Retail Investors Pivot to Energy, Rare Earths, and AI Assets in Q1 2026

According to eToro data, retail investors significantly increased their holdings in energy, mining, and software stocks during the first quarter of 2026. The investment platform analyzed changes in shareholder counts and the most widely held assets over the period.

The rotation was fueled by demand for assets tied to geopolitics, energy security, and artificial intelligence. Chevron topped the list of "top risers" with a 60% increase in holders, supported by U.S. policy developments in Venezuela and rising oil prices linked to tensions involving Iran. USA Rare Earth followed with a 59% rise, reflecting supply constraints and greater demand for domestic production.

Enterprise software and infrastructure firms were also prominent. ServiceNow saw a 57% increase in holders, while Western Digital rose 40%, indicating sustained investor interest in companies enabling AI deployment. Other commodity and defense-linked stocks also gained, with Freeport-McMoRan up 43% on demand for gold and copper, and AeroVironment rising 38%.

"The defining feature of Q1 was not just geopolitical risk, but how that risk is being priced through real assets," said Lale Akoner, Global Market Strategist at eToro. She noted a "repricing of strategic commodities such as gold, energy, and critical minerals." She added that investors are "reallocating structurally" towards "assets with pricing power and supply-side constraints."

Conversely, the list of "top fallers" included BioMarin Pharmaceutical, with a 25% decline in holders, and Okta, down 22%. Consumer-facing firms like Under Armour and Chipotle Mexican Grill also declined by 19% and 18%, respectively, as higher costs and weaker demand visibility impacted sentiment.

The ranking of the most widely held stocks remained stable. NVIDIA retained the top spot, followed by Tesla and Amazon. Microsoft moved to fourth place after an 11% increase in holders, while Apple slipped to fifth. Alphabet saw little change. This stability suggests retail investors maintain core positions in major technology companies linked to AI development.

Akoner stated that worries about a "SaaSpocalypse" have not diminished interest in software but have made investors "more selective," with capital concentrating in firms that "enable AI or sit at the application layer."