Currently iClone appears to be hard-coded to use the CPU for PhysX, even if you have an Nvidia card.
Whether this is a bug, a simple oversight, or a deeper shortcoming, it should be fixed.
It would be a tremendous performance improvement (that your marketing team could boast about) to support CUDA cores on an Nvidia graphics card for greatly accelerated PhysX performance.
Utilizing GPU-Z and Windows Task Manager, I (and others) observed no difference if we used the Nvidia Control Panel to switch between CPU and GPU (defaults to Automatic, which should work fine if properly implemented in iClone).