- SanDisk leads the ‘top stock risers’ list amidst surging demand for memory chips
- Nuclear and clean energy emerge as a major investment theme, with Constellation Energy and Bloom Energy climbing the rankings
- Retail investors reach for the stars as space stocks gain traction
6 July 2026 – As the global AI race heats up, retail investors bought up stocks in companies supplying two of AI’s biggest current constraints – memory and energy – while also increasing exposure to the commercial space sector in Q2, according to the latest data from trading and investing platform eToro.
eToro looked at which companies saw the biggest proportionate change in holders quarter-on-quarter (table 1), while also looking at the 10 most held stocks on the platform (table 2).
Flash memory and storage company SanDisk topped the global list of the biggest risers, followed by ServiceNow, Marvell Technology, Constellation Energy and Planet Labs.
The top risers ranking suggests that investors are looking beyond big tech and positioning themselves along the AI value chain. SanDisk and Western Digital saw a 151% and 49% increase in holders respectively, as the rapid buildout of data centres has created a worldwide memory and storage shortage. In third place with an 84% rise in holders, Marvell Technology highlights continued investor interest in the networking and semiconductor hardware that are also powering AI data centres.
In software, ServiceNow made the top risers list for the second quarter in a row, this time in second place (+102%), while Intuit made sixth place (+68%). This suggests investors remain confident in companies embedding AI into enterprise applications, defying concerns about the so-called ‘Saaspocalypse’.
Energy infrastructure also emerged as a key investment theme. Constellation Energy, the largest operator of nuclear power plants in the United States, ranked fourth globally (+83%), while Bloom Energy, which manufactures solid oxide fuel cells to provide combustion-free power on site, narrowly missed the top ten in eleventh place (+38%). The pair suggest retail investors are increasingly backing companies expected to benefit from rising electricity demand driven by AI.
Lale Akoner, Global Market Strategist at eToro, said: “From a portfolio perspective, the data indicates that we are entering a more mature phase of the AI trade. Retail investors are no longer just buying the most obvious winners; they are starting to look for where supply bottlenecks, pricing power and capital spending are likely to create the next layer of beneficiaries, such as in memory storage and power generation. Although the fact that the most held stocks on eToro have not changed shows that retail investors remain committed to the biggest tech companies like Nvidia, they are actively diversifying into other parts of the AI sector.
“Energy remains on retail investors’ radar, as it was a major theme in Q1’s top risers as well, but the perspective is evolving. While last quarter’s rankings were dominated by oil companies due to Strait of Hormuz disruptions creating a supply shock, this quarter, investors have turned their attention to nuclear power and low-carbon energy infrastructure. This reflects both the growing electricity needs of AI and a stronger focus on energy security as governments seek to reduce reliance on volatile fossil fuel markets.”
The commercial space sector enjoyed renewed interest during the quarter in which SpaceX staged the world’s largest ever IPO. Planet Labs ranked fifth globally (+75%), Intuitive Machines placed eighth (+60%), and further down the list, satellite communications company AST SpaceMobile ranked 14th (+37%). Together, the trio point to growing investor optimism around the long-term commercial opportunities in outer space.
Lale Akoner said: “As thematic investing continues to attract significant capital, space is emerging as one of the newest focal points. Strong ETF flows already suggest that investors increasingly view it as a standalone investment theme rather than a niche corner of the market. The industry remains in the early stages of development, meaning many investment cases still depend on future adoption and long-term growth. The space stocks featured in the top risers list demonstrate that retail investors are seeing opportunities in space exploration, as well as data and satellite communications.”
Looking at the ‘top fallers’ ranking, retail investors mainly reduced their holdings in oil and gas companies, including Equinor (fourth place, -25% in holders), ConocoPhillips (seventh place, -22%), Occidental Petroleum (eighth place, -21%) and Petroleo Brasileiro (tenth place, -20%). A couple of health insurers, Oscar Health (second place, -32%) and UnitedHealth (sixth place, -25%) were also named. At the top of the fallers list, though, is buy-now-pay-later company Sezzle (-74%).
Lale Akoner added: “Traditional energy and healthcare names feature heavily among the fallers. The drop in oil and gas stock holders looks like the unwinding of last quarter’s trade, when investors moved into energy on the back of the Strait of Hormuz supply shock. As that disruption has eased, some appear to be rotating out of energy and into the emerging growth themes now topping the risers list.”
The most held stocks on eToro have not changed this quarter, still led by Nvidia, Tesla, Amazon, Microsoft, and Apple. These stocks have not seen significant changes in holders either, suggesting that retail investors have not retreated from Big Tech.
Table 1: Shows which stocks have seen the biggest proportional increase and decrease in holders on the eToro platform globally quarter-on-quarter
| Biggest risers among eToro’s users around the globe | Biggest fallers among eToro’s users around the globe | |||
| Rank | Company | Increase in holders QoQ | Company | Decrease in holders QoQ |
| 1 | Sandisk Corp/DE | 151% | Sezzle Inc | -74% |
| 2 | Servicenow Inc | 102% | Oscar Health Inc | -32% |
| 3 | Marvell Technology Group Ltd | 84% | Okta Inc | -28% |
| 4 | Constellation Energy Corp | 83% | Crocs Inc | -26% |
| 5 | Planet Labs PBC | 75% | Equinor ASA | -25% |
| 6 | Intuit Inc | 69% | UnitedHealth | -25% |
| 7 | Nokia Oyj | 67% | ConocoPhillips Co | -22% |
| 8 | Intuitive Machines Inc | 60% | Occidental Petroleum Corp | -21% |
| 9 | Vertiv holdings Co | 56% | Evolution AB | -21% |
| 10 | Western Digital Gorporation | 49% | Petroleo Brasileiro | -20% |
Table 2: Shows stocks most widely held by eToro users globally and their position last quarter
| Company | Ranking at the end of Q2 2026 | Ranking at the end of Q1 2026 |
| NVIDIA Corporation | 1 | 1 |
| Tesla Motors, Inc. | 2 | 2 |
| Amazon.com Inc | 3 | 3 |
| Microsoft | 4 | 4 |
| Apple | 5 | 5 |
| Meta Platforms Inc | 6 | 6 |
| Alphabet | 7 | 7 |
| Nio Inc. | 8 | 8 |
| Alibaba | 9 | 9 |
| Advanced Micro Devices Inc | 10 | 10 |
* ENDS *
Notes to editors
Past performance is not an indication of future results.
The tables compare data from the eToro platform on the final day of Q2 2026 with the final day of Q1 2026. The data refers to funded accounts of eToro users globally.
The data in the first table shows the 10 stocks which have seen the biggest proportional increase and decrease in holders on the eToro platform quarter-on-quarter (Q2 2026 vs Q1 2026).
The data in the second table shows the top 10 most held stocks positions (open positions) by investors on the eToro platform at the end of Q2 2026. As the vast majority of stocks traded on eToro are the real asset, this data does not include positions held as CFDs.
All data accurate as of after market close on 30 June 2026.
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