Retail investors continue to back Nvidia whilst simultaneously casting a wider net in the hunt for AI winners, according to the latest quarterly stocks data from online broker eToro.
Among the most held stocks, Q2 saw another significant shift in the rankings, with Nvidia rising to become the second-most popular stock on the eToro platform, behind only Tesla. The AI market leader ranked fourth at the end of Q1 and seventh three months earlier, but has continued to attract new users, fuelled by another 37% surge in its share price over the latest quarterly period.
Whereas Nvidia is dominating AI headlines, other firms in the space are also attracting attention from investors with several businesses with lofty AI ambitions featuring on the ‘top risers’ list. This includes Dell, which has seen a 45% increase in the number of holders on the eToro platform. The business has made several AI product announcements in recent times while also being endorsed as a potential supplier for Elon Musk’s new start-up xAI.
Semiconductor chip makers Broadcom (+33% increase in users) and Micron Technology (+27%) also saw significant growth in users on the platform, as did MongoDB (+24%), a business which helps other companies to deploy generative AI.
Continuing the trend which emerged in Q1, several European stocks featured on the top risers list, with French energy firm Air Liquide (+139%) ranking top, as it attracted major interest following news that it will supply energy to semiconductor chipmaker Micron. Santander (+32%) and Spanish energy firm Repsol (+26%)
Commenting on the data, eToro Analyst Sam North, said:
“There are diverse opportunities for investors in the AI space and it’s refreshing to see eToro users look across the whole ecosystem. Nvidia’s stratospheric rise means it will continue to take centre stage, but there is no doubt that other big AI winners will emerge in various shapes and sizes.
It’s also interesting to see that retail investors are looking beyond AI, and more broadly tech, with several European firms across autos, energy and financial services garnering a lot of attention in Q2. It is always important to be diversified across sectors, but particularly so when the interest rate environment is changing. There is also no guarantee that all AI stocks will flourish.”
Amongst the ‘top fallers’ list in Q2, it was a mixed bag, with eToro users appearing to cash in on profits from the likes of Reddit (-40%), following its March IPO, and ZIM Shipping (-23%), with the latter’s share price having almost doubled this year. Investors also appeared to lose patience with Puma and its poor share price performance, with the firm seeing a 16% drop in holders on the eToro platform in Q2.
