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Aug 18, 2023 • 3 min read

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Norway Wealth Fund:

Norway's sovereign wealth fund, valued at $1.4 trillion, reported a gain of 1,501 billion crowns ($143 billion) in the first half of the year. A significant factor behind this increase was the success of U.S. tech companies, especially with their strides in artificial intelligence (AI).
The fund's investments in tech giants like Apple, Microsoft, and Nvidia surged by 39%, accounting for a 10% overall return. CEO Nicolai Tangen expressed to Reuters his surprise at such a robust performance, especially considering the global concerns like rising inflation and geopolitical tensions.
Deputy CEO Trond Grande highlighted the shift in perspective towards AI from once being viewed as a sector with potential, to now being an established and integral part of the tech industry. As Grande commented, this evolution and recognition are reflected in the soaring stock values of these companies.
Given these developments and the fund's status as the world's premier stock market investor, it has decided to recalibrate its stance by reducing its dominant investment position in major tech companies.

Mortgage Rates:

Mortgage rates have reached a 20-year peak of 7.09%. This increase has deterred potential buyers from entering the market and made current homeowners hesitant to sell, fearing the costs of new, higher-rate loans. The rates' rise, influenced by the Federal Reserve's policies, was initially thought to be temporary. However, it now appears that higher rates may persist.
As a result, many are opting to rent for longer durations, while home prices continue to escalate due to the limited availability. Despite the rates dropping slightly below 3% during the pandemic's height, recent hikes have led to significant price drops in previously booming markets like Austin and San Francisco.
The limited supply of existing homes has increased demand for new constructions. However, the overall number of homes available in June was down by nearly 14% year-on-year. This scenario leaves many grappling with rising rental costs and diminishing hopes of owning a home.

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