LBO_Guy

Pushing the limits of Microsoft Excel.

[LBO_Guy @The_Analyst_Lab]

Here is a brief NotebookLM video summary of Aggregator Wars.

The short version: AI agents go straight for the one asset that made the internet giants rich, the direct relationship with the customer. That is why nobody will take their foot off the accelerator. Data wins the customer, recurring cash flow keeps you in the fight, and profits migrate to hardware providers nobody can copy and to whoever owns the customer. Google and Meta are best placed, consensus has Meta upside down, and the AI labs and compute sellers face a funding squeeze into 2027 as capital markets run dry.

If you want a deep dive on what an aggregator is, how agentic AI changes legacy aggregation theory, who is best positioned to be the next aggregator, what each company's profit engine means in this capex cycle, what it means for AI labs and compute sellers, and where value migrates to, I recommend reading the full note. It is as condensed as possible, but packed with information.

I'd invite anyone to push back on any angle of this framework.

[LBO_Guy @The_Analyst_Lab]

https://t.co/c3cf7BYP3J

[LBO_Guy @The_Analyst_Lab]

@saetacapital mucha mili...

[LBO_Guy @The_Analyst_Lab]

@JMartiLector OpenAI lleva siendo closed desde antes del COVID…

[LBO_Guy @The_Analyst_Lab]

Hay que aprender a cerrar la bragueta chavales… $NVDA

[*Walter Bloomberg @DeItaone]

*NVIDIA'S JENSEN HUANG OUT AS CEO

[LBO_Guy @The_Analyst_Lab]

@CasinoCapital @tomhfh 😂

[LBO_Guy @The_Analyst_Lab]

@MrtnzAlvrz Los bears hablan del 20%, los bulls más el 8-10%. Pero si, ese es el debate junto con si van a poder seguir haciendo lo que hacía Jensen.

[Google @Google]

Meet Gemini 4 Hydrogen.

It brings cutting-edge intelligence to everyone, with speed and efficiency for everyday coding and agentic work.

Across 4 thinking levels, it stands on its own or teams up with Carbon and Argon — 2.5X faster than 3.8 Flash, outpacing competing models in its class.

[LBO_Guy @The_Analyst_Lab]

Nah el FT es pa boomers. Los modelos llevan siendo “closed” desde que empezó todo esto de la IA. No tiene mucho sentido ahora te lo quieras cargar cuando sigue siendo todo el frontier closed. Es más que ambos partidos no quieren vender chips a china, el único embajador y defensor era Jensen, pues me cargo su credibilidad y así ya no hay nadie que defienda las ventas a china. La pregunta es porque el board no se opone a esto y Jensen a salido por voluntad propia. Debe haber algo gordo por lo que les han agarrado para forzarles a esto.

[LBO_Guy @The_Analyst_Lab]

@JMartiLector Yo creo le echan por vender a china de forma ilegal y encubrirlo todo (o algo peor que no sabemos). El tema del “open weight” es bastante poco relevante creo yo, igual que el tema de que sea un Don Juan en su vida personal.

[LBO_Guy @The_Analyst_Lab]

@JMartiLector

[LBO_Guy @The_Analyst_Lab]

Hay que aprender a cerrar la bragueta chavales… $NVDA

[LBO_Guy @The_Analyst_Lab]

@MrtnzAlvrz 🤣

[LBO_Guy @The_Analyst_Lab]

Really smart move, the board cannot get sued as Jensen resigned. Certainly not in anyone’s bingo card!

[LBO_Guy @The_Analyst_Lab]

$NVDA CEO JENSEN HUANG OUT!

[LBO_Guy @The_Analyst_Lab]

$NVDA CEO JENSEN HUANG OUT!

[Evan @StockMKTNewz]

JUST IN:

Nvidia $NVDA just relesed this statement about Jensen Huang stepping down

"NVIDIA Announces CEO Transition

- Jensen Huang Resigns
- Colette Kress, Executive Vice President and Chief Financial Officer, Appointed Interim CEO
- Harvey C. Jones Appointed First-Ever Chair of the Board

SANTA CLARA, Calif., Nov. 12, 2026 NVIDIA (NASDAQ: NVDA) Board of Directors announced today that Jensen Huang has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately.

Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer. Kress will continue to serve as Executive Vice President and Chief Financial Officer while serving as Interim Chief Executive Officer until a permanent successor has been named. The Board is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates.

Kress has served as Executive Vice President and Chief Financial Officer of NVIDIA since joining the company in September 2013. During her tenure, she has led the company’s finance organization and has played a key role in NVIDIA’s growth and evolution. Prior to joining NVIDIA, Kress spent nearly 25 years in finance roles at leading technology companies, including Cisco and Microsoft.

The Board of Directors appointed Harvey C. Jones as its first-ever Chair of the Board.  Mr. Jones has been an entrepreneur, technology executive, and active venture investor for over 30 years, including serving as Chief Executive Officer and Executive Chairman of Synopsys.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Harvey Jones, Chair of the NVIDIA Board of Directors. “She is supported by an experienced leadership team that has been instrumental in executing NVIDIA’s strategy and advancing its technology roadmap. The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”

“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” said Colette Kress, Interim CEO and CFO, NVIDIA. “We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.”

Jensen’s contributions to NVIDIA are profound. NVIDIA is one of the most consequential technology companies in the world. The Board and the company thank Jensen for his immeasurable contributions to the company and the industry.

NVIDIA will report its third-quarter fiscal 2027 financial results on Tuesday, November 17, at approximately 1:20 p.m. PT, as previously scheduled, followed by its earnings call at 2 p.m. PT."

[LBO_Guy @The_Analyst_Lab]

A few thoughts on Jensen Huang and $NVDA. The long-term view could be even worse.

It should be obvious that the board should wait for the investigation to end before voting on whether to oust Jensen. Despite media reports, I don’t believe they’ll oust him before the investigation is finished. It doesn’t make any sense, and they could all get sued for breaching their fiduciary duty. I would also add that unless something big (like deceiving the board) they'll choose to keep him.

On the Jensen situation, as @benthompson put it, the real threat lies in the cover-up: whether he deceived his own leadership, or whether it was just personal misconduct (i.e. he was unfaithful). Nvidia’s legal counsel was denying the affair just days before the news broke, and apparently Jensen had secretly hired a crisis PR firm a year earlier. Not a good look. The board may have been misled or kept in the dark, and if that’s true, this really is a big issue. If directors face shareholder lawsuits and personal liability, they will ultimately choose to protect themselves over Jensen. By the same token, this is why I believe it makes no sense to oust him before the investigation is finished or there is conclusive evidence that he misled the board. They’d get sued in that case as well, because they couldn’t show they based their decision on the investigation’s findings or on conclusive evidence.

What would be funny is Elon poaching him if he gets ousted. Either way, if he gets ousted, it’s really bad for NVDA and really good for Elon.

The “good” part is that this can be solved "fairly quickly” if they decide NOT to oust him, much like the COVID market crash could be “solved” easily by lifting the lockdowns. The share price action is mostly funds rotating out of NVDA, because you can’t hold a big position in the midst of this crisis. However, there is a longer-term issue here, and I believe it is much more important than people are giving it credit for.

The real issue, even if Jensen is NOT ousted, is what happens to Jensen’s credibility. A man is only worth as much as his word. Remember, NVDA (per Jensen on the Dwarkesh podcast) has NEVER had a contract with TSMC!

“Nvidia and TSMC don’t have a legal contract. There’s always some rough justice. Sometimes I’m right. Sometimes I’m wrong. Sometimes I got a better deal. Sometimes I got a worse deal. But overall, in the whole, the relationship is incredible. I can completely trust them. I can completely depend on them.”

Everything was based on trust, trust in Jensen. I don’t know what they’ll think after seeing what he did to his wife of more than 40 years. If he could do that to her, can you really trust him without a contract? If he as well deceived his own board (this would worsen the look on Jensen) could you trust him? Probably NOT. And with a contract? Well, it had better be bulletproof🤣 But that is not how the people at TSMC like to operate. So it’s “no bueno”. And it’s really bad, because NVDA’s moat today is that it has locked up most of TSMC’s CoWoS capacity, as well as memory capacity from SK Hynix, Samsung and Micron. That’s it! Forget all the BS people talk about. That is essentially NVDA’s moat, and why it can capture so much of the value chain’s profits today. CUDA (software) is no longer a moat, and it’s pretty obvious that competitors are getting really close to NVDA’s performance (as Google’s new TPU8 generation shows), and they will only keep closing the gap. Gemini Carbon is ridiculously cheap while sitting pretty much at the frontier.

We’ll see how this evolves, but I see a lot of people jumping in to buy the stock, most of them knowing nothing about it. Even my barber knows more, LOL.

What its pretty clear from all of this is that the only thing that got impaired and damaged is Jensen's credibility. Will see if ppl care or not (I would). Another pretty obvious thing is how all this has turned out to be. There seems to be a psyop to oust him or impair him in some way (damaging his credibility). Clearly, what I've realized is that Jensen, despite being utterly good at his job, compared to Elon or most of the paypal mafia boys, is an NPC. You cannot get dropped like this, LOL. What an NPC. Elon is on another planet on its own, despite all the interests in getting him dropped, he has a grip on everybody. Much much much smarter than everybody else. No wonder why ppl bet on him.

[LBO_Guy @The_Analyst_Lab]

@AndreuOrell 0 credibility la vd. Es acojonante lo de este tio.

[LBO_Guy @The_Analyst_Lab]

Wow, I never liked Jensen specially since Dwarkesh podcast, but truly didn’t expect it will ever do something like this, lol.

[Wall St Engine @wallstengine]

$NVDA CEO JENSEN HUANG’S DRAFT MEMO TO EMPLOYEES, OBTAINED BY AXIOS.

“I owe my family and all of you an apology.”

“I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.”

“Leading NVIDIA is the privilege of my life.”

“I am fully committed to NVIDIA and will work to earn back your confidence.”

Regarding the national security investigation:

“I support the investigation and will cooperate fully.”

“My family bears no responsibility for my choices. I do. Please give them privacy.”

NVIDIA’s board has launched an independent investigation into reports that Huang was targeted by a foreign intelligence effort.

The board says it currently has no reason to believe U.S. national security or NVIDIA’s secrets were compromised.

[LBO_Guy @The_Analyst_Lab]

@AndreuOrell Al margen de si es espia o no, no es buen look querer exportar a tutti a china y que te pillen con esto. Y aun menos buen look que le pongas los cuernos a tu mujer de 40 años, todo el lio de esconder y tapar todo el tema de las exportaciones a china y ahora sale otra tronca...

[LBO_Guy @The_Analyst_Lab]

A few thoughts on Jensen Huang and $NVDA. The long-term view could be even worse.

It should be obvious that the board should wait for the investigation to end before voting on whether to oust Jensen. Despite media reports, I don’t believe they’ll oust him before the investigation is finished. It doesn’t make any sense, and they could all get sued for breaching their fiduciary duty. I would also add that unless something big (like deceiving the board) they'll choose to keep him.

On the Jensen situation, as @benthompson put it, the real threat lies in the cover-up: whether he deceived his own leadership, or whether it was just personal misconduct (i.e. he was unfaithful). Nvidia’s legal counsel was denying the affair just days before the news broke, and apparently Jensen had secretly hired a crisis PR firm a year earlier. Not a good look. The board may have been misled or kept in the dark, and if that’s true, this really is a big issue. If directors face shareholder lawsuits and personal liability, they will ultimately choose to protect themselves over Jensen. By the same token, this is why I believe it makes no sense to oust him before the investigation is finished or there is conclusive evidence that he misled the board. They’d get sued in that case as well, because they couldn’t show they based their decision on the investigation’s findings or on conclusive evidence.

What would be funny is Elon poaching him if he gets ousted. Either way, if he gets ousted, it’s really bad for NVDA and really good for Elon.

The “good” part is that this can be solved "fairly quickly” if they decide NOT to oust him, much like the COVID market crash could be “solved” easily by lifting the lockdowns. The share price action is mostly funds rotating out of NVDA, because you can’t hold a big position in the midst of this crisis. However, there is a longer-term issue here, and I believe it is much more important than people are giving it credit for.

The real issue, even if Jensen is NOT ousted, is what happens to Jensen’s credibility. A man is only worth as much as his word. Remember, NVDA (per Jensen on the Dwarkesh podcast) has NEVER had a contract with TSMC!

“Nvidia and TSMC don’t have a legal contract. There’s always some rough justice. Sometimes I’m right. Sometimes I’m wrong. Sometimes I got a better deal. Sometimes I got a worse deal. But overall, in the whole, the relationship is incredible. I can completely trust them. I can completely depend on them.”

Everything was based on trust, trust in Jensen. I don’t know what they’ll think after seeing what he did to his wife of more than 40 years. If he could do that to her, can you really trust him without a contract? If he as well deceived his own board (this would worsen the look on Jensen) could you trust him? Probably NOT. And with a contract? Well, it had better be bulletproof🤣 But that is not how the people at TSMC like to operate. So it’s “no bueno”. And it’s really bad, because NVDA’s moat today is that it has locked up most of TSMC’s CoWoS capacity, as well as memory capacity from SK Hynix, Samsung and Micron. That’s it! Forget all the BS people talk about. That is essentially NVDA’s moat, and why it can capture so much of the value chain’s profits today. CUDA (software) is no longer a moat, and it’s pretty obvious that competitors are getting really close to NVDA’s performance (as Google’s new TPU8 generation shows), and they will only keep closing the gap. Gemini Carbon is ridiculously cheap while sitting pretty much at the frontier.

We’ll see how this evolves, but I see a lot of people jumping in to buy the stock, most of them knowing nothing about it. Even my barber knows more, LOL.

What its pretty clear from all of this is that the only thing that got impaired and damaged is Jensen's credibility. Will see if ppl care or not (I would). Another pretty obvious thing is how all this has turned out to be. There seems to be a psyop to oust him or impair him in some way (damaging his credibility). Clearly, what I've realized is that Jensen, despite being utterly good at his job, compared to Elon or most of the paypal mafia boys, is an NPC. You cannot get dropped like this, LOL. What an NPC. Elon is on another planet on its own, despite all the interests in getting him dropped, he has a grip on everybody. Much much much smarter than everybody else. No wonder why ppl bet on him.

[Engine Rich @engine_rich]

SpaceX/Tesla just posted this very specific job opening

[Yet another commodity guy @tleilax___]

Remember what happened to Intel's dominant position when they started to get second-rate CEOs.

Apple lost a lot of creativity after Steve Jobs and became largely a succesful marketing-focused shop.

[John Arnold @johnarnold]

I read how Softbank lost $3.7 billion cancelling a gas turbine order and thought this is setting up as a textbook case study of the bullwhip effect that decimated the telecom and fiber optics in 2001. The caveat is that suppliers may have negotiated better contracts this time.
1/