The future of NVIDIA Corp (NVDA) could look significantly different if a CEO change is made in the wake of Jensen Huang being investigated by the board of directors. Freedom Capital Markets Chief Market expert Jay Woods breaks down what the future of Nvidia with and without Huang looks like for MarketDash.

Jay Woods on Nvidia Stock

Similar to other commentary from leading analysts, Woods says there are many questions that remain about Nvidia, Huang and the company's future.

"There's more theater and theatrics and movie backdrops than actual news about what does this do for the future of Nvidia," Woods told MarketDash.

Woods said Huang is likely to be paraded on Capitol Hill, with politicians on both sides of the aisle looking to investigate and get their questions in.

The big question is whether Nvidia will move on from Huang or if he will resign. Woods places Huang in the same company of Elon Musk at Tesla Inc (TSLA) and SpaceX (SPCX) and Mark Zuckerberg at Meta Platforms (META) as the most recognizable CEOs.

"He is identified as Nvidia. Nvidia is identified as him."

Among the unanswered questions are a succession plan if Huang is out as CEO, how much damage was done to the company, what an alleged spy learned from the company, and if any U.S. trade secrets were put at risk.

Unlike other CEO affairs that have rattled companies, Woods says this is different as it involves potential espionage and Washington, D.C., creating a potential Netflix special.

"To say with confidence right now they'll get through this, that would be foolish because we don't know."

Nvidia Earnings to Get Overshadowed

Woods says Nvidia is the best company in the world in many regards.

"Nvidia is still the beacon on the hill. The best tech company from a revenue point of view, from a backlog point of view, from a conversion point of view," Woods told MarketDash.

The latest news about Nvidia and Huang comes ahead of highly anticipated third-quarter earnings set for Nov. 17. Nvidia earnings have been a spectacle and key market event in the past, but now they will be overshadowed.

"No one cares about their record revenues. No one cares about the best quarter ever, which they consistently do."

Woods said he is watching the $165 level on Nvidia stock.

"The stock is ridiculously oversold."

Woods said buyers will likely step in ahead of earnings with the price-to-earnings ratio hitting historical lows.

"From a technical lens, risk/reward, I would take a shot here on this sell-off using $165, $160 as my support and see where we go because I know fundamentally that the stock is still doing well."

Who Benefits from Nvidia's Downfall

One of the big unanswered questions for Woods is about trust.

"Trust has now been broken. Do the companies that use all Nvidia's products continue to do so?"

Woods said a company like Advanced Micro Devices (AMD) could benefit from Nvidia's downfall. The market expert said he doesn't buy into rumors that AMD CEO Lisa Su would replace Huang at Nvidia.

"She's at a company that's about to eat their lunch on the chips side of things."

Along with AMD, Woods also recommended Alphabet Inc (GOOGL) and Broadcom (AVGO) as companies that could benefit from Nvidia's struggles during an interview with the Schwab Network.