The $1.5 trillion Norwegian oil fund is one of the world’s largest funds, owning almost 1.5 percent of all shares in the world’s listed companies. It therefore owns holdings in around 9,000 companies worldwide.

The CEO of Norway’s $1.4 trillion wealth fund, also known as its oil fund, has urged governments to regulate the use of artificial intelligence (AI) and announced plans to set ethical guidelines for the 9,000 companies in which it invests.

The fund is a significant investor in tech firms including Microsoft, Apple, Nvidia and Alphabet, all of which are using AI to transform their operations. (FT)

CEO Nicolai Tangen argued that governments were failing to create a sufficient regulatory framework for the fast-growing sector. He called for a “pipeline of regulation” to be created to govern the use of AI. Tangen added that the fund would announce a set of AI usage standards for companies in August.

The fund is already using algorithms to enhance its own efficiency and productivity, Tangen said. It makes 36 million trades annually and the use of AI could reduce the number of trades while also generating significant savings. In fact, a “hackathon” was organized by the fund last week, in which 130 people participated to explore the optimal use of AI within the sovereign wealth fund.

Norway’s wealth fund is the world’s largest sovereign wealth fund, and owns an average of 1.5% of every listed company worldwide.

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Image by Gerd Altmann from Pixabay