Norway Sovereign Fund Posts Record $184.3B H1 Profit on AI-Led Tech Gains

Norway’s sovereign wealth fund, the world’s largest at $2.3 trillion, generated a record $184.3 billion profit in H1 2026. The fund returned 9.4% over the period, while its 72.1% equity allocation gained 13.0%.

In Q2 2026 alone, the portfolio rose 11.5%, its strongest quarterly performance since Q2 2020. Equities led the gains with a 16.0% quarterly return, primarily driven by AI-related names.

Nvidia remained the fund’s largest holding at the end of H1 2026, followed by Microsoft and Apple. The fund owns roughly 1.5% of all publicly listed companies globally and has become one of the largest institutional investors in AI-related companies.

The AI rally is lifting portfolios well beyond the United States.