Microsoft tops Nvidia's market cap for first time since June 2025 as Nvidia slides 5.5%

MSFT overtook NVDA in market capitalization on Tuesday, November 10, the first time it has done so since June 2025. The crossover made Microsoft the world's second most valuable public company behind AAPL.

The reversal was driven by Nvidia, not by a Microsoft rally. Nvidia was down more than 6% intraday and closed 5.5% lower at $168.89, while Microsoft also slipped, closing down 2.2% at $533.16. The selling came two days after Nvidia's board announced, on November 8, an independent investigation into allegations involving CEO Jensen Huang, allegations that remain unconfirmed, and alongside broader uncertainty about the AI spending outlook.

The gap between the two had been narrow for months, and Nvidia had already fallen 4.27% on Monday, so two sessions of heavy Nvidia losses were enough to swap the ranking. Published market-cap estimates for the two companies differ by source, but all put them within a few hundred billion dollars of each other around the $4 trillion mark.

What to watch: Nvidia reports earnings on November 17, and the results, along with any update from the board's investigation, will decide whether the crossover holds. For Microsoft, the ranking reflects relative resilience during an AI-led pullback rather than a fresh catalyst of its own.