Billionaire venture capitalist Peter Thiel sold his last remaining 537,000 units of NVIDIA stock in the third quarter without warning or comment..
The numbers were revealed in his latest 13F filing on Saturday, showing that nearly 40% of his fund's overall stock portfolio was burned in one move.
Peter also reduced his stake in Tesla, leaving him with only 65,000 shares. No statements, no interviews, no context.
The timing couldn't be more uncomfortable. Nvidia just topped its rel=”nofollow noopener” target=”_blank”>$5 trillion valuation, and its rel=”nofollow noopener” target=”_blank”>holdings currently hold just 65,000 shares of the Elon Musk-led company, about 39% of its total portfolio. Elon and Peter go way back.
On the other hand, what's especially wild is that Peter has praised Nvidia's dominance before. He calls it the hardware leader in the AI race. But at the same time, he reiterated that the AI market is stuck in a hype loop, warning that investors are pricing in returns that could take 15 to 20 years to materialize. The latest filing proves that he not only speaks about his views, but is now acting on them. He believes the market speed is much faster than economics would support.
With the removal of Nvidia and Vistra and the reduction of Tesla, the fund is now built around just three stocks, with Microsoft holding 34%, Apple taking 27% and, after the cuts, Tesla accounting for 39%.
He's not alone either. Jeff Bezos has called the AI boom an “industrial bubble.” Goldman Sachs CEO David Solomon warned of a 12-24 month cooldown. James Anderson said rumors of NVIDIA's $100 billion OpenAI funding are “disconcerting.” And Michael Burry, famous for betting on the housing market in 2008, filed large put positions in both Nvidia and Palantir, which Peter co-founded and is still chairman of.
Peter has always been deeply involved in technology. He co-founded, operated, and took PayPal public. He was the first outside investor in Facebook. He helped found Palantir, backed SpaceX, and helped build Founders Fund into a serious venture capital force.
