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Key Words: Silicon Valley is out of ideas, Peter Thiel says

Silicon Valley has “jumped the shark” and lacks innovation, venture capitalist Peter Thiel says.

“Perhaps there aren’t as many big breakthroughs left in consumer internet … The big ideas have been tried.”

Peter Thiel

Thiel, who had one of those “big ideas” in 1999, when he co-founded PayPal Inc. PYPL, +1.01% , and later was an early investor in Facebook Inc. FB, -0.03% , spoke Thursday at the New York Times’ DealBook conference in New York.

The Founders Fund partner suggested today’s Silicon Valley giants aren’t nimble enough to come up with The Next Big Thing.

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