Norway Wealth Fund is freezing hiring to focus on AI use, despite research showing AI projects seldom offer a return in investment

• Norway Fund in Norway will make steps to invest more than AI and other technologies and placed a stop hiring of new staff, according to CEO Nicolai Tangen. Tangen used to be told wealth Its AI has very decreases in the amount of time needed to monitor the risks of companies in which it invests. A new one IBM The investigation of 2,000 CEOs has been found even in continuous investment in AI, most companies do not see investment.

Norway funding rich, the world’s largest sovereign fund, puts a hire stop, which focuses on investment in technology like AI to prompt productivity, according to Coo Nicolai Tangen.

“We do not know the number of employees added,” Tangen said a Tuesday meeting with Oslo lawmakers, Bloomberg reported.

Wealth fund, or Norges Bank Investment Management, uses 676 people across Oslo offices, New York and Singapore, as at the end of 2024, according to this Annual report. The year before, there are 654 employees, from 572 to 2022. Responsible to handle a $ 1.8 trillion funds, the fund invests about 9,000 companies in the world.

“We spend a lot of time how to get the best performance from funds,” Tangen told wealth‘S Peter Vanham before Tuesday meeting. “We increase the level of ambition, to facilitate the organization. We encourage the use of AI to carry velocity and recovery.”

The Fundway Fundway Fund in Norway this year measured the answers to the employees of the technology and found in internal survey employees reported an average productive due to AI tools. Technology slowed down the time required to monitor the risks of companies in which it invested, says Tangen.

“Before the days arrived, now need minutes,” he said. “We have a department of risk selling positions with high risk as a result.”

Norges Bank’s investment management does not respond wealthComment request for comment.

Ai’s Drabacks to Workers

Big in Ai’s bet is not all cracking for some big companies. After implementing a seizure of seizing and touting AI Chatbot, operated by Openi, completing the work of 700 human agents, Klarna CEO Sebastian Siemiathiwski changed course. He believed last week that AI had its limits and said the company Continue taking human workers.

“As the cost seems to be a more important reason to organize if it organizes, what you ended with lower quality,” he told Bloomberg Last week. “Investment in the quality of human support is the way in the future for us.”

A clumsy in Klarna before wealth The company “is much more than ai-first” and keep the policy not to replace employees to leave, how to claim Customer-Service Agents for Outsourcing Division.

Other chief executives reach similar conclusions. Of 2,000 CEOs surveyed, a quarter of them said projects given by the promised return of investment, according to a IBM LOOKING published early this month. Only 16% reports business launched projects.

Regardless of AI limits, companies are likely to continue investing in technology, with 64% of CEOs they are going to all companies if they are not, according to IBM survey. Nearly half of them use AI which has become an amount above the cost reduction.

AI gambling can continue to impact the numbers of workers. Timothy Young, CEO of Marketing Platform Jasper.I, said he believed that AI will continue to impact the lease positions.

“To share the mindset of intelligence, it is no longer about the wise men,” he told wealthDiane Brady. “It’s about developing your staff with management skills because each employee in the next 12 months has a series of agents who help them do their work.”

“There is a lot of power over Junior employees, but you can’t do this same way you do in the past,” he added.

This story originally shown Fortune.com

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