A coalition of tech giants including Google ($GOOG), Intel ($INTC), and Qualcomm ($QCOM) is reportedly planning to challenge Nvidia's ($NVDA) dominance in the artificial intelligence (AI) chip market. This effort is highlighted by a move to develop an alternative to Nvidia's CUDA software, with Intel's OneAPI software playing a crucial role in this initiative. The collaboration aims to break Nvidia's grip on AI software by the end of the year. Nvidia, known for its AI chips that power generative AI technologies, has achieved a market cap of $2.2 trillion due to its significant contributions to the industry. However, its shares turned negative in premarket trading, dropping by 0.9%, following reports of the planned challenge by its competitors.