Citigroup believes that NVIDIA's short-term prospects are weakening.

Citigroup analyst Atif Malik reiterated a buy rating for Nvidia in a report to clients on Thursday, stating that discussions at the Citigroup Global TMT Conference confirmed strong growth in the artificial intelligence market next year, as well as expectations for Nvidia's smooth transition from the GB200 to the GB300 chip. However, Malik pointed out that in the context of a general shortage of GPUs, Google is indirectly competing with Nvidia by offering tensor processing units to competitors such as Meta, OpenAI, and Oracle.