Peter Thiel’s hedge fund has rebuilt its public-equity portfolio around one of the biggest constraints facing artificial intelligence: electricity.

Thiel Macro disclosed eight U.S.-listed holdings worth $418.7 million at the end of the second quarter, according to its 13F filing with the Securities and Exchange Commission. Amazon was the only technology company in the portfolio, while the remaining positions were concentrated in oil, electricity generation and regulated utilities. The filing marks a sharp change after the fund reported no meaningful long U.S. equity positions in the previous two quarters.

Amazon led the portfolio at roughly $118 million, or 28.2% of disclosed assets. The stake gives the fund direct exposure to the AI infrastructure boom through Amazon Web Services. The timing is notable: Amazon has raised its 2026 capital-spending plan to $220 billion, about 10% above earlier guidance, with much of that directed toward cloud infrastructure, AI computing and data centers. Cloud revenue climbed 37% year over year in the second quarter, the fastest pace in 18 quarters. Morningstar senior equity analyst Dan Romanoff said the surge in demand covers both conventional and AI workloads.

Vista Energy, an Argentine shale producer operating in the Vaca Muerta region, was the fund’s second-largest holding at $75.9 million, or 18.1% of the book. Thiel relocated to Buenos Aires earlier this year. Power generator Vistra, which has nuclear capacity, followed at $59.1 million, or 14.1%.

The remainder of the portfolio included American Electric Power, DTE Energy, FirstEnergy and CMS Energy, with each position worth roughly $40 million to $42 million, or about 10% apiece. Nuclear developer X-Energy was the smallest holding at approximately $3.7 million, under 1% of the book. Amazon has separately pursued nuclear supply for its data centers, including a partnership with X-Energy.

The full breakdown, drawn from the 13F filing:

HoldingValue% of PortfolioSectorAmazon (AMZN)$118.0M28.2%Cloud / AI infrastructureVista Energy (VIST)$75.9M18.1%Argentine shale oilVistra (VST)$59.1M14.1%Power generation, nuclearAmerican Electric Power (AEP)$42.2M10.1%Regulated utilityDTE Energy (DTE)$40.3M9.6%Regulated utilityFirstEnergy (FE)$39.9M9.5%Regulated utilityCMS Energy (CMS)$39.6M9.4%Regulated utilityX-Energy (XE)$3.7M0.9%Nuclear developer

Total disclosed holdings: $418.7 million across eight positions, all newly reported in the Q2 2026 filing.

The allocation suggests Thiel Macro is looking beyond the semiconductor layer of the AI boom. While Nvidia, AMD and Broadcom remain central to AI spending, electricity availability is increasingly becoming a separate investment theme. That trend is already reshaping other industries: Bitcoin miners with large power connections are increasingly being valued as potential AI infrastructure providers rather than simply crypto producers.

Electricity constraints are becoming harder for investors to ignore. The International Energy Agency’s April 2026 report on energy and AI found data-center electricity demand rose 17% in 2025 to roughly 485 terawatt-hours, and is on pace to nearly double to about 950 terawatt-hours by 2030 as AI-specific infrastructure use triples over the same period. Grid connection delays are already pushing some businesses toward larger on-site generation systems, while AI developers continue searching for locations with sufficient power capacity. American Electric Power signed on this summer as a partner for a 10-gigawatt data center project in Ohio. Dom Rizzo of T. Rowe Price expects spending by the largest cloud operators to reach $1.5 trillion to $1.6 trillion in 2027.

Melius Research analyst James West argues that owners of running plants hold an edge, because adding output at an existing site costs less and takes less time than new construction. Regulators complicate that math, since officials in Texas and the PJM market are weighing measures that would encourage fresh supply.

The filing extends a run of abrupt reversals for Thiel. Thiel Macro dumped a roughly $100 million Nvidia stake in the third quarter of 2025, a sale that fed talk of an AI bubble. In February, entities tied to his Founders Fund sold out of Ethereum treasury firm ETHZilla six months after disclosing a 7.5% position there.

Thiel Macro’s filing does not prove that every position was purchased specifically because of AI. A 13F also shows only certain long U.S.-listed holdings and represents a snapshot from June 30, meaning the portfolio may have changed since then. A quarterly filing also shows what a fund owned rather than why it bought, and Thiel has never publicly framed the portfolio as an energy strategy.

Still, the concentration is striking. Rather than assembling another portfolio dominated by semiconductor stocks, Thiel Macro has placed most of its disclosed capital in companies tied to the energy system supporting the AI buildout.