A young trainer at a health club in Gwanghwamun represents the MZ generation, showing interest not only in fitness but also in the global economy and stock markets, particularly in U.S. tech companies. He is a typical foreign investor, focusing solely on American stocks.
The trainer is part of a KakaoTalk group with friends, where they discuss the movements of the U.S. stock market each morning and exchange opinions on new corporate earnings reports. They debate which companies will lead the future, what stocks to buy, and whether it is the right time to buy or sell.
Four companies dominate their discussions: NVIDIA, Microsoft, Tesla, and Alphabet, Google's parent company.
NVIDIA is hailed as the king of AI semiconductors, Microsoft is a giant in software, cloud computing, and generative AI, Tesla dreams of autonomous driving and robotics beyond electric vehicles, and Alphabet designs the future of digital civilization based on search, data, and AI technology.
For these young foreign investors, these companies represent more than just stocks; they are investments in the future they will inhabit.
However, a surprising topic emerged in their KakaoTalk group chat a few days ago: the infidelity scandal involving NVIDIA CEO Jensen Huang.
The trainer shared his friends' reactions, stating, "We thought NVIDIA was the company with the least owner risk, but no one expected this to happen there." This remark lingered in his mind.
In the stock market, investors analyze a company's performance, growth potential, technology, and financial structure. However, understanding the mindset of the individuals running these companies is much more challenging. Young investors, who sought to predict the future of AI, found themselves taken aback by the human weaknesses of the CEO creating that AI.
The Four Young Investors and Their Concerns About Four CEOs
The way young investors evaluate global tech companies is intriguing.
Microsoft was founded by Bill Gates, who opened the era of personal computers but was not free from controversies surrounding his personal life. An investigation into his past relationships with female employees led to his stepping down from the board in 2020. However, Gates had already retired as CEO in 2000, so it is not entirely accurate to say he was ousted due to sexual scandals.
Today, Microsoft operates under a professional management system led by Satya Nadella. While the founder's influence remains, the company's daily operations are not solely dependent on one person's judgment.
As a result, young foreign investors view Microsoft as a relatively stable company.
In contrast, Tesla presents a different picture.
Elon Musk is one of the most innovative yet unpredictable CEOs in the world. His imagination has continuously created new markets, spanning electric vehicles, space, AI, and robotics.
However, his political statements and impulsive actions, along with excessive involvement in other businesses, have repeatedly introduced uncertainty for investors.
Many investors believe in Tesla's future but worry about the company's heavy reliance on Musk as an individual.
Alphabet, Google's parent company, operates differently. Founders Larry Page and Sergey Brin exist, but Sundar Pichai runs the company as CEO. However, the founders' dual-class voting rights significantly differentiate it from typical professional management companies.
So, what about NVIDIA?
Young foreign investors view Jensen Huang as a diligent founder dedicated to technology. He foresaw the future of semiconductors better than anyone else and has led the company he co-founded in 1993 for over 30 years, placing it at the center of the global AI industry.
His black leather jacket has become a symbol of innovation, and the next-generation semiconductors he announces move global stock markets.
Moreover, he has a beautiful love story. The trust in Huang as a person, in addition to NVIDIA's technological prowess, contributed to the high regard young investors held for the company.
Yet, this is where unexpected risks have emerged.
A Love Story: Meeting First Love at Seventeen and Promising to Be CEO at Thirty
Jensen Huang's life includes a love story reminiscent of a movie.
Born in Taiwan and moving to the U.S. as a child, he met Lori Mills while studying electrical engineering at Oregon State University.
He was around seventeen, and Lori was two years older. The two studied together in the electrical engineering lab, where Huang approached Lori to collaborate on homework, and they naturally grew closer by studying together every Sunday.
By the age of twenty, he told Lori he would become the CEO of a company by the time he turned thirty.
What might have sounded like youthful bravado became a reality. In 1993, Huang co-founded NVIDIA at thirty and became its CEO.
Throughout the years, Lori supported her husband by managing their home and children while he built the company. Huang has often spoken about how much his wife's dedication and faith contributed to his success.
The fact that a lifelong partner stood behind a global entrepreneur's success has inspired many.
The young trainer at the Gwanghwamun health club was aware of this story. He once mentioned to his friends that he would like to marry someone like Jensen Huang—smart, diligent, passionate about his work, and someone who has built a global company while being committed to one person for many years.
His friends responded, "Isn't it possible that such a successful man might cheat? Isn't the risk to his family too great?"
At the time, that comment may have seemed overly cautious.
However, now Huang has acknowledged his extramarital affair and apologized to his family and employees.
The disappointment felt by the young trainer likely extends beyond mere disillusionment with a celebrity's infidelity. It reflects the gap between the idealized image he held of a person he trusted and the reality of that person's flaws.
Everyone is imperfect. Yet when a story believed to be beautiful is shaken, it also unsettles the hearts of those who cherished that narrative.
A Grandmother's Proverb: Love People, But Don't Blindly Trust Them
Listening to the trainer's story reminded me of a proverb my grandmother used to tell.
"A quiet cat climbs onto the stove first."
This saying, which I remember from childhood, serves as a warning not to judge everything based solely on appearances. It suggests that even seemingly calm and gentle beings can act unexpectedly.
Of course, this is my personal interpretation of the proverb.
However, there is another saying that has lingered in my mind.
"Love people, but do not trust them unconditionally."
At first glance, this may seem cold-hearted.
If you love someone, shouldn't you trust them? How can love exist without trust?
Yet, as time passes, I gradually understand the meaning of this saying.
To love a person is different from viewing them as a flawless being.
Everyone deserves respect, but no one is entirely free from the possibility of making mistakes. No matter how excellent a CEO may be, they can err, and even the greatest leaders can make poor judgments.
This is why modern democracy has established systems to distribute and check power. Companies also have boards of directors, audits, internal controls, and compliance monitoring systems.
Good systems do not exist solely to foster distrust in humanity. They acknowledge human imperfection and aim to prevent that imperfection from escalating into risks for the entire community.
Investing in stocks is no different.
You can love a company. You can believe in its technology and future. However, you should not elevate its CEO to the status of an infallible hero.
Stocks are not objects of faith.
You can respect a company, but you must scrutinize its management.
The first lesson young foreign investors in Gwanghwamun should learn from this incident lies here.
Alice Huang: How Close Relationships Become Business Assets
The controversy surrounding Jensen Huang extends beyond mere personal matters.
Concerns have arisen regarding Alice Huang, the Chinese businesswoman identified as his associate, with allegations of connections to Chinese intelligence agencies. U.S. authorities and NVIDIA's board are investigating the matter.
Alice Huang is associated with Megaspeed, an AI cloud company based in Singapore. U.S. media reports indicate that Megaspeed and its affiliates have purchased NVIDIA semiconductors and AI equipment worth billions of dollars.
Reports also suggest that she showcased photos with Jensen Huang to business associates to demonstrate their closeness.
What matters here is not just the existence of the photos but the potential economic value they may hold.
NVIDIA's advanced GPUs are not products that anyone can acquire in unlimited quantities simply because they have the money. Various conditions, including production capacity, supply contracts, export controls, and customer evaluations, must align.
In such a market, the perception of a close relationship with the CEO can serve as a powerful business asset.
However, it remains unverified how this relationship may have influenced actual purchase contracts or allocations. There is no definitive evidence that all equipment purchased by Megaspeed was illegally transferred to China.
Whether Alice Huang acted under the directives of Chinese intelligence agencies is also a matter that requires distinguishing between publicly proven facts and allegations.
Nonetheless, this incident raises a crucial question in modern corporate governance: How can we manage the potential influence of personal relationships on public business decisions?
This is not just an issue between China and the U.S.; it is a governance challenge that all global companies must grapple with.
The Loneliest Job in the World: CEO
Writer Kim Jae-won shared a story about a taxi driver who observed a man, presumably a small business owner, riding with a woman who did not fit the glamorous image often imagined.
However, the essence of this anecdote is not about the woman's appearance.
It raises the question of why a successful executive might deeply rely on someone's warm words and understanding.
Being a CEO is a lonely job.
Even when a company faces difficulties, it is hard to share all worries with employees. Speaking to family can create anxiety for the entire household. Discussing issues with friends may lead to fears of gossip.
While they lead many people, they may lack someone to listen to their own stories.
Thus, they may find themselves drawn to those who understand, respect, and listen to them.
Jensen Huang is human too.
Even as the CEO of a company that produces the world's leading AI semiconductors and influences the futures of numerous businesses, he is not free from loneliness and emotions.
However, loneliness cannot serve as a justification for all actions.
Feeling lonely is different from betraying family trust. Opening up to someone is not the same as neglecting public responsibilities.
What great executives need is not to deny their loneliness but to wisely manage it.
One of humanity's deepest weaknesses lies in the arrogance of believing one can fully control their desires.
The Paradox of Silicon Valley Geniuses: Bill Gates and Elon Musk
CEOs of global tech companies are often labeled geniuses.
Bill Gates opened the era of personal computers, Elon Musk has expanded the boundaries of electric vehicles and space industries, and Jensen Huang has established the center of the AI semiconductor industry.
Their technological achievements deserve high praise.
However, technical genius does not necessarily correlate with personal maturity.
Bill Gates' personal controversies illustrate how a founder's actions can raise issues regarding a company's reputation and governance.
Elon Musk's unpredictable statements and actions, along with his interests across various businesses, have been flagged as risk factors for investors.
Jensen Huang has been regarded as a relatively stable and technology-focused CEO.
Yet, this incident shows that the personal actions of a CEO can escalate into trust issues for the entire company.
Recently, a shareholder lawsuit has been filed against NVIDIA and Jensen Huang regarding disclosure issues. However, the mere fact that a lawsuit has been filed does not imply that wrongdoing has been confirmed.
All these cases connect to a single issue.
As a company's performance grows, so does the power of its CEO. However, increased power does not automatically enhance moral capabilities.
In fact, as criticism diminishes and praise for success increases, self-reflection can become even more challenging.
A corporate executive must be someone who raises stock prices while also maintaining trust among people and organizations.
Lessons from Laozi and Confucius for Foreign Investors
Laozi's Dao De Jing, Chapter 33, offers the following teaching:
知人者智 自知者明
勝人者有力 自勝者强
Those who know others are wise, but those who know themselves are enlightened; those who conquer others have strength, but those who conquer themselves are truly strong.
Jensen Huang has defeated numerous competitors.
NVIDIA has secured overwhelming competitiveness in the global AI semiconductor market.
However, the true strong person, as Laozi suggests, is not the one who defeats competitors but the one who conquers themselves.
Managing desires, guarding against arrogance, and fulfilling one's responsibilities define true strength.
The Doctrine of the Mean teaches the importance of self-restraint:
故君子慎其獨也.
Thus, a gentleman is cautious even when alone.
It is relatively easy to act correctly when someone is watching. However, maintaining one's conscience in places where no one is observing is challenging.
Internal controls and information security systems are essential for companies. Yet, no matter how sophisticated a monitoring system is, it cannot oversee every human heart.
Ultimately, what remains is self-discipline.
This teaching applies not only to Jensen Huang but also to the young trainer in Gwanghwamun and his friends in the KakaoTalk group.
In stock investing, the most challenging opponent is sometimes not the market but oneself.
When stock prices rise, it feels like they will continue to soar, and when they fall, it seems like the world is collapsing. When others make money, impatience grows, and when bad news emerges about a chosen company, one may resist acknowledging the truth.
Greed and fear, overconfidence and obsession are the psychological challenges investors face daily.
Therefore, a good investor must possess not only the ability to analyze companies but also the ability to manage themselves.
Laozi's teaching of self-conquest is necessary for both executives and investors.
Another Legacy of Choi Bool-am
Recently, I recall the late actor Choi Bool-am.
He was beloved by Koreans throughout his life until he passed away at the age of 87. In the series "Police Chief," he portrayed a righteous investigator, and in "Farm Life," he was a warm elder in a rural community.
He also served as a member of the National Assembly and continued his cultural and social activities afterward.
In 2018, Choi Bool-am was baptized by Cardinal Andrew Yeom Soo-jung and became a Catholic.
Reflecting on his life reminds us that public figures have a responsibility to serve as role models through their words and actions.
Of course, it cannot be concluded that Choi Bool-am was a flawless human being. It is essential to distinguish between the characters an actor portrays and their real-life persona.
However, his life, built on trust with the public over many years, prompts us to reconsider the meaning of success.
Jensen Huang has built a global company, while Choi Bool-am portrayed characters that remain in the hearts of the people.
One showcased the achievements of technological civilization, while the other conveyed the warmth of humanity and community.
It is not easy to determine which life is greater.
However, one thing is clear.
Human success is not solely defined by wealth, power, technology, or fame.
What matters is how long that success is upheld through trust and responsibility.
What Does the Anger of Foreign Investors Indicate?
The emotions felt by the young trainer and his friends in Gwanghwamun are likely more than mere anger.
Within them may lie disappointment, confusion, anxiety, and a sense of betrayal.
They did not directly create NVIDIA's semiconductors, nor have they likely met Jensen Huang. However, if they invested their salaries and savings in NVIDIA stocks, they have intertwined their futures with the company's.
Thus, the CEO's missteps do not feel like distant celebrity scandals.
They resonate as issues that shake their investment judgments and beliefs about the future.
What foreign investors must consider is clear.
Good companies and good stocks are not always the same. Excellent technology and high stock prices do not always align. An outstanding CEO is not synonymous with a perfect human being.
NVIDIA's semiconductor competitiveness remains highly regarded. However, trust in its CEO and the company's governance must be evaluated separately.
Microsoft's ability to grow after its founder is attributed to its establishment of a system that transcends any single individual.
NVIDIA must also prepare for a future where it can respect Jensen Huang's exceptional abilities while being ready for scenarios without him.
Companies may need heroes, but they should not entrust everything to one hero.
Investors can love a company, but they must not fail to question what needs questioning due to that love.
In the Age of AI, the Most Challenging Management is One's Own Mind
The small story that began at the Gwanghwamun health club ultimately returns to an age-old question of human civilization.
What makes a person great?
Is it the ability to create the world's best semiconductors? The ability to manage a multi-billion dollar company? Or the ability to restrain one's desires and maintain the trust of family, colleagues, and society?
These three values are not mutually exclusive.
True greatness is achieved when technological accomplishments and human maturity coexist.
AI can calculate faster and remember more knowledge than humans. In the future, robots will take over many tasks previously performed by humans.
However, how humans manage their desires and fulfill their responsibilities remains a personal challenge.
Laozi stated that the strong person is the one who conquers themselves. Confucius taught that one should be cautious even when alone.
The Bible reminds us of the futility of gaining the whole world while losing oneself, and Buddhism teaches the path to escape greed and ignorance.
These teachings remain relevant even in the age of AI.
In fact, as human technological capabilities grow, they become even more critical.
Jensen Huang's technological achievements at NVIDIA deserve respect. However, his personal actions and the company's public responsibilities must be evaluated separately. Additionally, allegations related to intelligence agencies should be judged based on objective investigative results.
This is the fundamental principle of a society that respects truth and justice.
The young trainer in Gwanghwamun will continue to teach fitness and, by night, examine the U.S. stock market. He will discuss the futures of NVIDIA, Tesla, Microsoft, and Alphabet with friends in their KakaoTalk group.
It is hoped that their conversations will extend beyond which stock will rise the most.
Which companies will endure? Which executives will earn trust? How will technological advancements enhance human happiness?
These are the questions we hope they will explore.
My grandmother's words come to mind again.
Love people, but do not blindly trust them.
Love warms humanity, and trust moves society. However, blind faith clouds judgment.
Love a company, but do not deify it; respect a CEO, but do not idolize them.
Even in an era where AI surpasses human intelligence, what humanity must ultimately uphold are conscience, restraint, love, and responsibility.
The person who created the world's best semiconductors can also fail in managing their own heart.
Thus, Laozi's teachings remain alive today.
Those who conquer others are strong, but those who conquer themselves are truly strong.
Perhaps the most valuable lesson the young foreign investors in Gwanghwamun should gain from this incident is not merely a profit from stock price fluctuations but wisdom in how to view humanity.
* This article has been translated by AI.
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