Thiel Macro scooped up nearly $118 million worth of Amazon (NASDAQ: AMZN) stock during the second quarter, making it the fund’s single largest holding.
The position accounts for 28% of Thiel Macro’s $418.7 million 13F portfolio, with every position in the fund reported as newly established during the quarter.
The timing was deliberate and well-placed, as Amazon shares surged roughly 14% on July 31 following a blockbuster earnings report that impressed investors across the board.
Investors responded to clear evidence that Amazon’s massive artificial intelligence spending is beginning to generate visible, measurable financial returns.
The stock later closed at $278.09 on August 10, up approximately 19% for the year at that point, reflecting sustained bullish momentum from institutional and retail buyers alike.
The core driver behind the rally was Amazon Web Services, which posted sales growth of 37% to $42.2 billion, its fastest expansion in 18 quarters and well above the roughly 31% growth Wall Street had forecast.
AWS operating income climbed to $16.6 billion, representing 60% of Amazon’s total $27.5 billion in operating profit for the quarter, underlining the division’s outsized contribution to the company’s finances.
Perhaps most striking for AI investors, the AWS backlog surged to $496 billion from $364 billion in the prior quarter, a roughly 36% jump that signals robust and accelerating demand for cloud infrastructure.
Thiel Macro’s broader portfolio reveals a deliberate strategy centered on controlling the infrastructure bottlenecks powering the AI boom, rather than simply chasing software or semiconductor names.
Roughly 72% of the $418.7 million portfolio is concentrated across energy and power stocks, including Vista Energy, Vistra Corp, American Electric Power, DTE Energy, FirstEnergy, and CMS Energy.
Amazon and X-Energy are also jointly targeting more than 5 gigawatts of new nuclear capacity by 2039, specifically designed to meet rising power demands from data centers across the country.
Thiel himself is no stranger to transformative early bets, having co-founded PayPal and serving as its CEO before taking it public, and later co-founding Palantir Technologies before making the first outside investment in Facebook.
He remains chairman of Palantir and is a partner at Founders Fund, which has backed companies including SpaceX and Airbnb, cementing his reputation as one of Silicon Valley’s most consequential technology investors.
Forbes estimates Thiel’s real-time net worth at $32 billion, a figure that reflects decades of well-timed bets on foundational technologies before they reached mainstream recognition.
