Nvidia (NASDAQ: NVDA) has been a massive beneficiary of the surge in demand for artificial intelligence (AI) applications that started at the end of 2022. Cloud computing giants have been lining up to get the company's data center graphics processing units (GPUs) to train and power their large language models (LLMs).

For Meta Platforms (NASDAQ: META), Microsoft, Amazon, and many others, Nvidia has been the go-to provider of AI chips. It is worth noting that these tech giants have been willing to wait as long as a year between order and delivery to procure Nvidia's chips, and they have been paying top dollar for them. Other chipmakers such as Intel and Advanced Micro Devices (NASDAQ: AMD) have been left in the dust in this niche: By some estimates, Nvidia controls a whopping 95% of the AI chip market.

As a result, Nvidia's earnings and revenue multiplied rapidly. However, some of its customers are making concerted efforts to reduce their reliance on its chips.

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Source Fool.com