News
Calpers Cuts Exposure to Tech Stocks Amid Valuation Concerns
California’s pension fund, Calpers, is reducing its exposure to major U.S. technology companies, including Apple AAPL, Microsoft MSFT, Alphabet GOOG, Amazon AMZN, Nvidia NVDA, Meta Platforms META, and Tesla TSLA, due to concerns over stretched valuations and the sustainability of the artificial intelligence investment boom. The fund, which manages over $600 billion, has reduced the combined number of shares it holds in the Magnificent Seven tech stocks by 26% during the first half of the year. Calpers is increasing its exposure to private equity as a result, seeking to spread investments across a broader range of companies and reduce its dependence on a handful of stock market leaders.