CNBC television host Jim Cramer compared Nvidia to Apple following the death of Steve Jobs, warning investors about the potential departure of Chief Executive Officer Jensen Huang.
Wall Street spent most of 2026 treating Nvidia as the purest way to own artificial intelligence. This week, the debate shifted from hardware chips to the man who founded the company.
Cramer recalled how investors who sold Apple after Jobs died on October 5, 2011, missed years of massive gains under Tim Cook. Apple adjusted shares rose 2,980.67% from October 5, 2011, through the November 10, 2026 close.
Measured from August 24, 2011, Cook’s first day as chief executive, the gain reached 2,997.62%. Over the same window, the SPDR S&P 500 ETF rose 555.41%.
Cook subsequently handed the company to John Ternus. Ternus led his first earnings call as chief executive for fiscal fourth-quarter 2026 on November 2.
Apple posted record September-quarter revenue of $114.48 billion, an 11.7% year-over-year increase. Earnings per share of $2.10 beat the $1.9782 consensus for a tenth consecutive beat.
Three Developments Shake the Stock
Three separate developments pressured Nvidia shares this week. Huang acknowledged in a November 8 message to employees that he had been cheating to his wife.
Nvidia said that independent directors, supported by outside counsel, would investigate whether Huang was targeted by a foreign intelligence operation. The board noted it had no reason to believe national security or company confidential information was compromised.
Directors expressed confidence in Huang’s leadership and stated he would cooperate. A shareholder lawsuit filed on November 9 accused Nvidia and Huang of holding back information, though those claims remain unproven.
Bloomberg reported that the bull case depends on Huang surviving the probe. Business Insider noted a rare Wall Street downgrade tied to the mounting pressure on the chief executive.
Nvidia’s August earnings call avoided succession planning entirely. Huang addressed strategy and supply while Chief Financial Officer Colette Kress handled financials, leaving no named successor or formal plan on record.
Shifting Positions on Mad Money
Cramer initially defended his long-standing rule on his Mad Money broadcast on September 25. “Own it, don’t trade it. And they’re Apple and Nvidia. A pair of revolutionary companies with outstanding management,” he said on air.
He altered that stance on Monday, November 9. “Given the facts of the story, which seem to get worse with each update, we are going to have to consider owning shares in a Jensen-less Nvidia,” Cramer said.
He added that investors could no longer be bound by the own-it-don’t-trade-it mantra if Huang departed. He stressed that Huang remained working as chief executive with board support.
“We are not anxious to dump it. I still think Nvidia is a buy, though we must be prepared for a change,” Cramer said. His tone hardened by Tuesday night.
He urged the company to name an interim chief executive, suggesting Ian Buck, to demonstrate depth beyond a single person. On Wednesday morning on Squawk on the Street, he adopted a middle stance.
“I think that in the end Jensen Huang will be there. I think that there are issues with Jensen Huang that have to do with the actual stature with our country that makes it so I know this is going to sound jingoistic, but do we need the guy?” Cramer said.
Nvidia Shares Drop While Revenue Grows
Nvidia shares fell 4.27% on November 9 to close at $178.67, erasing nearly $190 billion in market value. By 12:05 PM Eastern time on November 11, shares traded at $176.13, up 4.29% on the day but down 5.34% for the year.
Fiscal second-quarter revenue climbed 105.8% year-over-year to $96.22 billion. Third-quarter guidance targets $108.0 billion, plus or minus 2%.
Nvidia’s price-to-earnings ratio of 34 sits below Apple’s 38. Nvidia’s net margin stands at 55.60%, compared to Apple’s 27.60%.
The Apple parallel carries distinct limitations. Cook was already chief executive when Jobs died, whereas Nvidia faces an open board review without a designated successor.
Nvidia’s next earnings report is expected after the close on November 17, although the company has not confirmed the date.
