Probably a stupid question, why not buy something like CHF then, if one is concerned about eroding dollar value? Is the thesis that blue chips (if google is one) would rise faster than USD is devalued?

Stocks are going to be better at hedging against inflation than any one specific currency, because they’re able to raise prices. This is something Buffet has talked about which is mildly detailed here: https://www.investopedia.com/how-warren-buffetts-1-rule-can-...

How the dollar erodes, and its effect on other currencies will be unpredictable. Corporations raising prices to offset their rise in costs, is predictable. It’s just a matter of finding those corporations and industries which can do so without losing more sales.

I’d assume the urge to “cash up” here is driven by the idea of trying to sell the top, and buy the resulting bottom. I highly doubt Thiel thinks AI isn’t worth today’s market cap or several multiples of it, in the long term, and that any “bubble burst” will likely be a generational buying opportunity.