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Nvidia's possible participation in Perplexity's new round matters less for the unknown check size than for the strategic direction. A valuation above $30B, more than 50% above the prior roughly $20B, would place Nvidia closer to the demand layer it supplies. With next-generation AI servers potentially costing over 15% more next year, backing model and app companies could support adoption. The measured concern is whether durable usage follows, or whether hardware demand becomes increasingly dependent on vendor-linked capital. Not advice, just analysis. #NvidiaPerplexityBet