How Norway has changed the financial world with AI

Norway's Norges Bank Investment Management (NBIM), the world's largest sovereign wealth fund worth $1.8 trillion, has taken a revolutionary step by making the use of artificial intelligence (AI) mandatory for all employees.

What would have seemed too radical a few years ago is now setting a trend in global asset management, according to Bloomberg. Instead of providing advice and presentations to employees, NBIM now has a clear requirement: master new technologies or forgo career development.

"It isn’t voluntary to use AI or not. If you don’t use it, you will never be promoted. You won’t get a job," explained Nicolai Tangen, CEO of NBIM.

A game changer

Nicolai Tangen took over NBIM amid a digital transformation. Instead of issuing theoretical calls for innovation, he issued an ultimatum. Starting in 2022, he made it his strategy to impose AI as a basic tool for daily work. He estimated that 10-20% of employees resisted the changes, but they are the ones who need technological support the most.

"My biggest surprise was that resistance when we first started. People don’t want change. But those are the ones who need it," Tangen emphasized.

The foundation collaborates with over 8,000 companies in more than 60 countries. Its structure requires lightning-fast data processing, operational analytics, and scalable solutions. According to Tangen, AI has enabled them to transition from intuitive analysis to virtually error-free forecasting.

How the foundation integrates AI

Today, more than 300 employees of the foundation use AI to write code. But innovations do not end there. Employees use a wide range of tools:

1. Claude (Anthropic) for analytical text modeling.
2. Copilot (Microsoft) to help with code development and verification.
3. Perplexity and Cursor for research queries.
4. OpenAI Deep Research and Google AI — for news analysis in 16 languages, data structuring, and speeding up estimates.

These tools are used to formulate company valuations, study top management compensation, analyze market trends, and generate reports.

Transparent restrictions for sustainable development

The Foundation prohibits AI from "going beyond the boundaries". Confidential information and personal data are not allowed in the models. All code is manually checked by at least two people. Independent trading and key decision-making remain in human hands.

"Independent trading is always done by humans. I don’t see that changing for the fund in the future. But they use AI to gather information," Tangen emphasized.

Effect of mandatory AI: numbers and forecasts

Already in 2024, the fund's efficiency grew by 15%, and Tangen predicts +20% in 2025. Another 20% increase is expected in 2026. And the key contribution is made by automation and structured data processing.

"If we compete with companies that are not using AI, we’re 50% ahead! It’s unbelievable. They will never catch up," summarized the head of the fund.

Technological bet on leadership

Established in the 1990s to invest surplus revenues from Norway's oil and gas industry, NBIM is more than just a large fund. It is a financial heavyweight that owns shares in Apple, Amazon, Google, Meta, Microsoft, Nvidia, and Tesla. These companies account for 17% of its total portfolio. In 2024, the fund recorded record profits for the second consecutive year, largely due to investments in technology.

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