US tech is generating record gains for foreign institutional investors: Norway’s $2.3 trillion sovereign wealth fund, the world’s largest, generated a record +$184.3 billion in profit in H1 2026. This comes as the fund returned +9.4% over the period, while its 72.1% equity allocation was up +13.0%. In Q2 2026 alone, the portfolio gained +11.5%, its strongest quarterly performance since Q2 2020. Equities, primarily driven by AI-related names, led the gains with a +16.0% return during the quarter. Meanwhile, Nvidia, NVDA, remained its largest holding at the end of H1 2026, followed by Microsoft, MSFT, and Apple, AAPL. Norway’s fund owns ~1.5% of all publicly listed companies globally and has become one of the world’s largest institutional investors in AI-related companies. The AI revolution is boosting investment portfolios far beyond America.(The Kobeissi Letter)