SoftBank says it has sold its entire stake in Nvidia. The chip stock is sliding.

SoftBank is out of Nvidia stock, but not out of AI trading.

The Japanese company said in a statement on Tuesday that it sold 32.1 million shares of chip giant Nvidia (NVDA), a “full sale” in October, to raise $5.83 billion. This comes to an average price of just under $182, below the stock’s Monday closing price of $199.05. (It also reported $9.17 billion in revenue from T-Mobile (TMUS) sales between June and September.)

Nvidia shares reached a record high of $212 in late October, but investors have recently shown signs of caution about valuations and the health of AI trading. This was also evident in today’s event; Nvidia stock fell more than 3% in midday trading, more than broader markets.

But SoftBank is not withdrawing from AI investments. It invested billions of dollars in OpenAI earlier this year, making the ChatGPT owner the most valuable startup in the world, and that appears to be the reason behind some of the company’s recent investment moves; Last month, the company allocated more than $22 billion in additional funding for OpenAI.

“We are making significant investments in OpenAI” The Wall Street Journal SoftBank CFO Yoshimitsu Goto was quoted as saying today. “To do this, we have to use some of our existing assets to raise money.”

Investors trying to connect the dots these days have no easy task. Concerns about AI stock valuations have weighed on stocks recently, with some analysts suggesting short selling of ultra-cap companies whose spending has pushed up business and share prices this year. The word “bubble” has been used extensively in recent weeks.

But elsewhere in the trade, investors continue to look for opportunities to push some stocks up the food chain. Yesterday, for example, it was about memory buffers and data storage. The interest in the big names has not dried up; For example, Nvidia was held by more than three-quarters of active fund managers in October, according to an analysis by Bank of America.