Citi projects Nvidia’s Q1 revenue at $80bn, $1.4bn above consensus, citing strong Blackwell chip demand.
Citi has raised its first-quarter revenue forecast for Nvidia to $80bn, surpassing the Street consensus of $78.6bn. The upgrade reflects stronger-than-expected demand for Blackwell B300 chips, per the bank’s investor note.
The firm also anticipates an 11% sequential revenue increase to $89bn in the following quarter. GPU unit estimates were revised upward to 11.2 million units, marking 58% year-on-year growth, driven by accelerated transceiver shipments.
Citi now expects full fiscal year 2027 revenue of $284bn, up 79% year-on-year, with AI GPU sales comprising 70-80% of data center revenue. The 2028 data center semiconductor TAM was lifted to $851bn, 16% above prior forecasts.