I Inherited Trillions, Now What?-Chapter 60: Nvidia

January 31, 2024

The shareholders’ meeting had taken an unexpected and dramatic turn. The room, filled with some of the most powerful individuals in the financial world, was thick with tension. Representatives from major investment firms like Fidelity Investments, State Street, and Vanguard filled the space, their influence and wealth reverberating in every corner of the room. These were people from companies who shaped economies, controlled massive amounts of capital, and held the power to change the course of entire industries. They had all known for years about the rivalry between BlackRock and Blackwell Investments, a battle that had intensified ever since Blackwell broke into the trillion-dollar market.

For years, BlackRock had done everything in its power to suppress Blackwell, but what no one had expected was the surprising move that was about to unfold. The meeting had already been a tense affair, with each shareholder carefully weighing the potential outcomes of voting on Blackwell’s proposal. The room was filled with a sense of expectation, and yet, nothing could prepare anyone for what happened next. The BlackRock representative, Anna Morales, raised her arm in support of Blackwell Investments.

This act of defiance sent shockwaves through the room. It was not just unexpected it was unprecedented. For those in the room who understood the intricacies of the power dynamics, the meaning was immediately apparent. BlackRock, a titan of the financial world, had long been opposed to Blackwell’s rapid rise, and now their representative was not only agreeing to Blackwell’s entry into NVIDIA’s board of directors but actively supporting it. The shock was palpable, and the room fell into an uncomfortable silence as everyone processed what had just happened.

To understand the magnitude of this moment, it’s important to know just how out of character it was for someone like Anna Morales, who represented the powerful interests of BlackRock, to side with Blackwell. Even Everlyn, ever the calm strategist, couldn’t suppress the excitement bubbling up inside her. Her face remained composed, but her heart raced. Inside, she was elated. Her plan had been unfolding perfectly, and now it was about to pay off. Her goal had always been to secure State Street’s vote first, and with that in hand, she could start to sway the other shareholders. She knew Alexander had been working behind the scenes, making key alliances, but to have BlackRock come on board was a game-changer. She remembered what Alexander had told her before the meeting: "I have made the necessary preparations to ensure your success." Everlyn had always trusted his judgment, but even she had doubts. She knew how fiercely Vanguard had supported Jensen, and she had expected them to be an obstacle. BlackRock had been another thorn in her side. The thought that they would flip in favor of Blackwell had never even crossed her mind.

Meanwhile, Jensen, the CEO of NVIDIA, was experiencing a whirlwind of emotions. He had been so sure of his victory. After all, he had secured Vanguard’s backing, and with BlackRock’s rejection of Blackwell, he felt his position was unshakable. Jensen had worked tirelessly to build NVIDIA into one of the most successful companies in the world. He had poured his heart and soul into the company, and now he was on the verge of reaping the rewards. His strategy had been simple promise shareholders an increase in next year’s dividend shares, which would allow them to pursue even greater opportunities. In his mind, the numbers were in his favor. The plan was sound, and he believed that his years of work would see him through. But now, seeing BlackRock’s unexpected support for Blackwell, his confidence began to erode. It was as if the foundation beneath him was crumbling.

As the votes were tallied, Jensen watched in disbelief as three of the four major shareholders—Blackrock, State Street, and Blackwell themselves —raised their arms in favor of Blackwell’s proposal to join the board of directors at NVIDIA. It wasn’t just the major players that surprised him; even the minor shareholders, whose votes were typically inconsequential, were joining in. Their support for Blackwell’s proposal was swift and unanimous. The room buzzed with the sound of arms being raised, and Jensen’s heart sank. Henry Tsai, a shareholder and Jensen’s longtime friend and business partner, was sitting nearby. He kept glancing at Jensen, noticing the way his friend was slowly sinking into a state of despair. Henry’s heart went out to him. He could see how badly Jensen was taking this. If they hadn’t been surrounded by so many people, Henry might have seen Jensen break down right then and there.

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Jensen’s mind raced. "Is this really happening? Is this how I lose everything? My company, the one I built from the ground up, the company I sacrificed everything for taken from me like this?" His thoughts spiraled into chaos, but just as the weight of the situation began to settle in, something pulled him back to reality. A sharp, searing pain shot through his right thigh. He looked over to see Henry’s fiery eyes locked onto his. In that brief moment, their gazes met, and Jensen felt a surge of energy rush through him. Henry’s look seemed to say, "It’s not over yet." The words echoed in Jensen’s mind, sparking something deep within him. Maybe it was the shock of realizing that he might lose control of NVIDIA after all these years, or maybe it was the reminder of everything he had fought for, but suddenly, Jensen felt the fire in his heart rekindle. "I’m not done. Not yet," he thought, his resolve hardening. "I’m still the largest individual shareholder, and I’m still the CEO. I just need to be careful now. I need to guard against any Blackwell plot to seize control." His mind was already racing through ways to minimize Blackwell’s influence on the board.

As Jensen composed himself, William Draper, the overseer of the meeting, took the floor. "That concludes the discussion regarding Blackwell Investments joining the board of directors. With the majority of the room in favor, congratulations to Blackwell Investments. We look forward to leveraging their expertise to drive growth." Draper’s words were meant to be congratulatory, but his tone carried a clear implication—Blackwell was now firmly entrenched in NVIDIA’s future.

But it wasn’t just about Blackwell’s entry into the boardroom. William turned toward Jensen and said, "Mr Huang, the votes have been carried. The shareholders would appreciate it if you could work with Paul Brown, over there. Given his expertise, he should be able to complement your skill set and help you in areas that may need attention." William’s words were a veiled critique of Jensen’s management style, suggesting that he needed help on the financial side of things. Paul Brown, the man who would now be taking on the role of Chief Financial Strategy Director, had a smug expression on his face as he sat beside Everlyn. Jensen’s anger flared. He had heard these same suggestions for years these financial people telling him to focus solely on the technology side and leave the business side to someone else. For years, he had ignored their advice and proven them wrong by turning NVIDIA into a trillion-dollar company. Now, these very people were questioning his abilities.

Jensen forced a smile, masking the fury building inside him. He was determined to make sure Paul’s role would be minimized. He wasn’t going to let some outsider, some "puppet" from Blackwell, take control of his company. Jensen’s mind was already formulating plans to undermine Paul’s influence at every turn.

Everlyn stood up to address the room, her calm, authoritative presence commanding attention. "Thank you, everyone, for approving Mr. Paul Brown’s appointment to the board of directors. We’re grateful for your support. Before Mr. Brown speaks, however, I’d like to inform you that the approval of his appointment was only the first agenda item for today’s meeting. There’s another matter we’d like to bring to the table, one that requires your vote as well."

The room went silent. The tension was palpable. Even Jensen, who had been so certain of his victory moments ago, was stunned. His premonition about Everlyn’s plan didn’t fell good he felt a pit in his tummy.

William, ever the experienced negotiator, was the first to break the silence. "Miss Hawthorne, this meeting was scheduled to discuss Blackwell’s entry into the boardroom. We were not briefed on any other proposals."

Everlyn smiled, unfazed by William’s inquiry. "The reason we didn’t brief you beforehand is because this proposal was contingent on Blackwell’s entry into the boardroom. Now that that’s been approved, we’d like to present a proposal that we believe will benefit all shareholders."

Before Everlyn could continue, a voice rang out from the back of the room. It was the representative from Geode Capital Management, one of the few investors who had not supported Blackwell’s entry into the boardroom. "There it is," he sneered, his voice dripping with disdain. "You people just can’t stop, can you? You’ve barely set foot in the NVIDIA market, and now you’re already proposing changes, trying to take control by inserting your puppet into the board." His eyes narrowed as he glared at Paul, who sat beside Everlyn with a smug expression.

Everlyn, unfazed by the criticism, met his gaze with a cool, composed look. "I’m sorry you feel that way. But we do not crave control. Our goal is simply to help NVIDIA reach its full potential. We want to assist in creating a stronger, more prosperous company. Our involvement will foster growth, and we believe the shareholders will benefit from our contributions."

The Geode Capital representative rolled his eyes. "Yeah, for ’growth.’" His sarcasm was thick as he sucked his teeth in frustration.

William, ever the diplomat, turned his attention back to Everlyn. "What is Blackwell’s proposal, Miss Hawthorne?"

With the full attention of the room on her, Everlyn, flanked by Anna Morales and other key Blackwell representatives, stood tall. Jensen, his blood still boiling, couldn’t tear his eyes away from her. "What is it they want now?" he thought. His mind raced with strategies to counter whatever Blackwell’s next move would be. But the words that came next shattered his hopes completely.

Everlyn spoke, her voice steady and resolute. "Blackwell Investments would like to issue more NVIDIA shares," she said.

The room fell into stunned silence. Every single person, save for two, was floored by her announcement. The shockwave rippled through the room, and Jensen felt his heart sink. The weight of what had just been proposed was undeniable. "What did I just hear?" he thought, his mind struggling to process the magnitude of the moment.

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