Thiel Macro’s 13F shows nearly 72% of assets tied to AI-driven power demand

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.