Thiel Macro's AI Bet Hinges on Power and Infrastructure

Peter Thiel's macro fund has made Amazon its largest disclosed holding, but a closer look at the rest of the portfolio reveals a bigger wager on infrastructure powering artificial intelligence. Thiel Macro reported $418.7 million in 13F holdings at the end of June, with Amazon accounting for almost $118 million, or 28.2% of the portfolio.

The fund's energy and power-related holdings represented about 72% of disclosed value, with positions in Vista Energy, Vistra, American Electric Power, DTE Energy, FirstEnergy, CMS Energy, and X-Energy. Amazon offers a direct route into the AI infrastructure boom, with AWS revenue rising 37% year on year to $42.2 billion in the second quarter.

Amazon's capital expenditure is expected to rise further, with Deutsche Bank analyst Benjamin Black predicting it will approach $300 billion in 2027. The spending is focused on land, power, buildings, chips, servers, and networking equipment needed for AWS expansion.