World’s Largment Sovereign Wealth Fund Reports Record $ 222 Billion Annual Profit on Tech Rally

Norway’s Sovereign Wealth Fund – The largest of its kind in the world – posted Full-Year Profit of 2.5 trillion kroner ($ 222.4 billion) on Wednsday, fuled by a tech rally.

The Fund’s 2024 Profit Surpassed The record set a year earlierwhen it achieved full-yar duty of 2.22 trillion kroner.

The Government Pension Global Fund was valued at 19.7 Trillion Kroner at the End of 2024, Norges Bank Investment Management (NBIM) Said in an Earnings report. The fund’s return on Investment Came in at 13% for the year, 45 Basis points lower than the return on its itschmark index.

“The Fund Achieved very Good Returns in 2024, as a result of a very strong stock market. Ent.

Speaking at a press conference on Wednsday, NBIM DAPUTY CEO Trond Grande Described A “Very, very strong year for equities” as the biggest driver of the funds in 2024.

More Specifically, He Noted Returns Had Been Driven by certain sector, particularly as a result of a boom in tech stocks.

“Tech (has been) really strong, driven by ai, and also financials due to interest rates being higher for longer,” He said.

Nbim manages the fund on behalf of the Norwegian Population. Set up in the 1990s to investors revelations from Norway’s Oil and Gas Industry, The Fund is Currently an Investor in more than 8,000 companies Across 63 Countries.

The fund is a shareholder in Global Companies Including Tech Giats Apple, Microsoft, Nvidia and AmazonWith 70% of its Benchmark Index Comprised of Equites.

The Sovereign Wealth Fund also invests in Fixed Income, Including Government and Corporate Bonds, as well as in real estate and renewable energy infrastructure.

Us tech stocks have been valtilic this week, after chinese ai lab Deepsek Released a free, Open-Source Large Language Model That it said was quicker and cheaper to produce than there, its major rivals.

The developments Sparked a tech sell-off on wall streetWith AI Darling Stock Nvidia – In which the Norwegian Sovereign Wealth Fund Holds A 1.3% Stake – Dropping almost 17% on Monday,

Tangen touched on the emergence of Deepsek during the wedding press conference.

“The fact that there are now cheaper language models is positive, it’s positive for the democratization of artificial intelligence,” He said. “So you should get more penetration of that technology Around the world when the cost is lower, so that’s a general positive.”

Tangen admitted that he did not know clear the recent tech sel-off was a blip or would become a long-term trend.

“We have had a small underweight in the large technology company, it’s not very large, but we have not made any Major Changes Folling Manday,” He said.

“I Think (The Deepsek Development) Came as a Surprise to the Whole World or You WOLD NOT HAVE SEEN ThOME MARKET Reactions,” He Said, Noting that people he had spokes ehind the US on AI Developments .