WSJ: America’s public pensions now depend on the AI industry that the politicians who run them are turning against.

13 large US public pensions booked $138B in paper gains from AI stocks since late 2022.

Those 15 stocks, including hyperscalers and chipmakers, made up 27% of the funds’ domestic equity in June, up from 12% when ChatGPT launched.

That concentration drove roughly 57% of their US stock gains, without counting AI exposure through foreign shares, private equity or private debt.

> New York paused new data centers while its retirement fund’s AI holdings kept climbing.
> Pennsylvania’s treasurer fights data-center growth while overseeing a pension holding billions in AI assets.
> California union leaders want pension managers to weigh AI’s harm to workers while the state’s $650B fund backs data-center providers with $500M.
> New York’s comptroller pressed tech firms over residents’ power, land and water fears while overseeing a fund profiting from those firms.