Q3 top stocks: Retail investors rotate from software into the infrastructure powering the AI race

Retail investors increased investments in the rare earth materials, energy infrastructure and communications equipment supporting the artificial intelligence race in the third quarter of 2026, while reducing their holdings in software companies, 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 (tables 1& 2), while also looking at the 10 most held stocks on the platform (tables 2 & 3).

Rare earths producer MP Materials topped the global list of biggest risers, with the number of etoro users holding the stock increasing by 104% over the course of Q3. AppLovin ranked second (+82%), followed by sportswear company On Holding (+58%) and another critical minerals firm, USA Rare Earth (+50%).

Energy companies Vistra (+45%) and Bloom Energy (+42%) also featured in the top ten, while communications infrastructure providers Applied Optoelectronics (+42%) and Credo Technology (+36%) ranked six and ninth respectively. Memory and storage company SanDisk completed the list, ranking tenth globally (+33%).

Lale Akoner, Global Market Strategist at etoro, said: “The Q3 rankings show retail investors looking beyond the headline AI names and towards the infrastructure required to support the next phase of the technology race. Rare earths, power generation, connectivity and memory are all becoming increasingly important parts of the AI investment story.

“However, the list is not solely about AI infrastructure. The rise in holders of AppLovin, On Holding and Zoetis suggests that investors are also willing to buy into companies whose longer-term growth stories remain intact after periods of weakness in their opinion, using a pullback as an entry point.”

By contrast, software companies featured heavily in the top fallers ranking. Wix.com ranked second globally, with holders falling 41%, followed by Zeta Global (-24%), Atlassian (-23%), Salesforce (-20%), GitLab (-20%), ServiceNow (-20%) and Zscaler (-19%).

This is a reversal of trends observed earlier this year. ServiceNow was the second top riser in Q2 and the third top riser in Q1, while Zeta Global also made sixth place in Q1.

Lale Akoner added: “The presence of several major software companies suggests that investors may be taking a more selective approach to the sector. After the initial enthusiasm around AI, the focus is shifting towards which companies can turn AI adoption into durable revenue growth, rather than simply being associated with the theme. That is why software as a theme has not completely disappeared from the top risers list, with Applovin still in second place.”

Besides the software industry, the rankings also show how retail investors currently hold contrasting views about companies within the consumer sector. While sportswear brand On Holding was the third-biggest riser globally, with the number of holders increasing by 58%, cosmetics company e.l.f. Beauty topped the fallers list, with holders declining by 43%.

Lale Akoner added: “The contrast between On Holding and e.l.f. Beauty shows that retail investors are taking a company-specific approach to consumer names. The two companies operate in very different markets, so their contrasting positions in the rankings are more likely to reflect views on their individual growth prospects than a broader move into or out of consumer stocks.”

Meanwhile, the most held stocks on etoro globally have remained stable, with Nvidia, Tesla and Amazon remaining the top three. Only Alphabet and Meta have swapped places, now in sixth and seventh place respectively. Notably, SpaceX almost made it into the top 10, now in 11th place with a 23% rise in holders over the course of the quarter.

SpaceX and AI stocks dominate Romania’s top risers

By contrast, Romanian investors piled into SpaceX in Q3, raising its number of holders by 30%, making it the quarter’s number one riser and jumping to the 18th most held stock among Romanian etoro users. They also continue to look favorably on the AI race, with Broadcom (+15%), Micron (+14%) and Oracle (+12%) ranking second, third and fourth respectively.

All companies in the “Magnificent 7” group remained in the top 10 most held stocks. However, there are some changes in the hierarchy, with Microsoft and Amazon losing places, while Tesla is gaining third place back after finishing fourth last quarter.

Meanwhile, a long-time favorite, the Chinese EV manufacturer Nio, is climbing back to second place from third place even though the company has lost more than 33% of its value since the beginning of this year. Conversely, the Romanian-born unicorn UiPath continues its downward move in investors’ preferences, moving from seventh to eighth place, as its shares have also lost almost 20% since the start of the year.

 On the other hand, Romanian investors reduced positions in Palantir (-14% in holders), Microsoft (-10%) and Meta (-10%), but also in financial giants Mastercard (-11%), Visa (-7%) and Paypal (-10%).

Bogdan Maioreanu, market analyst for Romania at etoro, said: “Romanian etoro investors remain firmly committed to the AI theme, but the latest changes in holdings suggest that their exposure is becoming broader and more targeted. Tesla’s return to third place confirms its lasting appeal, while Nio’s rise to second place despite a more than 33% year-to-date decline suggests continued dip-buying in a high-risk Chinese EV story.

The increase in SpaceX’s holders in Q3 and its entry into the top 20 most held stocks also points to a potential growing interest in space economy themes, but it is also liked to AI. Meanwhile, reduced positions in Palantir, Meta and major payments companies suggest a possible profit-taking in search for stronger growth momentum.”

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 which stocks have seen the biggest proportional increase and decrease in Romanian holders on the etoro platform quarter-on-quarter

Table 3: Shows stocks most widely held by etoro users globally and their position last quarter

Table 4: Shows stocks most widely held by Romanian etoro users and their position last quarter