--- title: Norway’s sovereign wealth fund goes to space description: "Meanwhile, Buffet’s “Never bet against America\" still rings true. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Norway’s sovereign wealth fund goes to space Meanwhile, Buffet’s “Never bet against America" still rings true. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 08/17/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_260817.pdf?hsLang=en) - - - - #### Chart #1 —  ## Norway’s sovereign wealth fund discloses a position in SpaceX Norway's sovereign wealth fund, the largest in the world at $2.3tn, has said for the first time that it owns 0.05% of SpaceX. That stake is small next to the fund's other tech holdings. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-08-51-41-6804-AM.png?width=950&height=549&name=image-png-Aug-17-2026-08-51-41-6804-AM.png) Source: ATA CAN   --- #### Chart #2 —  ## "Never bet against America" - Warren Buffet US companies now earn close to two thirds of all OECD profits, up from about 45% in 2012. Most of that gain came after 2022, when the rest of the developed world stalled and American margins kept widening. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-08-52-21-1559-AM.png?width=935&height=614&name=image-png-Aug-17-2026-08-52-21-1559-AM.png) Source: Bloomberg --- #### Chart #3 —  ## AI delivers the largest capex-driven boost to GDP in history  Nothing moves markets right now like the AI buildout. It hit the US economy so fast and hard that it is bending the macro data. Stijn Van Nieuwerburgh at Columbia Business School believes the US would be in a recession without it. He puts AI infrastructure spending at about 2.8% of GDP, bigger than the railroad boom, and it's still climbing. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-08-59-46-6466-AM.png?width=1004&height=705&name=image-png-Aug-17-2026-08-59-46-6466-AM.png)Source: Bloomberg --- #### Chart #4 —  ## No rare earths = no fighter jets = no modern war machine The US continues to rely significantly on China for strategic rare-earth resources, with approximately 70% of its rare-earth imports originating from the country. At the same time, Beijing has shown a growing readiness to limit overseas shipments of strategically important minerals. This exposure extends well beyond the production of fighter aircraft. Rare earth elements and other critical minerals are key inputs for missile technology, radar equipment, unmanned aircraft, satellites, precision weapons, submarines, and sophisticated electronic systems. With stockpiles already constrained, an extended interruption of Chinese deliveries could therefore significantly restrict US defence manufacturing capacity. This creates an important strategic contradiction: parts of the American defence industry remain reliant on supply networks largely controlled by its principal geopolitical competitor. China may therefore be able to apply substantial pressure without resorting to direct military action. Control over the resources required by an adversary can itself become a powerful strategic instrument. Sun Tzu, the well-known ancient Chinese military strategist and author of *The Art of War*,would recognise the approach. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-09-01-02-3876-AM.png?width=702&height=804&name=image-png-Aug-17-2026-09-01-02-3876-AM.png) Source: Lukas Ekwueme, IISS    --- #### Chart #5 —  ## The wealth of the top 400 Americans surpassed 20% of GDP Over the last three decades, the 400 richest Americans increased their portion of total US wealth by 146%, while the combined share held by the poorest 50% of the population fell by 25% over the same timeframe. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-09-02-12-9731-AM.png?width=653&height=557&name=image-png-Aug-17-2026-09-02-12-9731-AM.png) Source: Financial Times --- #### Chart #6 — ## The world’s most valuable unicorns in 2026  The race among unicorns is entering a new phase. Recent figures highlight the extent to which artificial intelligence is transforming the worldwide startup ecosystem: Anthropic: $965bn, OpenAI: $852bn, ByteDance: $480bn, Stripe: $159bn, among others. And the trend becomes even more striking further down the ranking. A new generation of AI businesses, Safe Superintelligence, Project Prometheus, Anysphere, Cognition and Scale, has already reached valuations worth several billion dollars. The most notable point is not simply how large these valuations have become, but where capital and value creation are increasingly concentrating. AI has moved far beyond being another segment of the software industry, but is progressively forming a core technology layer across intelligence, software engineering, autonomous technologies, data, robotics, defence, financial services, and enterprise productivity. The largest opportunity, therefore, might not lie in launching yet another AI chatbot. Instead, it could emerge from creating the AI-first businesses, processes and infrastructure that will define the next generation. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-09-03-26-7041-AM.png?width=658&height=823&name=image-png-Aug-17-2026-09-03-26-7041-AM.png)Source: Ranking Royals --- #### Chart #7 —  ## Top 15 watches secondary sales market share in H1 2026 EveryWatch’s detailed “H1 2026 - Secondary Market Report” draws on actual transaction figures, covering more than 795,000 watches sold during the first half of 2026, across 650 dealers and 472 auction houses globally. Unlike the assumptions, projections or forecasts sometimes produced by analysts and consultants, these figures reflect completed sales transactions. H1 2026 (January–June) – key results from the Secondary Watch Market: ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Aug-17-2026-09-04-43-2670-AM.png?width=816&height=780&name=image-png-Aug-17-2026-09-04-43-2670-AM.png)Source: Danny Younis   --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Bond market vs US Treasury: who will yield?](https://blog.syzgroup.com/fast-food-for-thought/bond-market-vs-us-treasury-who-will-yield?hsLang=en) Nothing seems to curb the 10-year Treasury yield’s rise. Meanwhile, Japan’s currency defense is drying up it’s FX reserves and the S&P 500 is hiding something important. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 14/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [A record US-China yield gap?](https://blog.syzgroup.com/fast-food-for-thought/a-record-us-china-yield-gap?hsLang=en) Meanwhile, European countries are having their own bond crisis. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 07/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Nvidia’s record-breaking day](https://blog.syzgroup.com/fast-food-for-thought/nvidias-record-breaking-day?hsLang=en) Victoria’s Secret is back: a $100,000 investment has quadrupled since the Fashion Show’s return was announced. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 31/08/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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