Norway's $1.8 trillion sovereign wealth fund, the world's largest, reported on Wednesday a record annual profit of 2.51 trillion crowns ($222 billion), driven by last year's tech rally.

Norway’s $1.8 trillion sovereign wealth fund returned 13%, or $222 billion, last year, driven by a booming US technology sector.

Norway’s gigantic sovereign wealth fund posted a full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday. Norges Bank Investment Management, which manages the fund, said the returns were driven by the AI boom that drove tech stocks higher in 2024.