Saudi Arabia is snapping up U.S. stocks as the kingdom enjoys its strongest financial situation in years. DUBAI—Saudi Arabia’s sovereign-wealth fund has invested $7.5 billion in blue-chip American companies from Amazon.com Inc. to JPMorgan Chase & Co., as the kingdom deploys windfall revenue from high oil prices to diversify its investments. The Public Investment Fund took on minority stakes across 17 companies , including Google parent Alphabet Inc., BlackRock Inc. and Microsoft Corp., in the three months ended June 30, according to U.S. securities filings. Each investment was worth $400 million to $500 million, the filings show. Despite the purchases, the overall holdings of U.S.-listed securities in the $600 billion fund fell $3 billion in the quarter to $40.8 billion after other companies in its portfolio were routed by this year’s fall in share prices. The S&P 500 index, which includes many of the new stocks PIF purchased, fell […]