The Saudi PIF buys shares of Alphabet, Zoom and Microsoft in a US buying spree.

FIP acquired 213,000 Class A shares in Alphabet, 4.7 million Class A shares in Zoom and 1.8 million shares in Microsoft, according to a filing with the United States Securities Commission.

He also acquired shares of JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively.

The fund bought 6.3 million shares of Starbucks, and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog and NextEra Energy.

The PIF, which manages $620 billion in assets, is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenue away from oil.

The PIF pursues a two-pronged strategy, building an international portfolio of investments while investing locally in projects that will help reduce Saudi Arabia’s dependence on oil.

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