拉交付量同比下降13%，降至近三年来的最低水平。
Musk’s increasingly public political activities with the administration of US President Donald Trump became a source of controversy for Tesla, with the company facing protests at its showrooms amid damage to its brand image and declining vehicle sales. In the first quarter of 2025, Tesla deliveries fell 13 percent year over year to their lowest level in nearly three years.
最终，特斯拉董事会选择不将其移除。然而，在他旗下的另一家公司准备于今年早些时候上市时，该公司对其治理结构进行了调整，使董事会基本上无法解雇他。
Ultimately, Tesla’s board opted not to remove him. However, his other company made changes to its governance structure that made it essentially impossible for the board to fire him when SpaceX prepared to go public earlier this year.
马斯克预计将在首次公开募股（IPO）后保留 SpaceX 约 82% 的总投票权，尽管他向外部投资者出售了股份，这一举措使他控制了董事会成员的人选，而董事会的职责本应是监督首席执行官。这家总部位于得克萨斯州的航空航天巨头在其公司章程中规定，解除职务需要其特种股份持有者批准，而由于马斯克拥有这些特种股份的多数，他可以否决对自己的解职。
Musk was expected to retain approximately 82 percent of SpaceX’s total voting power after the IPO, despite selling shares to outside investors, a move that gave him control of who sits on the board, a role that is supposed to oversee the CEO. The Texas-based aerospace giant wrote into its charter that removal requires approval from holders of its special class of shares, and because Musk owns the majority of those shares, he can veto his own firing.
对于英伟达而言，黄仁勋的领导往往带来回报。在人工智能领域迅速扩张之际，英伟达在图形处理和帮助建设数据中心基础设施方面投入巨资。
For Nvidia, Huang’s leadership often paid off. Nvidia invested heavily in graphics processing and helping build out data centre infrastructure amid a rapid expansion in the AI sector.
英伟达持续进行此类投资。仅本周，该公司同意在 Anthropic 下周备受瞩目的首次公开募股前，通过私募方式购买价值 100 亿美元的股份。谁掌管英伟达？
Nvidia has continued to make those kinds of investments. Just this week, the company agreed to purchase $10bn worth of shares in a private placement ahead of Anthropic’s blockbuster IPO next week. Who is in charge of Nvidia?
英伟达的管理架构高度围绕黄仁勋。数十名高管直接向他汇报，而非在更传统的层级指挥链中运作。
Nvidia’s management structure was heavily centred around Huang. He had dozens of executives reporting to him directly rather than operating within a more traditional hierarchical chain of command.
根据英伟达的公司章程，黄仁勋可由 11 人组成的董事会“无论有无理由”予以解职，因为董事会掌握多数表决权。与其他科技巨头不同，黄仁勋并不拥有超常的控制权。他持有公司约 3.6% 的股份，不具备多数投票权。英伟达的架构在硅谷主要公司中独树一帜。
Under Nvidia’s bylaws, Huang could be removed by the 11-person board of directors “with or without cause”, as they hold a majority of votes. Unlike other tech giants, Huang does not have outsized control. Huang owns about 3.6 percent of the company and does not have majority voting power. Nvidia’s structure is unique among major Silicon Valley companies.
例如，Meta 和 Alphabet 拥有特殊的股权安排，赋予其创始人比其实际持股比例所能提供的更大投票权。因此，扎克伯格等创始人能够维持对董事会成员人选的控制，这可能使股东更难对领导层决策提出挑战。
Meta and Alphabet, for example, have special stock arrangements that give their founders more voting power than their actual ownership stakes would normally provide. As a result, founders like Zuckerberg can maintain control over who sits on the board, which can make it more difficult for shareholders to challenge leadership decisions.
这意味着，虽然黄仁勋对英伟达的发展方向拥有巨大影响力，但他并不具备其他主要科技创始人所拥有的同等正式投票控制权。
This means that while Huang had enormous influence over Nvidia’s direction, he did not have the same formal voting control wielded by other major tech founders.
公司任命克雷斯为临时首席执行官。她此前曾担任英伟达首席财务官。当创始人离开时会发生什么？
The company appointed Kress as its interim CEO. She previously served as Nvidia’s chief financial officer. What happens when a founder leaves?
历史上，当创始人离开时，会损害公司的发展方向，并可能动摇其在市场上的竞争优势，这种情况在企业史上已发生多次。
Historically, when a founder leaves, it hurts the direction of the company and can sway its competitive advantage in the market, and it has happened several times in corporate history.
20世纪80年代，苹果创始人史蒂夫·乔布斯与时任首席执行官约翰·斯库利发生权力斗争后，公司陷入了长达十年的挣扎。到1997年，这家科技巨头濒临破产，当年亏损近10亿美元。
In the 1980s, after a power struggle between Apple founder Steve Jobs and then CEO John Sculley, the company struggled for a decade. By 1997, the tech giant was on the brink of bankruptcy, with nearly $1bn in losses that year.
“当苹果创始人史蒂夫·乔布斯首次离开公司时，苹果经历了一次大幅衰退，最终促使董事会邀请他回归，”陆说。
“When Apple’s founder Steve Jobs left the company for the first time, Apple experienced a major downturn, eventually prompting the board to invite him back,” Lu said.
当乔布斯重返公司后，这家总部位于加利福尼亚州库比蒂诺的科技巨头的运气开始好转，并推出了其最著名的产品，包括iMac和iPhone。
When Jobs returned to the company, the Cupertino, California-based tech giant’s luck began to change and led to the launch of its most well-known products, including the iMac and the iPhone.
星巴克在创始人霍华德·舒尔茨于2000年卸任首席执行官后，也遭遇了类似的挫折。他将领导权交给了时任公司总裁兼首席运营官奥林·史密斯。
Starbucks faced a similar setback after founder Howard Schultz stepped down as CEO in 2000. He handed leadership to Orin Smith, the company’s then-president and chief operating officer.
这家总部位于西雅图的咖啡连锁店在史密斯领导下继续增长，但在他于2005年退休并由吉姆·唐纳德接任后陷入困境。在销售放缓和竞争加剧的背景下，星巴克市值蒸发超过80%。
The Seattle-based coffee shop chain continued to grow under Smith, but struggled after he retired in 2005 and was replaced by Jim Donald. Amid slowing sales and increased competition, Starbucks lost more than 80 percent of its value.
2008年1月，舒尔茨重返首席执行官岗位，并启动了一项扭亏为盈计划，其中包括关闭数百家表现不佳的门店。
In January 2008, Schultz returned as CEO and launched a turnaround effort that included closing hundreds of underperforming locations.
然而，创始人领导的公司在创始人离开时，并不一定注定会走向低谷。
However, founder-led companies are not necessarily destined for a downturn when their founders leave.
乔布斯于1985年离开公司，1997年回归并领导了随后的扭亏为盈，于2011年将接力棒交给了前首席执行官蒂姆·库克。在库克领导下，苹果持续增长，市值于2026年7月一度突破5万亿美元。
Jobs, who left the company in 1985, returned in 1997 and led its subsequent turnaround before handing the reins to former CEO Tim Cook in 2011. Under Cook, Apple continued to grow, briefly surpassing a $5 trillion market capitalisation in July 2026.
在微软，比尔·盖茨于2000年卸任首席执行官，由史蒂夫·鲍尔默继任。鲍尔默于2014年退休后，萨提亚·纳德拉接任。
At Microsoft, Bill Gates stepped down as CEO in 2000, with Steve Ballmer succeeding him. After Ballmer retired in 2014, Satya Nadella took over.
纳德拉将这家总部位于华盛顿州雷德蒙德的科技巨头的重心转向云计算和企业软件——这一举措帮助其市值从2014年的约3020亿美元增长至2026年11月的3.88万亿美元。
Nadella shifted the Redmond, Washington-based tech giant’s focus towards cloud computing and enterprise software – a move that helped its market capitalisation grow from approximately $302bn in 2014 to $3.88 trillion in November 2026.
英伟达面临另一个问题，即人工智能领域的大部分增长都与其强大的芯片挂钩。
Nvidia faces another issue, and that is that much of the AI sector’s growth is pegged to its powerful chips.
正筹备首次公开募股（IPO）的OpenAI与英伟达达成了高达1000亿美元的计划性财务协议。英伟达还同意通过一项与其计划中的美国IPO挂钩的私募方式，向由达里奥·阿莫迪领导的Anthropic投资100亿美元，该IPO最早可能于下周进行。
OpenAI, which is eyeing an IPO, has up to $100bn worth of planned financial agreements with Nvidia. Nvidia has also agreed to invest $10bn in Dario Amodei-led Anthropic through a private placement tied to its planned US IPO, which could take place as early as next week.