Nvidia shares surge 6.01% intraday as Citi raises price target to $720 and strong AI demand reaffirmed by CEO.

Nvidia surged 6.01% intraday trading, driven by multiple bullish catalysts. Citi raised its price target to $720 from $650, citing unrelenting demand for H100 and Blackwell GPUs, while Jensen Huang’s request to TSMC for increased chip production reinforced optimism about robust sales pipelines. Analysts at Wolfe Research, Bank of America, and Citi downplayed China export concerns, highlighting $300 billion in Blackwell/Rubin revenue forecasts and 70%+ earnings growth potential. Citi also projected Q3 sales of $56.8 billion (above consensus) and Q4 revenue of $62 billion, prompting a "buy" rating. The stock’s rally aligns with heightened confidence in AI infrastructure expansion, strong pre-earnings momentum, and deepening institutional demand, as evidenced by elevated hedge fund holdings and analyst "beat and raise" expectations ahead of November 19 earnings.