diff --git a/arch/x86/kvm/cpuid.c b/arch/x86/kvm/cpuid.c
index 63c3ff9e74d4..a6f8600672d7 100644
--- a/arch/x86/kvm/cpuid.c
+++ b/arch/x86/kvm/cpuid.c
@@ -633,8 +633,14 @@ static inline int __do_cpuid_ent(struct kvm_cpuid_entry2 *entry, 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;
 		/*