Retail investors in the UAE increased their exposure to AI-related software and infrastructure, crypto-linked equities and commercial space companies during the second quarter of 2026, according to the latest data from trading and investing platform eToro.
The data, covering the three months to 30 June 2026, comes against a backdrop of sharp market swings and continued AI-driven momentum across global technology stocks. eToro examined which companies saw the largest proportional change in holders among its UAE-based users quarter-on-quarter, alongside the platform’s 10 most-held stocks in the country.
AI value chain draws broader interest
Web development platform Wix.com topped the quarter’s risers list with a 139% increase in holders, followed by Bitmine Immersion Technologies and Micron Technology. The ranking suggests investors are looking beyond big-technology names and positioning along the wider AI value chain: Wix.com, which owns vibe-coding platform Base44, and ServiceNow, which climbed to seventh place with 44% more holders after topping the Q1 risers list, both point to continued interest in AI-integrated software.
Investors also turned to AI infrastructure providers. Memory chipmaker Micron Technology climbed to third place (+65% in holders) as a global memory chip shortage, driven by data centre buildout, built anticipation ahead of its 24 June earnings report, which beat expectations. Broadcom, which supplies semiconductors and high-speed networking equipment for data centres, ranked ninth with 37% more holders.
Nagham Hassan, market analyst at eToro MENA, said UAE investors were “digging deeper for opportunities, rather than simply chasing mega-cap names,” and were “increasingly looking at the companies enabling the next phase of AI growth, from memory infrastructure to enterprise software.” Hassan added that Emaar was the only regional stock among the quarter’s top risers, “a reminder that even as UAE investors go global, conviction in the home market runs deep.”
| Rank | Biggest risers | Increase in holders | Biggest fallers | Decrease in holders |
|---|---|---|---|---|
| 1 | Wix.com | 139% | Sezzle | -89% |
| 2 | Bitmine Immersion Technologies | 75% | Gorilla Technology Group | -76% |
| 3 | Micron Technology | 65% | Okta | -71% |
| 4 | Nike | 65% | Zeta Global Holdings | -60% |
| 5 | Alibaba | 56% | Hims & Hers Health | -34% |
| 6 | Rocket Lab | 46% | UnitedHealth | -30% |
| 7 | ServiceNow | 44% | Oracle | -22% |
| 8 | Shopify | 42% | Chevron | -22% |
| 9 | Broadcom | 37% | Super Micro Computer | -21% |
| 10 | e.l.f. Beauty | 34% | BioMarin Pharmaceutical | -18% |
Crypto and space stocks gain favour
The risers list also points to investors buying the dip in crypto-linked equities. Bitmine Immersion Technologies, an Ethereum treasury company, took second place (+75%) after its share price fell more than 25% last quarter alongside broader weakness in Ethereum and the wider crypto market.
Commercial space stocks drew renewed interest too, with spacecraft manufacturer Rocket Lab taking sixth place on a 46% jump in holders, in the same quarter that SpaceX completed what eToro described as the world’s largest-ever IPO.
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Sezzle leads the quarter’s fallers
Buy-now-pay-later company Sezzle led the declines in holders (-89%), followed by Gorilla Technology Group (-76%) and Okta (-71%). Hims & Hers Health (-34%) and UnitedHealth (-30%) also featured among the fallers, while Chevron (-22%) ranked eighth and Exxon Mobil narrowly missed the top ten in eleventh place (-16%).
Hassan said the fallers list “says more about repositioning than retreat,” noting that “the steepest declines in holders came in names that performed well over the quarter,” including Sezzle, Okta and Zeta Global, “suggesting investors locked in profits and redeployed capital elsewhere.” She added that Oracle and Super Micro lost holders even within the AI theme, “showing UAE investors are differentiating within the trade rather than buying it wholesale,” while the presence of energy names among the fallers pointed to investors “rotating away from last quarter’s defensive positioning and towards new growth opportunities.”
Nvidia holds top spot as Microsoft climbs
The most-held stocks among UAE investors stayed broadly stable. Nvidia remained in first place, while Microsoft climbed from fourth to second with an 11% rise in holders. Alibaba rose from twelfth to ninth, matching its appearance on the quarter’s risers list, with only minor reshuffling across the remaining positions.
| Rank Q2 2026 | Company | Rank Q1 2026 |
|---|---|---|
| 1 | Nvidia | 1 |
| 2 | Microsoft | 4 |
| 3 | Amazon.com | 2 |
| 4 | Tesla | 3 |
| 5 | Apple | 5 |
| 6 | Meta Platforms | 6 |
| 7 | Alphabet | 7 |
| 8 | Strategy | 8 |
| 9 | Alibaba | 12 |
| 10 | Nio | 9 |
Hassan said the stability of the most-held rankings “highlights the confidence UAE investors continue to have in the world’s largest technology companies,” even as they explore AI infrastructure and other emerging themes. She said Microsoft’s climb to second place, which came during a steep pullback in its share price, was “a clear sign of conviction,” with investors treating the weakness “as a chance to build positions in a business that continues to deliver.”
