I Draw a Circle as My Prison: The Sins and Punishment of the Leather-Jacket Cult's Huang

The Great Purge: The Chinese, AI and Jensen Huang in Flux

There is a kind of victory called retreat, and a kind of defeat called occupation.

NVIDIA rose as the GPU fans spun, but Jensen Huang fell as the flames were fanned; at a single cannon shot from The New York Times, the top weathervane of global AI sounded the blue horn.

But none of this has anything to do with Old Huang anymore. On reflection, whether his failure to become the terminator of the AI bubble was a hair-raising escape from the top by putting himself into the game, or merely an appetizer to lure him into the trap, the rights and wrongs, the success and failure, are left for later generations to judge.

Although 88% of employees wanted him to stay, and the interim CEO, a finance man, is hardly equal to the task, his political patron Trump has calmly accepted reality, the Justice Department under him has opened an antitrust investigation, and a lame duck cannot hold out alone.

But one thing can be confirmed: the NVIDIA era that belonged to Jensen Huang ends here.

Perhaps, there is only Jensen Huang within the era; there is no so-called era of Jensen Huang.

The Small Go to Jail, the Big Get Cast Out

“

A Legend replaces a Legend!

Elections are a fool's game.

In 2008, the first African American president entered the White House, and people optimistically believed that America could ride out the financial crisis.

But Guobao Bank (Abacus) was only a small Chinese bank in New York's Chinatown, and it met with unmerited disaster. It was the only bank investigated over the "subprime crisis." Yes: the one prosecuted was not Goldman Sachs or Morgan, but a Chinese bank at the level of a credit union.

In 2026, NVIDIA — dancing with difficulty atop the AI wave on both sides of the ocean — had to remove, in a highly undignified manner, a CEO who had served 33 years and was also the company's founder, simply because he did not support the loser of the last election.

Not keen on politics but leaning Democratic was the mainstream choice of West Coast tech companies before 2016, but the Silicon Valley right represented by Peter Thiel changed all that: you cannot choose both parties; you must pick one master among them.

However bedraggled Bezos and Zuck were in their last-minute courtship of Trump before the 2024 election, the backlash that Jensen Huang and Musk now face will be no less severe.

The thin blue line easily slit the throat of the sitting president and still longs, as if for revenge, to cut off the loser's head; it is hard to say whether this is the ideological bias The Economist represents or racism lurking within it at work.

Caption: Heads rolling

Image source: @TheEconomist

If this is about punishing a competitor, Jensen Huang bears at least three crimes:

① Anthropic is about to go public, and the path by which the East's open-source models accelerate using "American chips" must be severed; the value of Huang Le lies in assembling, in dramatic fashion, every element of the security narrative;

② Data centers must be built, but the political noise must be made by the Republican Party; Jensen Huang's value lies in ending the pan-politicization of data centers since the midterm elections and letting data centers run quietly;

③ A personal-scandal style of attack, a zero-second launch under the DEI revival: first tear him down and stink him up in public opinion, and ultimately bring tech companies back onto the pre-2016 track.

One may boldly predict: Jensen Huang's skin color makes him fit for sacrifice, Musk's connections make him fit for subjugation; positive and negative combine, and there is a scene of prosperity.

Caption: The shelf life is only two years

Image source: @zuoyeweb3

Before 2024, the employees of this company were still Democratic loyalists, but since 2025 Jensen Huang has grown closer and closer to Trump: "America's unique advantage lies in President Trump."

Indeed, lobbying far outweighs donating, which is itself a signal — whoever is at the center, that is whom you support; but in an age of political polarization, loyalty that is not absolute is absolutely disloyalty.

Think of danger, think of retreat, think of change: the political wind is not fit for long-term holding. CUDA can be laid out over many years, but the B300/H200/A200 iterations accelerate year by year.

From a macro perspective, the economic cycle is a financial bubble of technological collapse.

No one knows whether AI will head into a bubble. In dealing with the East, Jensen Huang has always kept to business. Yet this side of the ocean is the biggest external variable, continuously battering America's AI narrative; no one knows what else the far shore is hiding.

Whether delaying the bubble or deliberately pricking it, NVIDIA can no longer be allowed to dominate alone; a professional manager must be brought in to serve as a political spokesperson, and if necessary it must be detonated early, so that the bomb goes off during Trump's term.

AI hardware such as AMD and Intel is in Chinese hands, and the American economy has many more perfect scapegoats; just as Israel serves as a political placeholder, the WASPs let Jews and the Chinese fight a civil war against each other. They seem to be spectators, but in fact they are the eternal masters.

A legend will not be replaced by another legend; the leather jacket does not wrinkle, it merely fades.

Let Imagination Seize Power

“

Live by the sword, die by the sword.

In 1968, facing an Eastern monsoon that arrived two years late, Parisian students grew ever angrier, hoping to smash an old world and then create an eternal new one.

The boundless pursuit of the new bred boundless fantasy; everything slid into nihilism along with hormones, and the old world was not replaced by programs, institutions or ideologies.

But reality is material: the silent majority used their votes to invite de Gaulle back. Compared with his Chinese peers or the Musks, NVIDIA is a suitable target for demolition.

Caption: The 3% Achilles' heel

Image source: @zuoyeweb3

America's tech founders crave capital markets and fear losing power, and so the system of "different voting rights for the same shares" came into being; but NVIDIA was founded too early — or rather, Jensen Huang tried to replace capitalist property rights with the trust of Chinese society.

Musk has absolute control over SpaceX, Google is the pas de deux of Page and Brin, but Jensen Huang relied on the absolute support of the board — that is, a simple majority of 6 out of 11 could simply stop supporting him.

If anyone says a multisig wallet is unsafe, tell them that a $4 trillion NVIDIA is not much better off.

A single point of failure is frightening, but herd conformity is even less rational; an outsider will not defend your life's work — he cares only about his own Title and stock.

After the fervor and passion passed, France did not settle down completely; street protests stubbornly persisted for decades, whether under the left, the right or the center.

They — the intellectuals — saw through the rotation game of elections; thinking about how to defeat capital and power, how to control capital and power, became a required course for intellectuals after World War II and during the Cold War.

From Soros inheriting Popper's idea of the open society, to Reagan developing a fine collection of Soviet jokes, in the end Obama drew on all schools and rolled out the ultimate weapon of diversity.

The young are forever angry; the opinion industry is forever shrill.

It is all coincidence: The New York Times published on 10.29, which raised no great wave at the time, until the FT's report on 10.6 — that was when the tsunami rose, with nothing in between but the week in which the Republicans lost the midterm elections.

The world has changed color; AI has changed bosses.

FTX's collapse began with a report from CoinDesk; Jensen Huang's downfall began with a report from the NYT and ended with a sheet of paper from the board.

When you defend Jensen Huang, you cannot even find an opponent. Even if "A" made the move, it was run by several Pulitzer Prize winners; even if the Democrats did it, the great cause of national security cannot be refuted.

You should even be glad this is 2026, and that not many people are focused on gender issues as they were in Biden's time.

Caption: Beneath the great cause

Image source: @semafor

Drawing the sword and looking around in bewilderment — but who exactly can be targeted?

The Democrats do not even have an overall representative; a Binance hack can be blamed on General Xin, but the US president is still a Republican, and the Democratic National Committee is only an election body.

Unable to defend and with no enemy to fight, Musk, who owns 𝕏, can only voice support, but Trump cannot save a company's CEO either — the state machine still has to conduct its investigation.

Everyone is inside the game and must play their role; the melon-eating crowd is also part of the Play.

The Old World Is Behind You

“

Strike the shepherd, and the sheep will be scattered.

The economic great purge is still underway; politically, Defense Secretary Hegseth has become the new target — someone must answer for the failure of the Iran war, and Trump is already a pitiful, down-and-out old man.

And Jensen Huang must answer precisely for the victory. Americans believe that in the AI chip contest across the ocean, their own side holds every advantage; but someone must answer for the rise of that batch of large models from the East. Liang cannot be chosen; the O company has been routed step by step by A÷; NVIDIA, with its absolute lead, is instead the easiest to strike, and striking it will not damage the existing advantage.

Because I stand on the moral high ground, I can lower my bottom line.

Internal purges are a thousand-year fine tradition in Europe and America; from the Inquisition to the KKK, the core is exactly the same, and through long practice Europe has long set the industry principles for America.

America keeps Europe as a political mistress, but from the standpoint of value export, Europe remains to this day America's stern spiritual father.

Facing the multinational tech companies that rose after the Second World War, nation-states need both to clip their wings and to conspire with them to carve up the world; early antitrust measures fit reality less and less — dismantling one's own dominant companies only results in foreign countries growing big and strong.

Caption: Fines cannot breed competitiveness

Image source: @zuoyeweb3

Once market competition is over, a company that wants to sit on monopoly rents usually has to bind itself deeply to politics.

Since AT&T sacrificed Bell Labs, antitrust has basically been treated only as a means of constraint and rarely truly enforced; EU fines play the role of a tax-farming system — they can neither support local companies nor block foreign ones, and their only function is to feed a vast bureaucratic system.

Then there are rating tools such as ESG, and compliance measures such as GDPR that reach deep into companies in every country — which instead enable the big companies to implement compliance standards; both sides of the ocean are the same, and spiritual compliance means complying with the EU.

In the end, America sells chips, Europe sells luxury goods, and the East sells large models at cabbage prices.

People are cheap away from home; when the Chinese collectively sell chips in America, noble and base are distinguished, and politics, with public opinion as its proxy, can take everything away.

Caption: The shorting began long ago

Image source: @WSJ

This is no alarmism: as early as 2024 the White House had already noticed Huang Le, and as early as half a year ago someone had publicly published a report shorting NVIDIA — but all of this is just the dramatic beats of a one-week miniseries.

The visible hand will make you loathe it, but what comes next is the home turf of the invisible hand; the only question is whether ideological fanatics really have the ability to run a high-tech industry.

OpenAI's Sam Altman believes in AI, but Dario had already attained enlightenment on the Scaling Law at Baidu before he lost his testicles; the surpassing that follows is merely the inevitable ending of a long plot.

Jensen Huang has completed his mission, but the entire AI industry, and even the situation of the Chinese in America, will not improve, because the system no longer rewards being right, only political correctness.

If the East's AI does well, then it is because the Chinese in America did not fully implement the bans; if America's AI does poorly, then it is because the Chinese in America held back their intellectual contribution to America.

And if America does AI well?

Then that is the strongest chip company, led by Americans.

From Wang Laboratories to Jensen Huang's GPUs, it is nothing but a supersized laundry and massage parlor.

Conclusion

It is not because people invented science that they stopped hunting witches, but because they stopped hunting witches that they invented science.

When FTX collapsed, SBF finally gave up resistance and turned to playing games — most likely on NVIDIA's GeForce series.

It is hard for us to learn what inner journey Old Huang went through in the four days from 10.8 to 10.12, or whether he remembered the old days of graphics-card mining. That was the crypto world's earliest collective memory of Jensen Huang.

At the 2013 Xiaomi launch event, Jensen Huang could share the stage with Lei Jun, thrilled beyond measure; in the PoW ETH of 2019, the stinky gamers kept meeting disaster; as the mining tide rose and fell, Old Huang finally found his second growth curve.

Then came the AI large models that took off in 2022; after years of persistence NVIDIA met its destiny — never imagining that the ending would be to serve as a scapegoat.

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