Norway's $2.1 trillion sovereign wealth fund, the world's largest, will eventually allow some investment decisions to be made by AI systems under human supervision, but not yet, as the tools still make errors, fund officials said on Tuesday.
At present, around half of the 700 employees at Norges Bank Investment Management code their own AI tools using Anthropic's Claude large language model, according to Stian Kirkeberg, the fund's head of machine learning and AI.
FIRMS IGNORING AI ARE 'COMPLETE MORONS'
Chief Executive Nicolai Tangen has been a vocal supporter of using AI both internally and in the companies the fund invests in, once describing firms that fail to adopt the technology as "complete morons".
He said the wealth fund, which manages Norway's oil and gas revenues for future generations, is not under the same pressure as short-term investors to automate investment decisions.
"You have investment firms which have automated investment decisions ... We're not doing that. But we are also not a high-frequency trader, ... we are a long-term investor, so it's a bit different", Tangen told Reuters.
One exception is the fund's use of AI to analyse when to trade or not, helping to reduce transaction costs.
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