Record returns, record anxietyThe fund’s equity portfolio returned 13.0% in the first six months of 2026, beating its benchmark by 0.22 percentage points. An AI bubble bursting could shave roughly 35% off the fund’s total value. The AI valuation questionTangen is not alone in questioning whether AI company valuations have disconnected from reality. The Government Pension Fund Global is the world’s largest sovereign wealth fund, holding stakes in roughly 9,000 companies across 70 countries. Walking into a Bloomberg interview after posting record returns and warning that the thing driving those returns might be a bubble takes a certain kind of institutional discipline.