In the fourth year of ChatGPT, markets may be shifting focus from AI leader Nvidia to secondary opportunities, potentially under-appreciating Nvidia on a relative basis. According to *The Information*, “Shares of Nvidia don’t trade like those of a company whose revenues are expected to rise 83% this year. Instead, the stock is priced as though everything that could go wrong in the next couple of years will go wrong.” While Nvidia shares have appreciated just 10% so far this year, distant rival Advanced Micro Devices is up 142%, memory chip maker Micron is up 213% year to date, and the Philadelphia semiconductor index is up 71%. As of Friday’s close, Nvidia was at $206.84, up about 11% on the year, at a market cap near $5 trillion, with Micron nearer +223% and the Philadelphia semiconductor index +67% after Friday’s chip selloff. The bear case includes challengers such as SambaNova, Cerebras Systems, and Groq, plus Google, Amazon, Meta Platforms, Microsoft, OpenAI, and Anthropic developing their own AI chips. AMD’s Helios rack systems are shipping later this year against Nvidia’s Grace Blackwell and Vera Rubin, and the law of large numbers makes rapid growth harder for Nvidia than for smaller firms.