Not quite. When Nvidia releases a new chip, they'll release a bunch of documentation that indicates how the chip needs to be used. How to configure it. Cooling requirements. Etc. Each Board manufacturer (like MSI) uses this documentation to manufacture the physical boards that you buy.

What OP was referring to is that NVidia doesn't physically have a plant with a bunch of people in bunny suits walking around a clean room. Instead, they contract manufacturers and send the designs for them to build.

It's like how Apple designs phones but Foxconn actually builds them.