Norway’s oil fund could lose as much as 80 percent of its value in a worst-case scenario, according to a warning from chief executive Nicolai Tangen. The comment has quickly triggered a wider discussion about how vulnerable the world’s largest sovereign wealth fund really is.

According to HBL, the concern is tied to a broader climate of uncertainty, with wars, debt crises and a possible AI bubble all weighing on markets at the same time. That makes the fund’s resilience a major issue, especially because it is central to Norway’s long-term finances.

Tangen has not said such a collapse is imminent, but the warning has drawn attention because of the fund’s size and importance. The focus now is on how it would cope if global markets were hit by a severe and prolonged downturn.