Yes, the Nikon Z8 is compatible with the Transcend 700S V90 128GB.
Nikon Z8 Slot 2 accepts SD UHS-II. Transcend 700S writes at 250 MB/s (V90) — meets the Z8's 250 MB/s SD minimum for high frame size and rate video modes. N-RAW and ProRes RAW HQ are CFexpress Type B only and unaffected.
“are recommended for recording and playback of videos with a high frame size or rate”
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Confidence: inferred