diff --git a/arch/x86/kvm/svm/nested.c b/arch/x86/kvm/svm/nested.c
index 2308e40691c4..1cc083f95e6a 100644
--- a/arch/x86/kvm/svm/nested.c
+++ b/arch/x86/kvm/svm/nested.c
@@ -845,24 +845,32 @@ static void nested_vmcb02_prepare_control(struct vcpu_svm *svm,
 	vmcb02->control.event_inj_err       = svm->nested.ctl.event_inj_err;
 
 	/*
-	 * next_rip is consumed on VMRUN as the return address pushed on the
+	 * NextRIP is consumed on VMRUN as the return address pushed on the
 	 * stack for injected soft exceptions/interrupts.  If nrips is exposed
-	 * to L1, take it verbatim from vmcb12.  If nrips is supported in
-	 * hardware but not exposed to L1, stuff the actual L2 RIP to emulate
-	 * what a nrips=0 CPU would do (L1 is responsible for advancing RIP
-	 * prior to injecting the event).
+	 * to L1, take it verbatim from vmcb12.
+	 *
+	 * If nrips is supported in hardware but not exposed to L1, stuff the
+	 * actual L2 RIP to emulate what a nrips=0 CPU would do (L1 is
+	 * responsible for advancing RIP prior to injecting the event). This is
+	 * only the case for the first L2 run after VMRUN. After that (e.g.
+	 * during save/restore), NextRIP is updated by the CPU and/or KVM, and
+	 * the value of the L2 RIP from vmcb12 should not be used.
 	 */
-	if (guest_cpu_cap_has(vcpu, X86_FEATURE_NRIPS))
-		vmcb02->control.next_rip    = svm->nested.ctl.next_rip;
-	else if (boot_cpu_has(X86_FEATURE_NRIPS))
-		vmcb02->control.next_rip    = vmcb12_rip;
+	if (boot_cpu_has(X86_FEATURE_NRIPS)) {
+		if (guest_cpu_cap_has(vcpu, X86_FEATURE_NRIPS) ||
+		    !svm->nested.nested_run_pending)
+			vmcb02->control.next_rip    = svm->nested.ctl.next_rip;
+		else
+			vmcb02->control.next_rip    = vmcb12_rip;
+	}
 
 	svm->nmi_l1_to_l2 = is_evtinj_nmi(vmcb02->control.event_inj);
 	if (is_evtinj_soft(vmcb02->control.event_inj)) {
 		svm->soft_int_injected = true;
 		svm->soft_int_csbase = vmcb12_csbase;
 		svm->soft_int_old_rip = vmcb12_rip;
-		if (guest_cpu_cap_has(vcpu, X86_FEATURE_NRIPS))
+		if (guest_cpu_cap_has(vcpu, X86_FEATURE_NRIPS) ||
+		    !svm->nested.nested_run_pending)
 			svm->soft_int_next_rip = svm->nested.ctl.next_rip;
 		else
 			svm->soft_int_next_rip = vmcb12_rip;