Peter Thiel’s hedge fund revealed a concentrated bet on AI’s power needs in its newest SEC filing. Thiel Macro LLC reported eight holdings worth $418.7 million, with Amazon (AMZN) as the fund’s only technology position.

The fund’s 13F is a quarterly disclosure that institutional investors file with the SEC. The filing showed zero holdings for the two prior quarters. This return marks a pivot toward electricity generation, a resource many now see as AI’s real bottleneck.

The 13F Reveals a Power-Heavy Portfolio

Thiel co-founded PayPal and Palantir Technologies and was an early investor in Facebook. He now runs Thiel Macro LLC, the fund behind this filing. Amazon makes up 28.2% of the portfolio. The fund bought the $118 million stake during the second quarter.

Amazon also lifted its 2026 capital spending plan to $220 billion, largely for cloud and AI infrastructure. Every other position in the portfolio sits in power generation or distribution.

Vista Energy (VIST), an Argentine shale producer, ranks second at 18.1%, worth $75.9 million. Thiel relocated to Buenos Aires this year, a move that lines up with the Argentine bet. BeInCrypto previously covered Thiel’s Vista Energy stake, his biggest position outside Big Tech.

Vistra (VST), a nuclear-capable power generator, follows at 14.1%. The fund rebuilt this $59.1 million position this quarter. Four regulated utilities round out the middle of the portfolio. American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE), and CMS Energy (CMS) each hold nine to 10 percent.

Nuclear developer X-Energy (XE) rounds out the portfolio at under one percent. AEP and FirstEnergy both cite AI-driven data center growth in their own regulatory filings.

The Next Big AI Bet?

Together, the six non-Amazon holdings absorb nearly 72% of the fund’s assets. Utilities elsewhere face similar pressure as data center power demand strains regional grids nationwide.

The filing covers positions through June 30, and Thiel Macro submitted it on August 14. The fund’s current holdings may already differ from this snapshot. Still, the allocation suggests Thiel is betting on electricity, not chips, to define AI’s next scarcity.

Source: BeInCrypto