UAE retail investors spent the second quarter of 2026 moving further down the AI supply chain, adding exposure to memory chips, enterprise software, and data centre infrastructure rather than simply accumulating more of the largest technology names, according to eToro platform data covering funded accounts of UAE-based users.
Web development platform Wix.com topped the list of biggest risers by number of holders, up 139 per cent quarter-on-quarter. Wix owns Base44, an AI app-building platform that has continued to generate revenue growth despite concerns about disruption to traditional web design tools.
Micron Technology ranked third, up 65 per cent, as data centre expansion created tight global memory chip supply and anticipation around the company’s June 24 earnings report drove interest before Micron beat elevated expectations.
Broadcom, a supplier of semiconductors and high-speed networking equipment for data centres, placed ninth with 37 per cent more holders.
“One of the clearest trends this quarter is that UAE investors are digging deeper for opportunities, rather than simply chasing mega-cap names, they’re increasingly looking at the companies enabling the next phase of AI growth, from memory infrastructure to enterprise software. This suggests investors are broadening their exposure while maintaining conviction in long-term technology trends. Just as telling is 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. ServiceNow’s return to the rankings after leading our UAE risers list in Q1 highlights continued confidence in enterprise software companies integrating AI into their products. This is also reflected in Wix.com being crowned the number one top riser of Q2. Although web design tools face disruption risk from AI, UAE investors appear to be confident in Wix’s AI push, especially based on continued revenue growth from Base44, its AI app-building platform,” Nagham Hassan, Market Analyst at eToro MENA said in a statement.
ServiceNow returned to the top risers list for the second consecutive quarter, landing in seventh place with 44 per cent more holders after finishing first in Q1. Alibaba also appeared, rising from twelfth to ninth in the most-held rankings by end of the quarter.
Beyond AI, Bitmine Immersion Technologies, an ethereum treasury company, placed second in the risers list with a 75 per cent increase in holders despite its share price falling more than 25 per cent over the quarter, in line with broader crypto market weakness. Spacecraft manufacturer Rocket Lab placed sixth with a 46 per cent jump in holders, a period that coincided with SpaceX staging what the company described as the world’s largest ever IPO.
The fallers list tells a different story. Buy-now-pay-later company Sezzle led with an 89 per cent drop in holders, followed by Gorilla Technology Group at 76 per cent and Okta at 71 per cent.
Hassan noted that several names on the fallers list actually gained in share price over the quarter, with Sezzle, Okta, and Zeta Global all posting gains, suggesting investors were taking profits rather than abandoning positions. Energy names Chevron and Exxon Mobil also shed holders, while Oracle and Super Micro saw declines within the AI theme itself.
“The fallers list says more about repositioning than retreat. The steepest declines in holders came in names that performed well over the quarter, with Sezzle, Okta, and Zeta Global all posting gains, suggesting investors locked in profits and redeployed capital elsewhere. Even within the AI theme, names like Oracle and Super Micro shed holders while other stocks in the AI supply chain gained them, showing UAE investors are differentiating within the trade rather than buying it wholesale. Meanwhile, the presence of energy names among the fallers suggests investors are rotating away from last quarter’s defensive positioning and towards new growth opportunities,” Hassan said.
“The stability of the most-held rankings highlights the confidence UAE investors continue to have in the world’s largest technology companies. While investors are exploring opportunities across AI infrastructure and other emerging growth themes, they remain committed to long-term positions in established market leaders. Microsoft’s climb to second place came during a steep pullback in the share price, which makes it a clear sign of conviction on the list. Investors treated the weakness as a chance to build positions in a business that continues to deliver,” she added.
Nvidia held the top position in most-held stocks for the second quarter running. Microsoft climbed from fourth to second, adding 11 per cent more holders during a period of share price weakness. Emaar was the only regional stock to appear in the broader risers list, a detail Hassan flagged as a sign that conviction in the home market persists even as UAE investors expand their global exposure.
