Nicolai Tangen, CEO of Norway’s $1.4 trillion sovereign wealth fund, revealed in an interview at the Reuters NEXT conference in New York that the fund is utilizing artificial intelligence (AI) to manage its investments. The fund invests the Norwegian state’s revenues from oil and gas production in equities, bonds, property, and renewable projects abroad, and holds stakes in more than 9,200 companies worldwide. Tangen stated that the fund is using AI to reduce the amount of trading they do, as they typically follow an index-near fund approach.
Tangen has set the fund an internal goal to increase productivity by 10% within the next 12 months using AI. He discussed this goal with Sam Altman, CEO of artificial intelligence company OpenAI, who suggested they could reach a 20% productivity boost. Additionally, the fund is urging the companies they invest in to engage with AI responsibly, releasing a set of expectations on the issue in August.