Everybody Loves a Ponzi‘Perhaps there is still time to defeat history.’-Daniel OliverMr. Oliver must be an unreconstructed optimist. An un-mugged Democrat. A man enjoying his first vote…or his second marriage.The history he is referring to is the one we know so well. It is the history of booms and busts…and of great nations laid low by the ‘fatal conceit’ of their leaders.All bubbles burst.All paper currencies become worthless.All empires decline and fall.it is a repeatable, predictable, investable history ...

Core Insights - Peter Thiel's hedge fund, Thiel Macro LLC, sold its entire stake in NVIDIA Corp., approximately 537,742 shares valued at around $100 million, and significantly reduced its position in Tesla Inc. by approximately 76% [2][6] - The moves by Thiel's fund have raised concerns about a potential rotation out of technology stocks, particularly amidst growing whispers of an AI bubble [3][4] - Thiel has expressed that the hype surrounding AI is outpacing the financial value of companies, drawing parallels to the dot-com boom and bust [5] Company Actions - Thiel Macro LLC completely divested from NVIDIA, indicating a strategic shift as the company reported strong earnings and high demand for its GPUs [2][6] - The fund reduced its Tesla stake from $212 million to $74.4 million, reflecting a significant decrease in confidence in the electric vehicle market [2] Market Context - Concerns about an AI bubble have intensified, with analysts questioning the sustainability of high valuations in the tech sector [4][5] - The current market sentiment suggests that investors should be cautious about overstating near-term financial returns from AI technologies [5][6]