Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management, reported a record first half with a 9.4% return, a strongest quarterly return since Q2 2020 of 11.5%, and a record half-year profit of about $184.9 billion. Technology and semiconductor stocks were the main drivers, with South Korean holdings based on physical equities rising 106% to $57.0 billion at end-June from $27.6 billion at the end of last year, led by Samsung Electronics and SK Hynix. Chief executive officer Nicolai Tangen said the result was "as good as it gets" but warned that gains have become highly concentrated in AI-linked technology shares, with the largest 10 holdings accounting for about 20% to nearly 25% of the portfolio, leaving the fund exposed to valuation and geopolitical risks.