Peter Thiel’s Fund Reported Zero Stocks for 2 Straight Quarters. Its $419 Million Comeback Put 72% Into Energy and Power.
Peter Thiel’s hedge fund disappeared from the stock market for six months. Thiel Macro, the firm that manages the billionaire’s money, reported no U.S. long stock holdings at all for two consecutive quarters (the periods ended December 2025 and March 2026). Then, earlier this month, it filed a portfolio of eight names worth $418.7 million as of June 30.
One caveat belongs up front. A 13F filing covers only a manager’s long positions in certain U.S.-listed securities. Short bets, futures, currencies, private stakes, and cash are all invisible to it. Those two empty quarters, then, don’t mean Thiel’s fund held nothing. They mean it held nothing the form counts.
Still, an empty stretch says something. And so does what the fund bought on the way back in.
Because the new portfolio has a theme. About 72% of it sits in companies that generate electricity, deliver it, or supply the fuel behind it.
Image source: Getty Images.
Six months of nothing
In the third quarter of 2025, the fund sold out of an Nvidia (NVDA -4.58%) position it had valued at $85 million three months earlier — a sale that got attention at the time, landing amid a loud debate about an artificial intelligence (AI) bubble. That left its reported holdings at just $74 million across three stocks. The next two filings showed nothing at all.
Notably, the fund has gone years without filing at all, including a long stretch from late 2020 into early 2025. This was different. It filed the form both quarters and reported nothing on it.
Whatever the fund was doing during those six months, it wasn’t holding U.S. stocks the form counts. The second-quarter filing is the first evidence of where Thiel wanted to be next.
Almost three-quarters of it is energy
The largest position is the one exception to the theme. It’s a stake in e-commerce giant Amazon (AMZN +3.97%) worth about $118 million, or 28% of the portfolio — the fund’s only technology holding, and a name it has owned before.
Today’s Change
(3.97%) $10.17
Current Price
$266.43
Key Data Points
Market Cap
Day’s Range
$257.78 – $267.56
52wk Range
$196.00 – $287.20
Volume
49.5M
Avg Vol
49.2M
Gross Margin
50.77%
Everything else is tied to energy or power, in one form or another. Vista Energy (VIST -0.67%), an oil and gas producer developing Argentina’s giant Vaca Muerta shale field, is the second-largest position at about $76 million, or 18% of the portfolio. And merchant power producer Vistra (VST -1.95%), another returning name that the fund owned briefly in 2025, comes in at about $59 million, or 14%.
Then come four regulated utilities (steady, slow-growing dividend stocks), sized almost identically. American Electric Power (AEP -0.33%) is about $42 million, while DTE Energy (DTE -0.28%), FirstEnergy (FE -0.80%), and CMS Energy (CMS -0.20%) sit at about $40 million each (roughly 10% of the portfolio apiece). A small $3.7 million stake in X-Energy (XE -6.77%), a nuclear reactor developer that completed its initial public offering (IPO) in April, rounds out the eight.
Add it up, and the energy and power names come to about $301 million of the $419 million total — about 72%.
Today’s Change
(-1.95%) $-2.72
Current Price
$137.09
Key Data Points
Market Cap
Day’s Range
$136.61 – $141.10
52wk Range
$132.66 – $219.82
Volume
3.1M
Avg Vol
4.3M
Gross Margin
20.18%
Dividend Yield
0.66%
Power, not chips
Consider the sequence. The last big move this fund disclosed before its empty stretch was selling Nvidia, whose graphics processing units (GPUs) sit at the center of the AI trade. The first move it disclosed on the way back was buying the electricity complex that AI’s data centers depend on. Taken together, the portfolio amounts to a view that the bottleneck in AI may no longer be the chips — it’s the power to run them.
And the way the bet is spread says something, too. This isn’t a concentrated swing at one hot generator. It’s the whole supply chain: the fuel, the plants, and (the part I find most interesting) the wires. Owning four regulated utilities, nearly equal-weighted, is arguably a bet that growing electricity demand can lift the entire grid, including its most boring corners.
Of course, investors should be careful about how much to take from any of this. A 13F is a snapshot that is already about 45 days old by the time it becomes public, and it says nothing about positions on the other side. After all, $419 million is likely a modest slice of Thiel’s total wealth, and he could be positioned differently by now.
Still, the shape of the portfolio is hard to miss. A technology billionaire’s fund came back from six months of nothing, and seven of its eight buys were energy. Whether or not anyone should copy the positions, the view behind them is clear: the next phase of the AI build-out may belong to the companies that supply the electricity.
