Norway’s sovereign wealth fund reported a record first-half profit of 1.75 trillion Norwegian kroner, or roughly $184.9 billion, after a strong second-quarter rebound in technology shares helped deliver a 9.4% return and lift assets to 22,683 billion kroner by the end of June. Norges Bank Investment Management said equities returned 13.0% and fixed income gained 0.9%, with stocks accounting for 72.1% of the portfolio. Equity holdings fell 2.6% in the first quarter before rebounding 15.98% in the second quarter as chipmakers rallied, prompting CEO Nicolai Tangen to describe the main driver as "chips, chips, chips, chips." The fund also disclosed for the first time that it held a 0.05% stake in SpaceX worth just over $1.2 billion as of June 30, placing Norway’s oil fund in both of Elon Musk’s companies because it already owns roughly 1% of Tesla, valued at about $15.7 billion. The SpaceX position remains small relative to the fund’s largest technology holdings, including a 1.3% stake in Nvidia worth $61.8 billion. The disclosure adds to an already complicated relationship with Musk. NBIM voted against Musk’s $56 billion Tesla compensation award in 2024 and later rejected his trillion-dollar package at the carmaker’s late 2025 shareholder meeting, citing dilution and key person risk. A text message later released under Norway’s freedom of information law showed Musk responding: "When I ask you for a favor, which I very rarely do, and you decline, then you should not ask me for one until you’ve done something above nothing to make amends. Friends are as friends do." Deputy CEO Trond Grande declined to discuss individual holdings in detail, but said the fund had been "roughly index rate" in the first half and over the summer, indicating the SpaceX exposure was consistent with the fund’s benchmark-driven approach rather than an active bet. SpaceX shares, which were described as listing at $150 against a $135 offer price, later peaking near $225 and falling below $107 by late July, had recovered above $148 on Wednesday. The update follows earlier disclosures showing a major reshuffle in the fund’s Taiwan-listed portfolio, where holdings rose sharply as AI- and semiconductor-related names gained.