Norway’s $2.34 trillion sovereign wealth fund recorded a record profit of more than $184 billion in the first half of 2026, boosted by strong performance from Asian technology stocks.

Norges Bank Investment Management (NBIM), which manages the fund, reported a 9.4% return for the first six months. Profit reached more than 1.75 trillion Norwegian kroner, equivalent to around $184.9 billion.

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Asian Technology Stocks Drive Growth

“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said Nicolai Tangen, CEO of NBIM.

Equities account for more than two-thirds of the portfolio, while other investments include fixed income, real estate and renewable energy infrastructure. U.S. stocks make up around 40% of the portfolio, with Nvidia, Apple and Microsoft among its largest holdings.

SpaceX Stake Revealed For First Time

NBIM also disclosed a 0.05% stake in SpaceX worth more than $1.2 billion as of June 30. Compared with its largest investments, the SpaceX holding remains relatively small. Nvidia accounted for around $61.8 billion of the portfolio, while Apple was valued at approximately $52.7 billion at the end of June.

Norway’s wealth fund also holds a 1% stake in Tesla worth around $15.7 billion, giving it exposure to two major companies led by Elon Musk.

With investments in more than 7,000 companies across over 50 countries, NBIM owns stakes equivalent to around 1.5% of all publicly listed companies globally.

Hotel occupancy in Larnaca fell by around 15% year on year in both July and August, as the conflict in the Middle East and continued geopolitical uncertainty weigh on the city’s tourism market.

According to Larnaca PASYXE President Marios Polyviou, the impact was strongest during the early months of the crisis. While conditions have since stabilised, the city entered the peak summer season with occupancy below last year’s levels.

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August Bookings Show Some Improvement

July ended with occupancy around 15% below 2025, while August started at approximately 75%, compared with 90% a year earlier.

Late bookings have since improved the outlook, with Polyviou hoping the figures will strengthen further before the end of the month. Uncertainty remains, however, given Larnaca’s exposure to tourism markets affected by developments in the Middle East.

Israel Remains Key Tourism Market

Israel continues to be Larnaca’s largest tourism market, with flights returning to last year’s levels from the second half of July. Around 25 flights a day are currently operating between Israel and Larnaca Airport.

The UK remains the second-largest market, followed by Germany, Poland, Greece and other EU countries.

September Bookings Look More Promising

While Polyviou said forecasting the autumn season remains difficult, September bookings are currently developing at a good pace, raising hopes that the month will perform at least as well as last year.

Tourism revenue across Cyprus fell 16% in the first half of 2026 compared with the same period in 2025. Polyviou noted that January and February had recorded a 15% increase, suggesting the decline during the subsequent crisis-affected months was more pronounced.

New UK Partnerships Could Boost Larnaca

Larnaca hotels have also signed agreements with UK tour operators TUI and Jet2, which Polyviou described as particularly significant for the local market.

He said a coordinated push by major tour operators into Larnaca had not been seen on this scale since the pandemic. The new partnerships are expected to support British arrivals, with hopes for stronger growth in 2027.

Hotel occupancy in Limassol has reached around 90% in August, bringing the city’s performance back in line with last year, according to PASYXE Limassol President Christos Tsanos.

Last-minute bookings have played a key role in the recovery, with demand strengthening particularly during the week of August 10-17. Domestic travellers have also contributed to the increase, helping hotels across the city and district reach current occupancy levels.

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Late Bookings Drive Summer Recovery

Tsanos said the strong role of last-minute reservations was the defining feature of this year’s tourism season. He added that the latest figures confirm his earlier expectation that the negative impact of the war in Iran would gradually ease.

In late June, Tsanos had forecast a recovery in tourist traffic following changes to travel advisories in several countries. At the time, however, he warned that a strong summer alone would not be enough to offset weaker periods earlier in the year.

Hotels Keep Prices Mostly Stable

Most Limassol hotels have kept their prices close to last year’s levels, with increases generally limited to no more than 5%.

Tsanos said the approach was intended to support both the domestic market and international visitors considering a return to Limassol. With the city attracting a large share of higher-income tourists, he added that maintaining high service standards remains particularly important.

Hotel demand across Cyprus is showing mixed results this summer, with Limassol and the eastern resorts reporting strong occupancy while Larnaca continues to feel the impact of regional conflicts.

Limassol hotels are around 90% full in August, while Larnaca is about 15% below last year. Protaras and Ayia Napa are also expecting occupancy to approach full capacity in the coming weeks.

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Limassol Maintains Strong Demand

Hotels in Limassol are matching last year’s August booking levels, according to Christos Tsanos, president of the Cyprus Hotels Association branch in the city.

Prices have largely remained stable, with increases in most categories limited to around 5%. Tsanos said Limassol’s appeal among higher-income visitors was also supporting demand.

Larnaca Still Feels Regional Impact

Larnaca hotel occupancy is around 15% below last year in both July and August. Marios Polyviou, head of the local hotel association, said the city had been particularly affected by the conflict in the Middle East.

August began with occupancy at approximately 75%, compared with around 90% in 2025. Hoteliers are hoping for more last-minute bookings, while September reservations are showing a more positive trend.

Paphos And Famagusta See Stronger Demand

Paphos is showing signs of recovery, with improvements to the seafront and key tourist areas following a municipal clean-up campaign.

Hotels in Protaras and Ayia Napa are expecting occupancy of 90% to 95% over the next two to three weeks. Demand is being driven by visitors from the UK, Israel and Scandinavian countries, alongside domestic bookings.

Norway’s $2.3 trillion sovereign wealth fund, the world’s largest, recorded a profit of 1.75 trillion Norwegian crowns ($184.3 billion) in the first half of 2026, marking its strongest first-half result on record. Strong equity markets, particularly in Asian technology stocks, provided the main boost to the fund’s performance.

Technology Stocks Drive Strong Returns

“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said Nicolai Tangen, CEO of Norges Bank Investment Management, which manages the fund.

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With investments across around 7,100 companies worldwide, Norway’s wealth fund owns an average of 1.5% of all publicly listed companies globally. Among its largest technology holdings are a 1.28% stake in Nvidia worth around $62 billion, a 1.24% position in Apple valued at $52 billion and a 1.17% holding in Alphabet worth approximately $50 billion.

Other major investments include a 1.27% stake in Microsoft valued at $35 billion and a 1.7% position in Taiwan Semiconductor Manufacturing Company worth around $34 billion.

Norway Fund Reveals SpaceX Investment

Norway’s wealth fund also disclosed a 0.05% stake in SpaceX worth approximately $1.22 billion as of June 30. While relatively small compared with its other major technology investments, the holding adds the private space company to the fund’s expanding technology portfolio.

SpaceX shares rose sharply following its record-breaking IPO in late June before retreating as investors questioned whether a valuation equivalent to around 77 times expected revenue could be justified.

A Major Force In Global Markets

Norway’s sovereign wealth fund invests revenues from the country’s oil and gas industry across equities, property and renewable energy projects. Its broad portfolio and significant stakes in thousands of companies make it one of the most influential investors in global financial markets.

Freedom Holding Corp., the parent company of Freedom24, reported a 40% year-on-year increase in total net revenue in the first quarter of fiscal 2027, reaching $732.5 million. The results cover the three months ended June 30, 2026.

Net income fell to $31.7 million, or $0.52 per diluted share, compared with $37.4 million and $0.61 per share a year earlier. Total assets reached $14 billion, up from $13.2 billion at the end of March.

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Brokerage And Banking Lead Growth

The company’s performance was driven primarily by its brokerage and banking businesses. Brokerage revenue increased 60% to $282.6 million, supported by higher fee and commission income and stronger interest income. The number of retail brokerage customers reached 874,000.

Banking revenue rose 54% to $225.2 million, helped by foreign exchange operations, gains on trading securities and higher interest income. The banking customer base grew to 5.4 million from 5 million in the previous quarter.

Customer Base Continues To Expand

Across its banking, brokerage, insurance and other businesses, Freedom Holding had 8.74 million customers at the end of June.

Founder and CEO Timur Turlov said the results reflected continued growth across the company’s businesses, while highlighting the role of its digital fintech strategy and Freedom SuperApp.

Expansion Of The Digital Ecosystem

During the quarter, Freedom Holding expanded its digital ecosystem by acquiring 100% of ChessBase GmbH, a company specialising in chess software, analytics and database solutions.

The group also received an upgrade from S&P Global Ratings, which raised the long-term issuer credit ratings of several Freedom subsidiaries from “B+” to “BB-”, with stable outlooks. The upgrade reflected improvements in financial discipline, risk management and compliance.

The company’s latest results show strong revenue growth, although profitability declined compared with the same period last year.

Brad Lightcap, one of OpenAI’s longest-serving executives, is leaving the AI company to pursue a new venture after more than eight years with the organisation.

Lightcap announced his departure in a message to OpenAI employees on Tuesday, saying he was moving on to “start something new”. He did not provide details about his plans but said he would share more in the future.

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From CFO To Chief Operating Officer

Lightcap joined OpenAI in 2018 and spent four years as chief financial officer before becoming chief operating officer in 2022. In the role, he helped build and oversee teams covering finance, legal, human resources, corporate security, government and business development, as well as partnerships.

Earlier this year, OpenAI reorganised its executive structure and moved Lightcap into a role focused on special projects. Before joining OpenAI, he worked with CEO Sam Altman at venture capital firm Y Combinator.

OpenAI Faces Executive Turnover

Lightcap’s departure comes during a period of significant changes at the top of OpenAI. In July, Fidji Simo, who had served as the company’s No. 2 executive and led its AGI efforts, announced that she would step down from the role.

Several other senior executives have also left the company in recent months, including former Sora chief Bill Peebles and Kevin Weil, who previously led OpenAI’s Science division. The leadership changes come as OpenAI prepares for a potential IPO that could become one of the most significant technology listings in recent years.

Lightcap Hints At What Comes Next

In his departure message, Lightcap said he had spent recent months thinking about “the next horizon” and the challenges that could affect the success of OpenAI’s mission.

He suggested that his next project would address “important new things” the world will need to get right in the coming years, without revealing further details. Lightcap also expressed continued confidence in OpenAI, saying he believes in the company “more than ever” and plans to support its mission from a different position.

Google’s Gemini app has surpassed 1 billion monthly active users, marking another major milestone for the company’s artificial intelligence business and making Gemini the 14th Google product to reach that level of usage.

CEO Sundar Pichai announced the milestone on Tuesday, describing Gemini as one of Google’s fastest-growing products.

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Gemini Closes The Gap With ChatGPT

The milestone puts Gemini closer to ChatGPT, which surpassed 1 billion monthly active users in June.

Google has been expanding Gemini across its ecosystem, including Search, Workspace, Android and the standalone Gemini app. The latest figure, however, applies specifically to the Gemini app and does not include users accessing Google’s AI through other products.

Google’s AI Mode in Search has also surpassed 1 billion monthly active users globally.

Voice And Image Generation Drive Usage

Google said 63% of Gemini users interact with the assistant through its voice feature. The app is also generating more than 150 million images each day, highlighting the growing use of Gemini beyond traditional text-based conversations.

Gemini’s reach also extends beyond Google’s own platforms, with the company reporting more than 100 million active users on iOS.

Google Continues Expanding Gemini

The latest milestone follows Google’s second-quarter earnings report, when the company said Gemini had more than 950 million monthly users and that daily active users had tripled over the previous year.

Google has continued to introduce new models and features, including Gemini 3.5 Flash, which is designed to improve coding and autonomous AI-agent tasks.

The company is also expected to unveil additional Gemini-powered features for Pixel devices at its upcoming Made by Google event.

Uber has sold its entire stake in Serve Robotics, the autonomous delivery company that spun out of Uber-owned Postmates more than five years ago.

The sale was disclosed in a regulatory filing, marking the end of Uber’s investment in the robotics company after years of backing and partnership.

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From Postmates Division To Independent Company

Serve Robotics began as Postmates X, the robotics division of delivery startup Postmates, which Uber acquired for $2.65 billion in 2020.

The unit became an independent company called Serve Robotics in 2021. Uber remained an investor and later partnered with Serve to bring its sidewalk delivery robots to Uber Eats.

In 2023, the companies expanded the agreement to deploy up to 2,000 Serve robots across multiple U.S. markets.

Partnership Had Already Started To Weaken

Uber’s exit follows signs that the relationship was becoming less closely aligned.

Serve Robotics CEO and co-founder Ali Kashani said delivery volumes through Uber grew for 17 consecutive quarters from early 2022 through the first quarter of 2026. That trend reversed in the second quarter, which he attributed to lower-than-expected robot utilisation.

Kashani also said the two companies had “differing views” on how to scale their shared autonomous fleet, including fleet coordination and merchant integration. At the same time, Serve reported that deliveries through another food delivery partner increased by nearly 50% in a single quarter.

Serve did not expect to renew its partnership with Uber when the current agreement expires in early 2027, according to Kashani.

Uber Continues To Expand Its Autonomous Network

The divestment comes as Uber continues to work with companies developing autonomous vehicles and delivery technology. Serve Robotics is one of more than 30 autonomous vehicle technology companies that Uber has partnered with or invested in over the past several years.

The sale marks a significant shift in the relationship between the two companies, which once worked closely to bring autonomous delivery robots to Uber Eats customers.

Accel has closed a new $550 million India-focused fund, less than two years after raising its previous vehicle, as the venture capital firm increases its bet on the country’s next generation of startups. The fund was oversubscribed and closed within weeks. Accel still has more than 55% of its previous $650 million India fund available for investment.

The new vehicle is part of a wider $3.5 billion global fundraising effort covering the firm’s U.S. and European operations and a $1.35 billion growth fund.

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AI Leads The Next Investment Cycle

Accel expects India’s next startup wave to span AI, consumer internet, fintech, advanced manufacturing and deep tech. Rather than focusing primarily on foundation models, the firm sees opportunities in AI applications, infrastructure and enterprise software built on existing models.

The firm points to RapidClaims as an example. The Accel-backed startup uses AI to automate medical coding for U.S. healthcare providers, combining technology with industry expertise.

Accel also sees growing domestic demand for AI products as a major opportunity. OpenAI and Anthropic have identified India as their largest market outside the U.S., while AI coding platform Cursor has said India is one of its fastest-growing developer markets.

Global Investors Return To India

Accel’s fundraising comes as international venture firms renew their focus on India despite a broader slowdown in venture capital.

Peak XV Partners recently raised $1.3 billion across new India and Southeast Asia funds, while General Catalyst has committed to deploying $5 billion in India over five years.

Accel expects to begin deploying the new India fund in 2027. Until then, it will continue investing from its existing fund.

The firm remains focused on early-stage companies, writing the first institutional cheque in around 80% of the startups it backs. Its portfolio includes Flipkart, Swiggy, Freshworks and Zetwerk.