Thanks for the heads-up. One thing worth knowing before people upgrade: 3.10.1 is also the version that conflicts with the Microsoft Graph PowerShell SDK in the same PowerShell 7 session. Graph first, Connect-ExchangeOnline fails with a NullReferenceException in RuntimeBroker; EXO first, Connect-MgGraph fails with a WithLogging MissingMethodException (tested with Graph 2.40.0 and EXO 3.10.1).
It isn't the MSAL version gap, though that's a reasonable first guess: with both modules on MSAL 4.83.1 it still fails. The Graph-first failure is EXO's broker ending up on the msalruntime.dll that Graph already started. Details, a test harness and results are in https://github.com/microsoftgraph/msgraph-sdk-powershell/issues/3394.
Graph 2.41.0 just shipped an isolated load context for its dependencies. Is something similar planned for ExchangeOnlineManagement? Until then the working combination is Graph first, then Connect-ExchangeOnline -DisableWAM.
22Oct2026 EDIT : Exchange Online 3.11.1-Preview1 landed on the Gallery today and, although the release notes don’t mention it, ships the same sign-in libraries as Graph 2.41.2, right down to an identical msalruntime.dll. I tested it: with Graph 2.41.2 both orders now sign in, but with Graph 2.40.0 both failures above still happen, so updating the Exchange module alone doesn’t fix anything. The fix is still on the Graph side (2.41.0 or later).