Sou Hu Cai Jing·2025-11-17 19:10Core Insights - Peter Thiel's Thiel Macro fund liquidated all Nvidia holdings, signaling a potential end to the AI hype as Nvidia's market cap surpassed $500 billion and analysts raised target prices to $300 [1][3] - Thiel's actions reflect a broader skepticism among tech leaders, with Jeff Bezos calling the AI trend a "perfect industrial bubble" and predictions of a 10% market correction within 12-24 months [3] - Despite Nvidia's impressive quarterly sales of $46.7 billion and a 56% growth in data center business, Thiel warns of a significant gap between market enthusiasm and real economic value, reminiscent of the 1999 internet bubble [3][4] Investment Strategy - Following the liquidation, Thiel's portfolio shrank from $212 million to $74.4 million, retaining only three stocks: a 76% reduction in Tesla, and new positions in Microsoft and Apple [3][4] - Microsoft and Apple are seen as safer investments due to their diversified revenue streams, unlike pure AI chip companies, allowing them to thrive amid AI transformations [3][4] - Apple's vast ecosystem of 2.3 billion devices positions it as a "safe haven" benefiting from AI trends without the burden of heavy computational infrastructure [4] Market Reflection - The portfolio adjustments indicate a collective reconsideration of the monetization path for AI, as tech giants invest heavily in computational infrastructure [4][6] - Microsoft’s Azure cloud services and Apple's "physical AI" vision exemplify a "slow-burning" transformation, showcasing resilience amid market volatility [6] - The shift in investment strategy suggests that smart capital is now seeking stable havens that can engage with future trends without the pressure of immediate returns [6]