Norway's Sovereign Wealth Fund Discloses $870.1 Billion US Stock Portfolio Heavy on AI Infrastructure
Norges Bank filed an amended Form 13F-HR/A for Q3 2025, revealing $870.1 billion in reportable US securities with major holdings in Alphabet, Amazon, and AMD.
Norway's sovereign wealth fund, managed by Norges Bank, has filed its amended Form 13F-HR/A with the U.S. Securities and Exchange Commission (SEC) for the quarter ended September 30, 2025. The filing discloses approximately $870.1 billion in reportable US equity securities. It is important to note that this figure represents only the market value of specific stocks held in US markets as of the quarter-end snapshot; it does not reflect the fund's total Assets Under Management (AUM), which remains undisclosed in this form.
The portfolio reveals substantial exposure to the artificial intelligence sector. Key holdings include significant positions in Alphabet Inc. (approximately $35.9 billion across Class A and C shares), Amazon.com Inc. (approximately $28.2 billion), Apple Inc. (approximately $47.3 billion), Broadcom Inc. (approximately $21.9 billion), and Advanced Micro Devices Inc. (approximately $3.6 billion). Other notable tech and AI-related holdings include Intel Corp., Marvell Technology Inc., and Cloudflare Inc.
13F filings are quarterly snapshots required from large institutional investors, reflecting holdings at quarter-end rather than real-time trading activity or complete asset portfolios (excluding shorts, detailed derivatives, and non-US assets). Despite the lag, Norges Bank's disclosure of such a massive portfolio provides concrete quantitative evidence of how top-tier sovereign capital is positioned within the AI infrastructure ecosystem.