CEO Nicolai Tangen said the fund’s record NOK 1.4 trillion (~$150 billion) 1H return “is the best case” and that the scale of recent gains raises vigilance toward external risks. He singled out AI valuation froth and geopolitical risk. An expert group earlier flagged US political risk and concentration in tech holdings; the fund has warned an AI bubble could erase about 35% of asset value, while a worst‑case scenario including global investment restrictions and high tariffs could cut value by up

CEO Nicolai Tangen said the fund’s record NOK 1.4 trillion (~$150 billion) 1H return “is the best case” and that the scale of recent gains raises vigilance toward external risks. He singled out AI valuation froth and geopolitical risk. An expert group earlier flagged US political risk and concentration in tech holdings; the fund has warned an AI bubble could erase about 35% of asset value, while a worst‑case scenario including global investment restrictions and high tariffs could cut value by up to 37%.