Nvidia (NVDA) closed at a record high Monday as Wall Street anticipates Big Tech’s earnings report in November.

Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish. Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a meteoric rise over the past year.

But Wall Street doesn't see Nvidia stopping here, with some analysts seeing Nvidia surpassing Apple, and hitting a $5 trillion valuation by 2026. Here are the reasons for Wall Street's optimism, and what could also disrupt the bullish thesis.