Peter Thiel hedge fund has quietly stepped back from the Nvidia rally. The latest regulatory filing shows that Thiel Macro LLC sold its entire Nvidia stake during the third quarter. The fund held 537,742 shares at the end of June, worth about eighty-five million dollars at the time. Those shares would have been valued at roughly one hundred million dollars by the end of September, though the filing does not reveal when the sale happened.
The move landed just days after SoftBank confirmed that it also dumped all of its Nvidia shares in the same period. While Thiel Macro’s stake was tiny compared with Nvidia’s massive four point six trillion dollar valuation and SoftBank’s five point eight billion dollar sale, both exits arrived at a moment when some investors are becoming more cautious about the possibility of an AI bubble.
Nvidia’s runaway rise has been powered by its dominance in AI chips. The company recently became the world’s most valuable business and the first to cross the five trillion dollar mark. Even so, SoftBank insisted its decision had nothing to do with Nvidia’s long-term prospects. It framed the sale as a way to redirect capital toward its growing interest in OpenAI.
Nvidia is preparing to report third-quarter earnings, and many analysts expect another strong result. Dan Ives from Wedbush called Nvidia a foundational pillar of the AI revolution. He said he believes the company will easily beat Wall Street expectations, which has kept bullish sentiment alive despite the recent insider activity.
Thiel Macro, meanwhile, continued to reshuffle its broader portfolio. At the end of September, the fund held positions in Apple, Tesla, and Microsoft worth more than seventy-four million dollars combined.
The fund has been active all year. In the first quarter it exited Amazon and built new stakes in Microsoft, Vistra, and ASML. In the second quarter it sold Microsoft and ASML, only to buy back Microsoft and add Apple in the third.
Thiel Macro’s total portfolio value has kept growing through the year. It rose from about one hundred eighteen million dollars at the end of last year to one hundred fifty-three million dollars in March. It climbed again to two hundred twelve million dollars at the end of June, showing steady expansion despite the constant rotation of individual holdings.
One stock has earned a consistent place in the fund’s filings. Tesla has appeared in all four of its recent quarterly reports. Thiel and Tesla CEO Elon Musk famously built PayPal together, and their relationship has led to many collaborations over the years.
Even with that history, Thiel Macro trimmed its Tesla position by more than seventy percent last quarter. It ended September with sixty-five thousand Tesla shares valued at twenty-nine million dollars after sharply increasing its holdings earlier in the year.
The rapid shifts in and out of positions suggest that Thiel and his team remain comfortable making bold moves, including the full exit from Nvidia. The timing has sparked fresh conversation about whether some investors are hedging against overheating in the AI market or simply reallocating capital toward new opportunities as the technology boom continues to evolve.
