Temasek Holdings announced on July 8 that it aims to raise the share of artificial intelligence (AI) investments in its portfolio from about 6% to up to 15% by the financial year ending March 31, 2031 [1, 2, 3, 4]. The Singapore state investment firm reported a record net portfolio value of S$518 billion for the year ended March 31, 2026, up from S$469 billion the prior year [5, 6, 4].
Temasek’s current AI holdings include stakes in Nvidia, TSMC, Anthropic, OpenAI, Microsoft, Tencent, SpaceX, Amazon, and Alphabet among others [1, 2, 3, 4]. It targets five key AI sectors: energy and data centres, semiconductors, cloud service providers, foundation models, and AI applications and software infrastructure. Chief Executive Officer Dilhan Pillay said some companies lead in specific areas, while others cover multiple, creating a “flywheel effect” [1]. Pillay added, “Generative AI is reshaping business models and the nature of work itself, bringing both opportunities and risks.” [2]
Temasek began focusing on digitisation as a structural investment theme in 2016 and set up an AI-focused pod in 2019 to build analytics, machine learning, and early generative AI expertise [5, 6]. The firm also founded the AI startup Aicadium to develop and scale AI products across its portfolio companies [5, 6]. Global Investments CEO Chia Song Hwee said their early digitisation efforts provided “a better understanding of the success factors for implementing AI capabilities.” [5]
Temasek excludes AI exposure through Singapore-based portfolio companies when calculating the 15% target [1, 2, 3]. The firm said growth in AI investments will not be linear and depends on available opportunities along the way [1]. Temasek also continues to support its portfolio companies in adopting AI to enhance competitiveness and value creation [1, 2, 3, 5, 6].
