DAVOS, Switzerland (Reuters) - The chief executive of Norway's $1.8 trillion sovereign wealth fund, one of the world's largest investors, said on Thursday that inflationary pressure in the United States was one of the biggest risks to financial markets this year.

Norway’s sovereign wealth fund was underweight on US tech stocks last year, a move that hit 2024 returns but may have helped it weather recent turmoil caused by the challenge posed by Chinese artificial intelligence startup DeepSeek.

Norway's $1.8 trillion sovereign wealth fund, the world's largest, reported on Wednesday a record annual profit of 2.51 trillion crowns ($222 billion), driven by last year's tech rally, but warned that strong returns won't last forever.

Norway’s sovereign wealth fund last year returned 13%, or $222 billion, but missed its self-imposed target for the second year in a row despite gains from the booming US technology sector.