Norway’s $1.8 trillion wealth fund ended 2024 with a tech-heavy top ten, just as the success of the artificial intelligence model developed by Chinese startup DeepSeek raises the specter of a correction in the AI-driven stock rally.
With technology stocks accounting for nine out of its ten largest holdings as of the end of last year, the fund has reaped the rewards of advances in artificial intelligence and the surge in demand for semiconductor components.
Norges Bank Investment Management, the world’s single-biggest owner of publicly traded stocks, increased its holdings in Apple Inc, Microsoft Corp, and Nvidia Corp. from a year earlier, according to a list of holdings the fund published on its website. It also added to its position in Elon Musk’s Tesla Inc.
NBIM also increased its positions in Alphabet Inc., Amazon.com Inc., Meta Platforms Inc., Broadcom Inc. and Taiwan Semiconductor Manufacturing Co. from the end of 2023.
Created in the 1990s to invest Norway’s oil and gas revenues abroad, the fund largely tracks a benchmark index based on a framework handed down by parliament. It is due to release key figures for 2024 on Wednesday morning.
The fund’s 1.22% stake in Apple was valued at about $46.2 billion at the end of last year, while the stake in Microsoft was worth about $43.8 billion. Last year was the first year when it published a half-year holdings list, as well as the full year.
It owned stakes in more than 8,000 companies worldwide, with 71.4% of all investments in equities. It added to its position in Exxon Mobil Corp. and Chevron Corp., while trimming holdings in Shell Plc and TotalEnergies SE.