Norway wealth fund's $185bn gain lifted by AI chips

Norway's sovereign wealth fund reported a record $185 billion investment return for the first half of 2026, rebounding from a $58 billion loss reported for the first quarter.

The fund, managed by Norges Bank Investment Management, said its 9.4% first-half return was driven largely by Asian technology holdings and demand for artificial intelligence equipment. It was valued at 22.6 trillion kroner, or $2.38 trillion, at the end of June.

Nicolai Tangen, chief executive of Norges Bank Investment Management, attributed the rise to “chips, chips, chips,” referring to demand to develop and power AI models.

The technology sector accounted for 1.065 trillion kroner, or $112 billion, of the gains in the first half. The main individual contributors included Samsung, SK Hynix, TSMC, Micron Technology and ASML.

Tangen said the growth meant the fund's value was increasingly dependent on “an ever smaller number of companies,” leaving it more exposed to a potential technology bubble.

At the end of June, 72.1% of the fund's assets were in equities, 25.8% in bonds, 1.6% in real estate and 0.5% in unlisted renewable energy projects. Its shareholdings returned 13% in the first half.

The fund is fuelled by Norwegian state oil revenues and invested worldwide. It held investments in about 7,100 companies and, in aggregate, owned about 1.5% of all listed companies globally. Its biggest listed stockholdings were Nvidia at 612 billion kroner, Apple at 522 billion kroner, Alphabet at 499 billion kroner, Microsoft at 347 billion kroner and TSMC at 332 billion kroner.