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Thiel’s full exit from Nvidia signals growing caution over soaring AI valuations amid rising competition, market risks and questions about sustainability.

Billionaire investor Peter Thiel has sold his fund’s entire stake in Nvidia, a move that drew attention across global markets as questions grow over whether the extraordinary boom in artificial intelligence stocks can endure.

Thiel Macro, the venture capitalist’s investment vehicle, disclosed the exit in its latest quarterly filing to the U.S. Securities and Exchange Commission. The fund offloaded all 537,742 Nvidia shares during the three months to September, a position worth about $100 million at the end of …