Microsoft overtook Nvidia as the world’s second-most valuable company on November 10, the first time it had ranked above the chipmaker since June 2025.

Nvidia shares fell more than 6% to about US$167.11 amid uncertainty over AI demand and an internal investigation into whether CEO Jensen Huang was targeted by a foreign intelligence service.

Microsoft shares were down 0.4% at US$543.25.

Nvidia’s board issued a statement on November 9. Nvidia did not name the foreign government involved or say whether a government investigation had been opened.

Separately, Huang said in February that big tech companies’ US$700 billion in AI capital spending was “just the start.”

JP Morgan said spending by hyperscalers on AI infrastructure was expected to remain elevated, while noting a growing focus on efficiency and returns.

🔗 Source: Reuters

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