Norwegian Wealth Fund Reports $138 Billion H1 Profit

Norway's sovereign wealth fund, the largest in the world, reported a $138 billion profit in the first half of 2024, primarily driven by investments in technology stocks amid surging demand for AI solutions. The fund's overall return was 8.6%, slightly below its benchmark, with notable contributions from companies like Nvidia, Microsoft, Google, and Amazon. Despite this success, CEO Nicolai Tangen expressed concerns about escalating sovereign debt, geopolitical tensions, and potential market downturns. Tangen cautioned that the exceptional returns from recent years are unlikely to continue given the heightened risks and uncertainty in global markets.