Citi Research July 7 Report: NVIDIA Price Target Raised to $190, AI TAM Expands to $563B

Citi Research released a mid-quarter update on NVIDIA on July 7, raising the price target from $180 to $190 based on expanding AI Total Addressable Market, implying 19.2% upside potential. The report forecasts data center semiconductor AI TAM will reach $563 billion by 2028, driven by stronger-than-expected sovereign AI demand. Networking TAM surged from $90B to $119B, Blackwell platform deployment progresses smoothly, with gross margins expected to reach mid-70% range.