diff --git a/arch/x86/kvm/cpuid.c b/arch/x86/kvm/cpuid.c
index 56a62d555e924..7a3fbf3b796e6 100644
--- a/arch/x86/kvm/cpuid.c
+++ b/arch/x86/kvm/cpuid.c
@@ -827,8 +827,14 @@ static inline int __do_cpuid_func(struct kvm_cpuid_array *array, u32 function)
 		unsigned virt_as = max((entry->eax >> 8) & 0xff, 48U);
 		unsigned phys_as = entry->eax & 0xff;
 
-		if (!g_phys_as)
+		/*
+		 * Use bare metal's MAXPHADDR if the CPU doesn't report guest
+		 * MAXPHYADDR separately, or if TDP (NPT) is disabled, as the
+		 * guest version "applies only to guests using nested paging".
+		 */
+		if (!g_phys_as || !tdp_enabled)
 			g_phys_as = phys_as;
+
 		entry->eax = g_phys_as | (virt_as << 8);
 		entry->edx = 0;
 		cpuid_entry_override(entry, CPUID_8000_0008_EBX);