Norway wealth fund credits tech for $138B profit but envisions market crash

Norway’s sovereign wealth fund is celebrating a $138 billion profit from the first half of the year, but has put the champagne on ice. The $1.6 trillion fund credited the returns to investments in tech. Driven by surging demand for AI, technology stocks surged during early 2024. Norway’s sovereign wealth fund — the largest in the world — reaped the benefits. Its equity portfolio gained 12% in the six months through June. Nvidia provided the largest cash injection. Microsoft, Google, Amazon, and TSMC also chipped in big sums. Over a quarter of its equity investments (26%) are now in tech. But…

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