Is the spectral theorem for operators or matrices?

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A is a normal operator if $A A^* = A^* A$. This means for any matrix $M$ representing $A$, we have $MM^* = M^*M$. Let $M$ be one such matrix, and $P$ be an invertible but non-unitary matrix.

Then $N=PMP^{-1}$ is the matrix for the same operator wrt a different basis. But now it seems to me it is no longer true that $NN^* = N^*N$. I expand the two sides and get

$$N N^* = P M P^{-1} P^{-1*} M^* P^*$$

which is not the same as

$$N^* N = P^{-1*}M^*P^*PMP^{-1}$$

Where am I going wrong?