Peter Thiel's hedge fund Thiel Macro LLC has disclosed its portfolio in a fresh 13F report filed with the SEC. The fund's total assets stand at $418.7 million, distributed across eight positions. Notably, among tech giants, only Amazon (AMZN) is present in the portfolio — and this signals a shift in priorities for the legendary investor.
After two quarters of silence, during which the fund did not disclose its positions, Thiel has returned with an aggressive strategy: energy is becoming the main beneficiary of the artificial intelligence boom. This is not just diversification — it is a clear thesis that electricity generation is turning into the most scarce resource for AI infrastructure.
Portfolio composition: focus on electricity
The largest position is Amazon with a 28.2% share ($118 million). In the second quarter, Thiel increased his stake in the retail giant, which expanded its investment program for 2026 to $220 billion, directing most of the funds to cloud services and AI infrastructure. The remaining seven positions are purely in the energy sector.
In second place is Argentina's Vista Energy (VIST), which is engaged in shale oil and gas production, with an 18.1% share ($75.9 million). Interestingly, Thiel himself recently moved to Buenos Aires, which may indicate a deep understanding of the local market. This is the fund's largest bet outside the technology sector.
The third position is held by Vistra (VST) — a power plant operator, including nuclear units, with a 14.1% share ($59.1 million). This quarter, Thiel increased his stake, confirming a long-term interest in nuclear generation as a stable energy source for data centers.
Four more positions — American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE), and CMS Energy (CMS) — are regulated utility companies with a 9-10% share each. They represent defensive assets with predictable tariffs, but they are also actively benefiting from growing demand from AI centers. Rounding out the list is the nuclear startup X-Energy (XE) with a share of less than 1%.
A new trend in AI bets
In total, energy companies account for nearly 72% of the fund's assets excluding Amazon. This reflects a broader trend: power grids across the country are overloaded with requests to connect data centers, and operators have already stated that AI infrastructure construction is directly accelerating electricity demand.
The report reflects the portfolio's state as of June 30 and was filed on August 14. Positions may have changed since then, but the logic is clear: Thiel is betting on electricity, not chip manufacturers, as the key scarce resource for artificial intelligence.
My take: This move by Thiel is a classic example of a forward-thinking investor. While the market is fixated on semiconductors, smart money is moving into infrastructure that will become the bottleneck within the next 2-3 years. For the crypto industry, this is also a signal: mining and decentralized computing will compete for the same energy resources, and the cost of electricity will become a key factor in profitability.