If by dominance being the largest Semiconductor company then yes, possibly. But not because Apple continue to grow infinitely, but both competitor are shrinking.

Apple is already close to Intel in terms of processor shipped, and is certainly larger then Intel in terms of CPU. And when Apple decide to have its own modem, Intel will ship another ~150M less unit.

Apple has roughly 20% of world wide market share. Qualcomm, with the shrinking % of 300M unit modem to Apple, may one day lost all of that when Apple decide to make it themselves. For the other 80%, there is roughly 20% at the bottom that Qualcomm will not compete in. With less then 60% of market, 40% of those are from Samsung, Huawei, BBK, and Xiaomi. Both Samsung and Huawei are planning to use their own SoC in the high end flagship phone, BBK are thinking of making their own as well. And you have Mediatek making gains at the bottom to mid end of the market. All of a sudden Qualcomm has less then 50% of Smartphone market to work with.

If Apple do actually have an team working on Modem, I wonder when will Apple becomes the largest purchaser in Semiconductor.