Qualcomm ( QCOM) investors are busy dancing in the streets, but an emerging set of rival wireless technologies threatens to dampen the festivities.Having conquered nearly half the U.S. market and laid the groundwork for a repeat performance in China and India, Qualcomm has proven its many skeptics wrong. Its code division multiple access, or CDMA, wireless standard is sweeping the world in many forms, and it continues to win fans. Qualcomm's stock hit yet another two-year high Friday, rising $1.95 to close at $68.23. But instead of uncorking the champagne, industry observers are watching a new generation of technologies that could derail the Qualcomm locomotive. Competitors ranging from chip industry powerhouse Intel ( INTC) to closely held technology venture, Flarion, have been busy cooking up new systems that aim to deliver faster, cheaper mobile Net access. Industry analysts say these rival offerings, backed by deep-pocketed sponsors, could soon be eating away at Qualcomm's market dominance.