SoftBank is selling its entire stake in Nvidia — but not for the reasons you might think.

In its earnings statement released Tuesday, the Japanese group said that it had sold 32.1 million Nvidia shares in October for $5.83 billion.

At first blush, this could be read as a sign that Nvidia’s high valuations are causing SoftBank some unease. And if SoftBank — which infamously pumped $18.5 billion into WeWork only to value it at $2.9 billion eventually — is tamping down on its usual optimism regarding its investments, then retail traders should probably pay attention.

Adding to such worries are comments by Michael Burry — who bet against subprime mortgages before they caused a whole financial crisis in 2008 — on major artificial intelligence companies.

Burry wrote Monday in a post on X that those firms are “understating depreciation” of AI chips, which “artificially boosts earnings — one of the more common frauds of the modern era.”  CNBC could not independently confirm that companies were practicing this.

This doesn’t seem to be SoftBank’s concern, however. A person familiar with the group’s sale told CNBC that it had nothing to do with AI valuations. On the contrary, cash from offloading Nvidia chips will be redirected to SoftBank’s $22.5 billion investment in OpenAI, the person said.

Burry said in his post that he will reveal “more details” on Nov. 25, and exhorted readers to “stay tuned.” That might not be enough enticement for SoftBank CEO Masayoshi Son.

— CNBC’s Yun Li, April Roach and Dylan Butts contributed to this report.