Norway wealth fund profits $138 billion in H1 as AI demand lifts tech

ARENDAL, Norway : Norway’s $1.7 trillion sovereign wealth fund, the world’s largest, posted a profit of 1.48 trillion Norwegian crowns ($138 billion) in the first half of the year as stock markets rose, the fund said on Wednesday.
“The result was mainly driven by the technology stocks, due to increased demand for new solutions in artificial intelligence,” CEO Nicolai Tangen said in a statement.
The fund’s overall return for the period was 8.6 per cent, 0.04 per centage point lower than the return on the fund’s benchmark index.
The fund, which invests the Norwegian state’s revenues from oil and gas production, is one of the world’s largest investors, owning on average 1.5 per cent of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects.
($1 = 10.7122 Norwegian crowns)

(This story has been corrected to say $1.7 trillion, not billion, in paragraph 1)