Nvidia's AI GPU demand still outpacing supply in Q4 2025. Is this a buy signal for 2026, or are we finally pricing in the hype?

Just saw the latest data: Nvidia still can't keep up with demand for its data center GPUs, even after the massive rally in 2025. Their fiscal Q4 2025 showed revenues growing 28% with EPS up 37%, and the AI semiconductor business continues to be the cash cow. But here's what's interesting - everyone and their grandmother knows about Nvidia now. The stock had a tepid 2025 performance compared to the broader market, which makes me wonder: is the market finally pricing in the reality of AI capex spending? The key question: If demand is still outpacing supply, why didn't Nvidia outperform in 2025? My take: We're at an inflection point. The hyperscalers (Google, Amazon, Meta, Microsoft) are planning record capex for 2026. This should be bullish for Nvidia, but the stock needs to prove it can deliver earnings growth that justifies the valuation. The supply constraint is real, but it's also being priced in. What I'm watching: Q1 2026 guidance (due in Feb) Whether other chip makers (AMD, Broadcom) start taking market share If the AI capex spending actually materializes or if it's all talk For those holding Nvidia: I'd be very interested in your thesis. Is it a "hold because demand is strong" or are you taking profits and rotating into the infrastructure plays (energy, real estate, semiconductor equipment makers)? For those considering entry: The valuation is still premium, but the moat is real. Just don't expect 2024-style returns.