As of Since Pyramix 11, Ovation 7 and VCube 7, please see Merging recommended settings.
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Download and install only WHQL version (Windows certified)
Choose Custom installation, and only install the Graphic driver.
Do not install or use any additional manufacturer utility.
Go in NVidia control panel and apply those settings :
Threaded Optimization : if set to on, may cause issue with Waves VST plugins, make sure it is set to off in that case.
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