Norway wealth fund posts record $213 billion profit, driven by tech stocks

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Reuters UK

By Gwladys Fouche OSLO (Reuters) -Norway’s $1.6 trillion sovereign wealth fund, the World’s largest, reported a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks. The result compared with a record loss in 2022 of 1.64 trillion crowns when tech stocks fell, Norges Bank Investment Management (NBIM) said on Tuesday. “2023 ended a lot better than expected,” NBIM CEO Nicolai Tangen told a press conference. Tech stocks rose on average by more than 50%, driven by a business breakthrough for artificial intelligence, by an imp…

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