Norway's $2.2 trillion sovereign wealth fund reduced its holdings in major U.S. tech stocks during the second half of 2025, including its largest holding, Nvidia, according to Norges Bank Investment Management.

By the end of the year, Norges Bank Investment Management, which manages the fund, had cut back on its positions in its top four tech stocks, which include Apple, Microsoft, and Alphabet.

Between June 30 and the end of 2025, the fund reduced its stake in Nvidia from 1.32% to 1.26%, while its holding in Microsoft decreased from 1.35% to 1.26%. Despite these reductions, both Nvidia, Apple, Microsoft remain the top three highest-value investments by the fund, followed closely by Alphabet and Amazon.