Nvidia has been in magnificent form on the stock market in the past year, recording stunning gains of almost 207% as of this writing. This is thanks to the consistently strong growth in the company's top and bottom lines on account of the booming demand for its artificial intelligence (AI) chips.

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.

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