One of the largest public pensions in the world made major changes in its holdings of U.S.-traded stocks, including two volatile tech names.

South Korea's National Pension Service initiated a position in Super Micro Computer stock, increased stakes in Palantir Technologies and Target, and sold Chipotle Mexican Grill shares in the fourth quarter. NPS, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

NPS, of Jeonju, South Korea, didn't respond to a request for comment on the investment changes. As of Dec. 31, 2023, it managed $720 billion of assets.

Super Micro has been a volatile stock, even by tech standards. Shares of the server maker ended 2024 with a 7.2% gain, compared with a 23% rise in the S&P 500 index, but that is far from the whole story.

Super Micro stock traded for as much as $122.90 in March, for a year-to-date gain of more than 300%, then crashed to $17.25 in November, swinging to a year-to-date loss of about 40%. They ended the year at $30.48. So far in 2025, shares are up 19%, while the S&P 500 is up 2.5%.

Investor enthusiasm for artificial intelligence -- and the rapid construction of data centers to meet it -- powered Super Micro stock in 2023 and early 2024. The stock topped out in March as the company joined the S&P 500.

But by late August, short seller Hindenburg Research slammed the company in a report, alleging "glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues." Super Micro told us at the time that it doesn't comment on "rumors and speculation," but shares began to drop. The day after the Hindenburg report, management said it would delay filing its form 10-K for the year through June 30, saying it needed more time to check the effectiveness of its internal controls over financial reporting.

In September, Nasdaq notified the company that it wasn't in compliance for continued listing due to late filings of its earnings. And Super Micro's auditor, Ernst & Young, resigned in October.

Things turned around in November after Super Micro filed a plan to continue its Nasdaq listing. It got a new auditor that month, too, while Hindenburg Research closed in mid-January.

NPS bought 949,220 Super Micro shares in the fourth quarter. It hadn't owned any at the end of September.

The pension bought 1.9 million Palantir shares to end the fourth quarter with 4.9 million shares.

Palantir had a banner 2024. The data-analytics firm joined the S&P 500 in September, and was added to the Nasdaq 100 index in December, after moving its listing to Nasdaq stock exchange from the New York Stock Exchange. Joining the two indexes not only raised Palantir's public profile, but also helped bolster shares, as funds that track the S&P 500 and Nasdaq 100 bought Palantir stock to adjust their holdings. A strong earnings report in February lifted Palantir stock.

Palantir stock soared 78% in 2024, and so far in 2025 it is up 47%.

Target stock slipped 5% in 2024, and so far it is down 2.8% in the new year.

Target reported a disappointing third quarter in November, sending shares of the retailer tumbling 22% to $121.72. Preparing for a port strike, and softer demand for discretionary products, also weighed on the bottom line. Holiday sales, reported in January, showed a rebound.

The pension bought 488,350 Target shares to lift its stake to 1.5 million shares at the end of the fourth quarter.

NPS sold 609,580 Chipotle shares in the fourth quarter to cut its investment to 3 million shares.

Chipotle lost CEO Brian Niccol in August when he left the burrito chain to helm Starbucks. The company reported a mixed fourth quarter in February; earnings beat expectations, but the top line missed. Also, Chipotle trimmed guidance for same-store sales this year.

Chipotle stock rose 32% in 2024. So far in 2025, it is down 5%.