Norway's Sovereign Wealth Fund Reports Record $150 Billion Gain on AI Chip Investments

Norway's sovereign wealth fund, the world's largest, has reported its biggest-ever gains in the first half of 2026, largely driven by its investments in AI chip manufacturers. The fund, fueled by the Norwegian state's oil revenues and invested globally, announced a 1753 billion kroner (150 billion Swiss francs) profit year-to-date. By the end of June, its total value reached a staggering 22,683 billion kroner (1941 billion Swiss francs).

"Chips, chips, chips..." emphasized fund director Nicolai Tangen during a presentation, highlighting the key factors behind the financial success. The technology sector, encompassing companies involved in artificial intelligence, contributed 1065 billion kroner to the half-year earnings. Within this sector, major contributors include semiconductor manufacturers such as South Korea's Samsung and SK Hynix, Taiwan's TSMC, the U.S.'s Micron Technology, and the Netherlands' ASML.

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Chips, chips, chips, chips, chips…

This significant concentration in the tech sector is beginning to raise questions. Nicolai Tangen noted that the fund's value is increasingly dependent on a "shrinking number of companies." The fund, which currently finances a quarter of Norway's state budget, appears increasingly vulnerable to a potential tech bubble burst. The Norwegian Ministry of Finance has established a committee to examine the risks associated with this concentration, which is also geographical, with nearly 55% of the fund's investments in the United States.

Tangen explained the heavy U.S. investment, stating, "Over the past ten years, profit growth in the United States and stock market performance have been twice as high as in Europe. It has therefore been very profitable to overweight the United States or have significant investments there." However, he acknowledged that geopolitical risks could disrupt this trend in the future. The gains recorded in the first half represent a 9.4% return.

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Over the past ten years, profit growth in the United States and stock market performance have been twice as high as in Europe. It has therefore been very profitable to overweight the United States or have significant investments there.