I don't see the stock price not moving as evidence of the bubble collapsing.

In Q4 2025 only 5.5% of NVidia's revenue came from gaming products. That's revenue not profit, their other products have better margins than gaming. Also Nvidia already has 95% marketshare in gaming gpu's. So for them to grow more, they would have to increase the number of people gaming on PC or get into desktop cpu's or get a bunch of people paying a subscription for access to more profitable cloud services gpus.

Really I just see the stock price not reacting as an acknowledgement that nvidia and nvidia shareholders don't care at all about desktop gpu's. It's a vestigial appendage to what is now an AI hardware and networking company.