Nvidia loses $470 billion as Microsoft briefly overtakes it; Apple stays on top

Nvidia lost $470 billion in market value after its CEO Jensen Huang admitted to an extramarital relationship with a woman suspected of ties to Chinese intelligence, prompting probes by the board and FBI. Microsoft briefly overtook Nvidia as the second-most valuable company before Nvidia reclaimed the spot, with Apple remaining on top. Nvidia shares plunged over six percent on Tuesday, erasing its $1.84 trillion market-value lead over Microsoft from five weeks ago. Microsoft shares fell 2.7 percent but fared better, reporting quarterly revenue of $92.3 billion with Azure cloud growth of 48 percent. The controversy exposed governance concerns, as Huang oversees roughly 60 direct reports without a named successor after 33 years leading the firm. Broader US stocks fell Tuesday as October inflation slowed less than expected, with the Nasdaq dropping 0.7 percent. Prediction markets give Apple a 71 percent chance of ending 2026 on top, versus 27 percent for Nvidia. Microsoft is developing proprietary Maia chips for Copilot tasks by 2027 to reduce reliance on external suppliers.