Remember, AI-GPU scarcity has been the leading catalyst that's driven Nvidia's exceptional pricing power. With its top customers developing hardware of their own, it's only a matter of time before this scarcity wanes and Nvidia's margins weaken. Internal competition is, by far, the biggest threat to Nvidia's AI dominance.

Artificial intelligence (AI) has turned out to be one of the key reasons behind the healthy growth of the semiconductor industry. The proliferation of this technology has driven an increase in demand for multiple types of chips ranging from application-specific integrated circuits (ASICs) to processors to memory.

On its recent earnings conference call, Palantir made its case for being the biggest beneficiary of the AI boom -- perhaps even more than other big companies investors might think