- Investors piled into CoreWeave and Oracle as cloud infrastructure fuels AI revolution
- Lululemon and UnitedHealth once more among top risers as investors keep buying the dip
- Hims & Hers moves from Q2’s top risers to Q3’s top fallers after volatile quarter
6 October 2025 – Retail investors flocked to buy CoreWeave and Oracle shares in Q3 as the companies struck high-profile partnerships to provide cloud infrastructure to drive the AI boom, according to the latest quarterly 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).
AI cloud momentum drives Q3 risers
CoreWeave led the ‘top risers’ list as its number of holders doubled (+104%) compared to last quarter. The company has been a major beneficiary of the soaring demand for AI computing capacity and announced a series of growth plans in Q3. These include a $6 billion data centre in Pennsylvania, its acquisition of Core Scientific to meet AI power needs, and a new $6.5 billion deal with OpenAI.
In second place, Oracle saw a 70% quarter-on-quarter increase in holders. Its stock price skyrocketed after reporting massive cloud demand numbers that stunned Wall Street in September, posting a new all-time high and its best trading day since 1992. Part of that was driven by the company’s central role in the multi-billion-dollar Stargate AI centre project with OpenAI and SoftBank, and has been in the headlines for its leading stake in TikTok US as part of the social media platform’s restructured ownership.
Lale Akoner, Global Market Analyst at eToro, said: “From the Stargate Project to ‘America’s AI Action Plan’, the US administration has pledged significant investment to secure America’s lead in the AI race. CoreWeave and Oracle have emerged as two of the clearest corporate beneficiaries. Despite holding a smaller share of the cloud computing market than Amazon, Microsoft and Google, they have captured the attention of AI-focused investors by specialising in GPU-intensive workloads and securing lucrative partnerships with both government and industry leaders such as OpenAI.
“Investors increasingly recognise the value of backing the ‘picks and shovels’ of AI – the infrastructure and tools that power the sector – rather than focusing solely on end applications.
Retail investors continue to buy the dip
After topping the ‘top risers’ list in first and second place in Q2, UnitedHealth and Lululemon featured again, this time in fourth and third place each with a 52% rise in holders. Both companies’ share prices hit their lowest levels since the pandemic in Q3. Though not as extreme, other top risers like Okta (6th place, +50% in holders), Fortinet (8th place, +46%) and On (9th place, +46%) have also suffered share price dips in recent months.
Lale Akoner, Global Market Analyst at eToro, said: “Whereas CoreWeave and Oracle’s rise reflects strong momentum, the story is quite different for Lululemon and UnitedHealth. In September, Lululemon warned that new tariff rules would cost the company $240 million this year, triggering a 15% share price slide. UnitedHealth has faced headwinds of its own, from the CEO resignation to a Medicare fraud investigation, both weighing on the stock.
“Retail investors appear to have viewed these declines as opportunities, with buying activity picking up over the past two quarters. Notably, Berkshire Hathaway also disclosed a purchase of 5 million UnitedHealth shares, widely interpreted as a vote of confidence in the healthcare giant’s recovery prospects.
Hims & Hers goes from top riser to top faller
At the other end of the spectrum, most of the companies featuring in this quarter’s top fallers have had a great share price run in the past quarter, leading to retail investors selling their shares to take profit. Bitcoin miner Hut 8 saw a 23% drop in holders over the past quarter, while its share price rose 93%. Similarly, Valterra Platinum saw its holders drop by 16% while its share price rose by 56%.
Hims & Hers, which was among Q2’s top risers, slipped into the fallers list this quarter with a 18% drop in holders after a volatile three months. In late June, the telehealth firm’s short-lived partnership with Novo Nordisk collapsed as the Wegovy maker accused it of deceptively marketing copycat versions of the weight loss drugs, leading to a slew of investor lawsuits.
Lale Akoner added: “Hims & Hers has shifted from a ‘top riser’ in Q2 to a ‘top faller’ in Q3, as many retail investors took profits after gains of 16% over the past three months and 90% over six months. This suggests that a significant portion of those who drove its earlier rise have now locked in returns, contributing to its decline in holders this quarter.
“Despite its overall price appreciation, the stock experienced sharp selloffs in Q3 after a revenue miss and negative headlines surrounding its dispute with Novo Nordisk. This episode illustrates how quickly momentum can reverse, and how persistent volatility can weigh on investor sentiment.”
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 | CoreWeave Inc | 104% | Hut 8 Mining Corp | -23% |
| 2 | Oracle Corporation | 70% | Hims & Hers Health Inc | -18% |
| 3 | Lululemon Athletica Inc | 52% | Valterra Platinum Limited | -16% |
| 4 | UnitedHealth | 52% | Riot Platforms Inc | -14% |
| 5 | Joby Aviation Inc | 51% | General Motors Co | -14% |
| 6 | Okta Inc | 50% | PDD Holdings Inc | -14% |
| 7 | Iris Energy Ltd | 49% | Baidu, Inc. | -14% |
| 8 | Fortinet Inc | 46% | Itau Unibanco Holding | -14% |
| 9 | On Holding AG | 46% | Dell Technologies Inc C | -14% |
| 10 | Bigbear.Ai Holdings Inc | 38% | First Solar, Inc. | -13% |
Table 2: Shows stocks most widely held by eToro users globally and their position last quarter
| Company | Ranking at end of Q3 | Ranking at end of Q2 |
| NVIDIA Corporation | 1 | 1 |
| Tesla Motors, Inc. | 2 | 2 |
| Amazon.com Inc | 3 | 3 |
| Apple | 4 | 4 |
| Microsoft | 5 | 5 |
| Meta Platforms Inc | 6 | 8 |
| Nio Inc. | 7 | 7 |
| Alphabet | 8 | 6 |
| 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 Q3 2025 with the final day of Q2 2025. 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 (Q3 vs Q2).
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 the Q3 2025. 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 Tuesday 30 September 2025. Stock price data taken from Yahoo Finance.
Media contact
PR@etoro.com
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