Norway's sovereign wealth fund holds massive AI-related investments

Norway's Government Pension Fund Global has invested at least 3,361 billion NOK in twelve companies central to the artificial intelligence race. This represents approximately 14.8 percent of the total fund and about one-fifth of its equity portfolio. Major holdings include Nvidia, Alphabet, Microsoft, TSMC, Amazon, Broadcom, Samsung, ASML, SK Hynix, Meta, Micron, and AMD. Nvidia alone accounted for an investment of over 612 billion NOK as of late June.

Norges Bank has warned of increased concentration risk regarding large technology companies. Stress tests for 2024 and 2025 estimated potential fund value drops of 18 percent and 35 percent, respectively, in scenarios where AI development fails to meet market expectations. While the Ministry of Finance notes that risk is monitored regularly, political figures have criticized the high level of exposure.

In a separate development, Norwegian Prime Minister Jonas Gahr Støre has joined 22 other leaders, including Ursula von der Leyen, in signing an appeal to ensure the safe development of artificial intelligence. However, experts have criticized the move, noting that the political appeal lacks legal binding power and does not influence the development processes of major American AI firms.