Key Takeaways
- • Equable Institute estimates the 25 largest U.S. public pension systems hold between $578 billion and $707 billion in assets across firms it classifies as AI-related.
- • Approximately 85% of that exposure is concentrated in 15 companies, with the Magnificent Seven accounting for 63.3% and the other eight for roughly 21.8%.
- • Much of the exposure reflects pensions' use of market-cap-weighted passive S&P 500 strategies rather than active AI-specific bets.
- • CalPERS leads the top-10 ranking with $65.2 billion in AI holdings, equal to 10.4% of its assets, followed by CalSTRS at $46.2 billion.
- • The report excludes private equity, corporate debt, and other private debt exposure to AI companies, meaning the true total is likely understated.
Summary
A report from the Equable Institute estimates that the 25 largest public pension systems in the United States hold between $578 billion and $707 billion in assets in companies it deems AI-related. According to the report, roughly 85% of those assets are concentrated in 15 companies: Apple, NVIDIA, Microsoft, Alphabet, Amazon, Meta, Tesla, Broadcom, Micron, Advanced Micro Devices, Intel, Lam Research, Applied Materials, KLA Corp., and SpaceX. The Magnificent Seven accounted for 63.3% of the exposure, while the remaining eight contributed approximately 21.8%.
The report attributes much of this concentration to pension funds' reliance on market-cap-weighted passive index strategies and their significant allocations to public equities, particularly S&P 500 constituents. All of the top-15 companies are in the S&P 500 except SpaceX, which is not yet index-eligible because its stock has not traded for 12 consecutive months.
Equable based its analysis on Form 13F filings for the 25 largest public pension funds. For funds that do not file the form, AI exposure was projected from annual listings of public equity holdings. The firm did not define what constitutes an AI-related company, though its list includes more than 50 companies. The report also does not fully capture private equity investments, corporate debt, or other private debt exposure to AI-related companies.
Among individual funds, Colorado PERA ranks first with 18.7% of its assets in AI-related holdings, though its dollar exposure is $14.3 billion. Minnesota SBI follows at 17.4% ($18.6 billion), and NYC Pension Funds hold $42.5 billion, or 14.8% of assets. CalPERS has the largest dollar exposure among the top 10 at $65.2 billion, representing 10.4% of its portfolio, while CalSTRS holds $46.2 billion, or 11.0%. Other funds in the top 10 include NYSTRS, New York Common, Florida SBA, Wisconsin SWIB, and Ohio PERS. Data are as of June 30, 2026, per Equable Institute.
The report attributes much of this concentration to pension funds' reliance on market-cap-weighted passive index strategies and their significant allocations to public equities, particularly S&P 500 constituents. All of the top-15 companies are in the S&P 500 except SpaceX, which is not yet index-eligible because its stock has not traded for 12 consecutive months.
Equable based its analysis on Form 13F filings for the 25 largest public pension funds. For funds that do not file the form, AI exposure was projected from annual listings of public equity holdings. The firm did not define what constitutes an AI-related company, though its list includes more than 50 companies. The report also does not fully capture private equity investments, corporate debt, or other private debt exposure to AI-related companies.
Among individual funds, Colorado PERA ranks first with 18.7% of its assets in AI-related holdings, though its dollar exposure is $14.3 billion. Minnesota SBI follows at 17.4% ($18.6 billion), and NYC Pension Funds hold $42.5 billion, or 14.8% of assets. CalPERS has the largest dollar exposure among the top 10 at $65.2 billion, representing 10.4% of its portfolio, while CalSTRS holds $46.2 billion, or 11.0%. Other funds in the top 10 include NYSTRS, New York Common, Florida SBA, Wisconsin SWIB, and Ohio PERS. Data are as of June 30, 2026, per Equable Institute.
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