Chip EV (cEV) is the standard metric in cash games where chips carry direct linear monetary value. In tournaments, cEV can differ significantly from $EV due to non-linear prize structures. A play with positive cEV can carry negative $EV in tournaments if the probability of winning chips does not compensate for the risk of losing prize ranking position. Maximizing cEV is always correct in cash games but must be weighed against ICM in tournaments, particularly in bubble situations and final tables where prize asymmetry is most pronounced.