Unfinished Products

Executive Summary

NVIDIA Corporation – established 1993 in California by Jensen Huang, Chris A. Malachowsky, and Curtis R. Priem – is today one of the more important semiconductor company and the largest by capital value (Business Korea, 2021).

Mostly known for inventing the GPU (NVIDIA, 2022?), NVIDIA’s value creation targets graphics and compute & networking (NVIDIA, 2021, p. 94) market segments. NVIDIA manufactures products and deliver services for gaming, professional visualization, data center, automotive and OEM (NVIDIA, 2021, p. 94) and sell them across the world (NVIDIA, 2021, p. 165). NVIDIA 2021 revenue was nearly $17 billion with gaming accounting for nearly half of it (NVIDIA, 2021, p. 15).  

NVIDIA employs around 20,000 (Forbes, 2022) people and engages more than 2.5 million researchers and developers in communities built around NVIDIA platforms (NVIDIA, 2021, p. 15).

NVIDIA’s main competitors are AMD, Intel, Google and Apple (Yahoo Finance, 2021; CNBC Business, 2019).

In this article we provide our reflections on NVIDIA environment, resource and structure in today historical times characterized by high economic and political uncertainty on one end, and with strong technological advancement on the other end.

Semiconductors, nowadays a geopolitical strategic resource (The Economist, 2021; CNBC, 2021), depend on chips produced in Taiwan and South Korea. Semiconductors are one of the duelling fields (Euroasia Group, 2020; U.S. Department of Commerce, 2022) between China and U.S. superpowers. 

The recent Ukrainian war could aggravate (CNBC, 2022) the semiconductor’s shortage crisis (The Guardian, 2021) increasing the complexity of a highly competitive (The Guardian, 2020) industry and economic outlook.

We analyse NVIDIA strengths, weakness its competitive advantage based on its intellectual capital, innovation, market and technology innovation. We analyse how NVIDIA strong innovation attitude enables the organization gaining opportunities the external factors offer or overcoming the threats posed.  

By analysing selected emerging strategies, we explore NVIDIA’s culture and leadership facets of his charismatic co-founder and CEO Jensen Huang. Finally, we reflect on challenges NVIDIA could face by market entrants eroding NVIDIA’s competitive advantage. Or the risks NVIDIA must mitigate in pursuing the announced strategy (Venture Beat, 2022; News Text Area, 2022) of strengthening its automotive and Metaverse offering.

Introduction

NVIDIA is one of the leading companies operating in the semiconductor industry. NVIDIA addresses Graphics and Compute & Networking segments and is focused on the five specialized market: Gaming, Professional Visualization, Data Center, Automotive and OEM (NVIDIA, 2021, p. 94). The company was established in 1993 in California by Jensen Huang, Chris A. Malachowsky, and Curtis R. Priem. Jensen Huang is the current CEO (CNN Business, 2022; Forbes, 2022).

NVIDIA produces various products for both consumers and corporates. NVIDIA invented (NVIDIA, 2022?) – or at least marketed (IEEE Computer Society, 2022?)- GPU in 1999 (NVIDIA, 2022?).

NVIDIA produces game technology infrastructure, streaming service as well as entertainments platforms. For its compute & networking segment, NVIDIA produces equipment for Data Center as AI platforms and High-Performance Computing (Reuters, 2022).

NVIDIA DRIVE platform is the NVIDIA’s solution for advanced AI capabilities targeting automotive and autonomous vehicles sectors. NVIDIA implements autonomous robots and drones too (NVIDIA, 2021, p. 11; Forbes, 2022; Yahoo! finance, 2022).

NVIDIA sells its products across the globe. Taiwan is its main market. Most of NVIDIA’s revenue comes from Taiwan, China, United States and other Asia Pacific countries (NVIDIA, 2021, p. 165).

NVIDIA went public in 1999 (NVIDIA, 2022?) and is now one of the largest companies by market value – more than 300 billion dollars – in the world (Visual Capitalist, 2021).

NVIDIA employs 18,975 (Forbes, 2022) people and engages more than 2.5 million researchers as well as developers in community built around NVIDIA platforms (NVIDIA, 2021, p. 15).

NVIDIA’s main competitors are AMD, Intel, Google and Apple (Yahoo Finance, 2021; CNBC Business, 2019).

Strategic Position, Purpose and Fundamental Goals

NVIDIA identifies its core purpose as “impact by pioneering computing that can solve problems ordinary computers cannot” and is devoted to creating a better future for customer, developers and scientists communities (NVIDIA, 2021, p. 19). NVIDIA states its mission as “to develop revolutionary technology that improves lives” (NVIDIA, 2021, p. 64).

Restlessly pursuing its purpose, NVIDIA become a strategic technology supplier for major Cloud Service Providers, information technology companies and research institutes (The Economist, 2021).

Figure 1 showcases the predominancy of gaming in NVIDIA’s financials performances. NVIDIA recognizes computer graphics being its business prime agent (NVIDIA, 2021, p. 15).

NVIDIA is the second largest producer of GPU in the world, slightly ahead of AMD but well behind Intel (Statista, 2021).

Analysing shareholders value (TSR), NVIDIA constantly appears between the leaders of the Value BCG Creators Ranking (BCG, 2018; BCG 2019; BCG 2020; BCG, 2021).

Scope of Activities

While gaming makes the most of NVIDIA’s revenue, NVIDIA has been able to high penetrate the data center market. Around 90%+ of GPU used in data center are produced by NVIDIA (CNBC, 2019). NVIDIA obtained this result thanks to its ability to optimize GPU for data centers AI workloads.

As tech market embraces the metaverse trend, NVIDIA is expecting to increase further its scope relevance (Aljazeera, 2022).  

Macro Environment

Pestel Analysis

Political Factors

NVIDIA production is concentrated in selected countries as Taiwan, China, Hong Kong, Israel and Korea). Similarly, the majority of NVIDIA revenue comes from Taiwan, China, United States and other Asia Pacific countries. NVIDIA could be affected by geopolitical events (NVIDIA, 2021, p. 107) and overall political instability in those countries.

As showcased in Figure 2, political stability and violence/terrorism is a common concern in countries where NVIDIA operates.

Semiconductors are geopolitical resources as they are core in producing and operating strategic modern infrastructure, machines and devices. Chips manufacturing concentrates in South Korea and Taiwan. Hence the region become a strategic crossroad of the entire global economy (The Economist, 2021; CNBC, 2021). Semiconductors are a rivalry fields between China and US. Both superpowers depend on Taiwan despites their effort to become self-sufficient (Euroasia Group, 2020; U.S. Department of Commerce, 2022). China and US duel economically and politically obstructing each other in having exclusive access to Taiwanese companies as TSMC.  

The recent war in Ukraine, a humanitarian tragedy, does impact the semiconductor industry too. The global production of neon, a chemical used in laser machines involved in manufacturing semiconductors, is concentrated in Ukraine. Due to the war, neon production operations in Ukraine are held or reduced (CNBC, 2022) exacerbating the semiconductor’s shortage crisis (The Guardian, 2021) not expected to fully recover before 2024 (Bain & Company, 2022).

The war in Ukraine is putting at risk the international order and pushing countries to secure a higher budget for defence (Reuters, 2022; Janes, 2022; Defence One, 2022; Euractiv, 2022; Sky News, 2022). The new policies are going to increase the demand of semiconductors as those are differentiating components in modern armaments (The Washington Post 2021; Center for Strategic and International Studies, 2020).  

Economic Factors

The global economic had a strong rebound (5.5 percent) in 2021 compared to the precedent year pandemic related economic crise. 2022-2023 outlook is uncertain and expected to grow slower (The World Bank, 2022). New COVID-19 variants could again impact the global economy underpinning the rise of inflation, debt, and income inequality.  

The war in Ukraine is going to influence the global economy. Given the country relevance for resources as energy, chemicals and wheat, it could create a situation with persistent high inflation, high unemployment and stagnant demand (The Guardian, 2022).

According to the Big Mac Index, the Taiwanese dollar has been considerably undervalued compared to the US dollar (The Economist, 2022) in the last ten years. This could continue boosting export of semiconductors from Taiwan. A study suggests that exchange rate variability eventually influence positively semiconductor exports (Wong K. and Tang T., 2011).

Another economical trend is represented by hard technologies increasingly attracting more venture capital. Venture capital investments attention is moving from consumer and software companies to tough technologies. Those technologies are expected to build new foundations for solving large scale issues and require longer term perspective (Azhar A., 2021; China Daily 2022).

Social Factors

The most forward-looking use of GPUs stands in powering AI solutions. AI brings tangible benefits to our lives as support to communications and complex decision making. That said, AI raise also ethical concerns on how those decisions are made. Reflections on AI usage could lead to new policies influencing the industry (World Economic Forum, 2021; The Guardian, 2017; The Guardian, 2021).

Addressing AI ethical concerns cannot be neglected amid AI is one of the major solutions in solving demographics issue. As the world population is aging (United Nations, 2019), AI is required to increase of workforce productivity and sustaining the social costs increase (AARP, 2019; The Economist, 2019; World Economic Forum, 2019).

Video games, traditionally used in social aspects as communication and entertainment, are now expanding as media to engage people in reflecting and solving cultural and global problems (World Economic Forum, 2019; World Economic Forum, 2022).

Technological Factors

Production ecosystem (Euroasia Group, 2020) and various electronic appliances (Hitachi, 2022?) rely heavily on semiconductor. The increased dependency on semiconductors is one of root causes of semiconductors shortage (The Guardian, 2021).

Consulting Google Patent’s public available data (Google Patent, 2022), we evince there is a considerable research and innovation effort in the semiconductors technology. NVIDIA, as assignee, published more than 200 patents since the beginning of 2022.

While consulting Google Scholar’s public available data summarized in Figure 3, we assume NVIDIA citations increased substantially since 2016. Comparing quantitively NVIDIA citations and the ones of semiconductors, we evince NVIDIA has been acquiring relevance in technology research.

GPU market is expected to benefit from various technological innovation. One example is edge computing projected growing at CAGR of 11.19 percent (Transforma Insights, 2021). Edge computing adds up to the GPU data center market growth (Forbes, 2022) of 44 percent CAGR in the next 5 years (The Motley Fool, 2021).

AV, one of the most innovative technology in automotive, rely heavily on GPU and AI. There is a common expectation for AV market to grow. In terms of growth size, figure varies, projecting 54.2 million units by 2024 (Statista, 2021) and $2.2 trillion in revenue by 2030 (Allied Market Research, 2022).

GPU market should grow at 32.82 percent compound annual growth rate (CAGR) in the next 6 years (Statista, 2021).

Environmental Factors

Production and usage of GPU has considerable and growing environmental impact (Gupta U. & Kim Y.G. & Lee S. & Tse J. & Lee H.S. & Wei G. & Brooks D. & Wu C., 2020) not far from the aviation industry one (Ericsson, 2020).

Trending technologies as AI, metaverse and blockchain are computing heavy and concerning for their impact on gas emissions and e-waste (World Economic Forum, 2022; Gadekallu T.& Huynh-The T.& Wang W.& Yenduri G. & Ranaweera P. & Pham Q. & Benevides da Costa D. & Madhusanka L., 2022; Strubell E.& Ganesh A. & McCallum A., 2019).

On the other end, hard technology becomes crucial to solve climate challenge (Azhar A., 2021). As for example the ones used in converting CO2 removed from the atmosphere to jet fuel (Zenidfuel, 2021?; Erans M. & Sanz-Pérez E. & Hanak D. & Clulow Z. & Reiner D. & Mutch G., 2022).

Climate impact awareness is increasing in game industry too. The industry is looking at video game design practices to improve its sustainability (Abraham, B.J., 2022; Polygon 2022). Business opportunities arise in selling games treating environmental culture themes (Climate-Kic 2021).

Legal Factors

Semiconductors are core for systems handling sensitive data processing. Legal policies scrutinize how sensitive data are managed, stored, and shared. Semiconductor producers must guarantee secure practices in implementing data management systems.

Given the geopolitical importance of the semiconductors industry, merge and acquisition deals raise a lot of legal concerns up to national government level.

Industry Analysis

Electronic Products Market embodies legal entities producing semiconductors, audio and video equipment and other electronic components. Those products’ use cases apply to various range of industries, from aerospace, or automotive to healthcare, till industrial and consumer devices. The industry value is estimated around $ 1.2 trillion – CAGR growth of 5.4 percent since 2005 (The Business Research company, 2021) – and expected to grow more than 6 percent in the next few years (Statista, 2021).

Consumer tech industry growth has no signs of saturation (Consumer Technology Association, 2020; Global Market insight, 2021; Growth from Knowledge,2021). High-tech sectors will continue to grow and to increase demand of semiconductors (World Bank Group, 2022, p. 10, p. 163).

Insolvencies in the electronics industry trend is coherent for a sector in expansion requiring high innovation investments (Euler Hermes, 2021). The trend is not concerning and aligned with other sectors (Eurostat, 2022).

In relation to gaming industry, the market should reach $0.5 trillion by 2028 (Fortune Business Insights, 2021). The visualization and 3D rendering software market is estimated around $3 billion has a growing trend (Markets and Markets, 2019).

AV market, taking to account the more optimistic view, is expected to reach $2.2 trillion by 2030 compared to $76.12 billion in 2020 (Allied Market Research, 2022).

Semiconductor Industry Cycle and Profitability

The semiconductor industry estimated value is $0.5 trillion – the size of Poland’s GDP (World Bank, 2022) – and, is expected to grow 25.6 percent year over year (Statista 2022, Semiconductor Industry Association, 2022). GPUs market represents circa 5 percent of the entire semiconductors one (Statista, 2021). The recent semiconductor shortage is not an isolated case. In the last decades, external shocks and downturns created various shipment shortage issues in the industry (Deloitte, 2021). To match increasing demand the industry actors, raise efficiency and agility thanks to economy of scale and the usage of new technologies (Deloitte 2021; McKinsey, 2021).

The Data Center Infrastructure Market is estimated between $50 and $190 billion and expected to grow by 12 percent CAGR till 2028 (Global Market Insight, 2021; Allied Market Research, 2021; Verified Market Research, 2021).

Semiconductor industry increased consistently its performance. In the last 20 years gained 10 percentiles of profitability and is now in the 4^th performing industry. Leading semiconductor companies have becoming stronger. To endure high growth, the industry actors should continue investing in innovation and collaborating (McKinsey, 2021).

Porter’s Five Forces Analysis

The Porter’s Five Forces analysis for the semiconductor industry, detailed in the following table reinforce the profitability view of the industry discussed earlier and profile an unconventional oligopoly industry type.

Porter’s Force	Overall Score	Selected Factors
Competitive rivalry	Strong	Highly competitive (The Guardian, 2020) reflecting its capacity to produce, export, innovation weight and product complexity (Semiconductor Industry Association, 2015).
Threat of entry	Strong	Unique combination of hard science, capital intensity and complexity (The Economist, 2021; Azhar A., 2021)
Threat of substitutes	Low	Despite the research effort in substitutes – e.g., plasominc semiconductors (Li J. & Lou Z. & Li B., 2021), gallium arsenide semiconductors (Nemšák, S., Gehlmann, M., Kuo, CT., 2018; The Economist 2001) – the supply crisis testimonies there are no yet relevant substitutes (Leibovici F. 2021)
Power of Buyers	Strong	The power of buyer is very limited, and they are highly dependent on producers. For example, Apple the world’s largest buyer of chips, was heavily affected by the semiconductor shortage and not being able to exercise its power (Financial Times, 2021; The Guardian, 2021)
Power of Suppliers	Strong	Silicon crystal wafer, essential in semiconductor manufacturing (Hitachi, 2022?), market is concentrated in very few companies (Statista, 2021).

Resource and Capabilities – VRIO Analysis

NVIDIA creates value by developing technologies and services in markets where despite having only recent operations at scale, they represent opportunities of growth and differentiation (NVIDIA, 2021, p. 98, p. 102). For example, building on its strength in 3D graphics and gaming market, NVIDIA pushed its GPU technology to enter AI, VR, robotics and AV markets.

NVIDIA launched its platform DRIVE for increasing its AV relevance partnering with Mercedes (TechCrunch, 2020; Mercedes Benz Group, 2020; NVIDIA, 2021, p. 10).

NVIDIA obtains an additional revenue stream by offering its intellectual property to customers and partners in form of license and development agreements (NVIDIA, 2021, p. 97). Products from NVIDIA, well appreciated in the market, constitutes valuable resources with high market share (Steam, 2022; NVIDIA, 2021, p. 15).

In an industry where talent is scarce (Semiconductor Industry Association, 2018; Korn Ferry, 2021) the extended NVIDIA technologist and scientist community – e.g. the one for CUDA platform – creates rare intensive intellectual capital hence a differentiating capability. NVIDIA invests to retain its talents achieving 3.8 percent turnover rate (NVIDIA, 2021, p. 53, p.101).

NVIDIA protects the inimitability of its intellectual property by legal means as patents and trademarks (NVIDIA, 2021, p. 113). Selling licenses to customers NVIDIA mitigates the risk of customers switching to other suppliers or building substitutes (NVIDIA, 2021, p. 103).

NVIDIA inimitable brand is increasingly gaining awareness. In the Brand Finance world’s top 500 most valuable brands, NVIDIA holds the position 122 (Brand Finance, 2022) up from 465 (Brand Finance, 2019).

Omniverse, NVIDIA metaverse, is expected becoming a significant economy (Forbes 2021). Combining augmented, virtual and mixed reality, metaverse solutions should create the social and business engagement medium of the upcoming years (World Economic Forum, 2021). Metaverse market capitalization is estimated around $15 trillion (Statista, 2022). NVIDIA, GPU leader for AI and Data Centers processing units, holds a rare position. For instance, when Facebook announced huge investment in its metaverse strategy, NVIDIA stock jumped given the Facebook’s dependency on NVIDIA’s technology (Nasdaq, 2021).

SWOT Analysis

Primary Strengths Identified

• NVIDIA capability to continually innovate its products and service [its value] relevant for the market (NVIDIA, 2021, p. 98, p. 102) and ahead of the competition (Steam, 2022; NVIDIA, 2021, p. 15; HPC Wire, 2021; The Motley Fool, 2021; Yahoo Finance, 2021; Ashley J., 2021).
• NVIDIA aligns with the characteristics required for leaders to succeed in the industry (Deloitte 2021; McKinsey, 2021). NVIDIA profitability is higher compared to the industry average (NVIDIA, 2021, p. 124; CSI Market, 2022?).
• Omniverse platform and GPU technology represent an edge in the metaverse market (NVIDIA, 2021, p. 9; Forbes 2021; Nasdaq, 2021).
• Talent’s attraction and retention combined with open communities of technologist and scientist (NVIDIA, 2021, p. 15).
• Unique ability to combine hard science, capital intensity and complexity (The Economist, 2021; Azhar A., 2021).

Primary Weakness Identified

• NVIDIA dependency on semiconductors producers (NVIDIA, 2021, p. 98, p.102)
• no penetration in the CPU market
• strong start-up like mind-set culture could be perceived as a weakness in a so competitive and strategic industry (The Economist, 2021)
• culture aspects requiring attention: diversity, respect, performance and execution – the ability for employees of being empowered to act (Culture 500, 2022?).

Most Relevant Opportunities

The top opportunities derived from NVIDIA’s macro environment and industry analysis could be summarized as:

• technologies dependent on semiconductors and GPU continue to increase in terms of strategic position and market size. Those technologies include AI, edge computing, AV, data center infrastructure and the metaverse.
• hard technology, supported by AI and engaging user platform, are becoming crucial to solve climate challenges.

NVIDIA unique capabilities in AI (CUDA and Omniverse platforms as well as the strong GPU innovation) represent a competitive edge NVIDIA should use to exploit those opportunities. NVIDIA should consider additional way of empowering its employees so to maximize NVIDIA innovation abilities. NVIDIA should consider alliances and partnership in the data center infrastructure market so to have an even more complete offering.   

Most Relevant Threats

Given the observed weakness as the strong dependency on suppliers and lack of wider offering, the list below defines the primary threats NVIDIA should mitigate:

• chip shortage concentrated in few companies based in countries at risk of instability
• economic outlook and supply shortage aggravated by Ukraine war
• regulators impeding merge and acquisitions that could bring economy of scale opportunities.

NVIDIA should consider exploring alliances or more targeted acquisitions to at least decrease its dependency on semiconductor producers.

Corporate & Business Strategy

NVIDIA functional structure is reflected in the company board. In addition to support activities as finance, human resource and legal, NVIDIA business functions include operation excellence, industry & technical expertise, emerging technologies & business models, marketing, communications & brand management and diversity. All is governed and orchestrated by the company public board (NVIDIA, 2021, p. 25).

Intended Strategy

NVIDIA implements products and services development strategy direction. NVIDIA growth by achieves organic and merge & acquisitions activities.

By accelerating computing platform (NVIDIA, 2021, p. 97), NVIDIA created new products – e.g. NVIDIA DRIVE – or new uses of existing products as for example using GPU in AI and data centers or, enhancing video games with VR (Nasdaq 2021; NVIDIA, 2022?; Market Realist, 2020).

By acquiring Mellanox, NVIDIA offers a more complete set of services within the Compute & Networking segment.

Launching CUDA platform, NVIDIA pursuits a platform strategy enabling value creation (e.g., new applications) as interactions between the CUDA developers’ community, NVIDA and NVIDIA’s customers (NVIDIA, 2021, p. 93).

Emerging Strategy

There are few situations worth analysing on NVIDIA emerging strategy context over the past years.

One is the ability of NVIDIA to expand its technology and capabilities in new market opportunities. For example, NVIDIA recognized the opportunity of creating new computers – the Tensor Core GPU and DGX applications – optimized for the execution of AI models by using its GPU technology. By doing so, NVIDIA become a leader in the data center infrastructure market (The Economist, 2021; NVIDIA, 2021, p. 16, P.93; Market Watch, 2018; The Guardian, 2009).

NVIDIA demonstrated agility in its attempt to acquire ARM. As part of the 2020 growth strategy, NVIDIA made public offer to acquire ARM. The strategic intent was to combine NVIDIA AI leading position and the ARM’s large ecosystem (NVIDIA, 2020). The move raised high concerns in the UK and US governments (Federal Trade Commission, 2021; U.K. Government 2022). February this year, the deal was abandoned (The Guardian, 2022). In an interview with Venture Beat, NVIDIA CEO Jensen Huang articulated NVIDIA intended now to adjust its strategy by reinforcing metaverse and AV focus (Venture Beat, 2022; News Text Area, 2022).

Another emerging strategy could be represented by the growing African games market. NVIDIA is monitoring the market and looking at opportunities to invest in local developer communities and mobile games studios (Venture Beat, 2022; Techcabal, 2022).

Leadership And Culture

NVIDIA core values are innovation, speed & agility, intellectual honestly, excellence, one team (NVIDIA, 2022?; Stanford University, 2003). NVIDIA overperforms the industry average in embracing those values. Culture aspects that might require attention are diversity, respect, performance and execution – the ability for employees of being empowered to act (Culture 500, 2022?).

In times of crisis as for example COVID-19, the NVIDIA’s one team core value came to live as NVIDIA took care of employees and their family health as well as NVIDIA guaranteed employees and contractors continuity of payment and ability to work (NVIDIA, 2021, p. 14). NVIDIA was benefiting from the increase of Games and Data Center business emerging behaviours during COVID-19 (NVIDIA, 2021, p. 26).

One of key figure in shaping NVIDIA culture of innovation and risk-taking start-up mindset is the co-founder and CEO Jensen Huang (The Economist, 2021; Forbes, 2021). Mr Huang recognises “personality matters” when building the company culture (Stanford University, 2009). Some Mr Huang’s reflections provide a view on his leadership style. Mr Huang recognises “leaders have to be comfortable with ambiguity” (Stanford University, 2009), having vision so to deal with volatility (Stanford University, 2003), overcoming uncertainty by telling a story and showing the right behaviour (Stanford University, 2003) as well as overcoming complexity by simplifying execution while “taking a long road” [the vision] (Stanford University, 2003).

Discussion and Conclusions

NVIDIA has been operating in a very competitive industry for nearly thirty years now. Thanks to its ability of sparking innovation has been extending its strategic scope to quite a few markets segment and sectors. NVIDIA is now the largest semiconductor company by market capitalization in the world (Business Korea, 2021) and well positioned to take advantage of technology and industry trends as AI, AV, VR, edge computing, Metaverse and data centers. Its relevance and strengths provide to NVIDIA the ability to look positively to most the threat posed by external factors.  

There are three main challenges we believe NVIDIA should reflect on.

Firstly, the GPU market NVIDIA dominates. NVIDIA is very strong on price-for-performance of its AI chips and risk to neglect the attention the market is putting on cheaper AI chips (The Economist 2021). Given the steep raise of AI market, it is unlikely the AI growth will be powered only by premium solutions. The investments done – organically or acquiring start-ups – by Apple, Google, AWS and venture capital (The Economist 2021; Azhar A., 2021; Yahoo Finance, 2021; CNBC Business, 2019) could create situations where market entrants eventually move upmarket disrupting NVIDIA position.

After abandoning the ARM bid, NVIDIA communicated AV and Metaverse strategies will be strengthen (Venture Beat, 2022; News Text Area, 2022). Both strategies require a reflection on the ability of NVIDIA to gain and maintain its competitive advantage.

First, as showcased in Figure 1, the NVIDIA Automotive specialized market revenue declined in 2020 and has been slowing down since 2019. This slightly diverges from the AV trend (Statista, 2021) and, is worth considering the driverless car technology is facing reliability challenges that could affect the speed of the entire AV industry (The Guardian, 2021).   

Secondly the hype of metaverse is still all to be proven. Predictions are promising, and the signals received by market data could be encouraging (Azhar A., 2022). That said, NVIDIA should critically engage in metaverse and avoid overestimating the opportunity as it did with blockchain. “Blockchain hangover” costed to NVIDIA nearly one third of its capitalization when the 2018 blockchain market bust and NVIDIA blockchain optimized products remained unsold (The Motley Fool, 2019).  

Glossary and Abbreviations

AI = Artificial Intelligence.

AMD = Advanced Micro Devices, Inc. company based in Santa Clara California U.S. operating worldwide in the semiconductor industry (Yahoo! Finance, 2022).

Apple = Apple Inc. company designs and manufactures end consumer electronic products and services as smartphones, personal computers, tablets, wearables, and accessories (Yahoo! Finance, 2022).

ARM = Advanced RISC Machine, is a semiconductor designer and producer based in Cambridge UK and operating worldwide (ARM, 2022?).

AV = Autonomous Vehicle/s.

Big Mac Index = index invented by The Economist and is based on the theory of purchasing-power parity (PPP), by comparing the cost to consumers Mc Donald’s Big Mac across the globe (The Economist, 2022).

Business strategy = is how a single business unit of the organization should compete within its market (Whittington R. & Regner P. & Angwin D. & Johnson G. & Scholes Kevan; 2020, p.12).

CAGR = Compound Annual Growth Rate.

Competitive advantage = how an organization is going to achieve its scope in face of the competition (Whittington R. et al; 2020, p.10).

Corporate Strategy = overall scope of the organization and how it is distributed between the organization units. It can include the distribution of resources between the various organization units (Whittington R. et al; 2020, p.771).

CPU = Computer Processing Unit.

CSP = Cloud Services Provider/s.

CUDA =CUDA is a programming model and a platform created by NVIDIA for high-performance computing launched in 2006 (Garland M. & Le Grand S. & Nickolls J. & Anderson J. & Jim H. & Morton S. & Phillips E. & Zhang Y. & Volkov V., 2008; NVIDIA, 2021, p. 16, p. 93, p. 96, p. 97).

DGX = Digital Gaming eXtreme.

Edge Computing = edge computing, defined as a distributed cloud and AI technology architecture enabled by 5G communications (Shi W. & Pallis G. & Xu Z., 2019).

Emerging strategies = the strategy that arise as evolving events and decision forming overtime (Whittington R. et al; 2020, p. 412).

Google = Alphabet Inc. company based in Montain View California U.S. providing digital services as Google Cloud and Google services (e.g., internet search engine, maps, advertisement) (Yahoo! Finance, 2022).

GDP = Gross Domestic Product.

GPU = Graphics Processing Unit.

HPC = High-Performance Computing.

Intel = company based in Santa Clara California U.S. operating worldwide in designing, manufacturing and selling computer products worldwide (Yahoo! Finance, 2022).

Intended Strategy = or deliberate strategy the organizational scope defined by an activity of intentional planning (Whittington R. et al; 2020, p.406).

Metaverse = word appeared in the novel “Snow Crash” (Stephenson N., 1992; New York Times, 2021) is a marketing name to describe the real-time photorealistic simulation technology.

OEM = Original Equipment Manufacturer.

Oligopoly = is an industry type dominated by very few large companies (Whittington R. et al; 2020, p. 75).

Omniverse = real-time photorealistic simulation offered as open platform by NVIDIA (NVIDIA, 2021, p. 9).

Porter’s Five Forces Analysis = industry analysis helping to understand and to identify the industry attractiveness by evaluating five competitive forces as competitive rivalry, threat of entry, threat of substitutes, power of buyers and power of suppliers (Whittington R. et al; 2020, p. 64).

Platform Strategy = business model based on interactions between producers and consumers that create value and enable network effects (Parker G. & Van Alstyne M. & Choudary S, 2016).

Pestel Analysis = market and nonmarket analysis of the macroenvironment by dimensions as political, economic, social, technology environmental and legal factors (Whittington R. et al; 2020, p. 36).

SWOT Analysis = SWOT analysis defines and list the organization internal factors as strengths and weakness as well as the external view of opportunities and threats. Doing so the organization correlate how its strengths help on taking advantage of opportunities or mitigate the impact of threats. Symmetrically, opportunities can offset weakness or how weakness awareness becomes essential to mitigate [or avoid] threats impact. (Whittington R. et al; 2020, p. 112).

Tough Technologies = tough technologies are characterized by high complexity and high capital investment required. It usually takes a long period (e.g. decades) for though technologies to bring value to the market. Tough technologies are engaged in solving structural and complex challenges (Azhar A., 2021).

TSMC = Taiwan Semiconductor Manufacturing Company designs and processes technologies and for the global semiconductor industry (TSMC, 2022?).

TSR = Total Shareholder Return.

Value Creation = the products or service the organization offer and to who (Whittington R. et al; 2020, p. 221).

VRIO Analysis = defines the resources and capabilities of an organization that are Valuable, Rare, Inimitable and how those resources are supported by the Organization. It is used to assess wherever the organization has a sustainable competitive advantage (Whittington R. et al; 2020, p. 221).

VUCA Analysis = VUCA – Volatility, Uncertainty, Complexity, Ambiguity – framework is used to analyse leadership styles (HBR, 2014).

Appendix

NVIDIA strategic group scope of activities summary view

Scope of activities	Observation
Products and service	Gaming, Professional Visualization, Data Center, Automotive and OEM & Other. (NVIDIA, 2021, p. 94)
Geographical coverage	Global with main markets in Taiwan, China (including Hong Kong), United States, Other Asia Pacific and Europe (NVIDIA, 2021, p. 76)   More than 200 million gamers use NVIDIA GeForce as platform(NVIDIA, 2021, p. 4)
Market segments	Graphics and Compute & Networking (NVIDIA, 2021, p. 94)
Distribution channels	Channel model (Business to business) Finished goods are distributed mainly through Hong Kong, Israel and Taiwan. (NVIDIA, 2021, p. 94)

Table 2. NVIDIA strategic group scope of activities summary view.

NVIDIA strategic group Resource commitment summary view.

Resource commitment	Observation
Brands and main competitors	Two Brands: NVIDIA and NVIDIA DRIVE dedicated to autonomous vehicles (NVIDIA, 2021, p. 97) Competitors: AMD, Intel, Google and Apple (Yahoo Finance, 2021; CNBC Business, 2019).
Marketing effort	Worldwide sales and marketing coverage is designed to bring awareness of the brand and to support communities on adopting NVIDIA products and platforms (NVIDIA, 2021, p. 97)
Extend of vertical integration	NVIDIA supports various public communities of practices and the Deep Learning Institute (NVIDIA Developer, 2022?) and the Deep Learning Institute (NVIDIA, 2022?) as a form of forward vertically integration. More than 2.5 million researchers and developers participate on those community (NVIDIA, 2021, p. 15).   NVIDIA acquired Mellanox to expand forward vertically integration in the Compute & Networking segment (NVIDIA, 2021, p. 147).   Another example of forward vertically integration is the partnership with Mercedes for autonomous vehicle (NVIDIA, 2021, p. 10).
Product quality	Governance audit performed by external provider (NVIDIA, 2021, p. 10). International industry standards are applied to NVIDIA products.
R&D spending	An internal estimates states NVIDIA invested “more than $24 billion in research and development since our inception” (NVIDIA, 2021, p. 93).   AI program to incept star-up and evangelize AI in universities (NVIDIA, 2021, p. 97) as for example the New NVIDIA Partnership Bridges Education Gap for Data Science and Machine Learning (Georgia Tech, 2021)
Size of the organization	18,975 employees (Forbes, 2022)

Table 3. NVIDIA strategic group Resource commitment summary view.

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