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Fortune

Sasha Rogelberg

Norway Wealth Fund is freezing hiring to focus on AI use, despite research showing AI projects seldom offer a return in investment

Nicolai Tangen Fortune IBM Klarna Norges Bank Investment Management

Norway Wealth Fund CEO Nicolai Tangen, wearing a suits, gestures with his left hand in front of a light blue background. (Credit: Naina Helén Jåma/Bloomberg—Getty Images)

The Norway Wealth Fund will take steps to invest more in AI and other technologies and put a pause on hiring new staff, according to CEO Nicolai Tangen. Tangen previously told Fortune its AI has significantly reduced the amount of time needed to monitor the risks of the companies in which it invests. A recent IBM survey of 2,000 CEOs found that despite continued investment in AI, most companies did not see a return in investment.

The Norway Wealth Fund, the world’s largest sovereign wealth fund, is putting a pause on hiring, focusing on investing in technology such as AI to drive productivity, according to CEO Nicolai Tangen.

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