Peter Thiel's Fund Bets on AI Power Needs with 418.7 Million USD Holdings

Peter Thiel's hedge fund, Thiel Macro LLC, disclosed a significant investment in AI's power requirements in its latest SEC filing, reporting eight holdings valued at 418.7 million USD, with Amazon (AMZN) as its sole technology position. This quarterly 13F filing indicates a shift towards electricity generation, seen as a critical resource for AI development, after reporting zero holdings in the previous two quarters. Amazon constitutes 28.2% of the portfolio, with a 118 million USD stake acquired in Q2. Additionally, Amazon has increased its 2026 capital spending plan to 220 billion USD, primarily for cloud and AI infrastructure. The fund's other positions focus on power generation or distribution, with Vista Energy (VIST), an Argentine shale producer, holding 18.1% at 75.9 million USD. Thiel's relocation to Buenos Aires aligns with this investment. Vistra (VST), a nuclear-capable power generator, accounts for 14.1% of the portfolio, with a 59.1 million USD position rebuilt this quarter. Four regulated utilities—American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE), and CMS Energy (CMS)—each represent 9% to 10% of the holdings. Nuclear developer X-Energy (XE) makes up less than 1%. Collectively, the six non-Amazon holdings comprise nearly 72% of the fund's assets, reflecting a strategic focus on electricity rather than chips as AI's next critical resource. The filing covers positions through June 30 and was submitted on August 14.

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