Peter Thiel's Thiel Macro hedge fund has been conspicuously out of investing in stocks for a while. His fund reported zero 13F holdings at the end of December 2025 and again showed nothing as of March 31, 2026. That's why Thiel Macro's Q2 filing is particularly shocking, returning with a massive $418.7 million portfolio.
His biggest Q2 swing is the most interesting. The Big Tech giant has been firmly in the green over the past month after reporting earnings, after investors got clearer evidence that the enormous capex is translating into durable sales. Nevertheless, its management bumped 2026 capital spending to $220 billion.
Instead of punishing that spending, though, Wall Street sent the stock sharply higher. Now the Palantir co-founder has put $118 million behind that tech behemoth, making it the biggest position in his rebuilt public-equity portfolio. That mystery Big Tech stock is Amazon (AMZN).
Thiel Macro scooped up nearly $118 million worth of Amazon stock during Q2, making it the fund's largest holding at 28% of its $418.7 million 13F portfolio. Every position in the portfolio was new, and the timing was notable. According to , Amazon shares skyrocketed roughly 14% on July 31 post earnings, with investors responding to evidence that its massive AI spending is starting to generate visible returns.
The stock later closed at $278.09 on August 10, up about 19% for the year at that point. Michael Burry increases his bet against popular chip giant Warren Buffett reveals he broke his own investing pattern Mark Cuban bets on MLB with Athletics minority stake Amazon Web Services sales surged 37% to $42.2 billion, its quickest growth in 18 quarters and comfortably above the nearly 31% growth Wall Street expected. AWS's operating income rose to $16.6 billion, accounting for 60% of Amazon's total $27.5 billion in operating profit.
More importantly for the AI thesis, AWS backlog shot to the moon at $496 billion from $364 billion in the previous quarter, a roughly 36% jump, as per . Encouragingly, Amazon says much of its 2027 cloud capacity is already reserved, with some 2028 capacity also spoken for. That also explains why investors ended up tolerating Amazon's lofty 2026 CapEx raise to $220 billion, even as trailing free cash flow swung to a $7.6 billion outflow.
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