Peter Thiel-backed hedge fund Thiel Macro LLC has disclosed a sharply concentrated portfolio in its latest 13F filing, with most of its exposure linked to electricity demand tied to artificial intelligence infrastructure. The filing shows total holdings worth $418.7 million. Amazon accounted for 28.2% of the portfolio, or about $118 million, while the rest was largely made up of power generation and distribution names. Those utility-related holdings collectively represented nearly 72% of the portfolio, including Vistra at 18.1%, Vista Energy at 14.1%, as well as American Electric Power, DTE Energy, FirstEnergy, and CMS Energy. The filing also showed the fund had reported zero holdings in the previous two quarters, pointing to a new shift toward power as an investment theme. The positions were held as of June 30 and filed on Aug. 14. The report also noted that Amazon recently raised its 2026 capital expenditure plan to $220 billion, mainly for cloud and AI infrastructure, while AEP and FirstEnergy have both cited growing power demand from AI data centers in their regulatory filings.
The latest 13F filing from Peter Thiel-backed hedge fund Thiel Macro LLC shows a portfolio heavily concentrated in sectors tied to electricity demand from artificial intelligence.
The fund reported total holdings worth $418.7 million. Amazon (AMZN) was the single largest position at 28.2%, valued at $118 million.
All remaining disclosed positions were in power generation or power distribution companies, together making up nearly 72% of the portfolio. Those holdings included Vistra at 18.1%, Vista Energy at 14.1%, along with utility companies American Electric Power (AEP), DTE Energy, FirstEnergy, and CMS Energy.
A shift toward power-focused bets
The filing showed that Thiel Macro LLC had reported zero holdings in the previous two quarters. This new buildout of positions points to a turn toward electricity as an investment focus, based on the view that power could become a key bottleneck for AI development.
The disclosed holdings were current as of June 30, and the filing was submitted on Aug. 14.
Companies are already citing AI-related power demand
According to the report, Amazon recently raised its 2026 capital expenditure plan to $220 billion, with most of that spending aimed at cloud and AI infrastructure.
AEP and FirstEnergy have also said in regulatory filings that growth in AI data centers is increasing electricity demand.
The item was reported by BeInCrypto and republished in summary form by Techub.
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