Retail investors now view China as slightly better positioned than the United States to lead the global artificial intelligence race, according to a new survey by trading platform eToro.

The latest Retail Investor Beat survey, based on responses from 11,000 retail investors across 13 countries, found that 47% selected China as the country best positioned to lead the AI race, compared with 46% for the United States.

Retail Investors See China Challenging US

The findings mark a shift in investor sentiment, suggesting that AI is increasingly viewed as a global competition for technological and economic leadership rather than a theme driven mainly by US technology stocks.

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Lale Akoner, eToro's Global Market Strategist, said investors continue to focus on major US technology and chip companies, including NVIDIA, Microsoft, Alphabet and Amazon. However, she said investors also recognize China's AI ecosystem, including Alibaba, Tencent and Baidu, as well as its strengths in cloud infrastructure and manufacturing.

The global figure masked regional differences. In nine of the 13 surveyed countries—including the UK, Germany, Spain, Italy, Poland, Denmark, the Netherlands, the Czech Republic and Australia—more investors chose China than the United States.

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The United States was the main exception. Among US respondents, 63% said the US was best positioned to lead the AI race, while 41% selected China.

The survey also showed a growing interest in China as a long-term investment destination. Since the fourth quarter of 2024, the share of investors who believe China will generate the strongest long-term stock market returns has risen from 24% to 29%, while the figure for the United States has fallen from 45% to 35%.

Exposure to Chinese equities also increased, with the proportion of investors holding Chinese stocks rising from 7% in Q2 2024 to 12% in Q2 2026.

At the same time, optimism toward AI-related stocks moderated. The share of investors expecting AI stocks to rise fell from 55% to 44% over the past year, while those expecting declines increased from 11% to 17%.

When asked which AI segment is most likely to generate the strongest returns over the next five years, 31% selected large technology platforms, 29% chose AI-focused companies and 28% favored semiconductor firms.