The world's largest sovereign fund has released its semi-annual report: a return rate of 9.4%, heavily invested in NVIDIA, reaping the benefits of AI.

It is noted that thanks to the rise in stock prices of major U.S. technology companies in which it has significant holdings, Norway's sovereign wealth fund, which is valued at $2.3 trillion, achieved a return of 9.4% in the first half of the year. Managed by Norges Bank Investment Management, the worlds largest sovereign wealth fund reported a return that exceeded the benchmark index by 22 basis points. As of the end of June, the fund's market value reached 22.7 trillion Norwegian kroner (approximately $2.4 trillion). CEO Nicolai Tangen stated in a press release, "The performance benefited from good returns in the stock market, especially in Asian technology stocks." The fund holds about 1.5% of the shares of publicly listed companies globally and has become one of the largest investors in companies related to artificial intelligence. As of the end of the first half, Nvidia remained the fund's largest holding, followed by Microsoft and Apple. The return on stock investments was 13%, the return on fixed-income investments was 0.9%, and the return on real estate investments was 5.9%. Unlisted renewable energy infrastructure investments recorded a loss of 0.2%. The performance in the first half came after achieving a full-year return of 15.1% in 2025, which was the second-highest annual return in the fund's history when calculated in Norwegian kroner. Technology stocks, led by companies related to artificial intelligence, were also the biggest drivers of performance at that time.