Norway's $2 trillion sovereign wealth fund just locked in its biggest year ever, posting a record $1.4 billion return in 2025 driven by surging tech giants and a banking sector revival. The fund - which invests Norway's oil wealth across 7,000 companies in 60 countries - saw its equity portfolio jump 19.3% thanks to heavyweight stakes in Nvidia, Apple, and Microsoft. For institutional investors and tech watchers, it's a stark reminder of how concentrated Big Tech bets are reshaping global capital flows.
Norway's sovereign wealth fund - the world's largest at $2 trillion - just posted its best year on record, and the story is all about tech concentration and sector rotation. Norges Bank Investment Management announced Thursday that the fund returned 13,456.8 billion Norwegian kroner ($1.38 billion) in 2025, crushing previous records as equity markets rewarded its bets on Nvidia, Apple, and Microsoft.
The fund's total value hit 21.27 trillion kroner ($2.2 trillion) by year-end, up $159.2 billion from 2024. Equities - which make up 71% of the portfolio - returned 19.3%, while fixed income and real estate lagged at 5.4% and 4.4% respectively. Renewable energy infrastructure surprised with an 18.1% gain, signaling growing institutional appetite for climate infrastructure plays.
"Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return," CEO Nicolai Tangen said in Thursday's statement. The comment underscores how Norway's oil-funded investment vehicle has become a bellwether for Big Tech's institutional acceptance.
The fund's tech holdings tell the story of 2025's AI-driven rally. NBIM owns 1.3% of Nvidia - the chipmaker that's become synonymous with AI infrastructure - alongside 1.2% of Apple and 1.3% of Microsoft. These aren't small positions. With Nvidia's market cap hovering around $3 trillion, that 1.3% stake represents roughly $39 billion in exposure to a single company's AI chip dominance.
