Uber Technologies Inc. has overtaken Lucid Group Inc. as the largest U.S. holding by market value in the Saudi Public Investment Fund’s (PIF) portfolio, reaching $5.31 billion — unchanged in share count at 72.84 million shares, but driven by a rising stock price.
Meanwhile, Lucid’s valuation fell to $4.29 billion despite PIF maintaining its 1.77 billion-share stake, reflecting broader valuation pressures.
According to the fund’s latest 13F filing with the U.S. Securities and Exchange Commission, PIF’s total U.S. equity portfolio dropped to $25.55 billion as of March 2025, down from $26.77 billion the prior quarter. The changes were largely market-driven, with most holdings unchanged in share count.
Strategic Moves in U.S. Markets
PIF has also disclosed call option positions in tech giants including:
- Amazon
- Adobe (961,300 shares controlled)
- Microsoft
- Alphabet (1.2 million shares controlled)
- Meta
These derivatives offer capital-light exposure to major tech stocks without full share ownership — a strategic move to balance risk and return.
PIF also increased its stakes in several firms, nearly doubling its position in PayPal Holdings to 3.67 million shares, and adding to Amazon, Zoetis, Micron Technology, and Lam Research.
Financing Vision 2030 Amid Budget Cuts
On the financing front, PIF continues to tap capital markets. In May, the fund raised $1.25 billion through a seven-year sukuk, tightening pricing due to strong demand ($8.2 billion in orders). This is the second sukuk in 2025, part of a broader financing strategy that includes:
- $4 billion bond in January
- $7 billion Murabaha facility
Despite successful fundraisings, internal budget cuts are underway. Citing Arabian Gulf Business Insight, PIF is reducing 2025 budgets across its portfolio by at least 20%, with some giga-projects like NEOM and the Red Sea Project facing cuts of up to 60% and timeline adjustments.
Shifting Strategy: From Spending to Stewardship
With oil revenues below target and Brent crude forecasts revised to $66 per barrel, the fund is recalibrating. Aramco’s dividend is expected to drop to $85.4 billion, reducing government inflows.
Yet, PIF is not retreating — it’s redirecting capital to ventures with clear ROI, particularly those aligned with Expo 2030 and the 2034 FIFA World Cup. Co-investment deals with global firms like Goldman Sachs, BlackRock, and Brookfield are also helping PIF attract external capital while reducing reliance on sovereign resources.According to Global SWF, PIF is evolving into a disciplined investor, aiming to deploy $70 billion annually while maintaining long-term fiscal health.