In the second quarter, the sovereign wealth fund of Saudi Arabia expanded its holdings in US stocks by investing heavily in businesses involved in technology, e-commerce, retail, and finance.

According to a US Securities and Exchange Commission report on Monday, the Public Investment Fund invested approximately $7.6 billion to purchase new shares in 17 companies. In the second quarter, the fund’s overall investments in US equities were worth around $41 billion.

The PIF, which has oversees assets worth more than $620 billion, invested $464 million in Alphabet, the parent company of Google, $474 million in Microsoft, and $507 million in Zoom, a provider of video conferencing services. The fund made about $434 million in investments in JP Morgan Chase, the biggest US bank, and nearly $452 million in BlackRock, the biggest asset management in the world.

Additionally, it made investments totaling $482 million in Starbucks, the largest coffee chain in the world; $497 million in Costco Wholesale Corporation, the third-largest retailer in the world; $432 million in Amazon, the largest online e-commerce site; and $450 million in Home Depot, the biggest home improvement retailer in the US. It also made a $373 million investment in Booking Holdings, an American company that develops travel-related software.

Adobe, a software company, Advanced Micro Devices, a semiconductor firm that creates computer processors and related technologies for business and consumer markets, Datadog, a platform for cloud application monitoring and security, and Salesforce, a cloud computing platform, are some other investments made in the second quarter.

Freeport-McMoRan, the largest producer of molybdenum in the world, is another prominent investment made by the fund. It also produces a significant amount of copper and runs the largest gold mine in the world in Papua, Indonesia.

The value of the fund’s shares in the healthcare management software company MultiPlan increased by 17% to $281 million in the second quarter. The investment in Air Products and Chemicals, a company that provides gases and chemicals for industrial needs, increased in value by 255% to almost $646 million. The fund’s stake in video game company Electronic Arts climbed in value by 8% to $1.95 billion. As of the second quarter, 53 businesses are part of the PIF’s US stock portfolio.

The kingdom’s Vision 2030 strategy, which aims to diversify the largest economy in the Arab world and dampen its reliance on oil, is primarily sourced from the PIF. According to a five-year plan unveiled last year, the PIF plans to invest $40 billion yearly in the growth of Saudi Arabia’s economy through 2025, more than doubling the size of assets under administration to $1.07 trillion.

In the last several years, the fund has established more than 30 new firms, established 10 new sectors, added 331,000 jobs in the Saudi labor market, and more than tripled its assets. As part of its primary domestic strategy, it would concentrate on 13 sectors, according to its five-year plan.