In a meeting during the Reuters NEXT conference in New York, the CEO of Norway’s $1.4 trillion sovereign wealth fund mentioned the use of artificial intelligence to manage its assets effectively.
The fund, which channels the revenue from the Scandinavian country’s oil and gas production into investments abroad, diversifies its portfolio across bonds, real estate, and renewable energy sources.
As the largest sovereign wealth fund globally, with stakes in 1.5% of all publicly traded companies and holdings in over 9,200 businesses worldwide, it plays a significant role in the global financial market.
Tangen highlighted the current deployment of AI in their capital allocation strategies, particularly in adjusting portfolios to align with index benchmarks and optimize investment decisions for efficiency gains.
Setting a target to enhance operational efficiency by 10% in the next year through AI integration, Tangen mentioned discussions with Sam Altman, the CEO of OpenAI, a prominent artificial intelligence company.
During their conversation, Altman suggested a more ambitious efficiency improvement goal of 20%, challenging the fund to strive for greater optimization in its operations.
In a move towards responsible AI utilization, the fund introduced guidelines for the 9,200 companies it invests in, emphasizing the proper implementation of AI technologies, especially in sectors like healthcare, finance, and big tech.
Businesses are required to provide transparent explanations regarding the development, training, and testing of their AI systems, as well as ensuring robust oversight and governance mechanisms to safeguard against potential risks.
For more information, visit the Reuters NEXT news page at Reuters NEXT to access the live broadcast from the World Stage.
The investigative reporting was conducted by Gwladys Fouche in Oslo and Lananh Nguyen in New York, with processing handled by Chizu Nomiyama.
Noteworthy individuals include Lananh Nguyen, the U.S. finance editor at Reuters, known for her extensive coverage of U.S. banks, and Gwladys Fouche, overseeing Norwegian news coverage at Reuters and with a diverse background in journalism and languages.
