Calpers, the nation's largest pension fund, added a new position in the AI sector in the third quarter, a clean energy stock

The Zhitong Finance App learned that the latest 13F document recently submitted to the US Securities and Exchange Commission (SEC) by the largest public pension system in the US, the California Civil Service Retirement System (SEC) shows that the agency made a number of key adjustments to its investment portfolio between the second quarter and the third quarter, further favoring artificial intelligence and clean energy.

According to documents, Calpers' new fuel cell manufacturer Bloom Energy (BE.US) established a position by buying 361,883 shares, worth about US$30.6 million at the time of purchase. Based on the closing price of this Tuesday, the market value of the investment has risen to about US$341 million. Bloom Energy's stock price has soared 326% since this year, making it one of the best-performing energy stocks of the year.

The company produces fuel cell systems that operate like “batteries” to help customers bypass traditional power grids. Earlier this year, Bloom reached a technical cooperation agreement with Oracle (ORCL.US), further increasing its attention.

In addition, Calpers also built a new warehouse for drone and autonomous systems manufacturer AeroVironment (AVAV.US) and bought 50,332 shares. At the time, they were worth about 15.8 million US dollars, and the current valuation is slightly higher than 14 million US dollars. The company's stock price has risen nearly 80% since 2025.

Artificial intelligence investors will be encouraged by Calpers' latest operation. The pension increased Oracle's holdings significantly, increasing its holdings by more than 250,000 shares to 3,021,454 shares. Against the backdrop of AI infrastructure spending plans being questioned by investors, this increase in holdings shows that Calpers still has confidence in its long-term competitiveness.

Calpers also expanded its allocation of shares benefiting from tech giants and AI, including increasing holdings in Class A and Class C shares of Meta (META.US), Amazon (AMZN.US), and Google's parent company Alphabet (GOOG.US, GOOGL.US).

What is most interesting is the continued increase in Nvidia (NVDA.US). Calpers increased its holdings from 64,728,856 shares in the second quarter to 66,062,378 shares. Nvidia is currently the company with the highest market capitalization in the world and is still the core target of the AI revolution.

While actively increasing positions with AI giants, Calpers has also made structural adjustments. The agency reduced its holdings of Microsoft (MSFT.US) to 19,393,311 shares from 21,807,466 shares in the second quarter.

In terms of small-cap stocks, Calpers completely withdrew from Acadia Healthcare (ACHC.US) and sold all 134,205 shares, which were worth slightly more than $3 million at the time. By the close of trading on Tuesday, the share's price had dropped 24% from the level at the time of sale.

Calpers currently manages more than $500 billion in assets for more than 2 million members. By the close of trading on November 25, the total value of the agency's holdings reached US$592.37 billion, further strengthening its position as one of the world's most important long-term funds.