Golden Spoon Investment Portfolio - Chapter 309

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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309. I didn’t realize you had thought it all through—I worried for nothing.

Seok-won’s unexpected action caught both Travers Huang and Landon Shore off guard, their expressions shifting to one of genuine surprise.
Landon, who had been about to speak, noticed from Seok-won’s composed gaze fixed on Travers Huang that this was no spontaneous remark, and he wisely held his tongue.
Travers Huang, still reeling from the shock, leaned forward in his seat as if to confirm he’d heard correctly, his voice carrying a note of disbelief.

“Are you saying you’ll invest whatever amount I write on the check?”
“That’s right.”

Seok-won nodded slightly, his smile never wavering as he spoke.

“Whether it’s ten million dollars or a hundred million, write whatever amount you need. Of course, you’ll receive company shares proportional to the investment.”

Since they’d already agreed that equity would be exchanged for the investment, that posed no obstacle.
But in a situation where they’d already conducted layoffs and were now bleeding resources dry day by day, the prospect of receiving whatever capital they needed felt like nothing short of divine intervention.
True to form, Roy Bist and Michael Golner initially seemed bewildered, but once they grasped that Seok-won was in earnest rather than jesting, their faces lit up as though they might burst into cheers at any moment.
Travers Huang felt the same way—and despite the lingering sense of unreality, the realization that they would survive brought such relief that he exhaled deeply without meaning to, a testament to the emotional toll he’d endured.
Then, seized by a sudden question, he looked across at Seok-won and asked carefully.

“What’s your reason for doing this?”

Landon, who had been struggling to conceal his bewilderment all this while, now fixed Seok-won with an inquisitive gaze.
Seok-won lifted the teacup before him, took a measured sip of coffee, set it down, and answered with casual ease.

“It’s simple. I have great respect for Nvidia—or more precisely, for Chairman Huang and your team’s capabilities and spirit of challenge. I believe that given the opportunity, you’ll absolutely achieve success.”

His words carried the unmistakable weight of genuine conviction, not mere flattery.
Hearing the sincerity in Seok-won’s voice, Travers Huang felt a warmth kindle in his chest, which had grown somewhat despondent after two consecutive failures.
He was well aware of the industry’s skeptical gaze—the widespread doubt that a comeback would be possible.
In such circumstances, Travers Huang had boarded the flight to New York with the resolve of a drowning man grasping at straws, prepared to endure any humiliation or shame if it meant clinging to Seok-won’s coattails and securing the investment by any means necessary.
But hearing such a generous offer the moment they met—to invest whatever they needed—allowed his battered pride to unfurl just a little.
Travers Huang suppressed the joy welling up from deep within and asked once more, as if to confirm.

“You truly believe we have potential, despite having failed twice already?”
“I don’t regard those two setbacks as failures. They’re merely trial and error on the path to success.”

Travers Huang listened intently, his eyes gleaming with interest.

“If I simply gave up now, it would truly be a failure. But as long as I’m still fighting, everything up to this point is merely part of the journey. Knowing full well that the path ahead is treacherous, the fact that I abandoned the second graphics card development midway and took the risk of completely overhauling the existing architecture and technologies we’d developed—isn’t that precisely because I have confidence and conviction that we can succeed next time?”

As if I’d peered into his very soul, my resolve and thoughts flowed directly from my lips, and Travers Huang’s face flushed crimson.

“The newly developed graphics chip will definitely succeed.”

I nodded at his confident declaration.

“That’s precisely why I proposed the investment first—because I believe it will.”
“Of course. You’ll absolutely have no reason for disappointment.”

Travers Huang’s face brightened considerably, and he clenched his fist tightly.
Though I knew that Nvidia’s third development project, the RIVA128 graphics card—which was essentially their first mass-produced model—would go on to achieve tremendous success and turn the company around, I kept that knowledge hidden and spoke encouragingly instead.

“I genuinely hope it turns out that way too.”

I gestured lightly toward Travers Huang, who was burning with enthusiasm.

“First, write down how much you’ll need.”

Travers Huang then pondered seriously for a long moment before pulling a pen from his inner pocket and writing a figure on the blank check in front of him.

[20,000,000 USD]

Roy Bist and Michael Golner, who had been watching nervously from the side to see the amount, widened their eyes in shock at the figure.
Twenty million dollars? Even with permission to write whatever they wanted, this was excessive!
It was an amount so unreasonable that withdrawing the investment would be entirely justified, despite the goodwill they’d shown.
The two men anxiously watched for any sign from Seok-won, seated across from them, fearing the opportunity they’d finally found would slip away again.
Landon, who had glanced down at the check, also made no effort to hide his discomfort upon seeing the twenty million dollar figure.
But I showed no particular change in expression, simply glanced at the amount written on the check once, and then looked up.

“Will that be enough?”

Travers Huang, who had been nervously waiting for my response while swallowing hard, answered immediately.

“That level of funding is necessary to complete the newly developed NV3, mass-produce it, and bring it to market.”

NV3 was the project codename for the RIVA128 graphics card, which would become Nvidia’s first major hit.
Landon Shore interjected with a reluctant expression and a dry tone.

“I understand that you need capital for product launch. However, it seems you’re overlooking one critical issue.”
“….”
“What do you believe Nvidia’s current enterprise value is, Mr. Huang?”

At the sharp question, Travers Huang faltered and offered no response.
Seeing this, Landon shrugged and, true to his background as a lawyer, continued methodically with his argument.

“Our valuation places Nvidia’s enterprise value at approximately five million dollars. Frankly, considering the company’s proximity to bankruptcy, we’ve been quite generous with that figure.”

Though the assessment was harsh, it was entirely accurate, so Travers Huang and the Nvidia executives accompanying him could offer no rebuttal.

“Yet you’re requesting a twenty-million-dollar investment. I find myself somewhat bewildered. Even if you surrendered every share of equity, it would fall considerably short of the investment amount. Would that still be acceptable?”

A heavy silence descended over the conference room at Landon’s words.
One might think it harsh, but Landon’s statement was nonetheless accurate.
While the Nvidia executives beside him urgently signaled Travers Huang to revise the amount on the check before Seok-won changed his mind, Travers himself felt a twinge of self-reproach for having gotten carried away in his excitement.
Though it left a bitter taste, he himself knew well that Landon’s valuation of the company at five million dollars was not far from the truth.

‘No. Considering we’re burdened with debt and no one even looks twice at us, saying we’ll be bankrupt soon, you could actually say they’ve priced us generously.’

Though disappointed, just as he was about to swallow his pride and lower the amount to avoid losing this opportunity altogether, Seok-won, who had been listening quietly with his arms crossed, finally spoke.

“As Landon has pointed out, considering Nvidia’s current enterprise value, there do seem to be various problematic aspects.”
“Then… perhaps half of that….”

Seok-won cut off Travers Huang’s urgent plea mid-sentence.

“However, I believe Nvidia’s potential exceeds its current value, so I’ll proceed with the twenty-million-dollar investment as you requested.”

When Seok-won, whom everyone expected to show displeasure, agreed to invest the full requested amount without reducing it by a single dollar, not only Travers Huang but also the Nvidia executives and even Landon stared at him in shock.

“Boss, if you do that….”

Seok-won raised one hand to stop Landon from objecting.

“I’ve made this decision based on separate considerations. We’ll discuss it later.”

No matter how Landon Shore thought about it, this was an investment that lost far too much value, but at the instruction to let it pass, he had no choice but to close his mouth.
Meanwhile, upon hearing Seok-won’s words that he would invest the desired amount, Travers Huang wore a complex expression of gratitude mixed with concern, glancing sideways and gauging the atmosphere.

“Then, how much equity stake would you like….”

As he trailed off with the question, Seok-won turned his head to ask Landon Shore beside him.

“You said Nvidia’s enterprise value was five million dollars a moment ago, correct?”
“That’s correct.”

With his gaze fixed forward, Seok-won looked at Travers Huang and the Nvidia executives, who waited for his words with tense expressions, and laid out the terms.

“We’ll take a 50% equity stake for five million dollars, and invest the remaining fifteen million dollars in the form of a convertible bond.”

A convertible bond referred to a corporate bond that gave the bondholder the right to exchange it for stock instead of cash at maturity.

“For the first two years, we’ll waive CB interest, but in exchange, when Nvidia goes public, you can convert the principal into stock at one dollar per share.”

Seok-won spoke while clasping his hands together on his knee, one leg crossed over the other.

“This way, Nvidia secures the necessary capital, and if the company successfully recovers and lists on the stock exchange, we can reap investment returns proportional to the risk we’ve borne. I think it’s a favorable condition for both sides—what do you think?”

For someone in a position where they had no choice but to accept even a demand for more than half the equity, it was an extraordinarily—no, an incredibly favorable condition.
Faced with such an unbelievably generous proposal, Travers Huang responded as if asking whether this was a dream.

“Is it truly acceptable?”
“Of course.”

At that, Travers Huang nodded quickly without further deliberation.

“Excellent. Let’s proceed with that.”

Seok-won gave a subtle tilt of his chin, as if indicating it was now Landon Shore’s turn.

“Work out the detailed contract terms, including the interest rate, through mutual consultation.”

No matter how much Landon Shore thought about it, the terms were far too generous, and he couldn’t understand why Seok-won would go this far. Unable to help himself, he exhaled a small sigh and reluctantly replied.

“Understood.”

Meanwhile, Travers Huang and the Nvidia executives, having achieved results beyond their expectations, couldn’t hide the smiles on their faces.
Shortly after, they finalized the details of the convertible bond—setting the maturity date as the IPO listing and, following Landon’s strong insistence, agreeing to pay 8% annual interest starting two years later—and concluded the contract swiftly.
Though the interest rate was higher than a bank loan, being able to use the money interest-free for two years made it far from an unfavorable arrangement.
Above all, there was nowhere else willing to lend such a sum to Nvidia, which stood on the brink of bankruptcy, so the mere ability to borrow was cause for gratitude.
As Travers Huang, carefully tucking the twenty-million-dollar check from Seok-won into his pocket, repeatedly expressed his thanks and left the conference room with his entourage, Landon let out a short sigh.
Then, as if unable to comprehend something, he turned his head toward Seok-won.

“I understand you have high expectations for Nvidia, but I’m not sure it was necessary to go this far.”

Seok-won posed an unexpected question, a faint smile playing at the corners of his mouth.

“What do you think is the most important asset for a venture company?”
“Surely it’s a brilliant idea that can generate substantial profits and the people capable of bringing it to life.”
“Exactly. But if you claim to invest while taking away all the equity, what do you think the founders and employees would feel?”
“…!”
“Venture companies burn with passion fueled by the hope and dream that they’ll become millionaires when the company grows and goes public. If all they’re doing is drawing a salary, wouldn’t they lose their drive?”

Landon paused to consider, then nodded his head.

“That seems likely.”
“In that case, no matter how much potential a company has, it will never transform from an ugly duckling into a swan—it will simply fade away.”
“So that’s why you deliberately took only half the equity.”

At his understanding response, Seok-won broke into a broad smile.

“Exactly. That way, they’ll still feel Nvidia is their own company and will burn even brighter with the investment capital they received. Then, if they achieve the expected results and go public, not only will the equity I’ve secured be valuable, but I’ll also be able to reap considerable profits through the convertible bond.”

Realizing it wasn’t simply a matter of giving away money but rather a carefully calculated move, Landon opened his mouth in quiet admiration.

“I worried needlessly, not realizing you had it all planned out.”

Seok-won, his face still smiling, thought briefly to himself.
If his memory served correctly, when Nvidia went public on NASDAQ three years from now, the IPO price would be twelve dollars per share, so simply converting the convertible bond into stock would yield a twelve-fold profit.

‘Considering how it will continue to grow after the IPO, eventually seizing the semiconductor throne and becoming one of the most expensive companies in the world, twenty million dollars is practically nothing.’

He was already looking forward to seeing what expression Landon would make when he later witnessed how high the Nvidia stock he’d acquired at a dollar per share would eventually climb.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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