I think it's highly unlikely that any traditional chip company dethrones Nvidia in DL, at least in a reasonably soonish time horizon. As others have said, CUDA is just too far ahead in terms of development and adoption.

However, I think NVIDIA is still vulnerable—but against AWS/GCP/Azure, not Intel/AMD.

My opinion is that deep learning is moving to the cloud. That's a bigger conversation with a lot of nuances, but if you take that basic assumption, then the development of ASICs like TPU/Inferentia become a big threat to Nvidia.

If the biggest buyers of chips in deep learning are the clouds, and the clouds are increasingly developing their own chips for deep learning, Nvidia is in a tough spot. They'll always have a place among labs that use their own machine, and of course, Nvidia's business is bigger than machine learning, but in general I think the clouds are a real threat.