Norges Bank

Norges Bank declares $478.8B in 161 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 47.7% of its $1.0T 13F portfolio. Largest positions: NVIDIA (1.4% of the company) and Alphabet (1.3% of the company). It is an index manager: its trades follow fund flows, so they are left out of the quarter's moves on /holders. Over time: $478.8B in 161 of these companies for Q2 2026, against $86.0B in 125 for Q4 2019 (13F values as filed).

Performance of its AI picks

The AI-stock portfolio Norges Bank declared for Q2 2026 (Form 13F), held unchanged, returned +4.8% in Q3 2026 (SMH -7.1%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

NVIDIA (NVDA): $65.2B, 326.0M shares, 1.4% of the company, 6.5% of its portfolio; held since Q4 2019 or earlier
Alphabet (GOOGL): $55.3B, 155.7M shares, 1.3% of the company, 5.5% of its portfolio; held since Q4 2019 or earlier
Apple (AAPL): $55.2B, 190.7M shares, 1.3% of the company, 5.5% of its portfolio; held since Q4 2019 or earlier
Microsoft (MSFT): $38.3B, 102.7M shares, 1.4% of the company, 3.8% of its portfolio; held since Q4 2019 or earlier
Amazon (AMZN): $33.5B, 140.6M shares, 1.3% of the company, 3.3% of its portfolio; held since Q4 2019 or earlier
Broadcom (AVGO): $24.9B, 66.0M shares, 1.4% of the company, 2.5% of its portfolio; held since Q4 2019 or earlier
Meta Platforms (META): $18.4B, 32.7M shares, 1.3% of the company, 1.8% of its portfolio; held since Q4 2019 or earlier
Micron (MU): $17.5B, 15.2M shares, 1.3% of the company, 1.7% of its portfolio; held since Q4 2019 or earlier
AMD (AMD): $13.6B, 23.4M shares, 1.4% of the company, 1.4% of its portfolio; held since Q4 2019 or earlier
Intel (INTC): $8.6B, 61.7M shares, 1.2% of the company, 0.86% of its portfolio; held since Q4 2019 or earlier
Applied Materials (AMAT): $8.2B, 11.3M shares, 1.4% of the company, 0.81% of its portfolio; held since Q4 2019 or earlier
Lam Research (LRCX): $7.9B, 18.1M shares, 1.5% of the company, 0.78% of its portfolio; held since Q4 2019 or earlier
Cisco (CSCO): $6.4B, 54.8M shares, 1.4% of the company, 0.64% of its portfolio; held since Q4 2019 or earlier
KLA (KLAC): $5.9B, 19.6M shares, 1.5% of the company, 0.59% of its portfolio; held since Q4 2019 or earlier
Sandisk (SNDK): $4.7B, 2.1M shares, 1.4% of the company, 0.47% of its portfolio; held since Q1 2025

By sector

Cloud & AI giants: $202.0B, 42% of its AI holdings, 6 companies
Chips & compute: $131.4B, 27% of its AI holdings, 28 companies
Memory & storage: $28.8B, 6% of its AI holdings, 5 companies
AI software: $27.6B, 6% of its AI holdings, 25 companies
Power, electrical & cooling: $26.6B, 6% of its AI holdings, 33 companies
Equipment & test: $25.9B, 5% of its AI holdings, 19 companies
Interconnect: $14.3B, 3% of its AI holdings, 9 companies
Neoclouds & data centers: $9.1B, 2% of its AI holdings, 17 companies
Servers & systems: $7.2B, 1% of its AI holdings, 11 companies
Optics: $5.9B, 1% of its AI holdings, 8 companies

Schedule 13D/G declarations

Digital Realty (DLR): 13G filed Aug 12, 2026: 19.6M shares as of Jun 30, 2026, 5.6% as declared
VNET Group (VNET): 13G filed Jan 28, 2026: 93.2M shares as of Dec 31, 2025, 5.9% as declared
VNET Group (VNET): 13G filed Oct 29, 2025: 63.9M shares as of Sep 30, 2025, 4.0% as declared
VNET Group (VNET): 13G filed Jul 31, 2025: 93.8M shares as of Jun 30, 2025, 5.9% as declared
Vishay (VSH): 13G filed Jul 28, 2025: 5.5M shares as of Jun 30, 2025, 4.4% as declared
Vishay (VSH): 13G filed Feb 11, 2025: 8.5M shares as of Dec 31, 2024, 6.9% as declared

Other holders of this size

UBS: $462.8B in 227 of these companies
T. Rowe Price: $529.7B in 215 of these companies
Bank of America: $385.2B in 223 of these companies
Morgan Stanley: $627.0B in 227 of these companies
Northern Trust: $373.8B in 224 of these companies
Invesco: $683.3B in 220 of these companies
Goldman Sachs: $353.8B in 225 of these companies
JPMorgan: $717.8B in 225 of these companies

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