Norway Government Pension Fund Global (Norges Bank Investment Management)
Norges Bank Investment Management (NBIM), Oslo; CEO Nicolai Tangen (ex-AKO Capital founder). Manages Norway's oil-revenue savings as a fully index-aware global equity/bond/real-estate book.
The single largest owner of the AI/semi mega-cap trade on the planet: holds ~1.5% of all listed equity globally, so NBIM is structurally long Nvidia, Apple, Microsoft, Broadcom, Alphabet, Amazon and Meta in size no other entity matches. Its US 13F sleeve is effectively a leveraged read on the Magnificent-7 / AI-capex cycle, since those names dominate the cap-weighted index it tracks. Because it is index-anchored (not a stock-picker), its AI exposure rises and falls with the names' market weight rather than active conviction — a flow, not a bet. The fund's 2025 +$247B gain was explicitly driven by the tech/AI and banking rally.
Top holdings
~$62B (~1.26% of NVDA) — Largest single US equity position; trimmed stake from 1.32% to 1.26% over H2 2025 as price ran
~$52B — Top-3 holding; on-device AI / edge-compute exposure
~$51B — Azure + OpenAI compute; stake trimmed 1.35%→1.26% in H2 2025
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