Concerns rise over AI exposure in Norway's sovereign wealth fund

SV representative Marthe Hammer has voiced strong criticism of the sovereign wealth fund’s concentration in artificial-intelligence equities, suggesting it could become a major economic vulnerability for Norway. She contends that the fund’s mandate, which emphasizes moderate risk, does not allow it to steer clear of AI stocks without violating strict risk thresholds. Hammer cited the fund’s valuation of roughly 22 000 billion kroner and noted that a notable share of each krone is allocated to AI-related shares.

The criticism is directed at Finance Minister Jens Stoltenberg and fund chief Nicolai Tangen, who she says are “playing with fire.” The discussion also references the extraordinary profitability of AI chip maker Nvidia, whose earnings and market valuation have fueled optimism among some portfolio managers, though Hammer warns that such optimism may overlook potential downside risks.