AI-related companies make up 35.1% of reported public pension equity holdings as of June 30, 2026; a new interactive breaks out exposure by pension fund

NEW YORK, Nov. 4, 2026 /PRNewswire/ — State and local pension funds have between $578.1 billion and $706.6 billion invested in AI-related companies, according to an analysis released today by Equable Institute. This accounts for 9% to 11% of the total $6.42 trillion in state and local pension assets, as of June 30, 2026. Equable considers this range a conservative, lower-bound estimate.

As of June 30, 2026, the 51 largest publicly traded AI-related companies made up 35.1% of all reported public equity investments by state and local pension funds. The Magnificent 7 account for 63.3% of all public AI-related holdings. NVIDIA ($47.3 billion), Apple ($42.5 billion) and Microsoft ($28.2 billion) are the largest AI-related holdings across the pension funds measured. 

Alongside the media brief, Equable has published an interactive that breaks down the $396 billion in AI-related stock holdings directly reported by the largest funds from the portions of the estimate that are not reported by name. The interactive also details AI-linked public equity fund exposure for these pension funds, where public data is available. 

“Given the growing concentration of public pension assets in AI-related investments, it is important to know the full scope of exposure that state and local retirement systems have to future changes in the value of AI-companies. However, the lack of complete transparency on public and private pension fund investments means we can only estimate the potential upsides or downsides of what comes next in the AI-trade,” said Anthony Randazzo, executive director of Equable Institute. “Every public pension fund should be doing an internal audit of their own AI-exposure and making public the findings. A positive economic outcome from the emergence of AI could meaningfully stabilize public pension plans; but a negative event like an AI-bubble bursting could cause very meaningful losses that stakeholders should be aware of.”

Explore the data

The interactive splits the $706.6 billion estimate into three parts: $396 billion in AI-related stock that 24 of the 25 largest funds report directly, about $180 billion in public stock not reported in detail, and about $130 billion in private equity and corporate debt. Users can pick any of the 24 funds to see each AI-related company it holds, in dollars and as a share of assets. A separate view shows AI-linked private equity funds that the 25 largest pension funds have invested in, as confirmed in each pension fund’s own documents. 

• Read the media brief here.
• Explore the interactive here.

About Equable Institute
Equable Institute is a bipartisan nonprofit dedicated to making public retirement systems work. We sit at the intersection of retirement policy and broader public policy, equipping policymakers, public employees, and retirement plan managers with independent, data-driven research, analysis, and education.

Equable.org | Twitter: @EquableInst | Facebook: @EquableInstitute | Instagram: @EquableInst

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SOURCE Equable Institute