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Saudi Wealth Fund Buys $7 Billion US Stocks Amid Recession Fears

  • PIF bought stakes in Amazon, BlackRock and Meta Platforms
  • Kingdom’s income from oil almost doubled in second quarter
A worker delivers packages on Amazon Prime Day in New York, on July 12.

A worker delivers packages on Amazon Prime Day in New York, on July 12.

Photographer: Michael Nagle/Bloomberg

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Saudi Arabia’s sovereign wealth fund invested more than $7 billion to build new positions in US stocks including Amazon.com Inc., Alphabet Inc., BlackRock Inc. and JPMorgan Chase & Co. as markets were battered by recession fears.