diff --git a/hypervisor/src/mshv/mod.rs b/hypervisor/src/mshv/mod.rs
index a61f2e44e..32ef68bc5 100644
--- a/hypervisor/src/mshv/mod.rs
+++ b/hypervisor/src/mshv/mod.rs
@@ -720,11 +720,28 @@ impl cpu::Vcpu for MshvVcpu {
                     let gva = info.guest_virtual_address;
                     let gpa = info.guest_physical_address;
 
-                    debug!("Exit ({msg_type:?}) GVA {gva:x} GPA {gpa:x}");
+                    // The GvaGpaValid flag indicates that the GPA in the intercept
+                    // message corresponds to the GVA in the message. If that flag
+                    // is set, and the GVA in the message matches the GVA in the decoded
+                    // instruction, then the emulator can use the GPA provided by
+                    // the hypervisor. Otherwise, the emulator must translate the GVA
+                    // via a hypercall.
+                    // SAFETY: accessing the bitfield union variant.
+                    let gva_gpa_valid =
+                        unsafe { info.memory_access_info.__bindgen_anon_1.gva_gpa_valid() != 0 };
+
+                    debug!(
+                        "Exit ({msg_type:?}) GVA {gva:x} GPA {gpa:x} \
+                         gva_gpa_valid={gva_gpa_valid}"
+                    );
 
                     let mut context = MshvEmulatorContext {
                         vcpu: self,
-                        map: (gva, gpa),
+                        map: if gva_gpa_valid {
+                            (gva, gpa)
+                        } else {
+                            (u64::MAX, 0)
+                        },
                     };
 
                     let old_state = context
diff --git a/hypervisor/src/mshv/x86_64/emulator.rs b/hypervisor/src/mshv/x86_64/emulator.rs
index d668dedde..eb2be3d2f 100644
--- a/hypervisor/src/mshv/x86_64/emulator.rs
+++ b/hypervisor/src/mshv/x86_64/emulator.rs
@@ -19,7 +19,12 @@ pub struct MshvEmulatorContext<'a> {
 }
 
 impl MshvEmulatorContext<'_> {
-    // Do the actual gva -> gpa translation
+    // Do the actual gva -> gpa translation.
+    //
+    // When the hypervisor sets GvaGpaValid in the intercept message, `map`
+    // caches the (gva, gpa) pair as a fast path that avoids a translate
+    // hypercall.  When the flag is clear, `map` is set to a sentinel
+    // (u64::MAX, 0) so this shortcut never fires.
     #[allow(non_upper_case_globals)]
     fn translate(&self, gva: u64, flags: u32) -> Result<u64, PlatformError> {
         if self.map.0 == gva {