Saudi Public Investment Fund (PIF)

Public Investment Fund, Riyadh; Governor Yasir Al-Rumayyan, chaired by Crown Prince Mohammed bin Salman. The Vision 2030 sovereign vehicle and primary backer of HUMAIN.

PIF is the most aggressive sovereign AI-infrastructure bet, but most of it is private and does not show in the 13F: its subsidiary HUMAIN (launched May 2025) is building Saudi 'AI factories' with Nvidia (up to 600,000 GB300-class GPUs over 3 years), AMD, Qualcomm, AWS and SpaceX (xAI), plus a $1.5B Groq inference commitment and a $3B stake in Elon Musk's SpaceX (xAI). Its tiny public US 13F sleeve is dominated by Lucid (EV), Electronic Arts and Uber — a legacy concentrated book, not the AI story. The real AI/semi/compute/power exposure lives off-13F in HUMAIN, direct GPU procurement, and data-center power buildout (1.9GW by 2030 target).