# Calpers Cut Its Combined Share Count in Seven Tech Giants by 26% By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/39338 Published: 2026-10-23T21:24:22.000Z Updated: 2026-10-23T21:24:22.000Z Section: Investing > The fund managed $637.1 billion on June 30 and increased private-equity exposure while spreading stock investments across hundreds of companies. Calpers, the largest U.S. public pension fund, cut its combined direct share count in seven major technology companies by 26% in the first half of 2026, reducing concentration in public stocks. Its holdings in Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla fell in aggregate as the fund spread stock investments across hundreds of companies. Calpers also increased its private-equity exposure. The change puts figures behind the fund’s [earlier decision to exit large technology stocks]() as artificial intelligence enthusiasm cools. Calpers Deputy Chief Investment Officer Anton Orlich said public stock valuations were high and a small number of large companies accounted for a significant share of the market, which could weigh on relative returns. He said private-company pricing looked more attractive and could provide a buffer if public markets decline. The portfolio shift came before a recent sell-off in technology stocks. Concern over whether AI spending will produce returns grew after several technology companies reported earnings this week. Microsoft, Amazon and Alphabet are scheduled to report next week. Calpers managed $637.1 billion as of June 30. Its preliminary net investment return for the previous 12 months was 14.8%, with strong performance in both public and private equity portfolios. ## Links in this article - [earlier decision to exit large technology stocks](https://www.tokenpost.com/news/investing/39272)