Citi Hikes Nvidia Target to $190 Amid Soaring AI Demand

Citi analyst Atif Malik has increased his price target on NVIDIA (NVDA) to $190, a 19% upside, citing stronger sovereign demand for AI data-center semiconductors and growing needs for larger AI training clusters. Malik also raised his 2028 total addressable market estimate for AI data-center semiconductors by 13% to $563 billion and increased his fiscal 2028 EPS forecast for NVIDIA to $6.37.

In a significant move, Citi analyst Atif Malik has increased his price target on Nvidia (NVDA) to $190, representing a 19% upside from the current trading levels. The upgrade is driven by Malik's increased confidence in the growing demand for AI data-center semiconductors and the expanding needs for larger AI training clusters.

Malik's new price target reflects his upward revisions to the 2028 total addressable market (TAM) estimate for AI data-center semiconductors, which now stands at $563 billion, a 13% increase from his prior projection of $500 billion. He also raised the networking TAM for 2028 to $119 billion from $90 billion, driven by the growing needs for larger AI training clusters and expanded data-center networking.

The analyst expects Nvidia's Blackwell GB200 and GB300 platforms to drive revenue gains and projects gross margins to normalize in the mid-70% range by the end of fiscal 2026. Malik's upward revisions highlight growing confidence in Nvidia's AI leadership and suggest that the chipmaker may continue to outpace market expectations.

However, Malik also acknowledged potential downside risks, including renewed export restrictions under a potential second Trump administration. Bloomberg recently reported that Malaysia and Thailand could face scrutiny for suspected shipments to China. For now, though, the AI gold rush, especially from public sector buyers, shows no signs of slowing. Malik noted that Nvidia has line of sight to tens of gigawatts of sovereign and enterprise AI factory buildouts over the next few years.

References:
1. [https://finance.yahoo.com/news/citi-lifts-nvidias-price-target-on-booming-sovereign-ai-demand-133311040.html](https://finance.yahoo.com/news/citi-lifts-nvidias-price-target-on-booming-sovereign-ai-demand-133311040.html)
2. [https://www.gurufocus.com/news/2961391/nvda-citi-hikes-nvidia-target-to-190-on-soaring-ai-demand](https://www.gurufocus.com/news/2961391/nvda-citi-hikes-nvidia-target-to-190-on-soaring-ai-demand)
3. [https://www.tradingview.com/news/gurufocus:96855b16e094b:0-nvda-citi-hikes-nvidia-target-to-190-on-soaring-ai-demand/](https://www.tradingview.com/news/gurufocus:96855b16e094b:0-nvda-citi-hikes-nvidia-target-to-190-on-soaring-ai-demand/)
4. [https://www.marketwatch.com/story/nvidias-stock-just-got-a-more-bullish-endorsement-from-citi-but-heres-one-fresh-risk-b5d242c9](https://www.marketwatch.com/story/nvidias-stock-just-got-a-more-bullish-endorsement-from-citi-but-heres-one-fresh-risk-b5d242c9)