You may not have heard of Nicolai Tangen, but his name carries immense weight in the world of investing. He's the CEO of Norway's sovereign wealth fund, a financial juggernaut that is worth nearly $2 trillion.

Norway’s gigantic sovereign wealth fund posted a full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday. Norges Bank Investment Management, which manages the fund, said the returns were driven by the AI boom that drove tech stocks higher in 2024.

Norway's sovereign wealth fund — the largest of its kind in the world — posted full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally. Its return on investment came in at 13% for the year, 45 basis points lower than the return on the fund's benchmark index.

Norway’s sovereign wealth fund was underweight on US tech stocks last year, a move that hit 2024 returns but may have helped it weather recent turmoil caused by the challenge posed by Chinese artificial intelligence startup DeepSeek.

The world’s largest sovereign wealth fund, Norway’s Norges Bank Investment Management (NBIM), has amassed $356.7 million in indirect bitcoin