Billionaire Peter Thiel’s latest 13F didn’t show off a mere trim, but a full-blown exit from AI bellwether Nvidia (NVDA).

It comes at a surprising point when Wall Street’s been busy declaring the chipmaker as virtually untouchable. 

Although Nvidia recently surpassed a $5 trillion valuation, Thiel walked away completely, shrinking his fund’s equity book by roughly two-thirds while building it around three megacap names. 

That’s far from being a rebalance and more of an emphatic statement.

Thiel had previously warned about AI’s hype cycle running far ahead of its real economics, and his Q3 portfolio shakeup aligns with that view.

Peter Thiel exited his Nvidia stake in Q3, SEC filings show.

Who is Peter Thiel?

Peter Thiel isn’t like a tourist wandering through the tech world; in fact, he has been instrumental in building the modern version of it. 

He co-founded fintech giant PayPal, ran it as CEO, and took it public before becoming the first outside investor in Facebook.

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Later, he co-founded the most popular defense AI company in Palantir, where he remains chairman, while helping turn Founders Fund into perhaps Silicon Valley’s most influential VC shop, that’s backed businesses such as the likes of SpaceX and Airbnb.

On the investing side of things, he runs his hedge fund, Thiel Macro LLC, which held nearly $74.4 million in long U.S. stocks as of Q3, which is down remarkably from $212 million in Q2. 

Moreover, his personal net worth is an eye-popping $16.3 billion as of 2025.

Thiel dumps Nvidia as AI mania peaks

Thiel’s Q3 filing unveiled perhaps the sharpest pivots of any major investor in the tech space so far this year. 

While Nvidia continues to power through blowout quarters and leap past a $5 trillion market cap, Thiel Macro LLC heads in the opposite direction.

The fund didn’t just trim Nvidia, it eliminated it. 

Over 537,000 shares, which represent nearly 40% of the entire portfolio, just vanished from the 13F. Vistra Energy, another 19% chunk, was wiped out as well.

What raises eyebrows even more is what Nvidia has been doing with quarterly sales surging from$39.3 billion to $46.7 billion, spearheaded by a 56% bump in data-center revenues, with analysts modeling a shot at $1 trillion in annual sales by 2030. 

Collectively, Thiel’s disclosed equity book dropped from nearly $212 million in Q2 to just $74.4 million in Q3, an almost two-thirds reduction.

Moreover, the fund’s turnover hovered over 80%, leaving just three holdings: Tesla, Microsoft, and Apple. 

Tesla was pared back to just 65,000 shares, accounting for nearly 39% of the book. Meanwhile, Thiel’s fund invested in Microsoft and Apple, accounting for 34% and 27%, respectively, of the portfolio.

Here are Peter Thiel’s Q3 13F portfolio moves

Sold Entire Positions

• Nvidia (NVDA) Shares sold: 537,742

  Prior weight: 40.07% of portfolio

  Result: Exited fully

• Vistra (VST) Shares sold: 208,747

  Prior weight: 19.08%

  Result: Exited fully

New Positions Added

• Apple (AAPL) Shares added: +79,181

  Portfolio weight: 27.08%

  Estimated avg. price: $219.89

• Microsoft (MSFT) Shares added: +49,000

  Portfolio weight: 34.09%

  Estimated avg. price: $502.61

Trimmed Positions

• Tesla (TSLA) Shares sold: 207,613

  Change: –76.16%

  Portfolio weight after: 38.83%

Why Thiel’s Nvidia exit sends a very different signal

With Thiel Corp hitting zero with Nvidia, a clear message stands out in a market that has been obsessed with anything AI. 

Nvidia’s fundamentals have been explosive, and Thiel has praised that dominance, hailing Nvidia as the clear hardware leader. 

On the other hand, he has warned that the AI hype cycle is getting out of hand, comparing the moment to 1999, when investors priced in a future that would take roughly 15-20 years to unfold.

He’s not alone, either.

Jeff Bezos described the massive AI boom as an “industrial bubble.” Goldman Sachs CEO David Solomon points to a 12- to 24-month drawdown. Similarly, legendary investor James Anderson called Nvidia’s $100 billion OpenAI financing idea “disconcerting.” 

Most recently, the Big Short’s Michael Burry has put massive put positions against Nvidia and Palantir. 

That’s why Thiel rotated into Microsoft and Apple, tech giants with more diversified revenue streams, cloud scale, devices, and software. 

Thiel feels AI is transformative but slow-burning, and the platforms, not the current pure-play chip rocket, offer economics that will actually last.

Related: Warren Buffett’s Berkshire snaps up major tech stock, trims favorite