Retail investors pile into oil and rare earths, and snap up software stocks despite ‘SaaSpocalypse’ fears

• Chevron leads ‘top stock risers’ list against a backdrop of geopolitical conflict and skyrocketing oil prices
• USA Rare Earth ranks second as retail investors back domestic producers amid trade tensions and global AI race
• Retail investors buy up software stocks, undeterred by concerns about AI’s threat to the sector
• Micron crowned top riser in Romania as local retail investors continue to invest in technology and AI

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 globally 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 defense 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. Defense 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 monetization 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.”

Romanian investors are focusing on technology and defense

eToro also looked at the top risers (table 3) and 10 most held stocks (table 4) among users based in Romania. Romanian individual investors continued to invest in technology, with Micron Technologies, a high-speed memory manufacturer, seeing the largest increase in the number of investors quarter to quarter (32%). It was followed by Oracle (+14%), Broadcom (+14%), ASML (+10%), and Microsoft (+10%). Defence companies Palantir (+7%) and Rheinmetall (+5%) also caught investors’ attention. All the first 6 spots are companies related to AI, one of the favourite investment themes for Romanian investors.

Q1’s ‘top fallers’ list featured a mix of industries, technology, consumer staples, communications, and retail.  Intel led in first place (13% decrease in holders), followed by Pepsico (-12%), AT&T (-10%), Alibaba and Coca-Cola (-9%).

Bogdan Maioreanu, Market Analyst at eToro, said: “Romanian investors continue to invest in AI and technology but are attentive to the current shifts and trends in the industry. While the Chinese EV manufacturer Nio remained the second most held stock, Tesla began to fall out of investors’ attention, reaching fourth position, the lowest one in the past three years. In terms of growth, the current shortage in high-speed memory modules has made investors turn their attention to one of the three main global producers, Micron, a company that is up over 32% from the beginning of the year. As for the fallers, investors are attentive to earnings but also risks that a particular situation might bring to a company in a global, uncertain world.”

Table 1: Shows which stocks have seen the biggest proportional increase and decrease in holders on the eToro platform globally quarter-on-quarter

Table 2: Shows stocks most widely held by eToro users globally and their position last quarter

Table 3: Shows which stocks have seen the biggest proportional increase and decrease in Romanian holders on the eToro platform quarter-on-quarter

Table 4: Shows stocks most widely held by eToro users in Romania and their position last quarter