ZetaPeakCalifornia’s pension fund shifts toward private equity as investors question tech valuations and the payoff from soaring AI spending.
Calpers pulls back from big tech as AI jitters deepen neocloud sell-off
California’s pension fund shifts toward private equity as investors question tech valuations and the payoff from soaring AI spending.
Calpers reduced its combined direct shareholdings in the Magnificent Seven tech stocks by 26% in the first half of 2026, the FT reported. CoreWeave, Cipher Digital and IREN fell in Monday’s pre-market trading after Elon Musk warned of tightening financing for AI data center companies.
Calpers, the world’s fifth-largest pension fund, is cutting its exposure to major U.S. technology companies as concerns mount over stretched valuations and the sustainability of the artificial intelligence investment boom, the Financial Times reported.
The fund, which manages more than $600 billion, reduced the combined number of shares it directly held in the so-called Magnificent Seven tech stocks by 26% during the first half, according to FT calculations based on regulatory filings. The group comprises Apple AAPL, Microsoft MSFT, Alphabet GOOG, Amazon AMZN, Nvidia NVDA, Meta Platforms META and Tesla TSLA.
The Roundhill Magnificent Seven ETF (MGAS) is up 7% year to date, led by Apple’s 34% gain, followed by Nvidia’s 12% rise. Meta, Alphabet and Tesla are all down for the year.
Calpers is increasing its exposure to private equity, seeking to spread its investments across a broader range of companies and reduce its dependence on a handful of stock market leaders.
Deputy chief investment officer Anton Orlich told the FT that public equity valuations looked expensive and that the technology giants could underperform other investments.
The repositioning adds a further dimension to concerns highlighted by Elon Musk, whose SpaceX SPCX raised $40 billion in debt to buy GPUs for AI calculations. Musk warned that financing had largely dried up for companies lacking substantial revenue outside AI data centers, predicting consolidation among neocloud providers.
That pressure continued into Monday’s pre-market trading, with neoclouds such as CoreWeave (CRWV), Cipher Digital CIFR and IREN IREN all selling off.
新闻通讯
1Bitcoin holds near $80,000 as oil retreats and the Fed decision loomsnow 2Live news: Brent Crude slides below $110 as Iran deal hopes grow and Brazil stocks sink19 minutes ago 3Fed, ECB and BOJ interest-rate decisions, Coinbase earnings: Crypto Week Ahead2 hours ago 4Over 11 million bitcoin has no known owner. Here's what it means4 hours ago 5India's largest crypto exchange absorbs $16 million loss from internal process failure tied to retired wallet5 hours ago 6Bitcoin wallet bug let rogue servers steal funds when users tried to speed up payments6 hours ago 7Bitcoin slips under $80,000 as traders de-risk ahead of Fed meeting6 hours ago 8Elon Musk issues a warning for 'AI neoclouds' as SpaceX borrows $40 billion for chips8 hours ago 9Latvia targets tokenization rules in 2027 with commercial property in focus20 hours ago 10UK banks face 10,000 complaints in 3 months over crypto restrictions22 hours ago
Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins
Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Bitcoin holds near $80,000 as oil retreats and the Fed decision looms
Fed, ECB and BOJ interest-rate decisions, Coinbase earnings: Crypto Week Ahead
Over 11 million bitcoin has no known owner. Here's what it means