Saudi Public Investment Fund Picks Shares In Alphabet, Zoom, Microsoft

Saudi Arabia's Public Investment Fund (PIF) purchased shares in U.S.-based tech giants, including Alphabet Inc GOOG, Zoom Video Communications Inc ZM, and Microsoft Corporation MSFT.
As per the SEC filing, the market value of the sovereign wealth fund's investment portfolio increased to about $40.8 billion at the end of the second quarter.
The SEC regulatory filing showed that the PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom, and 1.8 million in Microsoft.
It also acquired JPMorgan Chase & Co JPM and BlackRock Inc BLK shares, buying 3.9 million shares and 741,693 shares, respectively.
The fund bought 6.3 million shares in Starbucks Corporation SBUX and added other stocks, including Adobe Inc ADBE, Advanced Micro Devices Inc AMD, Salesforce Inc CRM, Home Depot Inc HD, Costco Wholesale Corporation COST, Freeport-McMoRan Inc FCX, Datadog Inc DDOG and NextEra Energy Inc NEE.
Reuters writes that the PIF manages $620 billion in assets and is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
Photo via Wikimedia Commons