Calpers pulls back from big tech amid AI jitters

California's Calpers, the largest U.S. public pension fund, is pulling back from big tech as investor doubts grow over elevated technology valuations and the payoff from soaring AI infrastructure spending. The fund is shifting allocations toward private equity.

• The move deepens the AI-jitters narrative behind the recent neocloud sell-off, as investors question whether massive AI capex will translate into returns.
• Calpers' rebalancing is one of the clearest institutional signals yet that large allocators are trimming AI-heavy equity exposure.