Jensen Huang’s abrupt departure has brought Nvidia (NVDA) to a crossroads in its development. On Thursday, Nvidia fell intraday to $148.80, hitting a new low since June 2025. In the afternoon, the stock traded around $164.70, down about 5% for the day. Compared with the historical high of $243.37 on October 6, the drawdown was about 32%. Market sentiment is clearly divided: some investors are selling in panic, while some institutions on Wall Street maintain buy ratings.
Goldman Sachs used Apple (AAPL) as a reference case in its report to analyze Nvidia. The report noted that tech companies whose visionary founders with key influence suddenly leave are not common, and Apple is a typical example. In 2011, after Jobs took a long medical leave and then passed away, Apple’s forward price-to-earnings ratio compressed from about 17 times to 12 times within 18 months, and once fell below 9 times in 2013. It was not until the market re-recognized the execution capability of the iPhone and related businesses that the valuation recovered to close to 15 times. Apple built broad market awareness through best-selling products such as the iPhone, Mac, and iPad. Its strong brand competitiveness built its own competitive barrier, and many consumers have a high degree of recognition of its products. Even if product prices are raised, they still maintain the willingness to continue repurchasing.
Goldman Sachs also said that the situations of the two companies cannot be completely equated, but both have technological advantages and solid moats, and Nvidia’s valuation multiple may remain volatile before the succession arrangement and business direction become clear. Goldman Sachs forecasts Nvidia’s EPS for calendar year 2027 at $16.70, higher than the market consensus estimate of $15.91, corresponding to a forward price-to-earnings ratio of about 9.6 times. Combined with an expected EPS growth of nearly 80%, the institution believes that the risk-reward ratio at the current price is attractive.
Tom Lee of Fundstrat Global Advisors took a more direct stance and advocated that investors buy Nvidia on dips. He believes that even if Jensen Huang resigns, Nvidia remains a globally pivotal company. This decline is an entry opportunity, and its long-term strategic value will not be damaged by a management change. This view forms a sharp contrast with market panic sentiment.
Goldman Sachs and Tom Lee differ in style of expression, but their core judgment directions are similar. Both believe that Nvidia’s core value has not collapsed because of Jensen Huang’s departure. The stock price decline stems more from emotional release and valuation repricing, and the fundamentals have not reversed. The divergence lies only in the timing of positioning. Goldman Sachs believes that valuation repair takes time, while Tom Lee believes that now is the appropriate buying opportunity.
In summary, Apple maintains steady growth relying on a mature product matrix and AI updates, while Nvidia has suffered a stock price shock due to the departure of its soul figure. The focus of debate among market parties is concentrated on whether the core value of the enterprise depends on the founder as an individual or on underlying assets such as computing power, moats, and orders. Both institutions focus on corporate fundamentals, and also prompt investors to think about this: at the point when the core leader leaves, they should rationally distinguish short-term emotional fluctuations from the long-term true value of the enterprise.
