Peter Thiel's hedge fund, Thiel Macro LLC, has disclosed its new bet, which radically changes the perception of where capital is moving in the era of artificial intelligence. According to the latest 13F filing with the SEC, the fund's assets total $418.7 million, distributed across eight positions. Notably, among tech giants, only Amazon (AMZN) is present in the portfolio, and this is no coincidence.
Energy — The New Scarce Resource
After two quarters of silence, during which the fund did not disclose its positions, Thiel has pivoted toward the energy sector. The logic is simple: electricity generation is becoming the main bottleneck for AI development. This is not just diversification, but a deliberate strategic maneuver that I am observing among a growing number of institutional investors.
The fund's largest position is Amazon, accounting for 28.2% of the portfolio. In the second quarter, Thiel purchased $118 million worth of the company's shares. Amazon has expanded its 2026 investment program to $220 billion, and a significant portion of these funds will go toward cloud infrastructure and data centers for AI. The fund's remaining investments are focused on electricity generation and transmission.
Portfolio Structure: From Shale to Nuclear Energy
In second place is Argentina's Vista Energy (VIST), engaged in shale oil and gas extraction, with a share of 18.1% ($75.9 million). Thiel himself recently moved to Buenos Aires, adding personal context to this bet. It is the largest investment outside the technology sector.
The third position is Vistra (VST), an operator of power plants, including nuclear units, with a share of 14.1% ($59.1 million). Thiel increased his stake this quarter. Next are four utility companies with state-regulated tariffs: American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE), and CMS Energy (CMS), each accounting for 9–10% of the portfolio. Closing out the list is nuclear company X-Energy (XE) with a share of less than one percent.
In total, energy companies account for nearly 72% of the fund's assets excluding Amazon. AEP and FirstEnergy have already noted that the construction of AI data centers is directly driving up electricity demand, overloading regional capacities.
Analytical Conclusion
The report reflects the portfolio's state as of June 30, and positions may have changed since then, but the overall logic is clear: Thiel is betting on electricity, rather than chip manufacturers, as the key scarce resource for AI. This is a signal to the market — infrastructure companies providing energy supply could become beneficiaries of the AI boom no less than semiconductor giants. In my analysis, this confirms a long-term trend: capital is shifting from technology developers to those who provide their foundational infrastructure.