Norway’s sovereign wealth fund, the world’s largest at $2.3 trillion, posted a record gain of 1.4 trillion kroner ($150 billion) in the first half, driven by technology holdings. CEO Nicolai Tangen told Bloomberg TV he feels more nervous after this rally, citing AI valuations and geopolitical risks. An AI bubble could potentially cost the fund 35% of its value, while an adverse geopolitical scenario could wipe out 37%. The top 10 holdings account for nearly 25% of the fund’s total value, a concentration level the CEO said has never been seen before.
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