CalPERS, the largest public pension fund in the US, held board meetings from September 14 to 18, 2026, to discuss potential risks posed by artificial intelligence. The debate was prompted by the 2026 resignation of Anthropic researcher Jacob Coxon, who warned about the dangers of superintelligence.
The board deliberated on whether to advocate for AI regulation or a pause in development. Despite strong returns from AI-linked stocks, members expressed concerns regarding potential market corrections and economic instability. The fund has already begun adjusting its portfolio to mitigate these risks.
In the first half of 2026, CalPERS reduced its holdings in the Magnificent Seven tech stocks by 26%. Specifically, the fund cut its stake in Nvidia by nearly 40%, decreasing its position from 76.4 million shares to 46.1 million shares.
By October 2026, the pension fund shifted its focus toward private equity, reflecting a more cautious outlook on public market valuations. Additionally, labor groups have urged CalPERS to oppose a potential initial public offering for Anthropic, citing safety and governance concerns.
