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Saudi Arabia funneled oil riches into big-cap US stocks with a $7.5 billion buying spree amid falling valuations

Saudi Arabia’s sovereign-wealth fund ramped up bets on US big-cap stocks with more than $7 billion in new investments during the second quarter. The Public Investment Fund bought shares of 17 companies, including tech giants Alphabet, Amazon and Microsoft; retail chains Home Depot, Costco and …

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