The departure hall of San Francisco International Airport looks particularly empty in the afternoon sun.
Zhao Chen and Lin Shicheng were sitting in the rest area near the boarding gate.
Outside Floor-to-Ceiling Window is a Boeing 777 that is refueling, its wings glowing silver-gray under the scorching sun.
Lin Shicheng pulled out an organized document from Briefcase and placed it on the coffee table in front of Zhao Chen.
"Zhao Zong, I have compiled the complete record of this meeting.
Huang Renxun draws all the core judgments on the whiteboard--
AI's iPhone moment, Data Center is the largest computing platform in the next ten years,
CUDA ecosystem moat, super-exponential growth in computing power demand after AGI is implemented, Nvidia's full-stack Accelerated Computing Platform strategy--
All are filed item by item. I also made a cross-reference to the verification conclusions in Henglong Research Institute Independent Tracking Manual that are consistent with the publicly disclosed data of Huang Renxun.
This record can be used directly as supplementary material for the Investment Decision Committee quarterly review after it is returned."
He turned the document to the last page, where he listed several things Huang Renxun mentioned in the Japanese food store--
The words "We don't know when we will generate revenue" at the 1993 Denny's restaurant, NV1 architecture, and CUDA press conference,
As well as renegotiating the foundry agreement with TSMC during the NV30 crisis in 2002.
These contents do not appear in any public Financial Report or conference call minutes.
But they happen to be the key footnotes in understanding why the company Nvidia can grow against the odds in every crisis.
Lin Shicheng marked a line of small words with a pencil next to these lines of remarks:
"The content on this page is only for internal reference of Era Vanguard and Henglong and will not be included in any external disclosure documents.
If you want to quote it in the Investment Decision Committee discussion, you need to confirm it with Zhao Zong himself."
"These contents are not archived as official documents, but are only used as a reference background for Henglong Investment Decision Committee internal discussions.
What Huang Renxun says in private situations does not constitute public information and cannot be used as a basis for investment decisions.
But they verified one thing - Henglong System's judgment on the core variable of 'management ability to respond to crisis' in Nvidia's position logic.
It is completely consistent with Huang Renxun's actual actions in the darkest moments in the past."
Zhao Chen took the file and flipped through a few pages.
Lin Shicheng's archive is as watertight as ever--
The core points of each conversation are distilled into concise clause-like records, with corresponding timestamps and context marked next to them.
This document is not a meeting minute, it is a compliance file that will stand up when reviewed by any independent third party at any time.
He closed the document and put it back in front of Lin Shicheng.
"Keep this record.
From now on, the part about management judgment in Henglong's position logic on Nvidia,
Let's use what Huang Renxun personally confirmed during this meeting as a reference.
There is no need to quote his exact words, but the core variable--
Crisis response methods, long-term Strategic Resolve, attitude towards short-term performance fluctuations - all have been directly cross-validated."
Lin Shicheng Put the documents into Briefcase and fasten the lock.
"Zhao Zong, the depth of this meeting exceeded my initial expectations.
Huang Renxun never talks about personal experiences in public,
Not to mention the NV30 crisis in 2002 or the internal debates during the transition to CUDA in 2008.
Maybe it's because he waited a long time for someone who didn't have to explain why he was investing for the long term."
He held Briefcase in his hand,
"But as the head of legal affairs and compliance of Era Vanguard, I must remind you--
Once the content of this meeting becomes known to the outside world, it may trigger a new round of market scrutiny of Era Vanguard and Henglong's intention to hold positions on Nvidia.
The views expressed by Huang Renxun in private situations cannot and should not be construed as an endorsement by management of any shareholder.
I will clearly mark this boundary in my internal compliance memo."
Zhao Chen stood up and zipped Briefcase's bag.
"Keep the boundaries. The consensus between him and me is not on the stock price, but on long-termism.
This consensus does not need to be written into any public document.
But it will directly affect Era Vanguard and Henglong Investment Decision Committee every subsequent quarterly review of Nvidia's positions - as long as the core variables remain unchanged, the position logic remains unchanged."
Lin Shicheng nodded, turned around and walked towards the boarding gate.
His flight was direct to New York, and there were several regular disclosure documents at Era Vanguard that he needed to review in person.
After taking a few steps, he paused and did not look back. He just turned his face and said:
"Zhao Zong, I will reorganize all the compliance boundaries involved in this meeting in the next few days.
In the future, if anyone asks about the relationship between the management of Era Vanguard and Nvidia, we can prove it point by point in the public files -
All position logic is based on independent research and public data and does not rely on any internal information.
Huang Renxun takes the initiative to invite you to meet at the Silicon Valley headquarters.
This is the most powerful endorsement of this compliance framework."
Zhao Chen watched Lin Shicheng's figure disappear at the end of the boarding bridge, and then walked alone to the Cathay Pacific check-in gate next door.
Outside the Floor-to-Ceiling Window in the departure hall, a Boeing 777 was accelerating and taxiing on the runway.
When the nose of the aircraft was raised, the sun cut across the wings, and the shadow cast by the fuselage flew across the asphalt of the runway.
He stood there and watched for a long time. The ground staff who had arrived at the boarding gate began to make a final call in Cantonese and Mandarin alternately.
After the plane took off, Zhao Chen pulled out the Henglong Research Institute Independent Tracking Manual from Briefcase.
Huang Renxun mentioned a few words he wrote down in the margin of the title page of the manual when he mentioned Denny's restaurant in 1993 at a Japanese restaurant -
The Fountain Pen he had carried with him for many years left a few lines of very light ink on the thin paper.
He turned the manual to the pages with quarterly review records and wrote a new line next to the "meeting to be confirmed" he wrote last time:
"Meeting completed. All core variables are consistent with Huang Renxun's long-term strategic framework confirmed in public disclosures and private communications.
Management's ability to respond to crises, long-term Strategic Resolve, and attitude towards short-term performance fluctuations--
The three soft core variables passed cross-validation. The position logic remains unchanged.
The next verification cycle--next quarter."
After writing the last word, he tightened the cap of his pen and leaned back on the chair.
The clouds above Pacific Ocean outside the porthole were endless, and the plane was slowly turning westward along an invisible arc.
He remembered the long arrow that Huang Renxun drew in front of the whiteboard yesterday afternoon--
The starting point is the lowest range of Nvidia stock price in November 2018.
The end point is the latest stock price in June 2020, with three words written next to the arrow: long-termism.
Two of them, one of whom has been involved in the GPU industry for more than 20 years, looks in the mirror every morning and says, "We are only thirty days away from bankruptcy."
A man hunted by the most bloodthirsty Short-Selling Alliance Wall Street independently verified the same set of core variables using public data,
Then keep buying during the most difficult times.
They started from different starting points and reached completely consistent conclusions on completely independent research paths.
The plane continued to fly westward, its destination was Hong Kong, Turning Point and then returned to Shan City.
Henglong's quarterly review meeting, Research Institute's independent Model iteration, and Investment Decision Committee's core variable tracking for the next quarter--
All of this is waiting for him in Jiangbeizui's office.