Forget NVDA: Peter Thiel's New $419 Million Portfolio Bets Big on the Power Behind AI
Peter Thiel ‘s investment firm, Thiel Macro LLC, disclosed a $418.67 million equity portfolio across eight companies in the second quarter, bypassing semiconductor manufacturers to allocate capital toward electrical grid operators, nuclear developers, tech infrastructure, and conventional energy. Rebuilding Capital in Utility Operations According to its 13F filings, Thiel Macro returned to the disclosed U.S. equity market in Q2 after reporting no 13F holdings for two consecutive quarters. Rather than purchasing semiconductor producers like Nvidia Corp. (NASDAQ: NVDA ), among others, the firm shifted focus toward power grid operators and energy infrastructure needed to support artificial intelligence expansion. While Wall Street focuses on chips, Thiel shifted to AI bottleneck plays, with the fund directing approximately $162 million across four major electric utilities: American...
67 million equity portfolio across eight companies in the second quarter, bypassing semiconductor manufacturers to allocate capital toward electrical grid operators, nuclear developers, tech infrastructure, and conventional energy. S. equity market in Q2 after reporting no 13F holdings for two consecutive quarters. Rather than purchasing semiconductor producers like Nvidia Corp.
(NASDAQ: NVDA ), among others, the firm shifted focus toward power grid operators and energy infrastructure needed to support artificial intelligence expansion. While Wall Street focuses on chips, Thiel shifted to AI bottleneck plays, with the fund directing approximately $162 million across four major electric utilities: American Electric Power Company Inc. (NASDAQ: AEP ), DTE Energy Co. (NYSE: DTE ), FirstEnergy Corp.
(NYSE: FE ), and CMS Energy Corp. (NYSE: CMS ). Additionally, it established positions in power supplier Vistra Corp. (NYSE: VST ) and nuclear developer X-Energy Inc.
(NASDAQ: XE ). B. V. (NYSE: VIST ).
com Inc. 98 million, representing 28% of total reported assets. This position is also centered on energy, as AMZN’s massive data center expansion relies directly on long-term power purchase agreements, including Vistra’s 20-year deal supplying nuclear energy to Amazon Web Services and combined capital investments in X-Energy’s small modular reactors. The deal between Amazon and VST was disclosed by Vistra CEO Jim Burke during the fourth quarter and full-year 2025 earnings call in February 2026.
Additionally, utility operators in the portfolio, such as DTE Energy, recently secured power service agreements extending through 2047 for large-scale data centers. 9 million investment in Vista Energy could provide exposure to conventional energy as a complement to the fund’s power-focused holdings. S. Energy Information Administration raised its price forecasts as Brent crude exceeded $100 per barrel, underscoring the strategic timing of this South American oil play.
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