The $1.6 trillion fund credited the returns to investments intech.
Driven by surging demand for AI, technology stocks surged during early 2024.
Norways sovereign wealth fund the largest in the world reaped the benefits.
Its equity portfoliogained 12% in the six months through June.
Nvidia provided the largest cash injection.
Microsoft, Google, Amazon, and TSMC also chipped in big sums.
Over a quarter of its equity investments (26%) are now in tech.
But there are escalating fears about their financial futures.
Tech stocks have plummeted in recent weeks.
The funds CEO, Nicolai Tangen, expects that worse is still to come.
Tangen has several anxieties about the market.
One is the rising levels of sovereign debt, which can cause markets to plunge.
At a news conference on Wednesday, Tangen also raised concerns about global tensions.
Hecitesthe wars in Ukraine and Gaza as significant risk factors for the funds investments.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
