The increase in AI exposure follows political pushback from officials who oversee the funds. New York paused new data center construction and Pennsylvania’s treasurer opposed data-center growth, while California union leaders urged managers to consider AI’s impact on workers even as the state’s $650B fund invested $500M in data-center providers. Total assets across hundreds of state and local public-employee pension funds rose from $5.8T in 2023 to $7.3T in June, per Fed data.
Sunday, October 25, 2026
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13 Largest US Public Pensions Book $138B in Paper Gains From AI Stocks
US Markets2 days ago
Domestic equity holdings in 15 AI-linked stocks, including chipmakers and hyperscalers, grew to represent 27% of the portfolios of the 13 largest US public pensions that manage their own investments by June, up from 12% when ChatGPT launched. Those securities generated $138 billion in paper gains for the funds between the end of 2022 and June, accounting for roughly 57% of their US stock gains.
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