GYGY

Only 4.3%? That's how much Nvidia (NASDAQ:NVDA) stock lost on Thursday, despite the magnitude of Jensen Huang's resignation earlier in the day. After all, his abrupt departure is arguably the biggest market story of 2026, overshadowing even SpaceX's blockbuster IPO. The exit of the man who spent more than three decades building Nvidia into the world's dominant AI chipmaker could have sent shares into a much deeper tailspin.

Zoom out a little, however, and the picture looks less reassuring, with Nvidia shares having lost 19% of their value since the beginning of November. And for investors wondering whether the damage could go much further, history offers a troubling comparison.

One investor, known by the pseudonym Envision Research, sees similarities between Nvidia's current predicament and the sudden resignation of Intel CEO Brian Krzanich in June 2018, following revelations of a relationship with an employee that violated corporate policy.

Both chipmakers turned to their chief financial officers for temporary leadership, with Intel appointing Bob Swan and Nvidia handing the reins to Colette Kress. Neither corporation was facing an operational collapse when its chief executive departed, making the comparison worth examining.

Indeed, Intel had delivered a cumulative total return of 258% during Krzanich's five-year tenure. Nevertheless, its price-to-earnings multiple eventually contracted from around 25 times to merely 10 times, while the shares needed about two years to regain their previous levels. Even after that recovery, the valuation remained well below its earlier peak.

For Envision Research, those figures offer a reason to approach Nvidia's recent losses with caution.

"I don't suggest investors to bottom fish here despite the large price correction," the investor cautioned.

His concern is that the market may require an extended period to rebuild confidence in the chipmaker, regardless of its commanding industry position or healthy balance sheet. Intel's experience suggests that strong underlying operations cannot necessarily prevent investors from assigning a lower earnings multiple for years.

But the comparison becomes more troubling when Envision Research examines what sets these two leadership crises apart.

Huang wasn't simply another corporate executive overseeing an established enterprise. As Nvidia's co-founder and chief architect of its technological direction, he helped determine everything from product development to competitive strategy. Envision Research believes replacing that combination of expertise, vision, and industry influence will be far harder than finding someone to succeed Krzanich.

There is also the nature of the controversy itself, with Nvidia facing national-security concerns and questions about potential export-control violations, while Intel's episode concerned an internal workplace policy.

Still, the investor acknowledges that Nvidia retains formidable advantages, including its dominant position in AI accelerators and attractive earnings projections. With its forward P/E already down to around 18 times, the stock may look tempting to those seeking a bargain after the recent retreat. However, Envision Research remains unconvinced.

"With these considerations, I keep seeing a neutral risk/reward curve for NVDA despite attractive valuation ratios and growth projections," the investor summed up.

Disclaimer: The opinions expressed in this article are solely those of the featured investor. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment decision.