Let me say out loud what I think everyone is feeling right now… Jensen was the poster child for a CEO who didn’t get caught up in these types of controversies. He is the last person you would think could get caught up in something like this. When it comes to the AI revolution, he is at the center of it. Without NVIDIA, there is no AI revolution. In many respects, he has been emblematic of American capitalism over the past few years. A dishwasher at Denny’s had an idea and turned it into a $5T company. Everyone simply thought Jensen was above these types of things. I don’t even want this to be about a rich powerful man cheating on his wife…we have heard this story over and over again. That isn’t to normalize it as being okay, but it’s not really shocking. However, the broader issue here is what infidelity implies about someone’s character. You can make many excuses to justify it, but we all know that infidelity is not a good thing. There is a lack of morality involved when it comes to cheating. When you are the CEO of a $5T company, the question now emerges: if you can lie to your wife, can you also lie about other things…like China’s access to your technology? I don’t really know what to think. My gut tells me that Jensen has acted ethically in most fronts when it comes to business, but I also know that to build a $5T company, the lines around ethics can blur easily. A framework for being able to make sense of and justify your actions is very, very important and we all simply don’t know if this affair will result in anything bad in regards to America’s national security with China. I don’t think this is good for the stock market or the AI trade. There will now be investigations and concerns around Nvidia and Nvidia is in control of how all the semis do. I also think this story may have leaked last week and that’s part of why we saw such a massive de-risking by institutions. I do think there is a world where the market moves beyond this, especially if the investigation doesn’t show any meaningful compromised intelligence. I also think the public will be willing to forgive Jensen, at the end of the day he is a human and infidelity has obviously been part of many marriages, much less such a high profile one. This is just a really weird moment and not something I ever expected from Jensen. It will now be up to the market to decide how important and meaningful this is when it comes to where the AI trade goes.