(Bloomberg) — Peter Thiel’s hedge fund Thiel Macro LLC sold off its holdings in Nvidia Corp. during the third quarter, according to a 13F filing.
The fund offloaded its entire position of 537,742 shares in the world’s premier AI chipmaker, which would have been worth about $100 million based on the closing price from Sept. 30. The filing comes not long after SoftBank Group Corp. announced a similar move to sell off its shares in Nvidia in October for $5.83 billion.
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Thiel has been less bullish on artificial intelligence development than SoftBank founder Masayoshi Son, but both men opted to exit their holdings in the world’s most valuable company at a time of rising concern about an AI investment bubble.
Nvidia’s shares are up just roughly 2% since the end of September. An analysis of 13F filings from 909 hedge funds found an even split of investor sentiment on the chipmaker: 161 increased their investment positions in Nvidia, while 160 decreased them during the three months to September. Opinions remain divided about the prospects for AI companies, which continue to raise and spend funds at elevated rates but have yet to demonstrate monetization models that would pay off the lofty investments.
Peter Thiel did not immediately respond to an email and a messaged request for comment outside regular business hours.
The Thiel Macro fund now counts Apple Inc., Microsoft Corp. and a reduced stake in Tesla Inc. as its main bets, according to the filing. Thiel has also backed a US-based Nvidia competitor named Substrate as well as AI startups Mercor and Cognition AI, among his various venture capital bets.
–With assistance from Newley Purnell.
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