And are you sure this applies to commercial use? I.e. does a company also have the right to use things however it wants? Or is it just the consumers?
In the USA, and most of the civilized world, entities are treated as actual citizens, unfortunately. This status gives them the same, if not similar, rights.
What about typical software licenses?
They do not apply the same way. Any software that is required by or requires to function a specific hardware part, is legally bound to that hardware as a package. Manufacturers do not ever have the right to tell a private entity, be they are person, government, busines, etc., what they may or may not do with property they own. To lesser degree, the same applies to software as a stand alone product.
If you're right about NV, what stops companies from using non-commercial software?
Nothing, they do it all the time. It's not illegal or even unethical. The software dev can ask, they can even try to require that only commercial/business products be used in such environments, but statutory ownership/usage rights superceed those conditions and even copyright law itself.
In most cases (Microsoft, for example) a fully featured free version is available for learning. Why are companies paying millions for commercial SQL Server or Visual Studio?
Academic software is trickier, but at the end of the day, once you purchase academic software, it is yours to use in a manner that fits your needs. There are severe complexities that make software usage in a business/commercial environment somewhat iffy, but again that depends on use. In the context of NVidia's clauses, they state whatever they wish. What they can enforce is something else entirely.
This is an update to the GeForce EULA. How is this different to any other EULA enforcement case?
Just because something is in a contract doesn't automatically make it enforceable or even lawful. That's why consumer protection laws exist the world over. Those same laws generally apply to all consumers, including businesses. In this case, NVidia is blowing wind out their bum.