Jensen Huang has publicly said Perplexity is his favorite chatbot, which is a bit like the world's biggest arms dealer casually mentioning they really enjoy one particular customer's product. Now that fandom might come with a check attached — a big one.
From Chip Supplier to Potential Shareholder
Nvidia is reportedly in talks to join a funding round for Perplexity that would value the AI search startup at more than $30 billion — over 50% higher than the roughly $20 billion valuation it locked in about a year ago. Perplexity's annualized revenue has more than tripled this year, climbing from under $250 million in January to over $750 million now, with growth partly driven by Perplexity Computer, a tool that lets professionals automate computer-based tasks through an AI agent.
This wouldn't be Nvidia's first rodeo with the company — it backed Perplexity's Series B in 2024 and has returned for multiple rounds since, including an $18 billion extension last year. Reports also note Nvidia previously discussed a multibillion-dollar tech licensing deal with Perplexity as part of its own push into AI software.
The Chipmaker Playing Both Sides of the Table
Nvidia doesn't just sell the picks and shovels of the AI gold rush anymore — it's increasingly buying stakes in the companies doing the digging, through both direct equity and chip-rental arrangements with a growing list of AI startups. That's a smart hedge if you're Nvidia: if a customer becomes a category winner, you want equity in the upside, not just a one-time hardware sale.
For everyone else, it's a signal about where the AI search wars are actually headed. Perplexity's growth is now driven as much by "agent that does your computer tasks" as by "search engine that cites its sources" — the product is quietly morphing into something closer to a personal AI operator than a Google alternative.
When your GPU supplier wants to become your investor, that's usually a sign the market thinks you're going somewhere — or a sign the supplier just really, really likes owning the whole stack.
Watching how fast "AI search tool" is turning into "AI agent that runs your workflow" is exactly why we help clients figure out which of these tools are worth integrating now versus watching from a safe distance — happy to talk through your options.
Source: PYMNTS