Nvidia has crucial week ahead with earnings call and Huang’s congressional hearing

Nvidia is heading into one of its most important weeks as it prepares to announce its third-quarter results on November 17. But this time, investors have more to watch than just revenue and profits. The company is also dealing with the exit of its co-founder and former CEO Jensen Huang, whom US lawmakers have asked to testify over his relationship with Alice Huang, a former executive at Singapore-based Megaspeed who is suspected of having connections to Chinese intelligence. Reports say Huang also had a second affair, with an executive who reported to him.

The AI chipmakers have been one of the greatest beneficiaries of the AI revolution, with revenues and profits reaching record highs in recent years. The exit of Huang and the mounting controversies have, however, cast doubts on the future of the company. Questions are now being asked if Nvidia will be able to continue growing without the founder of the company.

Nvidia Q3 earnings: Revenue could cross $100 billion

Nvidia will announce its third-quarter fiscal 2027 results on November 17, covering the three months ended October 25. Expectations are high after the company reported revenue of $96.2 billion in the previous quarter, up 106% from a year earlier. Its data centre business, which supplies chips and systems to AI companies, generated $89 billion, marking a 117% annual increase. Net profit also more than doubled to $59.7 billion from $26.4 billion.

For the third quarter, Nvidia expects revenue of around $108 billion, with a possible 2% increase or decrease. This estimate does not include data centre computing revenue from China. Wall Street analysts are expecting revenue of around $109 billion, according to LSEG data. The results will show whether companies such as Microsoft, Google, Amazon and Meta are still spending heavily on AI chips and data centres. A strong performance could reassure investors, while a miss may raise fresh questions about whether the huge spending on AI can continue.

Also read: Jensen Huang resigns as Nvidia CEO after 33 years: What his exit means for the booming AI industry

Jensen Huang's exit raises questions about Nvidia's future

Nvidia announced on November 12 that its board had accepted Jensen Huang's resignation as CEO and board member. His exit followed reports about his personal relationships and his reported links to Alice Huang, a former executive at Singapore-based Megaspeed. Huang had led Nvidia for more than 30 years and was the public face of its rise into one of the world's most valuable technology companies.

The company's CFO, Colette Kress, has taken over as interim CEO while the board looks for a permanent replacement. The Financial Times has reported that Nvidia approached Arm CEO Rene Haas about the role. Long-time board member Harvey C. Jones has also become the company's first-ever board chair. Investors will now want to know whether Nvidia can maintain its customer relationships, product plans and growth without Huang at the top. Although Kress has years of experience managing the company's finances, leading Nvidia through this period will be a different challenge.

Why US lawmakers want answers from Jensen Huang

The controversy surrounding Huang has also attracted the attention of US lawmakers. Their questions are linked to his reported relationship with Alice Huang, who is suspected by US authorities of having links to Chinese intelligence. She is not related to Jensen Huang. China has denied that she is a spy, and the US Justice Department has not reached a final conclusion on the allegations.

The main concern of the US lawmakers is whether his relationship with Alice exposed Nvidia’s business secrets or created risks around AI chip supplies. Megaspeed is also under investigation for alleged chip smuggling. However, it's important to note that the company has denied the allegations from the US lawmakers. Nvidia has also investigated reports that Huang was targeted by foreign intelligence. However, there is no public evidence that Nvidia’s confidential information reached China.

Congressional questions could put Nvidia's China business under scrutiny

Three Republican lawmakers have asked Nvidia CEO Jensen Huang to attend a private meeting and interview in December. They warned of a possible subpoena if he did not respond. Although one lawmaker said Huang had agreed to appear before Thanksgiving, his team had not confirmed it by November 14.

Lawmakers want answers about Nvidia’s business with Megaspeed, technology security and US export rules. The Senate also wants Huang to attend a public hearing in early December, keeping Nvidia under pressure beyond its November earnings report.

Can Nvidia continue growing without Jensen Huang?

Nvidia's business has benefited from heavy investments by major technology companies in AI. Microsoft, Google, Amazon and Meta continue to spend billions of dollars building data centres and developing AI systems, creating strong demand for Nvidia's chips. Also, its Blackwell systems and future Vera Rubin platform matter for its development.

The competition is increasing, and people are wondering if it is possible to spend on AI at the current rate. Nvidia also needs to prove that it can work efficiently without Huang. It has a lot of clients, experienced management and sound financials, which means that its future does not depend on one individual. However, finding a replacement for the founder of the company is not easy.

Also read: Bring Jensen Back: Elon Musk and over 57,000 others sign letter demanding Jensen Huang’s return as Nvidia CEO

Nvidia's crucial week could shape investor confidence

Nvidia’s November 17 earnings report will show whether demand for AI chips is still strong and whether the company can meet investors’ expectations. At the same time, questions about Huang may bring more attention to Nvidia’s business partnerships and security measures. Investors will be watching closely for answers to both issues.

The company has already shown that it can turn the AI boom into extraordinary financial growth. Its next challenge is to prove that this success can continue without Huang at the top. Nvidia must also address the concerns raised by US lawmakers while keeping its business plans on track. The coming week will therefore be about more than another record quarter. It will be a test of whether Nvidia can move forward without the founder who made it what it is today.

What could be next for Nvidia?

I think Nvidia might receive some reality check in its Q3 numbers, and its stock price could go down if the results aren't satisfactory enough to match the lofty expectations. Any signs of weakness in growth, earnings, or outlook could make the investors nervous.

Yet, I don't think Nvidia's AI success story is finished because there is still huge potential in the demand for its Blackwell systems and Vera Rubin systems in the pipeline. However, decreased spending on the part of its big clients and increased competition may prove challenging. One of Nvidia's biggest challenges is going to be demonstrating that the company can succeed despite not having Jensen Huang at the helm anymore.