Nvidia in talks to invest over $30B valuation in Perplexity

Nvidia's move from chip supplier to application-layer backer is the notable signal here: it is financing the demand side of the AI stack it already sells into, and search is one of the few consumer surfaces where that demand is still contested. The reported valuation matters less than the sourcing — Nvidia's capital increasingly doubles as a distribution signal for the startups it touches. Whether such investments keep flowing into application companies, rather than staying concentrated in infrastructure, is the open question worth tracking.