许多俱乐部成员有幸因我长期以来对英伟达及其股票的支持，从投资这家如今陷入困境的公司中赚取了数十万甚至数百万美元。去年10月的俱乐部会议上，现已卸任的首席执行官黄仁勋作为特邀嘉宾出席，我可能在那里见过你们。或者是在Total Wine举办的众多Fosforo品酒会上，因为很多人会带着券商对账单参加。又或者是在一场球赛上，你们挤过人群告诉我，你们获得了我有记忆以来最大的一笔收益。
Many of you Club members have had the good fortune of making hundreds of thousands of dollars — or even millions of dollars — from investments in the now-bedraggled Nvidia because of my long-standing support of the company and its stock. I may have met you at our Club meeting last October , when now-former CEO Jensen Huang was our featured guest. Or at one of the numerous Fosforo bottlegs at Total Wine, as lots of people bring their brokerage statements to those. Or at a ballgame where you fought through a crowd to tell me that you hit it out of the park with the biggest win I can ever recall.
看到这么多人赚了数百万美元，且见到我时都如此友善，我深受感动。请在见到我的时候继续走过来，让我们一起庆祝——但前提是你们已经落袋为安。你们知道我对分散投资的态度。去年的俱乐部会议上，黄仁勋非常客气地说想感谢我始终忠诚、与他共度艰辛——我们容易忘记那些“辛”曾有很多。我当时很不好意思，因为我并没有做什么让这家公司成为有史以来最伟大的半导体公司、一度成为全球市值最高的公司。
I am blown away with how many millions of dollars so many of you have made, and how kind you are when I meet you. Please, keep coming up to me when you see me so we can rejoice together — but only if some of it has been taken off the table . You know how I am about diversification. At last year's Club meeting, Huang was incredibly gracious in saying that he wanted to thank me for being loyal and sticking by him through thick and thin — and we forget there were plenty of thins. I was embarrassed because I did nothing to make this the greatest semiconductor company ever, and then the most valuable company on earth for a time.
我说了这话，但黄仁勋不爱听。他过分赞扬我，一向如此，甚至在我2017年把我的杂种狗改名为“英伟达”时还变本加厉。如果我在俱乐部午餐会上，或在其他人告诉我说他们因一只股票致富的任何场合有什么遗憾，那就是我没有告诉你们，还有另一位该受赞扬的人，在创造财富的过程中发挥了极其重要的作用：科莱特·克雷斯，公司的长期首席财务官，现任临时首席执行官。她于周四承担了额外职责，此前黄仁勋因一桩不断扩大的绯闻丑闻而辞职。
I said that, but Huang didn't want to hear it. He was too effusive in praising me; he always was, doubling down when I renamed my mutt Nvidia in 2017 . If I had any regret at that Club luncheon, or at any other time that people have told me they became wealthy with one stock, it's that I didn't tell you the other person who should have been praised, who played an incredibly important role in the wealth-creating process: Colette Kress, the company's longtime CFO and now interim CEO. She assumed the additional role Thursday, when Huang resigned amid a broadening affair scandal.
此时此刻，许多人对克雷斯的唯一了解，来自《华尔街日报》周四晚间发表的一篇报道，标题为：“在被解职前，黄仁勋贬低接替他的高管”。报道援引一位知情人士称，黄仁勋在今夏的一次会议上称克雷斯为“车灯前的鹿”和“汇报型”首席财务官。这是两个极具杀伤力的标签，前者暗示她力不从心，后者暗示她只是个守着账本的会计。
At this very moment, the only thing many people know about Kress comes from a Wall Street Journal story published Thursday night , which carried this headline: "Before His Ouster, Jensen Huang Belittled the Executive Replacing Him." In the story, The Journal reported, based on a person familiar with the matter, that Huang called Kress "a deer in the headlights" and a "reporting" CFO during a meeting this summer. These are two incredibly damning labels, the first implying that she is in over her head, and the second implying that she's a bean counter.
我希望这些令人厌恶的恶语只是激烈争论的产物，是黄仁勋定期召开的大型员工大会上说出的话。我并非想抨击黄仁勋，但鉴于他遭遇的事情，你可以说真正的“车灯前的鹿”其实是黄仁勋。如果他想找一位战时首席财务官，试图让人工智能生态系统中的一些交易看起来更好看，那他选错人了。克雷斯循规蹈矩，即使她主管了对OpenAI等公司的一系列投资和财务担保。
I hope these loathsome epithets are just the product of the heat of the battle, the things that get said at the giant staff meetings that Huang has periodically. I am not in a slag Huang mode, but in light of what happened to him, you could argue that the real "deer in the headlights" was Huang. If he wanted a wartime CFO to try to make some of these deals across the artificial intelligence ecosystem look better, he picked the wrong person. Kress is by the book, even as she presided over a slew of investments and financial guarantees for companies such as OpenAI.
你可以在英伟达的财务报表中找到所有这些生态系统支持，公司披露截至上季度末约5300亿美元的表外承诺和担保。许多这类交易看起来像供应商融资，这是我们在互联网泡沫时期痛恨的东西，但如今因该公司图形处理器（GPU）的卓越价值而被接受。从根本上说，《华尔街日报》报道的这些恶毒言论，听起来像是在说克雷斯是个笑话。
You can find all this ecosystem support in Nvidia's financial statements, with the company disclosing roughly $530 billion in off-balance-sheet commitments and guarantees at the end of last quarter. Many of these deals look like vendor financing, something we hated during the dot-com era, and yet have accepted at this time because of the outstanding value of the firm's graphics processing units, or GPUs. Essentially, these vicious comments, as reported by The Journal, made it sound like Kress is a joke.
但对于那些与克雷斯打过大量交道的人来说，笑话开在黄仁勋身上。我认为她试图施加纪律和约束，触犯了他的逆鳞。NVDA 5Y mountain 英伟达五年股价表现。克雷斯作为财务总监的无数职责之一，是与大型机构和媒体沟通。
But, for those of us who've interacted with Kress extensively, the joke was on Huang. I believe she was trying to exert discipline and restraint in a way that ruffled his feathers. NVDA 5Y mountain Nvidia's five-year stock performance. One of the myriad duties that Kress had as finance chief was to speak to large institutions and the press.
多年来，每次电话会议结束后，我都会和她通话，通常是东部时间晚上6点30分。准时如钟。有很多时候，我对某些事情感到困惑，或者因为自己不是技术人员而无法理解。我是个通才。我必须花同样多的时间去研究薯片和半导体芯片。为了处理《疯狂的钱》节目中的“闪电回顾”环节，我要读那么多报告。克雷斯总是愿意带我了解一切，即使在我觉得自己像个俗套的五岁孩子提问的时候也是如此。
For years, I spoke to her after every conference call, usually at 6:30 p.m. ET. Clockwork. There were many moments when I was baffled by something, or didn't understand it because I am not a technologist. I am a generalist. I have to spend as much time learning potato chips as semiconductor chips. I have to go through so many reports just to handle the Lightning Round on "Mad Money." Kress has always been willing to walk me through everything, even at times when I felt like the proverbial five-year-old asking the question.
你可能不知道，有多少次她的解释让我持有这只股票，而其他人却在忙着上调或下调评级，做着那些让人无法将数千美元变成数百万美元的事情。她做到这一点，并不是把我绑在桅杆上，也不是给我轻率的保证，让我相信她。她花时间进行解释。这很重要。例如，有一次，英伟达因比特币挖矿问题错过了季度业绩。英伟达的GPU被加密货币矿工大量使用，直到价格突然暴跌导致挖矿量大幅下降，进而导致其芯片销售大幅下滑。
What you may not know is how many times her explanation kept me in the stock when others were busy upgrading or downgrading, doing the things that kept people from turning thousands of dollars into millions. She did it not by strapping me to the mast, or giving me blithe reassurances that I should trust her. She took the time to explain. It mattered. One time, for example, Nvidia missed the quarter because of an issue involving bitcoin mining. Nvidia's GPUs were being used by cryptocurrency miners in record numbers until a sudden plummet in price led to a huge drop in mining and therefore sales of its chips.
克雷斯向我解释了这一点，并承认她搞错了数字，因为她对那个神秘的加密货币渠道没有了解，所以不知道价格崩盘导致的库存积压。她道歉了。她本不必这样做。一个解释就足够了，但以她那种耐心的方式，她必须让我知道她下次会做得更好。她也确实做到了。她再也没有错过过。这种谦逊的品质在这类电话会议中非常罕见。
Kress explained it to me and admitted that she had gotten the numbers wrong because she didn't have insight into that mysterious crypto channel, so she didn't know about an inventory build caused by a collapse in prices. She apologized. She didn't need to do so. An explanation would have been enough, but in her patient way, she had to let me know that she would do better next time. And she did. She never missed again. That element of humility is very rare in these kinds of calls.
正因如此，也因为她那种强大的气场，当那么多人纷纷抛售英伟达时，我却告诉人们坚持持有英伟达。有好几次，我对估值提出质疑。她会耐心地带我了解，为什么在未来的前景下，某个估值可能被认为是合理的。这总是很有道理。
Because of it, and her powerful bearing, I told people to stick with Nvidia when so many others were running from it. There were several instances where I questioned the valuation. She would patiently work me through why a certain valuation might be considered appropriate given the future. It always made sense.
这也是我反复向你重申“买入”评级的原因。黄仁勋会提供帮助。我会在晚宴、会议、采访以及年度GTC大会上见到他——我真不敢相信以后再也见不到他了——大多数时候我们谈论的是创新和未来。很少实质性地聊家庭，虽然他确实曾在一个晚餐场合见过我的妻子Lisa，坐在她旁边，对她非常友善。她非常喜欢他。但正是克雷斯以一种让我感到底气十足的方式进行了解释，使我能够说出“要持有，不要频繁交易”，我们只有在认为自己贪得无厌、且不确定性升高需要审慎时，才会卖出一部分。
Again, it's why I reiterated buy to you over and over and over. Huang would help. I would see him at dinners, at conferences, in interviews, and at the annual GTC conference — I can't believe I won't see him any more — and most of the time we talked about innovation and the future. Very little substantive was said about our families, although he did meet my wife, Lisa, one night for dinner, sat next to her and was terrific to her. She liked him very much. But it was Kress who did the explaining in such a way that I felt emboldened to say "own it, don't trade it" and we only took some off when we thought we were being pigs and elevated uncertainty called for some prudence.
克雷斯也是通往黄仁勋的桥梁。我一直建议克雷斯让英伟达采取更激进的回购计划，态度相当强硬。她把这事转达给黄仁勋，然后带着公司的一些参数回复我，这些参数与我的想法不同。我能感觉到黄仁勋对此相当冷淡，尽管我不断强调，有史以来最优秀的首席财务官、现已退休的苹果公司卢卡·马斯特里，在其十多年的任期内，将这家iPhone制造商的股份数量减少了约40%。
Kress also provided a conduit to Huang. I had been suggesting to Kress that Nvidia adopt a much more aggressive buyback, and I was quite strident. She took it to Huang and came back to me with some of the company's parameters that differed with mine. I could tell Huang was far more lukewarm about it, even as I kept saying that the best CFO ever, the now-retired Luca Maestri of Apple, shrank the iPhone maker's share count by roughly 40% during his decade-plus tenure.
在此过程中，他对公司不断扩大的市盈率估值和股东回报的成功起到了实实在在的作用。我放弃了这个主张，因为我不想疏远克雷斯。
In doing so, he had a real hand in the company's expanding price-to-earnings valuation and success for shareholders. I dropped it as a cause because I did not want to alienate Kress.
我也曾通过克雷斯批评黄仁勋，没有在一些大赚的投资上落袋为安——特别是英特尔。作为2025年9月宣布的一项技术合作的一部分，英伟达以每股23.28美元的价格买入了价值50亿美元的英特尔股票。此后该股大涨，今年股价远超100美元。他还有什么好证明的？英特尔已获拯救，他的投资大获全胜。为什么不卖出一部分需要的话全部卖出，用所得资金回购自家股票？如果不那样，他也可以将利润投入众多交易中的一项，以推动AI生态系统起步。
And I was also critical of Huang through Kress for not taking some profits on some of the big wins he had on his investments — in particular, Intel. As part of a technology collaboration announced in September 2025, Nvidia bought $5 billion worth of Intel stock at $23.28 per share. The stock would go on to catch fire and trade well over $100 this year. What did he need to prove? Intel had been saved and his investment became a huge hit. Why not take some, if not all, off the table and use it to buy back his own stock? If not that, he could deploy the profits into one of his many deals to get the AI ecosystem off the ground.
显然，克雷斯认为我的逻辑站得住脚，但黄仁勋再次表示反对。他坚持认为生态系统需要他的支持，而这种支持往往演变成供应商融资。这不是我最喜欢的资本用途，但鉴于目前的成功，我也不好指责。无所谓了。我之所以被听取意见，是因为克雷斯。克雷斯现在将代为管理公司，直到选出一位全职首席执行官。这位深思熟虑、思维敏锐的人会把工作做得很出色，因为她善于倾听、学习、解释，而且不怕直言不讳。
It was clear Kress believed my logic was cogent, but Huang disagreed again. He was firm in his insistence that the ecosystem needed his support, which often turned into vendor financing. Not my favorite use of capital, but not for me to blast given its success to date. No matter. I was heard because of Kress. Kress is now going to run the company until a full-time CEO is picked. This thoughtful, razor-sharp person will do a terrific job because she listens, she learns, she explains, and she is not afraid to speak her mind.
后续如何？据报道，黄仁勋曾嘲讽克雷斯像“车灯前的鹿”一样惊呆了。我们不知道的是，她到底对他说了什么，以至于他用如此恶毒的辱骂来攻击她。是质疑他想给那些或许并不配得上的公司数十亿美元？是质疑承诺在2025年9月向OpenAI投资1000亿美元，结果却一无所获，因为几周后OpenAI宣布与英伟达的主要竞争对手超威半导体达成了一项巨额交易？
The coda? We know Huang reportedly derided Kress as a deer in the headlights. What we don't know is what she was saying to him that he called her out with such vicious opprobrium. Was it the billions he wanted to give companies that perhaps didn't deserve it? Was it the commitment to invest $100 billion in OpenAI in September 2025 that sewed up nothing because OpenAI announced a huge deal with Nvidia's chief rival, Advanced Micro Devices , a couple of weeks later?
还是质疑由黄仁勋女婿主导的一项计划？回过头来看，不知何故，我认为如果我们知道背景，你就会明白为什么我如此推崇科莱特·克雷斯，因为我可以向你保证，她把公司的利益放在首位。遗憾的是，我再也不能对那个男人本人这么说了。克雷斯获得董事会支持，被认为是这份工作的合适人选。此外，我现在明白，包括我在内的许多人曾以为黄仁勋在掌管公司，因为在很多方面，克雷斯一直“留守后方”，而黄仁勋却在全球到处游历推广。
Was it to question an initiative being led by Huang's son-in-law ? Somehow, in retrospect, I think if we knew the context, you would know why I think the world of Colette Kress because I can assure you that she had the institution's interests first. Sadly, I no longer can say that about the man himself. Kress has the backing of the board as the right person for this job. Additionally, I now understand that many people, including myself, thought Huang was running the company, because, in many ways, Kress was back at the ranch while Jensen cavorted and promoted all around the globe.
他无处不在，推动世界了解未来的样子。十年前他就向我展示了这个AI未来，并且精准地在正确的时间实现了。我比大多数人更看好英伟达的原因之一——尽管我必须取消其“买入持有，不要频繁交易”的标签——是英伟达拥有一份多年技术路线图，每一位工程师和领导者都在执行这份路线图。
He was everywhere, driving the world to understand what the future would look like. He showed me this AI future a decade ago, and he nailed it right on time. One of the reasons I am more confident than most about Nvidia — although I must retire its "own it, don't trade it" designation — is that Nvidia has a multiyear technology roadmap that every engineer and leader is executing on.
由克雷斯领导的业务团队负责执行，表现无可挑剔。这正是我如此有信心的原因，尽管我担心机构股东认为，就像史蒂夫·乔布斯一样，黄仁勋就是公司本身，而他把公司带走了。现在只说一句关于黄仁勋本人的话。我认为，那些说他被不公正解雇的人，只盯着股价和公司的成功，而没有考虑必须予以考量的道德或国家安全问题。
The business team, led by Kress, is in charge of execution and it has been flawless. That's what makes me so confident, even as I worry about institutional shareholders who believe that, like Steve Jobs, Huang was the company and he took it with him. Now just a word about Huang himself. I think the people who say he was unfairly dismissed are looking only at the stock price and the success of the company, and not the ethics or national security issues that must be considered.
我并非忽视他的回归在短期内对股东、甚至对公司都是最有利的。但这是一家上市公司，有一个董事会。维护公司制度是他们的职责，没有任何人——包括黄仁勋——凌驾于这一原则之上。（吉姆·克雷默慈善信托持有NVDA多头头寸。）
I am not overlooking that his return would be best for shareholders, or even the company, in the short term. But it is a public company. There is a board. It's their job to preserve the institution and no one, including Huang, is above that principle. (Jim Cramer's Charitable Trust is long NVDA. )