- 47% of retail investors worldwide say China is best positioned to lead the AI race, narrowly ahead of 46% who select the US
- The US-China gap on expected long-term stock-market returns has narrowed from 21 percentage points to 6 percentage points since Q4 2024
- The proportion of retail investors with exposure to Chinese stocks has almost doubled in two years, rising from 7% in Q2 2024 to 12% in Q2 2026
24 June 2026: Retail investors worldwide rank China ahead of the United States as the country best positioned to lead the global AI race, according to the latest quarterly Retail Investor Beat from trading and investing platform eToro.
In a survey of 11,000 retail investors across 13 countries, 47% picked China against 46% for the US, almost a statistical dead heat which seemed unthinkable two years ago, and a sign that investors increasingly see AI as a global contest for technological and economic leadership, not just a US stock market theme.
eToro’s Global Market Strategist, Lale Akoner, comments: “US mega-cap platforms and chipmakers remain at the heart of the AI trade, from Nvidia and Microsoft to Alphabet and Amazon. But investors are also recognising that China has built a powerful AI ecosystem of its own, with companies such as Alibaba, Tencent and Baidu, as well as scale in cloud infrastructure, advanced manufacturing and consumer applications. That helps explain why retail investors can remain exposed to the US while still seeing China as a credible contender for AI leadership.”
The headline figure, which combines responses from all 13 countries, masks a clear regional divide. In 9 of 13 countries, more retail investors selected China than the US as best positioned to lead the global AI race, including the UK, Germany, Spain, Italy, Poland, Denmark, the Netherlands, Czech Republic and Australia.
The US is the clearest counterpoint. Among US retail investors, 63% say the United States is best positioned to lead the global AI race, compared with 41% who select China.
China gains ground as a long-term market opportunity
China’s perceived AI lead comes as investors are also reassessing long-term market opportunities. Since Q4 2024, the share of retail investors who believe China will generate the strongest long-term stock-market returns has risen from 24% to 29%, while the share selecting the US has fallen from 45% to 35%. Over the same period, the US lead over China has narrowed from 21 percentage points to just 6.
The shift is also visible in portfolio exposure. The proportion of retail investors with exposure to Chinese stock markets has risen from 7% in Q2 2024 to 12% in Q2 2026, meaning exposure has almost doubled over the past two years.
Lale Akoner said: “Retail investors increasingly see China not just as a tactical AI story, but as a longer-term market opportunity. The US remains the anchor of global equity portfolios, but its perceived lead on future returns has narrowed sharply, while exposure to Chinese equities has almost doubled from a low base.
“That suggests investors are beginning to take a more balanced view of where future growth may come from. AI may be the catalyst, but the broader story is that China is becoming more credible as a long-term allocation within global portfolios.”
AI optimism cools as investors become more selective
Even as conviction in China grows, optimism about AI stock prices is cooling. The share of investors expecting AI-related stocks to rise has fallen from 55% in Q2 2025 to 44% a year later, while the share expecting them to fall has climbed from 11% to 17%.
Despite this moderation, investors continue to see opportunity across the AI value chain. When asked which part of the AI market is most likely to produce the strongest investment returns over the next five years, 31% selected large technology platforms integrating AI, followed by 29% who selected specialised AI-first companies and 28% who selected semiconductor and chipmaker firms.
Lale Akoner continues: “The moderation in AI stock-price expectations shows investors are not simply buying into broad AI hype. They still see AI as a major structural theme, but they are becoming more selective, looking across platforms, AI-first companies, semiconductors and infrastructure to identify where the next phase of returns may be generated.”
ENDS
Notes to editors
The latest Retail Investor Beat was based on a survey of 11,000 retail investors across 13 countries and 3 continents. The following countries had 1,000 respondents: UK, US, Germany, France, Australia, Singapore, Italy and Spain. The following countries had 600 respondents: Netherlands, Denmark, Poland, Romania, and the Czech Republic.
The survey was conducted from 14 – 29 May 2026 and carried out by research company Opinium. Retail investors were defined as self-directed or advised and had to hold at least one investment product including shares, bonds, funds, investment ISAs or equivalent. They did not need to be eToro users.
The figures and results presented in this survey are based on the responses of participants at the time the survey was conducted. They reflect responders’ opinions, views and perceptions and should not be interpreted as investment advice or a guarantee of future performance. Percentages and results may not be representative of the broader population and are subject to change as market conditions and sentiment evolve.
Media contacts
pr@etoro.com
About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth.
On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
Disclaimers:
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Services Authority (FSA) in the Seychelles
- The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
- The Monetary Authority of Singapore (MAS) in Singapore
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Australia:
eToro AUS Capital Limited ACN 612 791 803 AFSL 491139 and eToro Asset Management Limited ABN 51 122 005 396 AFSL 319738. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD. T&Cs apply.
Regulation and License numbers
UK
eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (“FCA”). Firm Reference Number: 583263. Registered in England under Company No. 07973792
Europe
eToro (Europe) Ltd, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 109/10. Registered in Cyprus under Company No. HE 200585.
Australia
eToro AUS Capital Limited (AFSL number 491139) and eToro Asset Management Limited (AFSL 319738) (“collectively, eToro Australia”) is regulated by the Australian Securities & Investments Commission (“ASIC”) for the provision of financial services and products.
Singapore
eToro Singapore Pte. Ltd. is licensed under the Capital Markets Services Licence (“CMSL”) (Licence number: CMS101824) with the Monetary Authority of Singapore (“MAS”).