UAE investors diversify across AI value chain, buying AI-embedded software names alongside memory and semiconductor firms
● Amid crypto weakness, investors buy the dip on ethereum-linked Bitmine Immersion Technologies
● Commercial space gains traction among UAE investors, with Rocket Lab featuring among the quarter’s biggest risers
Against a backdrop of sharp market swings and continued AI-driven momentum across global technology stocks, retail investors in the UAE increased their exposure to AI-related software and infrastructure, crypto-linked equities, and commercial space companies during the second quarter of 2026, according to the latest data from trading and investing platform eToro.
eToro looked at which companies saw the largest proportional change in holders quarter-on-quarter (table 1) and also examined the 10 most held stocks on the platform among users based in the UAE .
Web development platform Wix.com topped the Q2 risers list, followed by Bitmine Immersion Technologies and Micron Technology.
The top risers ranking suggests that investors are looking beyond big tech and positioning themselves along the AI value chain. In software, Wix.com, which owns vibe coding platform Base44, saw a 139% increase in holders. ServiceNow made the top risers list for the second quarter in a row: after making first place in Q1, this quarter it made seventh place with 44% more holders.
Besides software, UAE investors continue to invest in the ‘picks and shovels’ of AI through infrastructure providers. Micron Technology climbed into third place (+65% in holders) as the rapid buildout of data centres has created a worldwide memory chip shortage, with anticipation ahead of the June 24 earnings report adding fuel before Micron went on to beat elevated expectations. Broadcom, which provides semiconductors and high-speed networking for data centres, ranked ninth with 37% more holders.
Nagham Hassan, Market Analyst at eToro MENA, said: “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.”
The top risers ranking also shows that UAE investors took the opportunity to buy the dip in the crypto sector in Q2. Bitmine Immersion Technologies, an ethereum treasury company, came in at second place (+75%) as its share price plunged over 25% last quarter, in line with ethereum’s and the broader crypto market’s weakness.
In addition, the commercial space sector enjoyed renewed interest during the quarter in which SpaceX staged the world’s largest ever IPO, as spacecraft manufacturer Rocket Lab made sixth place with a 46% jump in holders.
Looking at the ‘top fallers’ ranking, buy-now-pay-later company Sezzle led the declines (-89% in holders). It was followed by Gorilla Technology Group (-76%) and Okta (-71%) in second and third place. Health names Hims & Hers Health (fifth place, -34%) and UnitedHealth (sixth place, -30%) also featured. Chevron (-22%) ranked eighth while Exxon-Mobil narrowly missed the top ten in eleventh place (-16%).
Hassan said: “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.
The most-held stocks among UAE investors remained broadly stable with Nvidia staying in first place, except Microsoft climbed from fourth to second place with an 11% rise in holders. Alibaba rose from twelfth to ninth, matching its appearance on this quarter’s risers list. Positions three through eight otherwise saw only minor reshuffling.
Looking at the most-held ranking, Hassan added: “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.”