NEW YORK — Global financial markets experienced their worst single-day decline since the 2008 financial crisis Tuesday after NVIDIA CEO Jensen Huang appeared at the company’s annual technology conference wearing the same black leather jacket he has worn to every public event for the past 25 years.
The S&P 500 fell 7.3%, while NVIDIA’s stock specifically dropped 23% in the first hour of trading, erasing approximately $400 billion in market value. Trading was briefly halted as circuit breakers were triggered by the overwhelming wave of sell orders.
“We had priced in a new jacket,” explained Goldman Sachs analyst Richard Chen, his voice cracking. “Our models showed a 73% probability that Huang would appear in at least a sport coat, if not a full suit. The leather jacket scenario was considered a tail risk. We were not prepared.”
The jacket, a black leather piece that Huang purchased at a San Jose motorcycle shop in 1999, has become so associated with NVIDIA’s market performance that analysts have begun tracking its appearances as a leading economic indicator.
“The jacket has historically been bullish,” noted Morgan Stanley’s semiconductor team in a hastily released report. “But market sentiment has shifted. Investors want to see growth, evolution, maybe some buttons. The jacket represents stagnation. It represents a CEO who refuses to change, even when change is what the market desperately needs.”
Huang addressed the market reaction during a brief statement after the keynote.
“I’ve been wearing this jacket for 25 years,” he said, appearing genuinely confused. “It’s comfortable. It’s practical. I announced $40 billion in new datacenter contracts today. Why are we talking about the jacket?”
His comments only accelerated the sell-off.
“He doesn’t understand,” lamented one portfolio manager who requested anonymity. “The jacket isn’t just clothing anymore. It’s a symbol. Every time he wears it, he’s saying, ‘I’m going to keep doing exactly what I’ve been doing.’ And while that worked when we thought AI was going to take over the world, now we need to see adaptability. We need a blazer. Maybe a nice cardigan.”
The crisis has exposed deep divisions within NVIDIA’s board of directors regarding the company’s jacket strategy.
“There’s been internal pressure for years to modernize Jensen’s look,” revealed one board member who spoke on condition of anonymity. “We hired a stylist in 2019. Jensen wore the leather jacket to the meeting with the stylist. The stylist quit.”
Retail investors, who have driven much of NVIDIA’s astronomical rise over the past two years, expressed particular frustration.
“I put my kids’ college fund into NVIDIA based on fundamentals and a belief that eventually, Jensen would show up in business casual,” wrote one investor on Reddit. “I feel betrayed. The leather jacket looked edgy in 1999. Now it just looks like a guy who peaked during the Matrix.”
The jacket crisis has had ripple effects throughout Silicon Valley, where other tech CEOs are now reconsidering their own signature looks.
“I’ve been wearing the same grey t-shirt for seven years,” admitted one tech founder who requested anonymity. “But after today, I’m terrified. I’ve already ordered a polo shirt from Amazon. Same-day delivery. I can’t take any chances.”
Fashion industry experts noted that Huang’s jacket commitment, while economically devastating, is at least consistent.
“Say what you want about the man, but he’s loyal,” observed Vogue editor Sarah Martinez. “Most tech CEOs cycle through turtlenecks and hoodies like they’re seasonal trends. Jensen found his jacket and he’s sticking with it. There’s something almost admirable about that, in a ‘burning down the global economy’ kind of way.”
At press time, NVIDIA had announced an emergency board meeting to discuss “strategic wardrobe initiatives,” and Huang had been spotted entering a Nordstrom in Palo Alto, sending futures up 4% in after-hours trading.