Silicon Valley godfather sharply increases positions in energy stocks: Thiel Macro establishes new positions in power utilities in Q2, with the AI power consumption bottleneck as the main investment allocation theme

Newly released 13F regulatory filings show that Peter Thiel’s Thiel Macro LLC significantly built new positions in power, utilities, and energy-related stocks during the second quarter, indicating that as AI data center electricity demand continues to surge, some tech investors are viewing energy supply as a key bottleneck in the next phase. As of June 30, the fund’s U.S. stock holdings were valued at approximately $419 million. Of this, energy, power, and utilities-related positions totaled around $301 million, accounting for roughly 70% of the portfolio, making it the most prominent allocation in the second quarter. Specifically, Thiel Macro’s new positions include Argentine shale oil and gas company Vista Energy (valued at ~$75.91 million), U.S. power generation firm Vistra (~$59.13 million), American Electric Power (~$42.22 million), DTE Energy (~$40.29 million), FirstEnergy (~$39.90 million), and CMS Energy (~$39.56 million). Additionally, the fund holds approximately $3.67 million in nuclear energy-related firm X-Energy. Amazon remains its largest single holding, valued at around $118 million. Vistra is one of the representative targets in this year’s AI power trade. As major cloud providers continue expanding data centers, the market expects power generation assets, grid capacity, power purchase agreements, and nuclear energy revival to become key components of AI infrastructure investment. However, 13F filings only disclose long U.S. stock positions at quarter-end, and do not reflect short positions, full derivative exposures, or that current positions remain unchanged. Still, based on the portfolio structure at the end of Q2, Thiel Macro’s concentrated allocation to energy and utilities sends a clear signal for AI infrastructure trades: amid the ongoing expansion of computing power demand, power constraints will become increasingly hard for investors to ignore.