Billionaire Peter Thiel’s latest 13F didn’t show off a mere trim, but a full-blown exit from AI bellwether Nvidia (NVDA).

It comes at a surprising point when Wall Street’s been busy declaring the chipmaker as virtually untouchable.

Although Nvidia recently surpassed a $5 trillion valuation, Thiel walked away completely, shrinking his fund’s equity book by roughly two-thirds while building it around three megacap names.

That’s far from being a rebalance and more of an emphatic statement.

Thiel had previously warned about AI’s hype cycle running far ahead of its real economics, and his Q3 portfolio shakeup aligns with that view.