- Sovereign wealth funds are shifting from pure returns to strategic national priorities — funding resilient infrastructure and key domestic industries as geopolitics fragment.
- Big surge in deal value (up 91% to $404B) with about one-third of spending into AI, backing firms like OpenAI, Anthropic, Databricks and xAI.
- The U.S. drew the largest share ($220.4B); Gulf states and Norway were major spenders, Singapore’s Temasek led by deal count, and new funds like MGX have emerged.
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