Norway’s sovereign wealth fund turns to AI

Norway’s giant sovereign wealth fund said it would scale back hiring thanks to improvements in artificial intelligence.

The $1.8 trillion fund employs 676 people, a number which has risen in recent years, but CEO Nicolai Tangen told the Norwegian Parliament that its work could be done more efficiently “through more use of technology,” including AI.

Tangen, who has previously cited internal polls claiming a 15% productivity gain from AI, said compiling reports in 16 languages about the fund’s investments used to take days, but “now only takes 10 minutes.”

Novo Nordisk, the maker of Ozempic, recently went from using 50 people to draft clinical reports to just three, thanks to generative AI.