Peter Thiel's hedge fund rebuilt a $418.7 million stock portfolio around electricity, steering roughly 72% of it into power and energy companies.
Key Points:
- Thiel Macro reported eight holdings worth $418.7 million for the quarter ended June 30, after two quarters with none.
- Amazon is the fund's only technology position, at 28.2% of the book.
- The seven remaining names cover utilities, power generation, Argentine shale and nuclear development.
Thiel Macro 13F Filing Details
Thiel Macro LLC filed the quarterly 13F disclosure with the Securities and Exchange Commission on Aug. 14. The document lists eight positions held through June 30, arriving after two straight quarters in which the fund reported no American equity holdings at all.
Amazon ranks first at almost $118 million, or 28.2%, and it is the only technology name in the book. Thiel co-founded PayPal and Palantir Technologies, and he backed Facebook as its first outside investor. The retailer has separately pursued nuclear supply for its data centers, including a partnership with reactor developer X-Energy, which sits at the bottom of the fund's list at under 1%.
Vista Energy, an Argentine shale producer, follows at 18.1%, or $75.9 million, and Thiel relocated to Buenos Aires earlier this year. Vistra, a generator with nuclear capacity, sits third at 14.1%, ahead of American Electric Power, DTE Energy, FirstEnergy and CMS Energy, which each account for roughly 10%.
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Analysts Weigh AI Power Bottleneck
Amazon lifted its 2026 capital spending plan to roughly $220 billion in July, about 10% above its earlier guidance.
Cloud revenue climbed 37% year over year in the second quarter, the fastest pace in 18 quarters. Morningstar senior equity analyst Dan Romanoff said the surge in demand covers both conventional and AI workloads.
Dom Rizzo of T. Rowe Price expects spending by the largest cloud operators to reach $1.5 trillion to $1.6 trillion in 2027. American Electric Power, meanwhile, signed on this summer as a partner for a 10-gigawatt data center project in Ohio.
Melius Research analyst James West argues that owners of running plants hold an edge, because adding output at an existing site costs less and takes less time than new construction. Regulators complicate that math, since officials in Texas and the PJM market are weighing measures that would encourage fresh supply. A quarterly filing also shows what a fund owned rather than why it bought, and Thiel has never publicly framed the portfolio as an energy strategy.
Thiel's Recent Portfolio Reversals
The filing extends a run of abrupt reversals, starting with the roughly $100 million Nvidia stake Thiel Macro dumped in the third quarter of 2025, a sale that fed talk of an AI bubble.
In February, entities tied to his Founders Fund sold out of Ethereum (ETH) treasury firm ETHZilla, six months after disclosing a 7.5% position there.
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