Bloomberg Tech Podcast Summary

Episode Title: Thiel’s Hedge Fund Sells Entire Nvidia Stake
Original Air Date: November 17, 2025
Hosts: Caroline Hyde (New York), Ed Ludlow (San Francisco)
Special Guests: Emma Palmer (Hedge Fund Reporter), Jay Jacobs (BlackRock), Miao Shen (Crypto Reporter), Dana Wollman (Bloomberg Senior Tech Editor), Carmen Reinicke (Equities Reporter), Fiona Cinculta (Citi Index), Eric Glyman (Ramp CEO), Keith Naughton (Auto Reporter), Spencer Soper (Amazon Reporter)

Episode Overview

This episode dives into the latest tremors and trends across the tech investing landscape, with special focus on notable fund activity (Peter Thiel’s fund selling Nvidia), implications for the AI and broader tech sectors, Berkshire Hathaway’s new stake in Alphabet, crypto volatility, Amazon’s major bond offering and data center plans, shifts in Apple’s release strategy, and more.

Key Discussion Points & Insights

1. Market Volatility and Hedge Fund Moves

(01:39 – 06:32)

• Peter Thiel’s Macro Fund Exits Nvidia:

  • News broke via a 13F regulatory filing that Peter Thiel's Macro Fund has sold its entire Nvidia position—roughly $100 million.
  • This is notable given the fund’s highly concentrated equity portfolio, now focusing on Microsoft and a reduced Tesla stake.
  • Context: SoftBank also recently sold $5.8 billion in Nvidia to reallocate resources for new ventures, most notably OpenAI.

  Notable Quote:

  “When we see a rotation in this portfolio, it holds a lot of meaning, even though the position itself was only about $100 million, [...] it often suggests a directional [shift].” – Emma Palmer (03:34)

• Portfolio Strategy:

  • Thiel’s fund has drastically reduced its overall equity exposure (from over $200 million to $70 million).
  • Despite public equities trimming, Thiel remains active in private market bets, such as backing Substrate, aiming to disrupt the chip equipment space (04:18).

2. Berkshire Hathaway's Big Tech Moves

(05:40 – 06:32)

• Alphabet Investment:

  • Berkshire bought 18 million shares of Alphabet, valued at $5 billion, making it their 10th largest holding.
  • This comes alongside trimming their Apple position by 15%.
  • Suggests portfolio rotation for risk/exposure management, rather than a direct bet against Apple.

  Notable Quote:

  “When we see a brand new position and a sizable one like an Alphabet Google, then it does suggest that there might be a lot of bullishness as to that stock.” – Podcast Host (06:32)

3. Nvidia Earnings Expectations and AI Market Sentiment

(06:32 – 08:52)

• All Eyes on Nvidia Earnings:

  • Nvidia’s upcoming earnings viewed as a pivotal market moment, especially as the AI trade faces short-term sell-offs.
  • CEO Jensen Huang boasts a “half a trillion dollars worth of orders coming in the next few quarters,” reinforcing ongoing fundamental strength (07:08).
  • Investor concern remains about over-concentration—roughly 50% of Nvidia’s data center revenue comes from a handful of hyperscalers (Microsoft, Amazon, Meta).

  Notable Quote:

  “On a fundamental basis, at least from his perspective, nothing to see here… everything is kind of still heading up and to the right.” – Ryan Reynolds (07:08)

• Geopolitical Uncertainty:

  • Ongoing questions about China’s contribution and Nvidia’s exposure due to geopolitics and export controls (07:44).

4. AI Sector Investor Perspectives (BlackRock)

(08:52 – 13:46)

• Jay Jacobs (BlackRock):

  • AI is a long-term, structural theme. Short-term volatility (like Thiel’s exit) isn’t causing outflows from BlackRock’s AI ETF products.
  • Many investors view downturns as “buy the dip” opportunities (09:55).
  • Growing interest in AI’s infrastructure (data centers, power grid, semiconductors) beyond the headline “MAG7” stocks (10:38-11:15).

  Notable Quote:

  “The long-term trend of this theme has only been gaining steam. [...] Our clients have not been terribly concerned about headlines.” – Jay Jacobs (12:18)

• Crypto ETF Flows:

  • Despite recent pullbacks, long-term crypto ETF holders remain optimistic, with new advisory platforms enabling access (13:12).

5. Crypto Market Turmoil

(15:23 – 18:39)

• October Liquidation Event:

  • Lingering effects of a massive liquidation in October causing persistent cryptomarket weakness.
  • Miao Shen points out no major firm blow-ups reported, but open interest in perpetual futures has not recovered, signaling deleveraging pain for smaller trading shops (15:23).

• Altcoin Pain:

  • Retail investors disproportionately hit, with some altcoins “almost going to zero” during the crash.
  • Despite this, institutional buyers (e.g., MicroStrategy) continue to add bitcoin, suggesting a bifurcation in the market between serious BTC-focused players and highly speculative altcoin participants (17:17, 18:06).

6. Apple’s Upcoming iPhone Strategy Shift

(21:04 – 24:55)

• Release Cadence Changes:

  • Apple is reportedly moving from one annual fall iPhone event to staggered releases throughout the year, starting with three high-end models in the fall and mid-tier models six months later.
  • Could ease pressure on teams and suppliers, smooth out seasonal revenue, and help Apple respond faster to cross-regional competition.

  Notable Quotes:

  “Consumers...know not to necessarily replace an iPhone if they don’t have to in the months preceding what they assume will be the launch.” – Dana Wollman (21:26)
  “I think the launches now are going to be more frequent and just more numerous. It does seem like Apple is in a period of launching more stuff, in some cases more ambitious products than perhaps consumers have come to expect.” – Dana Wollman (22:21)

• Foldable and Ambitious Products:

  • iPhone Air and a future foldable device anticipated; move aimed at keeping ahead of rivals like Samsung and Google, as well as aggressive Chinese brands (22:21 – 24:55).

7. Tech Stock Divergence & Investor Selectivity

(25:25 – 41:51)

• Capex to ROI Mindset Shift:

  • Investors increasingly scrutinize not just AI-related hype but actual ROI and balance sheet strength.
  • Example: CoreWeave shares fell 44% in a month despite strong growth due to worries about debt and profitability; meanwhile, Micron soared on clear memory chip demand (35:25 – 38:07).

• Bubble or Rationality?:

  • Fiona Cinculta: The AI trade is maturing, with more rational selectivity replacing blind optimism. Market is not in full bubble territory, but careful scrutiny is warranted (41:04).

  Notable Quotes:

  “Previously it had just sort of been invest in AI and anything that really mentioned AI seemed to be a winner. But I think as we’re seeing this trade mature, investors are taking their time to become more selective.” – Fiona Cinculta (38:07) “I think the market is still acting rationally... it does go against that bubble narrative.” – Fiona Cinculta (41:04)

8. Amazon’s $12 Billion Bond Offering and Data Center Spend

(43:28 – 49:15)

• Amazon Debt Sale:

  • Issuing $12 billion in bonds, its first USD bond sale in 3 years.
  • Funds earmarked for data center expansion and AI infrastructure as Amazon races to keep pace with Meta, Google, Oracle.
  • Despite IPO and layoffs, Amazon maintains high capital expenditure, especially for cloud/data center arms.

  Notable Quotes:

  “They’ve been spending a lot on data centers and this is more, you know, more fuel for that.” – Spencer Soper (46:25) “They can’t build them fast enough. And a big consideration is still power.” – Spencer Soper (47:24)

• Jeff Bezos AI Startup Rumors:

  • Reports suggest Bezos may launch an AI startup—Project Prometheus—with up to $6B in initial funding, targeting advanced computing and manufacturing applications (48:23 – 49:15).

9. Ford and Amazon: Used Car Retailing

(44:22 – 46:05)

• Certified Used Ford Vehicles on Amazon:
  • Ford follows Hyundai into Amazon’s e-commerce ecosystem for car sales. Shoppers can browse, finance, and initiate purchases through Amazon, but pick up and finalize at dealerships.
  • The move rattles rival platforms like Carvana and CarMax.

Notable Timestamps for Key Segments

• Peter Thiel sells Nvidia | Hedge Fund Moves: 01:39 – 06:32
• Berkshire’s Alphabet stake: 05:40 – 06:32
• Nvidia Earnings/AI Infrastructure: 06:32 – 08:52
• Jay Jacobs on AI, ETFs, and Investor Sentiment: 08:52 – 13:46
• Crypto Sell-off and Altcoin Fallout (w/ Miao Shen): 15:23 – 18:39
• Apple’s iPhone Release Changes: 21:04 – 24:55
• CoreWeave, Micron, and Stock Selectivity: 35:25 – 38:07
• Market Rationality & Bubble Discussion (w/ Cinculta): 41:04 – 41:51
• Amazon Bond Offering/Data Centers: 43:28 – 49:15
• Ford’s Used Car Sales on Amazon: 44:22 – 46:05

Memorable Moments & Quotes

• On Thiel’s Nvidia Sale:

  “Typically when you see a concentrated portfolio and a shift that's notable, like exiting a position entirely, then it often suggests a directional [change].” – Emma Palmer (03:34)

• On Nvidia’s Order Book:

  “I’ve got half a trillion dollars worth of orders coming in the next few quarters.” – Jensen Huang (via Ryan Reynolds) (07:08)

• On AI’s Long-Term Conviction:

  “The long-term trend of this theme has only been gaining steam. [...] Our clients have not been terribly concerned about headlines.” – Jay Jacobs (12:18)

• On Apple’s Staggered Launches:

  “I think consumers to some extent have gotten used to long lulls between Apple’s product launches. And I think the launches now are going to be more frequent and just more numerous.” – Dana Wollman (22:21)

• On Investor Selectivity:

  “We’ve really switched from a capex discussion back to an ROI [return on investment] discussion. And traders are really looking for that ROI.” – Carmen Reinicke (35:25)

Episode Tone & Style

• Informed, analytical, and data-driven.
• Frequent use of expert guests (analysts, reporters, fund managers).
• Tone oscillates between caution (regarding frothy valuations and crypto) and excitement (new tech, big bets).

Summary Takeaway

This episode provides a sharp snapshot of a tech market at a crossroads. While major investors are reshuffling high-profile positions (Nvidia), core themes like AI, data center buildout, and strategic innovation (at Apple and Amazon) remain robust. Investor sentiment is maturing, with greater focus on real returns and balance sheet fundamentals—yet the undercurrent of optimism and technological advancement persists, especially in the context of AI infrastructure and applications.

Listeners come away with a nuanced understanding of fund movements, the current AI and market cycle, the evolving tech competitive landscape, and the interplay between short-term volatility and long-term conviction.