The Starboard team met several times with Jensen and other Nvidia leaders to discuss strategy. Looking back on the investment years later, Smith said that Starboard primarily advocated for an aggressive stock buyback program and a de-emphasis on non-GPU projects such as phone processors. Starboard refrained from applying additional pressure after the meetings. The hedge fund eventually got its wish on the buybacks. In November 2013, Nvidia made two announcements: a commitment to buy back $1 billion of stock by fiscal 2015 and the authorization of an additional $1 billion stock buyback. The stock price rallied about 20 percent in the ensuing few months, and Starboard sold its position in Nvidia by March the following year.
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