Retail Investors Shift to Oil, Mining, and AI Stocks in Q1 2026

Retail investors shifted toward energy, mining, and selective software stocks in the first quarter (Q1) of 2026, according to new data from eToro, reflecting how geopolitical tensions and AI-driven demand are shaping portfolio choices.

Oil major Chevron recorded the largest rise in holders, climbing 60% over the quarter. The company’s exposure to Venezuela gained attention following US intervention in January, while escalating tensions, including the Iran conflict in late February, supported oil prices. Other energy firms, such as Exxon Mobil, also saw increased investor interest.

Retail Investors Shift to Oil, Mining, and AI Stocks in Q1 2026

In second place, USA Rare Earth posted a 59% increase in holders. Demand for rare earth materials, essential for semiconductors, defence systems, and AI technologies, has intensified as supply chain risks and export controls from China push investors toward domestic sources.

Mining company Freeport-McMoRan ranked fourth, with a 43% rise in holders, supported by demand for gold and copper. Defence-focused firm AeroVironment also appeared on the list, reflecting increased attention on the sector.

Lale Akoner, Global Market Strategist at eToro, said markets are increasingly pricing geopolitical risk through commodities tied to energy security and technological development. She noted that retail investors are repositioning toward assets linked to long-term structural themes rather than reacting to short-term events.

Software companies integrating AI have also attracted flows. ServiceNow saw a 57% increase in holders, while Zeta Global Holdings rose 40%. Meanwhile, major AI firms such as Nvidia and Alphabet remained stable, while Microsoft recorded an 11% increase.

On the downside, BioMarin Pharmaceutical led the fallers with a 25% decline in holders, followed by Okta and Under Armour. The data suggests investors are moving away from companies facing uncertain earnings outlooks and weaker demand visibility.

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