Peter Thiel's Fund Reported Zero Stocks For 2 Straig…
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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.
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NASDAQ: AMZN
Amazon
Premium Feature
Moneyball Superscore
90/100
Today’s Change
(3.97%) $10.17
Current Price
$266.43
Key Data Points
Market Cap
$2.9TMarket cap calculated using publicly traded s outstanding only. Does not include unlisted, private, or dual-class non-traded s. Implied market cap may vary.
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%.
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NYSE: VST
Vistra
Premium Feature
Moneyball Superscore
74/100
Today’s Change
(-1.95%) $-2.72
Current Price
$137.09
Key Data Points
Market Cap
$46BMarket cap calculated using publicly traded s outstanding only. Does not include unlisted, private, or dual-class non-traded s. Implied market cap may vary.
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 ly 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.
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About the Author
Daniel Sparks is a contributing Motley Fool stock market analyst covering technology, industrials, financials, and consumer goods. Daniel is the owner and chief investment officer of Sparks Capital Management. He holds a master’s degree in business administration from Colorado State University. The Globe and Mail profiled him and his investing philosophy in an article titled, “This stock picker is outperforming nearly everybody else. Here’s how he is doing it.”
Stocks Mentioned
Amazon
NASDAQ: AMZN
$266.43
(+3.97%)+$10.17
Motley Fool Stock Advisor’s Latest Pick
—% Avg Return
Vista EnergyB. De C.v.
NYSE: VIST
$70.14
(-0.67%)-$0.47
Vistra
NYSE: VST
$137.09
(-1.95%)-$2.72
Nvidia
NASDAQ: NVDA
$217.55
(-4.58%)-$10.43
American Electric Power
NASDAQ: AEP
$122.31
(-0.33%)-$0.40
FirstEnergy
NYSE: FE
$45.88
(-0.80%)-$0.37
CMS Energy
NYSE: CMS
$68.21
(-0.20%)-$0.14
X-Energy
NASDAQ: XE
$17.22
(-6.77%)-$1.25
DTE Energy
NYSE: DTE
$135.86
(-0.28%)-$0.38
*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
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