Forget NVDA: Peter Thiel's New $419 Million Portfolio Bets Big on the Power Behind AI

Peter Thiel speaking (Credit: Peter Thiel | Photo courtesy: mark reinstein / Shutterstock.com)

Rishabh Mishra

Sat, September 12, 2026 at 12:30 AM GMT+3 6 min read

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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., among others, the firm shifted focus toward power grid operators and energy infrastructure needed to support artificial intelligence expansion.

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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., DTE Energy Co., FirstEnergy Corp., and CMS Energy Corp..

Additionally, it established positions in power supplier Vistra Corp. and nuclear developer X-Energy Inc.. Thiel Macro also secured conventional assets via Argentine shale oil producer Vista Energy S.A.B. de C.V..

Powering Cloud Infrastructure and Data Centers

Amazon.com Inc. serves as Thiel Macro's largest single position at $117.98 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.

Hedging Power Bottlenecks with Conventional Energy

While domestic grid operators power the AI revolution, Thiel Macro's $75.9 million investment in Vista Energy could provide exposure to conventional energy as a complement to the fund's power-focused holdings. This 18% portfolio allocation arrives as global crude inventories decreased by 400 million barrels this year, according to Reuters.

Driven by Middle East supply disruptions, the U.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.

Thiel Macro LLC: Q2 2026 Portfolio Holdings

Ticker

Value ($000)

Portfolio %

Shares

AMZN

$117,978

28%

VIST

$75,908

18%

VST

$59,130

14%

AEP

$42,221

10%

DTE

$40,294

9.60%

$39,901

9.50%

CMS

$39,559

9.40%

$3,672

0.90%

Photo courtesy: mark reinstein / Shutterstock.com

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