4K Transcoding Issues with Plex Server

Unfortunately your setup is outside the scope of what Plex supports for HW transcoding as VMs are not a supported model.

Its stated at the following support page:
https://support.plex.tv/articles/115002178853-using-hardware-accelerated-streaming/

There is a forum thread where others have discussed issues with Nvidia GPU transcoding with Windows. You could review that and see if any of the suggestions there help.

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