Retail investors increased their exposure to energy, mining, and software stocks in the first quarter of 2026, according to new data from eToro. The platform analysed changes in the number of holders across listed companies, as well as the most widely held stocks during the period.
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The shift was driven by demand for assets linked to geopolitics, energy security, and artificial intelligence. Chevron led the “top risers” with a 60% increase in holders, benefiting from US policy developments in Venezuela and rising oil prices following conflict involving Iran.
USA Rare Earth followed with a 59% increase, reflecting supply constraints and growing demand for domestic rare earth production.
Retail Investors Rotate into Commodities, AI
Enterprise software and infrastructure firms also featured. ServiceNow recorded a 57% rise in holders, while Western Digital saw a 40% increase, indicating continued interest in companies linked to AI deployment.
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Other commodity and defence-linked names also gained. Freeport-McMoRan rose 43%, supported by demand for gold and copper, while AeroVironment increased 38%, reflecting interest in defence technologies.
Lale Akoner, Global Market Strategist at eToro, said “the defining feature of Q1 was not just geopolitical risk, but how that risk is being priced through real assets,” adding that there is “a repricing of strategic commodities such as gold, energy, and critical minerals.”
She said investors are “not reacting tactically, but reallocating structurally,” with “a clear rotation towards assets with pricing power and supply-side constraints.”
Investors Stay Selective Amid AI Optimism
The “top fallers” list included BioMarin Pharmaceutical, which recorded a 25% decline in holders, followed by Okta, which fell 22%. Consumer-facing firms such as Under Armour, down 19%, and Chipotle Mexican Grill, down 18%, also declined, as higher costs and weaker demand visibility weighed on sentiment.
Akoner said investors are showing “less tolerance for earnings volatility and weakening guidance,” with some sectors facing “higher input and freight costs” and “softer demand visibility.”
The ranking of the most widely held stocks remained largely stable. NVIDIA held the top position, followed by Tesla and Amazon. Microsoft moved from fifth to fourth place after an 11% increase in holders, while Apple slipped to fifth. Alphabet saw limited change.
The stability suggests retail investors continue to hold core positions in large technology companies tied to AI development and monetisation.
Akoner said concerns about a “SaaSpocalypse” have not reduced interest in software, noting that “it’s made investors more selective,” with “capital concentrating in companies that can either enable AI or sit at the application layer.”
