Singapore state investor Temasek plans to lift its direct AI exposure from about 6 percent of its current portfolio to 10-15 percent by March 2031.
In a statement on Wednesday regarding its Temasek Review 2026, CEO Dilhan Pillay said “the remaining 85 percent of our portfolio must be focused on AI adoption for competitiveness.”
With a net portfolio value of S$518 billion ($402 billion) as at 31 March 2026, which has doubled over the past decade, the target implies an AI net worth roughly S$52 billion to S$78 billion at current valuations, up from about S$31 billion now.
Temasek’s disclosed AI exposure spans the full technology stack. In energy and data centres, it holds positions through the AI Infrastructure Partnership as well as Aligned, Neoen and PCS Power. Its semiconductor holdings include AEM, d-Matrix, NVIDIA and TSMC, while its cloud exposure runs across Alibaba Cloud, Amazon Web Services, Google Cloud and Tencent Cloud.
Among foundation-model developers, the portfolio spans Anthropic, OpenAI, Mistral and Advanced Machine Intelligence, and in AI applications and software infrastructure it includes cusp.ai, Databricks, Momenta and Physics X. Underpinning these are vertically integrated mega-caps that operate across the entire chain — Alphabet, Amazon, Microsoft, Alibaba, Tencent, ByteDance and SpaceX. Alongside these investments sit companies Temasek itself established to build capability, including Temus, Aicadium and Resaro.
Four pillars
Temasek organized its approach around four reinforcing pillars.
The first, AI-Enabling Ourselves, focuses on internal transformation, with investment teams drawing on customized AI tools across diligence and portfolio monitoring and a firm-wide Digital Fluency program raising AI literacy across staff.
The second, AI-Proofing Our Portfolio, centers on helping companies adapt. Temasek has established bodies, including Temus with an AI Foundry and the AI engineering company Aicadium, to cooperate on quality control and efficiency.
The third pillar, Scaling Our AI Exposure, houses the investment ambition, spanning five focus areas: energy and data centers, semiconductors, cloud services providers, foundation models, and AI applications and software infrastructure. Its exposures range from mega-caps such as Alphabet, Amazon and Microsoft to chipmakers NVIDIA and TSMC and foundation-model developers including Anthropic, OpenAI and Mistral.
The fourth, Supporting AI Diffusion, aims to spread adoption across Temasek’s ecosystem and the public sector, anchored by Resaro, an AI assurance firm it established in 2023.
Adoption over hype
Pillay was emphatic that the headline allocation captures only part of the story. The most enduring value from AI, he argued, will come not from models alone but from how the technology is adopted and applied at scale. As a target, the remaining roughly 85 to 90 percent of the portfolio must become AI adopters to stay competitive. Investing in AI companies matters, he said, but the real value capture happens when traditional businesses integrate AI into their operations.
People at the center
The CEO repeatedly returned to the human dimension of the transition, stressing that AI replaces tasks rather than jobs and that the focus must be on reskilling and upskilling workers. The stakes are large as Temasek itself employs around 1,000 people globally, its portfolio companies employ more than 160,000 in Singapore and roughly 400,000 worldwide, giving the firm a responsibility to keep a people-centered transition.
Singapore Temasek’s net portfolio value hits $400B, doubling over past decade