The world’s largest sovereign wealth fund is calling for regulation of artificial intelligence

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The head of the Norwegian sovereign wealth fund, Nicolai Tangen, calls on governments to speed up the regulation of artificial intelligence.

He told about this in an interview Financial Times.

The Norwegian sovereign wealth fund is the largest in the world, it manages capital of 1.4 trillion dollars and owns about 1.5% of the shares of all companies whose shares are listed on the stock exchange.

Foundation Executive Director Tangen stated that he considers the regulation of the artificial intelligence sector insufficient, and that he sees the need to adopt new rules that regulate the use of AI:

“We believe that authorities and governments should regulate. We don’t see regulation coming yet.”

The fund is a major investor in technology companies such as Apple, Alphabet, Nvidia and Microsoft that are looking to use AI to transform their businesses.

According to Tangen, in August the foundation will release a set of standards it wants to see in companies using AI. This will allow them to be included in the fund’s investment standards, which are actually benchmarks for sustainable investments in Europe.

Governments around the world are currently struggling to decide whether, and if so, how to regulate AI. The EU is developing what is believed to be the toughest rules today.

Tangen also explained how the foundation uses AI in its activities. For example, it uses artificial intelligence models to predict when capital should be deployed during the day, month or quarter.

“So you can reduce the number of deals, and there’s a huge savings in that as well,” he said, adding that it doesn’t mean full autopilot: “We’re monitoring the processes. It’s not like we’re putting the fund in the hands of robots and we say: “See you later.”

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