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AI boosts returns for Norway's wealth fund
Mint Mumbai
|August 17, 2023
Norway's $1.4 trillion sovereign wealth fund returned 10%, or $143 billion, in the first half as demand for artificial intelligence (AI) and semiconductor components saw technology stocks rebound.
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A return of 38.6% in tech company shares drove a 13.7% return in the equity portfolio, with chipmakers and the biggest internet and software firms benefiting from a surge in interest in AI solutions, the manager of Norway's oil and gas riches said in a report on Tuesday. Fixed-income investments returned 2.3%, while unlisted real estate holdings were down 4.6%. The fund's report was set to be released on Wednesday.
This story is from the August 17, 2023 edition of Mint Mumbai.
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