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Investing

Norway Made $184 Billion In First Half, With Help From Nvidia And Apple

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By Douglas A. McIntyre Published

Quick Read

  • Norway's $2 trillion sovereign wealth fund, the world's largest single investor, generated $184 billion in returns in the first half of the year.

  • The fund holds a $62 billion stake in NVDA and a $52 billion stake in AAPL, among its largest individual tech positions.

  • Sovereign wealth funds often hold larger stakes than Vanguard or BlackRock yet stay almost entirely silent on corporate governance matters.

  • Goldman Sachs projects AI demand will exceed compute center capacity for years to come. One

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Norway Made $184 Billion In First Half, With Help From Nvidia And Apple

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Should Norway have a lot of money, as a nation? How and why? The nation has only 5.7 million people. And its GDP is only $500 billion. These are tiny compared to most other nations. However, it has a sovereign wealth fund which is worth $2 trillion. The yield from the money was $184 billion in the first half.

Its wealth fund is worth more than any OPEC nation. It is also larger than China’s.

Norway’s money comes from North Sea oil holdings. These are mostly in the Ekofisk, Statfjord, Troll, and Johan Sverdrup fields. Norway produces two million barrels of oil per day from these fields. And, according to Reuters, it has spread the risk of this capital widely across the world’s public companies. “Investing ⁠the Norwegian state’s revenues from oil and gas production, the fund ​owns on average 1.5% of all listed companies globally, making it the ​world’s largest single investor,” the news service reports.

Among the sovereign wealth fund’s money are relatively large positions in the world’s megacap tech firms. It holds a 1.28% stake worth $62 billion in Nvidia, (NASDAQ: NVDA | NVDA Price Prediction), a 1.24% stake worth $52 billion in Apple (NASDAQ: AAPL), a 1.17% stake worth $50 billion in Alphabet (NASDAQ: GOOG), ​a 1.27% stake ​worth $35 billion in ⁠Microsoft (NASDAQ: MSFT), and a 1.7% stake worth $34 billion in Taiwan Semiconductor Manufacturing

Sovereign wealth funds, in general, hold massive positions in publicly traded companies. Yet, investors rarely, if ever, hear comments or criticisms about these positions. It is not entirely clear why the sovereign money remains passive.

Sovereign wealth fund positions are often larger than those of America’s largest money managers. These include Vanguard, BlackRock, and Fidelity. These institutions are, on occasion, very vocal. However, they represent millions of individual and institutional investors. Sovereign wealth funds only have one–their own governments.

Is $184 billion a good return on $2 trillion? Certainly not on a percentage basis. However, Norway does need outside returns. The dollar sum of the return is too staggering.

Contact [email protected] for any questions or corrections.

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Compensation disclosure. 24/7 Wall St., a brand of Flywheel Publishing, is paid $4.5 or each click on the promotional links in this article. This compensation is paid to us by Launch Potato LLC in connection with the Regulation A offering of BluSky AI. The per-click rate is fixed and is not subject to volume thresholds, conversion bonuses, or other adjustments. Our compensation does not depend on whether any reader invests, on the amount invested, or on whether the offering succeeds. Because compensation depends on click volume and the campaign has no fixed end date, the total amount we receive is not determinable in advance. Rate stated as of 8/8/26.

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BluSky AI  is conducting an offering under Regulation A of the Securities Act of 1933. Offers and sales may be made only by means of the qualified offering circular. Read it in full, including the risk factors, before investing: https://www.sec.gov/Archives/edgar/data/1416090/000149315226023491/form253g1.htm. All BlueSky AI  filings are available at https://www.sec.gov/edgar/browse/?CIK=1416090. Qualification of an offering statement by the SEC does not mean the SEC has approved the offering or passed on the merits or accuracy of the offering materials.

This is a speculative investment. The securities are illiquid, there is no public trading market for them, investors should be prepared to hold indefinitely, and investors should be prepared to lose the entire amount invested. Past performance does not predict future results. Forward-looking statements are estimates subject to substantial uncertainty.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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