美股IPO·2025-11-17 03:38Core Viewpoint - Peter Thiel's fund, Thiel Macro LLC, made significant adjustments in Q3, completely exiting its position in Nvidia and reducing its Tesla holdings by 76%, signaling caution towards the AI hype cycle [1][3][7] Group 1: Portfolio Changes - Thiel Macro LLC's total holdings shrank from approximately $212 million to $74.4 million, indicating a drastic reduction of about two-thirds [3][5] - The fund sold all 537,700 shares of Nvidia, which previously accounted for 40% of its portfolio, and also divested a significant position in Vistra Energy, which represented 19% of the portfolio [4][6] - The fund's turnover rate exceeded 80%, reflecting a decisive strategic contraction rather than a mild rebalancing [5] Group 2: New Investments - In contrast to the sell-offs, Thiel Macro LLC established new positions in Microsoft and Apple, purchasing 49,000 shares of Microsoft and 79,181 shares of Apple [6] - Following the reductions, Tesla remained the largest holding at approximately 38.8%, while Microsoft and Apple accounted for 34.1% and 27.1% of the portfolio, respectively [6] Group 3: Market Sentiment and AI Concerns - Thiel's actions align with his previous warnings about the AI sector's speculative bubble, comparing the current market enthusiasm to the internet bubble of 1999 [7] - Despite acknowledging Nvidia's leadership in hardware, Thiel's decision to eliminate the position reflects a belief that AI's transformative impact will be gradual, favoring platform companies with diversified revenue streams over high-valuation chip manufacturers [7]