Retail investors spent 2025 doubling down on AI infrastructure, European defence, and frontier quantum computing, highlighting the market’s most crowded trades and fastest-growing favourites on trading and investing platform eToro.

The latest eToro data shows that investors shifted from pure AI “hype” names to companies tied to hard assets, long-term contracts, and clearer revenue visibility.

AI Infrastructure Drives Retail Positioning

AI data centres and cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term infrastructure sat at the center of retail positioning in 2025, as investors focused on the companies powering large-scale AI deployment rather than just the headline chip makers.

Nebius Group, an AI infrastructure provider, emerged as the standout story, recording a 328% increase in holders on eToro and topping the platform’s global “top risers” list for the year.

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Oracle, another major player in data infrastructure, ranked third with a 228% year-on-year jump in holders, underlining how retail investors targeted firms tied directly to data centre buildout and enterprise AI adoption.

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Nvidia remained the single most held stock on the platform and still added 21% more holders over the year, while Meta, which has positioned itself as a key AI technology player, grew its holder base by 19%.

“After a chip-led rally in previous years, investor attention has shifted toward infrastructure and enablers of AI deployment like Nebius Group and Oracle, fueled by the massive surge in data center investment around the world, which reached $61 billion in 2025 according to S&P Global,” commented Lale Akoner, the Global Market Strategist at eToro.

European Defense Becomes Structural

Defence names listed in Europe also moved into focus as a structural allocation rather than a tactical trade for many retail investors.

Four European defence groups appeared in the global “top risers” table on eToro: Italy’s Leonardo in fourth place with a 209% rise in holders, France’s Thales in seventh with a 167% increase, Germany’s Rheinmetall in eighth with 165%, and the UK’s BAE Systems in tenth with 141% growth in holders.

Their ascent came against the backdrop of a proposed €800 billion plan by the European Union to rearm the continent, which has sharpened attention on defence spending and procurement pipelines.

Retail Portfolios on eToro in 2025

Alongside AI and defence, quantum computing began to register as a recognisable theme in retail portfolios on eToro in 2025. Quantum computer makers IonQ and D-Wave Quantum both made the global risers list, securing sixth and ninth place respectively, with increases in holders of 169% and 149%.

Healthcare stocks produced two contrasting stories in retail behaviour over 2025. UnitedHealth and Hims & Hers Health ranked among the most popular names on eToro, reflecting steady demand for health-related exposure despite market volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term.

UnitedHealth, which appeared as a top riser in both the second and third quarters, finished the year as the stock with the second-largest increase in holders at 273%.