Nvidia was one of the most successful companies in the world, reaching $3.4 trillion in valuation on June 18th, 2024. While Microsoft and Apple quickly recaptured the value crown, some analysts forecasted that Nvidia was so strongly positioned that it might become the world's first $4 trillion company. Yet competition was beginning to emerge: AMD was offering GPUs at lower prices that were becoming more competitive with Nvidia, and many other companies had announced specialized chips that could replace Nvidia for some applications. Jockeying for Nvidia's chips was aggressive, and split between applications including data centers, powering LLMs/AI, and more. Under these circumstances, who should get GPUs? And was monopoly pricing the best strategy? Additionally, CEO Jensen Huang had lingering questions about where Nvidia should play in the value chain. Should Huang continue to move forward with vertical integration and go head-to-head with its biggest customers, or stay a component supplier? And were there options to hedge its risk with TSMC, Nvidia's main chip provider?