AI chip leader and stock market darling Nvidia (NASDAQ: NVDA) has rapidly shed over 20% since becoming the world's most valuable company just weeks ago. Investors should think twice before rushing to buy the dip. Nvidia's stock appreciated to breathtaking heights and the company's once-presumed dominance of the AI chip market is now less certain.

Nvidia enjoyed rampant growth these past 18 months but relied on a small handful of customers for it.

News recently came that tech giant Apple, which will soon roll out AI tech for iOS devices, trained its AI models on 's AI chips instead of Nvidia's. It's a crack in the idea that Nvidia, which owned as much as 90% of the AI chip market, would continue to dominate without meaningful pressure from competition.

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Source Fool.com