I've got the AC 7260 in my MSI GE70 laptop and during usage of my Razer Orochi bluetooth mouse, there will be temporary lags during operation. Then after about 1 hour of use or less, bluetooth completely shuts off (no more bluetooth icon in the systray).
This cannot be fixed without restarting the laptop. I've tried reinstalling the drivers, uninstalling the device, reinstalling. This just seems to be a consistent issue on these boards so I felt I would add my system specs to help with the cause in getting this resolved.
MSI GE70 laptop
Windows 8.1 x64 (fully updated)
BT version 3.1.1311_e164
In the Device Manager, my bluetooth doesn't show a warning triangle, unless I rescan for hardware changes. Once I do that, it shows a triangle.
I am sorry for your issue. There is a plan to release new software soon, in the meantime let me ask:
Did you try a different Intel® Proset Bluetooth Software?
Was this wireless adapter preinstalled by the system manufacturer?