Calpers pulls back from big tech as AI jitters deepen neocloud sell-off
Photo: CoinDesk
Calpers, the world’s fifth-largest pension fund, is cutting its exposure to major U.S. technology companies as concerns mount over stretched valuations and the sustainability of the artificial intelligence investment boom, the Financial Times reported. The fund, which manages more than $600 billion, reduced the combined number of shares it directly held in the so-called Magnificent Seven tech stocks by 26% during the first half, according to FT calculations based on regulatory filings. The group comprises Apple AAPL , Microsoft MSFT , Alphabet GOOG , Amazon AMZN , Nvidia NVDA , Meta Platforms META and Tesla TSLA .
Source: CoinDesk
