Peter Thiel's Thiel Macro fund emerged from two consecutive quarters of zero equity exposure to deploy more than $418 million across eight positions in the most recent period, with Amazon claiming 28 percent of the portfolio through a 495,000-share purchase.
The zero quarters end
The fund held no stocks in the fourth quarter of 2025 and the first quarter of 2026, according to regulatory filings. The sudden re-entry marks a sharp reversal for a vehicle that has historically concentrated capital in a handful of convictions.
Amazon dominates the book
The Amazon stake dwarfs the seven energy names added alongside it. Thiel bought shares in Vista Energy, Vistra Corp, American Electric Power, DTE Energy, FirstEnergy, CMS Energy and X-Energy. The filing does not disclose the size of each energy position, the cash-versus-stock mix, or any break fees or conditions attached to the purchases.
Energy as AI infrastructure
The energy basket reads as a derivative bet on the compute build-out. Thiel's thesis, as described in the filing, is that high-level compute demands massive power, making utilities and independent producers a structural play on the same AI cycle driving Amazon's chip and cloud revenue.
The chips and AI run rates
Amazon's most recent full-year revenue topped $716 billion. In the latest quarter the company said its custom chip business reached an annual run rate above $25 billion, growing in the triple digits, while its AI revenue run rate also cleared $25 billion on a similar trajectory. "Customers choose AWS because we offer the broadest capabilities," chief executive Andy Jassy said in the earnings release.