A Norwegian fund manager is increasing risk by investing heavily in AI-related stocks, signalling a shift amid ongoing debates over the sector’s true value and growth prospects, as investors rebalance their portfolios towards software and platforms over hardware giants like Nvidia.
A portfolio manager at the Norwegian fund appears to think the worst of the memory-chip slump is over and is taking more risk as a result, with one stock now serving as the fund’s biggest bet, according to E24. The move comes as investors continue to debate whether the artificial intelligence boom still offers its richest opportunities in chipmakers or whether the next stage of the trade lies elsewhere.
That question has increasingly drawn money toward software and platform companies that can turn AI demand into direct revenue. The Motley Fool has reported that some wealthy investors are trimming Nvidia exposure and shifting into Meta Platforms and Microsoft, arguing that those companies may be better placed to monetise generative AI over time. Another Motley Fool report said billionaire investor Daniel Loeb has built a sizable AI-heavy portfolio without Nvidia, concentrating instead on Microsoft, Amazon and Meta.
Other high-profile investors are taking similarly selective approaches. A 2025 Motley Fool piece said hedge fund manager Chase Coleman has also backed several AI names heavily, even as some of those stocks have fallen from earlier highs. More recently, 24/7 Wall St. reported that Peter Thiel’s fund has leaned into Meta, Tesla and Apple while avoiding Nvidia and Palantir, a sign that some investors now prefer companies that apply AI rather than just sell the tools behind it.
At the same time, not everyone is convinced the biggest AI names still offer the best value. E24 reported separately that Nordea Markets investment director Robert Næss remains wary of lofty valuations in parts of the AI sector and has been looking instead at cheaper, more defensive shares in insurance, telecoms, banking, consumer goods and healthcare. That contrast underscores a broader split in the market: some managers are adding risk to AI-linked growth stories, while others are steering clear of what they see as overheated pricing.
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