NYC’s $325B pension giant can’t hide from AI, but it wants to
But now so much of that, sector by sector, market by market, is AI,” NYC Comptroller Mark Levine said on this week’s episode of Semafor’s.
Key points
- On the flip side, owning so much of the AI buildout also gives the city’s chief financial officer some leverage over the tech CEOs running the companies, and he isn’t happy with them.
- “It’s hard to diversify such a big portfolio under any circumstances because you’ve really got to be in every asset class, and we are in every major economy on Earth.
- Everything else, from private credit to real estate to Asian stocks, is increasingly a dressed-up bet on data centers.
That level of “over-concentration” is “a risk that we’re leery of.” It’s getting harder to find places to hide: AI-heavy companies account for almost half of S&P 500 market value, 40% of US high-yield bonds sold this year, and one in every six dollars of blue-chip corporate debt.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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