Temasek Says It Has No Direct Crypto Investments, Plans to Raise AI Exposure

Singapore state investor Temasek said it plans to focus on artificial intelligence investments rather than cryptocurrencies.

Nadim Hamiyeh, president of global investments at Temasek, told CNBC on July 8 that the firm currently has no direct investments in cryptocurrencies. Temasek manages $400 billion in assets. The role crypto ultimately plays in the real economy will depend on regulatory changes across countries, he said.

The stance follows the collapse of FTX in 2022. Temasek fully wrote down its $275 million investment after the exchange filed for bankruptcy. Since then, the Monetary Authority of Singapore has significantly tightened consumer-protection rules and license reviews, increasing the regulatory burden on crypto companies.

Temasek plans to sharply increase its AI allocation. The firm aims to raise AI investments from about 6% of its portfolio to 15% by 2023. Hamiyeh said the AI cycle is only beginning and could continue for decades. Still, some AI company valuations have run ahead of fundamentals, requiring a selective approach.

Asked about AI investing, Hamiyeh said practical industrial application matters most. Not every situation requires a cutting-edge model. What matters is the use case and whether companies can adopt AI to build a competitive advantage.