Peter Thiel ‘s namesake fund exited Nvidia in the third quarter, the latest sign of caution around the high-flying artificial intelligence darling. Thiel Macro zeroed out its stake worth nearly $94 million during the three-month period, regulatory fillings show. It marked the fund’s biggest change by dollar value in the quarter, according to InsiderScore. Thiel’s decision mirrors Japanese firm SoftBank’s, which announced earlier this month that it sold its entire stake in Nvidia for around $5.8 billion. Some investors have grown increasingly concerned in recent weeks that the AI trade, after driving the market to record highs over the past few years, is showing signs of being a bubble. NVDA YTD mountain Nvidia, year to date Nvidia shares rallied around 18% in the third quarter and are tracking to end the year up roughly 40%. Wall Street sees more room to run: The average analyst has a buy rating and price target implying upside of about 23%, according to LSEG. Thiel similarly did away with his position worth more than $40 million in Vistra , a key beneficiary of the AI data center buildout. Vistra shares rose about 1% in the quarter, but have dropped more than 9% since October commenced. The PayPal cofounder also pared his position in Tesla by more than 76%. Still, the electric vehicle maker was the fund’s biggest holding of three total at the end of September, per InsiderScore. Thiel may have been taking profit as Tesla shares surged 40% in the third quarter. The stock has dropped more than 7% in the current quarter and is on track to end the year higher by under 3%. TSLA YTD mountain Tesla, year to date But other tech names got better treatment from the Palantir board chairman in the quarter. Thiel built positions worth more than $25 million and $20 million in Microsoft and Apple , respectively, in the third quarter.