stoltenberg

The fund will automatically invest in SpaceX, Anthropic, or OpenAI once they go public due to its broad index mandate, but Stoltenberg says it is too early to change policy to allow pre-IPO private equity investments.

Anthropic (referred to as 'Antropic') is among the major private AI companies the fund cannot own today but will buy once listed, illustrating the private-market access dilemma.

The independent ethical council recommended divesting from Caterpillar because a tiny fraction of its trucks, sold via the US to Israel, were used in ways violating international law; Stoltenberg argues this logic would make it impossible to own any major tech or industrial company.

Boeing delivers key military capabilities to Norway and NATO allies, yet the fund's ethical guidelines prohibit investment, reinforcing the defense-investment paradox.

Norway's ethical guidelines prevent the sovereign wealth fund from investing in Lockheed Martin despite the country purchasing F-35 fighters from them, creating a security-investment paradox that Stoltenberg moved to resolve.

OpenAI is among the major private AI companies the fund cannot own today but will buy once listed, illustrating the private-market access dilemma.