AI and Defence Dominate Retail Trades as eToro Investors Crowd Into Key Themes

​eToro data shows that retail investors in 2025 concentrated heavily on AI infrastructure, European defence, and emerging quantum computing stocks, reflecting a shift toward a narrower set of long-term themes.

Within AI, investors moved away from purely speculative names toward companies with tangible assets and clearer revenue visibility. AI infrastructure provider Nebius Group led the platform’s growth rankings, with the number of holders rising 328% over the year, followed by Oracle with a 228% increase. Nvidia remained eToro’s most held stock, adding 21% more holders, while Meta’s holder base grew 19%.

European defence stocks also gained structural appeal. Leonardo, Thales, Rheinmetall, and BAE Systems all appeared among eToro’s top risers, with holder growth ranging from 141% to 209%, amid renewed focus on defence spending in Europe.

Quantum computing began to emerge as a recognised theme, with IonQ and D-Wave Quantum recording holder increases of 169% and 149%. Healthcare maintained steady interest, led by UnitedHealth, which ended the year with a 273% rise in holders.