Peter Thiel's Founders Fund filed its Q2 13F with eight positions and no semiconductor exposure. The fund holds approximately $46 million in disclosed equity, concentrated in seven regional utilities and one industrial. The filing marks a deliberate exit from chip-layer AI exposure in favor of power-generation infrastructure.

Founders Fund trimmed its public equity book to eight names from prior quarters that included semiconductor plays and cloud infrastructure. The current portfolio skews toward regulated utilities with baseload generation assets and transmission exposure. The largest position appears to be a regional utility with natural gas peaker capacity. No hyperscaler equity. No NVIDIA, no TSMC, no Broadcom. The message is grid capacity, not compute density.

The move reflects a thesis gaining traction among infrastructure allocators: AI training clusters consume 30-50 megawatts per facility, and hyperscalers are pre-leasing power purchase agreements two to three years out. Data center construction is no longer gated by chip supply or rack density. It is gated by utility interconnection queues and substation transformer lead times, which now stretch 18-24 months in key markets. Founders Fund is positioning for the second derivative — not the data center REITs, but the companies that sell them electricity at contracted rates.

This is not a sector rotation into defensives. Utilities with exposure to industrial load growth and long-term power purchase agreements trade at 14-18x forward earnings, below the S&P 500 but with revenue visibility that software multiples do not offer. The fund's filing also suggests a view that AI monetization will be slower and more capital-intensive than 2023 implied, making regulated return profiles more attractive than venture-growth equity in the same value chain. The portfolio is a hedge on hype duration.

Operators should monitor utility earnings calls in Q3 2025 for commentary on data center interconnection requests and PPA pricing. Specific names to track: utilities in Virginia, Texas, and the Carolinas with service territories near existing AWS, Google, and Microsoft clusters. Watch for mentions of transmission capacity upgrades funded by ratepayers versus private capital. Also track Natural Gas futures and uranium spot prices, as baseload fuel cost will determine PPA economics for the next five years.

Founders Fund's 13F is now a utilities index with venture judgment. The bet is not on AI demand declining. The bet is that power is the new moat, and rate regulation beats margin compression.