The Intel® Dual Band Wireless-AC 7265 is designed with basic Hosted Network support (WiFi direct) in order to comply with international regulations. As noted in the forum: Re: Intel AC 7265 8 clients max with Hostednetwork.
The adapter will not work as Hot Spot, or access point, since it does not support this type of configuration. You can check the following threads for more information:
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With WIN 10, Lenovo X1 Carbon hosted WLAN works with driver version 220.127.116.11 on AC 7265
with later driver versions the support is gone. And I guess this is done intentionally and it would be nice and customer friendly from intel to reactivate the function in newer driver versions
C:\WINDOWS\system32>netsh wlan show driver
Treiber : Intel(R) Dual Band Wireless-AC 7265
Hersteller : Intel Corporation
Anbieter : Intel
Datum : 22.06.2015
Version : 18.104.22.168
INF-Datei : C:\WINDOWS\INF\oem137.inf
Dateien : 3 insgesamt
Typ : Wi-Fi-Treiber (Ursprungsversion)
Unterstützte Funktypen : 802.11b 802.11g 802.11n 802.11a 802.11ac
FIPS 140-2-Modus wird unterstützt: Ja
802.11w Management Frame Protection wird unterstützt: Ja
Unterstützte gehostete Netzwerke : Ja
According to this doc: http://www.intel.com/content/dam/www/public/us/en/documents/product-briefs/dual-band-wireless-ac-7265-brief.pdf it is supported and able to connect as client and serve as SoftAP simultaneously (see tech spec -> architecture). I was using my NUC with this card as AP in my home but now I cannot as updated drivers prevented me to do so. Further when I revert to older drivers I can't provide internet connection to this wifi (even though I have the same configuration of ICS). Mobile hotspot available in preview versions of Windows 10 also cannot share internet over this wifi card (but it works for me when doing the same on mobile).
As NUC (5i5RYK @ Windows 10 x64) is meant to build some custom solutions it would be nice to not restrict possibilities and ways of using it. Please release a driver that allows what's in tech spec.