Thiel Power Book Mirror
Andy
@aweissman
−5.5%
since Sep 15
The idea
Electricity may be the real bottleneck of the AI buildout, so I'm mirroring Peter Thiel's public energy and power book (from the 13F's) that attacks it from four angles at once. The core holdings are shale gas, nuclear-backed generation, regulated utilities with contracted data center demand, and transmission, kept at their original weights so the two biggest bets still dominate. Around them sit smaller cousin positions in each category as shock absorbers, so no single stock stumbling takes the whole theme down, with the rest held back in cash.
What it owns
- Utilities with long-term data center contracts earn steady returns on grid investments, converting new demand into approved rate-base growth. · American Electric PowerIt's a regulated utility with signed contracts to supply power to data center campuses, earning returns on transmission and distribution upgrades needed to deliver that load., DTE EnergyIt serves the Midwest, a region seeing growing data center demand that could drive new rate-base investment in generation and grid infrastructure., CMS EnergyIt operates a Michigan utility earning regulated returns on grid buildout, benefiting from growing data center loads in the region., NextEra EnergyIt's the largest US utility with a large renewables pipeline, and growth targets depend on data center power demand materializing in load forecasts., EntergyIt's a Gulf Coast utility with signed data center contracts that can convert into regulated rate-base growth if regulators approve the investment.33%
- Power plants burning fossil fuels need a steady supply, and shale production from established basins feeds most new generation built for data centers. · Vista EnergyIt pumps oil and gas from Argentina's Vaca Muerta shale, one of the world's largest reserves and a key fuel source for power plants built to meet data center demand., CamecoIt mines uranium, and if nuclear generators become the primary supply for data center power, uranium demand and prices depend on sustained long-term contracting., EQT CorporationIt's the largest US natural gas producer, and gas demand from new power plants built for data centers supports production growth and prices.22%
- Independent power producers sell electricity directly to data centers at market rates, capturing the full value of scarce generation capacity. · Vistra CorpIt operates a large nuclear and gas generation fleet selling power into markets where data centers are actively bidding up electricity prices., GE VernovaIt manufactures gas turbines and grid equipment that utilities and generators need to add capacity for data center power demand., Constellation EnergyIt operates the largest US nuclear fleet and is actively expanding capacity to supply power directly to data centers under long-term contracts.19%
- Transmission lines and grid equipment are the slowest part of the power buildout, creating a lasting bottleneck for companies that own or build them. · FirstEnergyIt owns substantial transmission assets in the mid-Atlantic and Midwest regions where data center demand is spiking and regulators are approving grid spending., Quanta ServicesIt builds transmission and distribution infrastructure for utilities, and its backlog grows if the grid buildout needed for data centers accelerates., EatonIt manufactures switchgear and power management equipment used inside data centers and substations, a picks-and-shovels supplier to the grid buildout.14%
- Small modular reactors offer a path to clean, abundant power for data centers, though they remain dependent on regulatory approval and first commercial deployments. · NuScale PowerIt designs small modular reactors and holds the only US regulatory approval for its design, though deployment depends on converting that advantage into actual customer orders., OkloIt develops small reactors for data center power and already has signed customers, though growth depends on achieving regulatory approval and first deployments., X-EnergyIt designs small modular reactors, a long-shot bet on the technology that depends on hitting licensing and construction milestones to prove commercial viability.4%
- Cash9%