🧠 Food for thought

Implications, context, and why it matters.

A billionaire’s big AI bet departs from his previous approach

• Leo KoGuan bought Nvidia shares after earlier saying he sold other holdings, including Nvidia, to concentrate on Tesla. He later said he was no longer ‘all-in’ on Tesla 1, 2.
• The Nvidia purchase came after he trimmed his Tesla stake and raised his position in short-term US Treasury bills. He framed that shift as protection against a 1929-style market crash 2.
• He moved into Nvidia while some analysts questioned the stock even after strong earnings, citing worries that about half of data center revenue comes from its largest Big Tech customers 3.

The great AI divide is forcing a high-stakes portfolio reshuffle

• KoGuan’s stance runs opposite to billionaire Peter Thiel. Thiel Macro LLC sold its entire Nvidia position in a 13F filing (a quarterly disclosure of a large investment manager’s US stock holdings) for the quarter ending Sept. 30, 2025, tied to AI bubble concerns 4.
• Conflicting moves like these can add to market swings. Investors weigh a multi-trillion dollar data center buildout against the risk of a dot-com-style correction 5, 4.
• KoGuan’s recent reallocations fit a more cautious posture than earlier years. After a leveraged, single-stock bet in 2020 nearly wiped him out, he said he was no longer all-in on Tesla and increased short-term US Treasury bills 1, 2.