Billionaire investor Peter Thiel has quietly executed one of the more striking AI pivots of this earnings season, unloading his hedge fund’s Nvidia stake and rotating the capital into two software giants at the center of the artificial intelligence race. Instead of chasing the chip maker that has defined the first phase of the boom, he is now leaning into Apple and Microsoft as the next stage of the story.
The move signals a belief that the most durable AI profits may accrue not to the companies selling the picks and shovels, but to the platforms that control users, data, and distribution. It is a high profile bet that the market’s obsession with Nvidia has gone far enough, and that the real leverage now lies higher up the stack.
Why Peter Thiel walked away from Nvidia at the peak of AI hype
Peter Thiel has long been known for contrarian timing, and his exit from Nvidia fits that pattern. His hedge fund, Thiel Macro, completely sold its stake in Nvidia during the third quarter, a move that pulled the fund out of one of the market’s most crowded trades just as enthusiasm around AI chips was cresting. According to filings cited in recent coverage, Thiel Macro is the vehicle he manages for public markets, and its decision to step aside from Nvidia reflects a deliberate shift rather than a minor trim of exposure.
The choice was not sudden. Earlier, the hedge fund founded by Peter Thiel had already dumped Nvidia shares just before a major earnings report, a move that raised eyebrows on Wall Street because it meant walking away from a stock that kept beating expectations. Separate reporting notes that Thiel cut his position by exactly 40.07% before Nvidia released its third quarter numbers, then ultimately sold all remaining shares. Some analysts cited in that same coverage still see room for Nvidia to grow, but Thiel’s actions show he is less interested in debating the last leg of a chip cycle and more focused on where AI economics migrate next.
The two “red hot” AI stocks Thiel is buying instead
Once Thiel Macro exited Nvidia, it did not move to the sidelines. Instead, the fund concentrated its firepower in two of the largest beneficiaries of AI software demand: Apple and Microsoft. Recent analysis of the fund’s 13F filing notes that Thiel Macro redirected capital into these two names, effectively swapping a pure-play chip exposure for platform companies that are embedding AI across hardware, operating systems, and cloud services. The shift underscores a view that the most resilient AI profits will come from companies that can distribute AI to billions of users rather than from a single component supplier.
One report on Thiel’s latest positioning describes how he surprised many investors with a big bet on two stocks for 2026, explicitly framed with the hint that it is not Nvidia. Another breakdown of the same 13F data explains that Thiel Macro sold Nvidia and bought Apple and Microsoft instead, highlighting how the fund is now leaning into the software and device layer of AI rather than the semiconductor core. A separate summary of the move characterizes these as “magnificent” artificial intelligence stocks and notes that Peter Thiel, a billionaire investor from Silicon Valley, has effectively chosen to back their AI ecosystems over Nvidia’s chips.
Inside Thiel Macro’s AI strategy shift
To understand the significance of this rotation, it helps to look at how Thiel Macro itself is being positioned. One detailed account of the fund notes that today, the hedge fund he manages is the aptly named Thiel Macro, and that its most recent filing shows it completely sold its stake in Nvidia and reallocated into Apple and Microsoft. The same analysis emphasizes that this is not a passive index-style portfolio but an expression of Peter Thiel’s own macro view on where AI value will concentrate. In other words, the Nvidia sale and the Apple and Microsoft purchases are part of a single thesis rather than disconnected trades.
Another report on the investment strategy shift describes how Thiel Macro completely sold its stake in Nvidia (NASDAQ: NVDA) during the third quarter and reinvested the proceeds into Apple and Microsoft. That coverage frames the move as a deliberate attempt to seek new investment avenues in AI, with the fund favoring companies that can monetize AI through cloud subscriptions, app ecosystems, and devices. A separate breakdown of the same trades notes that Thiel Macro, a hedge fund led by billionaire Peter Thiel, sold its entire stake in Nvidia during the third quarter and bought an AI stock that had surged more than 476,900% since its IPO, identifying Microsoft as the stock he bought. That same analysis quotes Thiel saying that 90% of venture capital is going into AI and that his positions are smaller than usual right now, which reinforces the idea that he is trying to balance conviction with caution in a frothy segment.
How this fits Thiel’s broader evolution on risk and AI
Thiel’s Nvidia exit and Apple and Microsoft pivot do not exist in a vacuum. They line up with a broader evolution in his approach to risk and technology cycles. At a recent annual investor conference, Founders Fund, the venture capital firm founded by investor Peter Thiel, was described as having “changed,” shifting from a cautious stance to a more aggressive posture as the AI boom accelerates. The same account notes that Founders Fund, where Thiel has been known as the “Ang” of Silicon Valley for his sharp contrarian takes, is now more willing to lean into the capital feast around AI rather than sit it out.
That change in tone helps explain why Thiel is comfortable making concentrated public market bets on AI platforms even as he warns about excesses elsewhere. One analysis of his hedge fund’s activity highlights that today, the hedge he manages is Thiel Macro and that it has moved decisively into Apple and Microsoft as AI leaders. Another summary of his recent trades underscores that Thiel is a billionaire investor from Silicon Valley whose hedge fund recently dumped Nvidia stock in favor of two other artificial intelligence stocks instead, reinforcing the idea that his public market and venture portfolios are now aligned around the same AI thesis.
What Thiel’s bet signals for the next phase of the AI trade
For investors watching the AI boom, Thiel’s repositioning offers a useful signal about where sophisticated capital thinks the next leg of returns might come from. By selling Nvidia after trimming the position by 40.07% and then exiting entirely, he is effectively saying that the easy money in the first wave of AI hardware may have been made. By contrast, concentrating in Apple and Microsoft suggests confidence that the monetization of AI assistants, productivity tools, and device integration is still in its early innings, with plenty of room for revenue and margin expansion as these features roll out to hundreds of millions of users.
At the same time, Thiel’s own comments, relayed in coverage of his trades, show he is not blind to the risks. He has pointed out that 90% of venture capital is now chasing AI, and that his positions are smaller than usual, which implies he sees both opportunity and froth. Another analysis of his latest 13F filing, framed around two stocks for 2026, notes that he has made a big bet with a clear hint that it is not Nvidia. For individual investors, the message is not to copy his trades blindly, but to recognize the underlying thesis: in the next phase of AI, control of platforms and distribution may matter more than control of any single chip.
Supporting sources: Peter Thiel has.
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