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Peter Thiel's swap

A year ago Peter Thiel's fund held Nvidia and Tesla. Its latest filing has neither. Six of its eight stocks are now in power.

Numbers as of 11 Sept 2026

The full story

  1. Two stacks of company logos drawn to one dollar scale. June 2025, 212 million dollars: Tesla and Nvidia, both sold, and Vistra. June 2026, 419 million dollars: Amazon 118 million (big tech), Vista Energy 76 million (oil, Argentina), and a power group worth 225 million: Vistra, American Electric Powe
  2. The one that stayed: Vistra, held in June 2025 and June 2026, has a 20-year deal signed in September 2025 to supply Amazon 1,200 megawatts of nuclear power from its Comanche Peak plant in Texas, starting late 2027 and at full amount by 2032.
  3. His biggest buy: Amazon, new since June 2025. Amazon plans to spend about 220 billion dollars in 2026, mostly on AI data centers for AWS. It buys 1,200 megawatts of nuclear power from Vistra for 20 years and led X-energy's 500 million dollar funding round. Two of his power stocks have deals with his
  4. The smallest: X-energy, which designs small nuclear reactors. Amazon plans to buy up to 5 gigawatts of power from it by 2039. It listed in April 2026, raising 1.02 billion dollars, and Amazon led a 500 million dollar round and has two board seats. His smallest stock is tied to his biggest.
  5. The odd one out: Vista Energy, his second-biggest holding, pumps oil, not power: 87 percent of its output was oil in late 2025. It is Argentina's biggest independent oil producer, drilling the Vaca Muerta shale, and its output rose 66 percent in 2025 to 115,000 barrels of oil equivalent a day. No da
  6. What happened in between: June 2025, 212 million dollars in Tesla, Nvidia and Vistra. September 2025, 74 million in Tesla, Microsoft and Apple. December 2025 and March 2026: no US stocks reported. A 13F shows US-listed stocks only, not cash or private stakes. Nvidia or power: which would you hold?
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Thiel Macro, Peter Thiel's investment firm, lists its US stocks every quarter in a 13F filing.

June 2025: about $212M. Tesla $87M, Nvidia $85M, Vistra $40M. September 2025: about $74M. Tesla, Microsoft, Apple. December 2025 and March 2026: no stocks reported. June 2026: about $419M, and seven of the eight names are new since a year ago:

Amazon - $118M Vista Energy - $76M Vistra - $59M American Electric Power - $42M DTE Energy - $40M FirstEnergy - $40M CMS Energy (Consumers Energy) - $40M X-energy - $4M

Four are utilities, the companies that send the electricity bill. Vistra owns power plants, including the Comanche Peak nuclear plant in Texas. X-energy designs small reactors and listed in April. Vista Energy is the odd one: about 87% of its output is oil, from Argentina's Vaca Muerta shale.

The one name that survived the year is Vistra, and it has a 20-year deal to sell Amazon 1,200 MW of nuclear power from Comanche Peak. Amazon also led a $500M funding round in X-energy and has pledged to buy up to 5 GW from it.

Limits: a 13F shows only US-listed stocks at quarter end, at market value. Not private stakes, not Founders Fund, not what was paid.

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Companies in this picture

American Electric PowerAmazonCMS EnergyDTE EnergyFirstEnergyNvidiaTeslaVista EnergyVistra

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