Key Points

Thiel Macro listed zero U.S. long stock positions for the quarters ending December 2025 and March 2026.
The fund's latest quarterly report shows eight holdings valued together at $418.7 million as of June 30.
Roughly 72 percent of the holdings are in energy and power firms, ranging from steady utilities to a nuclear reactor developer.

Peter Thiel's hedge fund stepped away from equity markets for half a year. Thiel Macro, the firm handling the billionaire's capital, disclosed no long U.S. stock holdings across two straight quarters ending December 2025 and March 2026. Earlier this month the firm filed a fresh list of eight names worth $418.7 million as of June 30.

One point deserves mention at the start. A 13F filing shows only long positions in certain U.S.-listed securities. Short positions, futures, currencies, private investments, and cash do not appear. The two empty quarters therefore do not prove the fund held nothing at all. They show only that it held nothing the filing requires.

Even so, an empty period carries meaning. The same is true of the assets the fund chose when it returned.

The new holdings share a clear focus. About 72 percent sit in firms that produce electricity, transmit it, or provide the fuel that supports it.

Six months of nothing

In the third quarter of 2025 the fund exited an Nvidia stake valued at $85 million three months earlier. That sale drew notice amid debate over a possible artificial intelligence bubble. The move left reported holdings at $74 million in three stocks. The next two filings showed none at all.

The fund has skipped filings for years at a time, including a stretch from late 2020 into early 2025. This case differed because the firm submitted the form both quarters yet listed nothing on it.

Whatever activity occurred during those six months, the fund did not hold U.S. stocks the form records. The second-quarter filing gives the first sign of where Thiel aimed to position next.

Almost three-quarters of it is energy

The largest holding stands apart from the theme. It is a stake in e-commerce leader Amazon valued near $118 million, or 28 percent of the portfolio. This is the fund's sole technology position and a name held in the past.

All other holdings tie to energy or power. Vista Energy, an oil and gas producer active in Argentina's Vaca Muerta shale field, ranks second at about $76 million, or 18 percent. Merchant power producer Vistra, another prior holding owned briefly in 2025, stands at about $59 million, or 14 percent.

Four regulated utilities follow, each sized nearly the same. American Electric Power is about $42 million. DTE Energy, FirstEnergy, and CMS Energy each sit near $40 million, or roughly 10 percent apiece. A $3.7 million stake in X-Energy, a nuclear reactor developer that went public in April, completes the eight holdings.

Together the energy and power names total about $301 million of the $419 million portfolio, or roughly 72 percent.

Power, not chips

Look at the sequence. The last large move disclosed before the empty stretch was the sale of Nvidia, whose chips sit at the heart of the artificial intelligence trade. The first move disclosed on the return was purchases across the electricity sector that data centers require. The portfolio therefore reflects a view that the limit on artificial intelligence growth may no longer be chips but the power needed to run them.

The spread of the bet also reveals intent. This is not a single large wager on one generator. It covers the full chain: fuel, plants, and the transmission lines. Holding four regulated utilities in nearly equal weights amounts to a wager that rising electricity demand will support the entire grid, including its quieter segments.

Investors should still treat any single filing with care. A 13F is a snapshot already about 45 days old when released and reveals nothing about offsetting positions. The $419 million is likely a modest part of Thiel's overall wealth, and positioning may have shifted since.

Yet the shape of the portfolio stands out. A technology billionaire's fund returned after six months of silence and placed seven of eight buys in energy. Whether or not others follow the holdings, the idea behind them is plain: the next stage of artificial intelligence expansion may belong to the companies that deliver the electricity.