PayPal co-founder Peter Thiel made an interesting asset adjustment in Q3: he cleared his Nvidia position, significantly reduced his TSL holdings (selling 208,000 shares for about $72 million), and took the opposite position by buying Apple and Microsoft.

According to public data, the total amount of his two sales is about 166 million USD, but the investment in Apple and Microsoft far exceeds this number (about 1.8 billion USD in Apple and about 2.5 billion USD in Microsoft), indicating that Thiel still holds a large cash reserve after Q3—either waiting for better opportunities or raising funds for a major project.

**It is worth mentioning**: Selling Tesla to buy Microsoft seems reasonable, but selling Nvidia to buy Apple is a bit strange. Nvidia's growth is explosive (data centers continue to expand), while Apple's growth is less than 10%. However, the PE valuations for both companies next year are quite similar. From a growth perspective, Nvidia is clearly superior, and Thiel's move seems a bit defensive—possibly hedging risks by swapping high-volatility tech stocks for more stable blue chips.

This also reflects the cautious attitude of the big players towards the current market valuation. What do you think?