Nvidia (NVDA) isn’t slowing down. Citi believes the next phase of AI could be larger than most people expect. In a new note, Top Citi analyst Atif Malik kept his Buy rating and a $270 price target, saying Nvidia is set to benefit as AI models start to use far more memory over the next two years.
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Malik, who ranks 3rd out of more than 10,000 analysts tracked by TipRanks, believes 2026 could be the year when “long-context AI” takes off — the type of AI that can handle longer tasks, remember more information, and process much bigger workloads. He said Nvidia is already preparing the hardware needed for this shift.
Analyst Sees a Move Toward Larger AI Models
Malik pointed to new updates from Amazon (AMZN) and Google’s parent Alphabet (GOOGL) as early signs of where AI is heading. Amazon added an “episodic memory” feature to its AgentCore platform, letting AI recall past steps instead of only short prompts. Meanwhile, Alphabet introduced a new learning setup and a model called Hope, which uses deeper memory and performed well on hard reasoning tests.
To Malik, the message is clear. Cloud providers want AI that can handle longer tasks and keep more information in memory. These heavier workloads need more memory and more GPUs, and that demand puts Nvidia in a strong position.
Nvidia’s Rubin CPX Could Be the Star
Malik also highlighted Rubin CPX, Nvidia’s next platform for long and heavy AI tasks. He said Rubin can handle large token loads and runs faster than Nvidia’s current systems.
He mentioned that Rubin uses GDDR7, which costs less than HBM. Malik said this helps Nvidia offer strong performance without pushing costs too high. Nvidia has also suggested that Rubin could deliver big returns for customers, something Malik believes cloud companies will notice when planning their next upgrades.
Is Nvidia a Buy or Sell Stock?
According to TipRanks, NVDA stock has a Strong Buy consensus rating based on 39 Buys, one Hold, and one Sell assigned in the last three months. At $258.00, the Nvidia average share price target implies almost 39% upside potential.
