Silicon Valley "Venture Capital Guru" liquidates U.S. stocks! Has sold all Nvidia shares

Silicon Valley “Venture Capital Guru” Peter Thiel is rapidly exiting the U.S. stock market. The latest disclosed 13F filing shows that Thiel Macro Fund completely liquidated all U.S. stock holdings, including Apple, Microsoft, Tesla, and others, in Q4 of last year. In Q3 of last year, the fund had already sold all its Nvidia shares. Additionally, since the beginning of the year, due to concerns over the U.S. AI bubble, massive deficits, and Federal Reserve policies, a number of European institutional investors, including UK pension funds and Oriental Trust, have also reduced their U.S. asset holdings.

Silicon Valley “Venture Capital Guru” Liquidates Positions

American billionaire Peter Thiel is known as Silicon Valley’s “Venture Capital Guru,” with a career closely linked to many milestone tech companies. He co-founded PayPal in 1998 and served as CEO; later, he founded Palantir, a big data company. In the investment world, he has also achieved great success, early investing in well-known tech firms like LinkedIn and SpaceX.

Recent disclosures of the U.S. 13F filings show that in Q4 of last year, Thiel’s Thiel Macro Fund sold all its holdings in Apple, Microsoft, and Tesla.

As of the end of last year’s Q4, the fund no longer held any long U.S. stock positions that need to be disclosed in the 13F filings.

In fact, as early as Q3 last year, Thiel Macro Fund completely liquidated its 540,000 shares of Nvidia, leaving only Apple, Microsoft, and Tesla in its portfolio.

Notably, according to the 13F filings, Thiel’s venture capital firm Founders Fund also liquidated its 7.5% stake in ETHZilla in Q4 last year. ETHZilla was originally a biotech company before transforming into a cryptocurrency reserve firm. Thiel’s exit coincided with a sharp decline in ETHZilla’s stock price, which has fallen about 98% since peaking last August.

U.S. Assets Reduced

Since the beginning of the year, the three major U.S. stock indices have lagged behind other major global markets. According to Choice data, as of February 25, the Dow Jones Industrial Average, S&P 500, and Nasdaq have gained 2.95%, 1.47%, and -0.39%, respectively, significantly underperforming other markets.

Recently released results from the U.S. Bank’s February global fund manager survey show that, although global fund managers remain “extremely bullish,” 25% of respondents see the AI bubble as the primary tail risk. Additionally, 20% of fund managers listed top U.S. tech stocks— including Nvidia, Alphabet, Apple, Amazon, Microsoft, Meta, and Tesla—as the most crowded trades.

In terms of capital flows, the survey indicates that funds are shifting from U.S. stocks to emerging markets and the EU, with allocations to emerging markets reaching their highest level since February 2021.

Since 2026, a number of European institutions have been reducing their U.S. asset holdings. According to UK media reports, due to concerns over an overheated AI bubble in the U.S., UK pension funds are shrinking their exposure to U.S. stocks. These pension fund managers oversee assets totaling over £200 billion, serving millions of UK savers.

In early February, Valerie Baudson, CEO of Europe’s largest asset manager, Amundi, explicitly stated that they are advising clients to reduce dollar assets over the next year and focus more on Europe and emerging markets.

Vincente Mottier, Chief Investment Officer of Amundi, told Bloomberg TV that the U.S. large deficits and the uncertainty surrounding Federal Reserve policies are key drivers pushing capital out of the dollar and into other assets.

(Source: Shanghai Securities News)