The fund's CEO, Nicolai Tangen, has expressed strong belief in the potential of AI, and has stated that the fund is increasing its engagement with companies in its portfolio on AI to ensure board-level accountability. However, he also warned of the challenges of regulating AI due to the US-China rivalry and the critical role of the technology in various sectors. Despite the fund's success with tech stocks, it has recently reduced its overweight position in top tech companies, with tech holdings now representing about 12% of the fund's total value.
Key takeaways:
- Norway's sovereign wealth fund, the world's largest stock investor, has made significant gains this year due to its investments in artificial intelligence (AI) and US tech stocks.
- The fund's CEO, Nicolai Tangen, has stated that those who do not see the opportunities with AI are "complete morons" and that the fund is increasing its engagement with companies in its portfolio on AI to ensure board-level accountability.
- Despite the success, the fund has recently reduced its overweight position in top tech companies, with tech holdings representing about 12% of the fund's total value at the end of 2022.
- Tangen has warned that regulating AI will be challenging due to the US-China rivalry and the technology's critical role in various sectors, including the weapons race, medical race, self-driving race, and financial race.