Graphics cards (GPU) are PCI devices, so they can be passed to VMs with PCI Passthrough. A device is not accessible to the host during passthrough. Hot plug can be used to reattach a graphics card to a different VM or the host without rebooting.
I don't know if a Windows host supports GPU passthrough (maybe you need Windows Server), but Linux host and Windows guest seems to work.
Setting this up is easier if you have a second GPU that remains attached to the host or another computer to control the host during GPU passthrough, for example via SSH.
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