Key Notes
- Microsoft moved ahead of Nvidia in intraday market value on November 10 for the first time since June 2025.
- Nvidia’s verified quote was about 10.5% below its 2025 year-end close and 31.4% below its October 6 intraday high.
- Microsoft reported 19% quarterly revenue growth, with cloud revenue up 30% and Azure revenue up 48%.
Microsoft (Nasdaq: MSFT) overtook Nvidia (Nasdaq: NVDA) as the world’s second-most valuable publicly traded company during Tuesday’s session, as another sharp decline in the chipmaker’s shares reshuffled the top of the stock-market rankings.
Reuters reported the crossover on November 10, the first time Microsoft had moved ahead of Nvidia since June 2025. In the report’s price snapshot, Microsoft was down 0.4% at $543.25, while Nvidia had fallen more than 6% to around $167.11. Microsoft’s shares also fell: the change in position came from Nvidia’s much steeper slide.
Nvidia’s 2026 Gains Disappear
A separate Yahoo Finance quote at 17:44 UTC put Nvidia at $166.93, down about 6.6% for the session. Compared with its December 31 close of $186.50, that left the stock approximately 10.5% lower in 2026, erasing all of its earlier gains.
The damage from the October peak was larger. Nvidia traded as high as $243.37 on October 6; the November 10 quote was 31.4% below that intraday high. At a current valuation near $4 trillion, that price decline represents roughly $1.8 trillion in lost market value on a constant-share-count basis.
The 31% figure therefore describes the retreat from the October high. Measured from the October 9 closing price, roughly one month earlier, the decline was about 27%.
Microsoft’s Cloud Business Keeps Expanding
Microsoft’s latest quarterly results showed revenue rising 19% to $92.3 billion in the three months ended September 30. Operating income increased 21% to $45.9 billion.
Cloud revenue reached $63.9 billion, up 30%, while Azure revenue grew 48%. Those results, detailed in our earnings coverage, show the scale of the cloud business supporting Microsoft’s valuation even as investors question the cost of building AI infrastructure.
Nvidia’s Board Review Adds Uncertainty
Nvidia’s selloff has also unfolded alongside an independent investigation into reports that CEO Jensen Huang was targeted by a foreign intelligence effort. The company faces questions over governance as well as the outlook for AI spending; its earlier warnings have come under renewed scrutiny.
The board said it had no reason to believe national security or Nvidia secrets had been compromised. A committee of independent directors, assisted by outside counsel, will oversee the inquiry. Directors have expressed confidence in Huang and said they will provide further updates.
