Palantir and PayPal co-founder Peter Thiel has made Amazon (NASDAQ: AMZN) the centerpiece of his hedge fund’s newly rebuilt portfolio.
Thiel Macro, the investment vehicle run by the Silicon Valley veteran, held no stocks as recently as the first quarter of 2026, making the second-quarter shift all the more striking.
Amazon now accounts for 28% of Thiel Macro’s portfolio, based on the fund’s second-quarter 13F filing reflecting positions held as of June 30.
Outside of Amazon, the fund’s remaining stakes are concentrated in energy companies, signaling a clear thesis around AI infrastructure and its power demands.
Amazon Web Services, the company’s cloud computing division, is the world’s largest such service and has become a central engine of its financial performance.
AWS represented just 21% of Amazon’s total revenue in the second quarter, yet it generated roughly 60% of the company’s overall operating profits.
The division’s superior margins compared to Amazon’s commerce business mean each dollar flowing through AWS produces far greater profit for the company.
AWS growth has also accelerated sharply, rising from the low-20% range in 2025 to 37% more recently, reflecting surging demand for AI computing capacity.
Amazon has committed $220 billion in data center capital expenditures this year alone, a figure that analysts expect to translate into significant future revenue and profit gains.
The market has not yet fully priced in the revenue that will flow once those data center investments come fully online, according to the article’s author.
Thiel’s concentrated bet reflects a broader conviction that companies building and powering AI infrastructure represent the most compelling investment opportunity available today.
Amazon’s ability to convert massive capital spending into cloud revenue growth makes it a focal point for investors watching where top technology founders are placing their largest wagers.
