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Norway’s Sovereign Wealth Fund Reports Record $222 Billion Profit In 2024, Fueled By Tech Rally

Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, posted a record annual profit of 2.51 trillion crowns ($222 billion) in 2024, surpassing its previous high of 2.2 trillion crowns in 2023. The strong performance was largely driven by surging U.S. technology stocks.

“The American technology stocks in particular performed very well,” said Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), which manages the fund.

The fund, built from Norway’s oil and gas revenues, is one of the world’s largest investors, holding about 1.5% of all publicly listed stocks globally. By the end of 2024, nine of its ten largest equity holdings were tech companies, with Apple, Microsoft, and Nvidia leading the portfolio.

Despite its strong returns, the fund’s 2024 investment performance of 13% was 0.45 percentage points below its benchmark index. Equity investments delivered an 18% return, while fixed income gained 1%. However, unlisted real estate and renewable energy infrastructure underperformed, returning -1% and -10%, respectively.

At year-end, the fund’s portfolio allocation stood at 71.4% in equities (up from 70.9% in 2023), 26.6% in bonds (down from 27.1%), 1.8% in unlisted real estate, and 0.1% in renewable infrastructure.

The fund received 402 billion crowns in inflows from the Norwegian state in 2024, significantly lower than the 2022 record of nearly 1.1 trillion crowns.

Google Launches AI-Driven Scheduling Tool For Gmail And Calendar

Google has unveiled an innovative AI-powered scheduling feature designed for Gmail and Google Calendar users. Harnessing the advanced capabilities of its Gemini engine, the new ‘Help Me Schedule’ tool simplifies the process of arranging one-on-one meetings by automatically suggesting optimal times based on your calendar availability.

Streamlining The Scheduling Experience

Embedded directly beneath the email compose interface, the feature displays a range of available time slots sourced from your personal calendar. Users can customize these suggestions by modifying or removing specific time options before inserting them into their outgoing messages. Once a recipient selects a time, the system seamlessly updates both parties’ calendars, eliminating the need for manual coordination.

Contextual Intelligence For Maximum Efficiency

Distinguishing itself from other scheduling solutions like Calendly and Doodle, Google’s tool leverages contextual information from the email content. For instance, if a message specifies a 30-minute meeting, the AI will exclusively propose half-hour slots that align with your availability, ensuring meetings are scheduled precisely and efficiently.

Enhancing The Google Workspace Ecosystem

This launch is part of a broader series of updates aimed at further integrating AI into everyday business tools within Google Workspace. Recent enhancements include the introduction of the Nano Banana image editing model in Google Slides, the ability to share custom AI assistants known as Gems, new formats in NotebookLM, and improved AI video tools in Google Vids. Each of these updates underscores Google’s commitment to innovation and streamlined productivity in the digital workspace.

Additional Updates And Strategic Outlook

Alongside the new scheduling tool, Google has made significant improvements to its productivity features. Notably, Google Keep reminders will now be automatically saved to Google Tasks, ensuring even greater integration across the company’s productivity suite. As organizations increasingly rely on smart, integrated digital tools, these updates position Google at the forefront of workplace efficiency and technology innovation.

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