Multiple UK pension funds sell off US stocks, UK central bank governor warns that US tech stocks are overvalued.

British media reported on the 2nd that multiple pension funds in the UK are reducing their exposure to US stocks due to concerns that the bubble in the US artificial intelligence sector has become too large. According to the Financial Times, in recent months, several pension projects in the UK have been shifting their investments away from the US market or strengthening protection measures against possible declines in US stocks. These pension projects manage over 200 billion in assets for millions of British savers. The report in the Financial Times pointed out that the Nasdaq Composite Index has risen by over 20% so far this year, more than doubling since the beginning of 2023. The Nasdaq Composite Index is mainly driven by the stock prices of large technology companies such as Nvidia, Google parent company Alphabet, and Meta. Bank of England Governor Bailey recently warned that these US technology stocks are overvalued.