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Moment

Microsoft Passes Nvidia on Market Cap

2026年11月11日 1 分钟阅读

The first reversal since June 2025 lands on a governance shock rather than a demand signal.

Microsoft’s market value rose above $4.03 trillion on 10 November 2026, edging past Nvidia at roughly $4.02 trillion, the first time it has led since June 2025. Nvidia fell as much as 6% intraday, extending a slide that began when its board opened an independent investigation into chief executive Jensen Huang; shares had already dropped 3.7% overnight and 4.5% to 5% in premarket trading. The rotation matters because it moves the centre of gravity in the AI trade from compute scarcity to governance risk, and it dragged down optical and memory suppliers that had been treated as pure Nvidia proxies.

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