diff --git a/arch/x86/kvm/svm/svm.c b/arch/x86/kvm/svm/svm.c
index d2f997965a96..3caf7a21679f 100644
--- a/arch/x86/kvm/svm/svm.c
+++ b/arch/x86/kvm/svm/svm.c
@@ -3467,8 +3467,22 @@ no_vmsa:
 		sev_free_decrypted_vmsa(vcpu, save);
 }
 
-int svm_invoke_exit_handler(struct kvm_vcpu *vcpu, u64 exit_code)
+int svm_invoke_exit_handler(struct kvm_vcpu *vcpu, u64 __exit_code)
 {
+	u32 exit_code = __exit_code;
+
+	/*
+	 * SVM uses negative values, i.e. 64-bit values, to indicate that VMRUN
+	 * failed.  Report all such errors to userspace (note, VMEXIT_INVALID,
+	 * a.k.a. SVM_EXIT_ERR, is special cased by svm_handle_exit()).  Skip
+	 * the check when running as a VM, as KVM has historically left garbage
+	 * in bits 63:32, i.e. running KVM-on-KVM would hit false positives if
+	 * the underlying kernel is buggy.
+	 */
+	if (!cpu_feature_enabled(X86_FEATURE_HYPERVISOR) &&
+	    (u64)exit_code != __exit_code)
+		goto unexpected_vmexit;
+
 #ifdef CONFIG_MITIGATION_RETPOLINE
 	if (exit_code == SVM_EXIT_MSR)
 		return msr_interception(vcpu);
@@ -3495,7 +3509,7 @@ int svm_invoke_exit_handler(struct kvm_vcpu *vcpu, u64 exit_code)
 
 unexpected_vmexit:
 	dump_vmcb(vcpu);
-	kvm_prepare_unexpected_reason_exit(vcpu, exit_code);
+	kvm_prepare_unexpected_reason_exit(vcpu, __exit_code);
 	return 0;
 }