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Norway wealth fund posts $143B profit as AI surge lifts tech

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ARENDAL, Norway – Norway’s wealth fund, the world’s largest single stock market investor, posted a profit of 1,501 billion crowns ($143 billion) in the first half of the year, driven by strong equity markets and a weak crown currency, the fund said on Tuesday.

“The fund’s equity investments had a strong first half after a weak 2022. Equity investments returned 13.7% for the period,” the fund said in a report.

Technology companies delivered the period’s strongest return of 38.6% after a poor year in 2022, it added.

“The sector benefited from strong demand for new artificial intelligence solutions from the biggest internet and software companies and their semiconductor suppliers,” the fund said.

The fund’s overall return, however, was 0.23 percentage point less than the return on the benchmark index.

The $1.4 trillion fund, which invests the Norwegian state’s revenues from oil and gas production, owns on average 1.5% of all listed stocks worldwide. It also invests in bonds, unlisted real estate and renewable energy projects. ($1 = 10.5224 Norwegian crowns) — Reuters

Read more, click here: GMA News

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