Wall Street has been worried about stiffer competition against Nvidia’s GPUs, but Citi sees more momentum ahead for Nvidia.

Nvidia shares moved higher in early Wednesday trading, following an extended slump into correction territory by the world's leading AI chipmaker, following a bullish market outlook from a top Wall Street analyst.

Nvidia shares fell for the fourth straight session on Tuesday, extending their slide into a technical correction as the stock is down 15% from last month's record high. After setting a record high, the stock traded mostly sideways before falling below the 50-day moving average late last week.