Early on in the AI boom NVidia was highly valued as it was seen as the shovel-maker for research and development. It certainly was instrumental early on but now there are a few viable options for training hardware - and, to me at least, it's unclear whether training hardware is actually the critical infrastructure or if it will be something like power capacity (which the US is lagging behind significantly in), education, or even cooling efficiency.

I think it's extremely early to try and call who the principal winner will be especially with all the global shifts happening.