Microsoft Surpasses Nvidia as Second Most Valuable US Company
Microsoft overtook Nvidia in market valuation following reports that Nvidia's board may remove CEO Jensen Huang amid intelligence and personal conduct inquiries.
Microsoft surpassed Nvidia as the second-most valuable company in the United States during after-hours trading on November 12, 2026. This shift follows a period of extreme volatility for Nvidia, which saw its valuation drop below $4 trillion after its stock fell approximately 9% to $158.76. Apple remains the most valuable company with a valuation of $5.17 trillion.
The decline began on November 11, when Nvidia lost roughly $430 billion in market value over two sessions. The initial slide was driven by a broader tech sell-off and the appointment of former federal prosecutor Joon H. Kim to lead an independent inquiry into whether CEO Jensen Huang was targeted by a foreign intelligence effort. While Nvidia briefly reclaimed second place by the closing bell on Tuesday, the position shifted again on Wednesday.
Further instability hit Nvidia following unconfirmed reports that the board is preparing to oust Huang due to two affairs and is working with an outside firm to find a replacement. Although Nvidia has not confirmed these reports, the leadership turmoil coincided with analyst downgrades from Baird and Bernstein, despite the company reporting fiscal second-quarter revenue growth of 105.8%. Meanwhile, Microsoft continues to use Nvidia's GB300 systems for Azure while developing its own Maia 200 chips to reduce dependency on the chipmaker.
