Venture capitalist and Literal vampire Peter Thiel just dumped all of his Nvidia holdings.
Either he is attempting some sort of stock manipulation ploy, or he has advance knowledge of some sort of improprieties in the AI financial ecosystem that will result in a major sell-off.
In either case, I expect to see a crash, and I expect Peter Thiel to make out like a raped ape:
Peter Thiel’s hedge fund Thiel Macro LLC sold its stake in Nvidia Corp. during the third quarter, marking yet another retreat from investments in the world’s leading provider of artificial intelligence chips.
The fund offloaded its entire position of 537,742 shares in the Santa Clara, California-based chipmaker — a holding that would have been worth about $100 million based on the closing price from Sept. 30. The Thiel Macro fund now counts Apple Inc., Microsoft Corp. and a reduced stake in Tesla Inc. as its main bets, according to a 13F filing.
Thiel’s move comes at a time of rising concerns about the AI exuberance that turned Nvidia into the world’s most valuable company. Hedge fund manager Michael Burry has emerged as perhaps the highest-profile critic, disclosing bearish wagers against both Nvidia and AI-powered software developer Palantir Technologies Inc. A series of circular, multibillion-dollar deals between AI chipmakers, startups, data center operators and others across the tech ecosystem have further stoked concerns that the industry is propping up itself.
Call me a cynic, but I'm inclined to believe that whatever he is doing, it is probably illegal.
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