Peter Thiel Cuts U.S. Equity Exposure, Exits Nvidia (NVDA)

Billionaire investor Peter Thiel sharply reduced his U.S. stock holdings during the third quarter, fully exiting a major Nvidia (NVDA) position and cutting the overall value of Thiel Macro LLC’s disclosed equity portfolio from roughly $212 million in Q2 to about $74 million at the end of Q3, according to the firm’s latest 13F filings.

The most significant move was the complete sale of 537,742 shares of Nvidia (NVDA), a position worth close to $100 million earlier in the year and previously one of the fund’s largest holdings. The exit comes as investors increasingly debate whether AI-exposed equities have become overheated following a multi-year surge.

The latest 13F report shows Thiel Macro holding only three U.S. equities as of September 30: Tesla (TSLA), Microsoft (MSFT), and Apple (AAPL). The combined value of these positions totaled slightly over $74 million, indicating a major contraction of the fund’s disclosed U.S. equity exposure and a shift toward a more concentrated portfolio of mega-cap technology names.

Just one quarter earlier, in Q2, the firm’s holdings were led by Tesla (TSLA), Nvidia (NVDA), and Vistra (VST), together valued at roughly $212 million. By Q3, the fund had fully eliminated its stakes in Nvidia (NVDA) and Vistra (VST) and had pared back its Tesla (TSLA) position.

The filings do not comment on the rationale for the repositioning, but the size of the reduction places Thiel among investors dialing back exposure to high-performing AI beneficiaries. The pivot also highlights how concentrated the portfolio has become in a handful of large, liquid technology stocks.