Nvidia Falls Below $4 Trillion as Microsoft Surpasses

Nvidia’s market cap slipped below the $4 trillion mark after a late‑night report of boardroom turmoil, sending the chipmaker’s shares down 8.6% in after‑hours trading. The company closed the regular session at $173.73, a 2.87% gain, but fell to $158.76 at 7:59 p.m. ET, valuing it at roughly $3.83 trillion.

Microsoft, meanwhile, slipped only 2.26% to $521.13 during the same period, a $12.03 drop. Its after‑hours price of $520.50 places its market cap at about $3.87 trillion, giving it a $33 billion lead over Nvidia.

The gap between the two giants narrowed to a single dollar per share, meaning the order of the No. 2 spot could flip at the next open. Nvidia would need to close above $160.14 to regain its position, while a close near the after‑hours price would mark its lowest close since July 2025.

Despite the volatility, Nvidia’s underlying business remains strong. Fiscal second‑quarter revenue rose 105.8% to $96.22 billion, and management guided to $108 billion for the third quarter. Microsoft spent $39.37 billion on capital expenditures last quarter and is scaling its own chip production.

Investors will watch Thursday’s close and the upcoming earnings report on November 17 for clues on whether governance concerns will weigh on Nvidia’s valuation.

Key facts

• Nvidia’s market cap fell to $3.83 trillion after a 8.6% after‑hours drop.
• Microsoft’s market cap rose to $3.87 trillion, leading Nvidia by $33 billion.
• The share price gap narrowed to $1.40 per Nvidia share.
• Nvidia’s Q2 revenue grew 105.8% to $96.22 billion.
• Microsoft’s Q4 capex was $39.37 billion.