Norway's Sovereign Wealth Fund Posts $138 Billion Profit

Norway's $1.7 trillion sovereign wealth fund, the world's largest, achieved a profit of 1.48 trillion Norwegian crowns ($138 billion) in the first half of the year. The rise was mainly due to the performance of technology stocks amidst increased demand for AI solutions, as stated by CEO Nicolai Tangen.

Norway's $1.7 trillion sovereign wealth fund, the largest globally, reported a profit of 1.48 trillion Norwegian crowns ($138 billion) for the first half of the year, buoyed by rising stock markets.

According to CEO Nicolai Tangen, the impressive results were primarily driven by a surge in technology stocks, fueled by heightened demand for artificial intelligence solutions.

The fund, which channels the nation's oil and gas revenues, achieved an overall return of 8.6% but slightly underperformed its benchmark index by 0.04 percentage points. It also holds investments in bonds, real estate, and renewable energy projects.

(With inputs from agencies.)