Against a backdrop of geopolitical conflict and AI advancement, retail investors bought up oil, mining and software stocks in the first quarter of 2026, 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).

Oil and gas company Chevron took the top spot in the ‘top risers’ list with a 60% jump in holders at the end of the first quarter amid heightened geopolitical uncertainty. As one of the few US oil companies operating in Venezuela, Chevron became well positioned to access the country’s vast oil reserves after the US intervention in January. The outbreak of the Iran war in late February compounded the rise in oil and gas prices, lifting other energy companies such as Exxon-Mobil, which landed in 9th place in the top risers list.

In second place is USA Rare Earth with a 59% increase in holders. Rare earth metals are crucial for the manufacture of high-tech products, from semiconductors to weapons. Retail investors appear to be turning their attention to domestic producers, as supply chain bottlenecks and China’s tightening export controls highlight the strategic importance of securing rare earth supply, especially in the ongoing global AI race.

This backdrop of geopolitical turmoil has supported a broader shift into commodities and defence stocks. Mining company Freeport-McMoRan ranked fourth with a 43% increase in holders thanks to rising demand for gold, which has traditionally attracted investor interest during periods of volatility, as well as industrial metals like copper. Defence technology firm AeroVironment (+38%) also made the list as the sector came into focus.

Lale Akoner, Global Market Strategist at eToro, said:

“The defining feature of Q1 was not just geopolitical risk, but how that risk is being priced through real assets. We are seeing a repricing of strategic commodities such as gold, energy, and critical minerals, as markets begin to reflect their role in both energy security and technological leadership.

“What is notable is that retail investors are not reacting tactically, but reallocating structurally. There is a clear rotation towards assets with pricing power and supply-side constraints, particularly those tied to electrification, AI infrastructure and defence. This suggests a more mature investor mindset, one that is looking through short-term volatility and positioning for long-duration themes.”

Selected enterprise software companies also featured in the top risers list in Q1. Cloud computing platform ServiceNow (57% increase in holders) and marketing technology firm Zeta Global Holdings (+40%) ranked third and sixth respectively, suggesting continued confidence in software firms integrating AI into their offerings.

Selectivity when it comes to AI plays is also seen in the ranking of the most held stocks, which remained largely stable compared to last quarter. Major AI players like Nvidia and Alphabet saw little change in their number of holders, while Microsoft recorded a 11% increase, climbing from fifth to fourth place.

Lale Akoner, Global Market Strategist at eToro, said:

“Talk of the ‘SaaSpocalypse’, the idea that AI will dismantle traditional SaaS business models, has not pushed investors away from software. If anything, it’s made investors more selective. What we’re seeing is a shift from broad exposure to selective positioning, with capital concentrating in companies that can either enable AI or sit at the application layer where monetisation is clearer.

“At the same time, investors are moving further down the value chain. AI is placing real strain on underlying infrastructure. The growing focus on memory and storage, reflected in names like Western Digital, highlights how these second-order effects are becoming increasingly investable.”

Q1’s ‘top fallers’ list featured a mix of industries. BioMarin Pharmaceutical led in first place (25% decrease in holders), followed by Okta (-22%) and Under Armour (-19%).

Lale Akoner added:

“The top fallers list was a mixed bag for Q1. Investors are showing less tolerance for earnings volatility and weakening guidance, which helps explain the outflows from names like BioMarin and Okta. More broadly, some of these companies are exposed to the inverse of the themes driving inflows elsewhere. Higher input and freight costs, combined with softer demand visibility, are weighing on consumer and logistics names such as Under Armour, Colgate-Palmolive and FedEx.”