Temasek Holdings has ruled out direct crypto investments, the Singapore state-owned investment firm said Wednesday, pointing to regulatory uncertainty and the lingering damage from its $275 million write-off following the collapse of FTX in 2022.

The firm, which manages S$518 billion (approximately $400 billion) in assets, will instead redirect capital toward artificial intelligence, targeting AI-related holdings of 15% of its portfolio by 2031, up from 6% in the first quarter of 2026.

“We don’t have directly any investment in crypto,” Nagi Hamiyeh, president of Temasek Global Investments, told CNBC. “I can’t forecast what happens in the future, and the role that crypto is going to play in the main economy, depending on the…