Peter Thiel's hedge fund, Thiel Macro LLC, has filed its latest 13F report, and this document deserves close attention. After two quarters of silence, the fund disclosed assets totaling $418.7 million, spread across eight positions. And if you expected to see a classic lineup of tech giants, you're in for a surprise: the bet is not on chipmakers or software corporations, but on those who will power their data centers.
The portfolio reads like a manifesto for a new investment era. The only representative from the tech sector is Amazon (AMZN) with a 28.2% stake ($118 million). This is a logical move: the company expanded its investment program for 2026 to $220 billion, directing the bulk of funds toward cloud infrastructure and AI. However, the remaining 71.8% of assets are pure energy, and here Thiel demonstrates a foresight rare for a venture capital guru.
Energy tilt: from shale to nuclear
The second-largest position is Argentina's Vista Energy (VIST), which focuses on shale oil and gas extraction. Its share stands at 18.1% ($75.9 million). Notably, Thiel himself recently relocated to Buenos Aires, which may indicate a deep understanding of the local market. Third place goes to power plant operator with nuclear units Vistra (VST) — 14.1% ($59.1 million), with the stake increased this quarter.
The remaining four major positions — American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE), and CMS Energy (CMS) — are classic regulated utilities with stakes of 9–10% each. Closing out the list is nuclear-focused X-Energy (XE) with a stake of less than 1%. Interestingly, AEP and FirstEnergy have already noted that data center construction for AI is directly accelerating electricity demand.
The report reflects the portfolio's state as of June 30, filed on August 14, so positions may have changed since. But the logic is clear: Thiel is betting on electricity as the key scarce resource of the AI revolution, rather than on the technologies themselves.
My take: This is a signal for the entire market. While institutional investors chase Nvidia and semiconductors, smart money is already hunting for bottlenecks in infrastructure. Energy is the new "oil tap" of the digital economy, and those who secure positions in electricity generation and transmission could reap outsized returns over the next 3–5 years. For the crypto industry, where mining and staking also depend on energy resources, this trend is a direct pointer to long-term growth drivers.