A coalition of tech giants, including Google, Intel, and Qualcomm, is reportedly planning to challenge Nvidia's dominance in the artificial intelligence (AI) chip market. Nvidia, known for its AI chips that power a wide range of generative AI applications, has seen its market capitalization soar to $2.2 trillion. The UXL Foundation, supported by these companies, aims to develop alternatives to Nvidia's CUDA software by the end of the year, leveraging Intel's OneAPI software in their efforts. This move has caused Nvidia's shares to turn negative in premarket trading, last down by 0.9%. The tech industry's focus on AI has significantly driven up the value of companies like Nvidia, with the AI chip market set to grow rapidly.