Peter Thiel's hedge fund Thiel Macro LLC reported $418.7 million in stock holdings in a new SEC filing, and its only technology position is Amazon. The $118 million stake, purchased in the second quarter, represents 28.2% of the fund's portfolio — a fresh start after two consecutive quarters with no stock holdings.
The rest of the portfolio is a bet on electricity. Six energy-related companies together absorb nearly 72% of the fund's assets, from Argentine shale to nuclear-capable generators and four regulated utilities. The message is clear: AI's next bottleneck won't be chips or software — it's power.
Amazon and the $220 Billion Data Center Plan
Amazon's capital spending plan for 2026 has been raised to $220 billion, largely for cloud and AI infrastructure. That spending boom is exactly what the power companies in Thiel's fund are positioned to serve. Both American Electric Power and FirstEnergy have cited AI-driven data center growth in their own regulatory filings as a driver of electricity demand.
The Amazon stake is a wager on that growth, but it's also a wager on the energy side of the ledger. Thiel's fund isn't buying big tech across the board — it's buying the one company that's building the most data centers and then buying the companies that will supply them with electricity.
The Portfolio's Heavy Footprint
Second-largest holding is Vista Energy, an Argentine shale producer, at 18.1% ($75.9 million). That aligns with Thiel's relocation to Buenos Aires. Vistra, a nuclear-capable power generator, holds 14.1% ($59.1 million). Four regulated utilities — American Electric Power, DTE Energy, FirstEnergy, and CMS Energy — each represent between 9% and 10% of the fund. Nuclear developer X-Energy rounds out the list at under 1%.
The six non-Amazon holdings are almost all tied to electricity generation or distribution. Even Vista Energy, though an oil and gas producer, supplies fuel that can be used for power generation. The fund's structure suggests a coordinated bet on the energy grid getting strained by the AI buildout.
What the Filing Doesn't Show
The SEC filing covers positions through June 30 and was submitted on August 14. So this is a snapshot from earlier this summer. The fund had zero holdings in the prior two quarters, meaning Thiel Macro LLC started building this portfolio from scratch during the spring.
Whether those positions have changed since then isn't public yet. The next quarterly filing will show if the fund's bet on Amazon and power has grown or shifted. It'll also reveal if Thiel's staying with this theme — or if the power play is just a starting point.
