The deputy chief investment officer of the California Public Employees' Retirement System (Calpers) stated that the institution has reduced its holdings in the seven major tech giants and instead invested in hundreds of companies to diversify risks. In the first half of 2026, the fund's direct holdings in the stocks of the 'Magnificent Seven' US stocks were collectively reduced by 26%. The institution believes that valuations in the public stock market are high, while pricing in private companies is more attractive, offering protection when the public market declines.
