Overview

• Citi analysts Atif Malik and Papa Sylla lifted Nvidia’s price target after raising the 2028 AI data center semiconductor TAM by 13% to $563 billion.
• The firm forecasts Nvidia’s data center revenue will grow 11% in fiscal 2028 and expects networking sales to represent 21% of the AI data center market that year.
• Nvidia is involved in nearly every sovereign AI deal, with government investments already contributing billions of dollars in 2025.
• Deployments of Blackwell GB200 chips are accelerating and preparations for next-generation GB300 hardware support expectations of sustained gross margins in the mid-70% range.
• Nvidia’s CUDA software platform and expanding enterprise software and networking offerings deepen its ecosystem moat and strengthen customer lock-in.