Nvidia falls 6.72%, Microsoft market cap overtakes Nvidia for first time since June 2025

The Microsoft-Nvidia market-cap crossover is a rotation signal more than a verdict on either company: the gap is wafer-thin, roughly a hundredth of a trillion dollars, so leadership at the top of the AI trade now hinges on single-session moves rather than durable separation. It matters most for index and momentum-sensitive flows, where the largest weights shape passive exposure and sentiment toward AI hardware broadly. Whether Nvidia's slide is a one-day repricing or the start of a sustained handoff to software-side AI exposure is the open question worth watching.