Nvidia (NASDAQ:NVDA) shares rose 1.7% in early trading on Monday, even as Citi slightly trimmed its estimates on the GPU giant, citing increased competition from Broadcom (NASDAQ:AVGO).
“We trim our TP to $200 [from $210] to reflect ~4% lower 2026 GPU sales post Broadcom’s accelerating [year-over-year] XPU growth comments, driven by both new and existing customers last week,” analyst Atif Mailk wrote in a note to clients. “We previously expected the AI XPU chip sales to outpace GPU sales in 2026 and view Broadcom’s comments of faster XPU adoption likely driven by Google’s shift in indirectly competing with Nvidia to offer compute capacity to its rivals like Meta, Open AI, and Oracle, a risk we flagged recently. We estimate ~$12B GPU sales impact to Nvidia’s 2026 sales from the above deals.”
The next catalyst for Nvidia is likely to CEO Jensen Huang’s keynote address at its GTC event on Oct. 28, Malik added.
