Supply can be fully constrained and future expected revenue can still go up if demand or capital availability increases, because higher demand and access to more capital mean that NVIDIA can charge more per card and still sell out their entire supply. The hypothesis would be that AI research precedes GPU demand that increases NVIDIA's profit margins, so if you're seeing AI research that you're judging will increase future demand, you should expect NVIDIA's value to go up.

I don't know about fab capacity, but I suspect the price they can sell GPUs for is not so constrained.

They can probably drop the entire gpu line and focus on ai chips to best use the capacity

Nvidia is no longer selling just expansion cards. They are selling full cluster solutions with Infiniband networking (Mellanox acquisition) and even CPUs (Grace). I wouldn't be surprised if they put most of their GPGPU chip production in these.

And they are much better than the competition, too. AFAIK, only Google and Microsoft have anything competitive in terms of full architecture (but internal).