Nvidia fell below $150 a share on Thursday for the first time in nearly 17 months.

Jensen Huang resigned as CEO that morning, and now Wall Street can’t agree on whether this is a dip to buy.

Here’s where things stand as of this writing:

Nvidia’s board, which seemingly concluded that Huang had to go, said just a few days ago that it had no reason to believe that national security or Nvidia secrets were compromised.

The stock fell double digits before paring its loss to 4.3% at the close on Thursday.

At least six Wall Street analysts downgraded it between Wednesday night and Thursday morning, and more will likely follow in the coming days.

But even without Huang at the helm, the business itself makes its own bull case.

Stifel, for one, posited that the fundamentals “are not the issue” and that they still anticipate a modest beat when Nvidia reports earnings on Tuesday.

I for one agree with that assessment, plus the stock is historically cheap.

Nvidia trades at about 11x forward earnings — far less than Broadcom, TSMC, Alphabet, Microsoft and AMD.

The changing of the guards with Huang is not ideal for shareholders, but the case for buying the dip still seems more compelling than outright selling.

Indeed, the bear case rests on whether Huang’s finance-focused successor bogs the company down in new committees, mandates, and bureaucracy.

Keep in mind that Huang — who founded the company three decades ago and is the only person ever to serve as CEO of Nvidia — is an engineer, while CFO Colette Kress is an MBA.

China and national security concerns, too, remain a looming risk to Nvidia’s market position.

But none of that changes that the stock remains cheap to a mind-boggling degree.

While the next few weeks could get uglier for both Huang and Nvidia shareholders, my personal view is that Nvidia still looks like a buy at these levels.

Investors can get the world’s most important AI company at a discount because of executive drama, not any change to the underlying business or technological moat.

It’s possible that stock keeps falling from here, though at about 11x earnings, plenty of bad news already looks priced in.

🎯 Washington is weighing tougher chip curbs on China. Lawmakers want to add the AI Overwatch Act, the Chip Security Act and the MATCH Act to this year’s defense bill ahead of President Trump’s planned meeting with Xi Jinping next week. (CNBC)

🤖 SpaceX plans to spend more than $74 billion on AI supercomputing. The company said it will invest more than $24 billion at its Starbase site in Texas and roughly $50 billion on a campus in Cochise County, Arizona. (Reuters)

📉 Global Payments tumbled after buyout firms walked away. Private equity firms CD&R and GTCR dropped talks to take the payments processor private, Reuters reported, and the stock closed down 12%. (Investing.com)

Steve Hou is head of research at Silicon Data and a veteran quant strategist. We sat down to discuss rising GPU rental prices, falling token prices, where AI profits will accrue in the year ahead and whether he’s bullish on Nvidia.

Tune in on Spotify, Apple Podcasts, or YouTube.

🗓 November 13, 2017: General Electric cut its quarterly dividend in half to 12 cents a share and lowered its profit outlook. The stock fell 7.2% to its lowest level in more than five years.

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