Thiel's Macro Fund Bets Big on Amazon and AI Infrastructure

Peter Thiel's macro fund has made a significant move back into US-listed equities, with Amazon emerging as its largest disclosed holding. According to the latest 13F filing, Amazon accounts for approximately $118 million, or 28.2% of the portfolio.

The rest of the portfolio points to a bigger wager on infrastructure powering artificial intelligence. The fund's energy and power-related holdings, including Vista Energy, Vistra, American Electric Power, DTE Energy, FirstEnergy, CMS Energy, and X-Energy, represent about 72% of disclosed value.

Amazon offers an obvious route into the AI infrastructure boom, with its AWS revenue rising 37% year on year to $42.2 billion in the second quarter. The company has also raised planned 2026 capital expenditure to around $220 billion as it races to add cloud and AI capacity.