Retail investorsincreased their exposure to energy, mining, and software stocks in the firstquarter of 2026, according to new data from eToro. The platform analysedchanges in the number of holders across listed companies, as well as the mostwidely held stocks during the period.SingaporeSummit: Meet the largest APAC brokers you know (and those you still don't!).The shift was driven bydemand for assets linked to geopolitics, energy security, and artificialintelligence. Chevron led the “top risers” with a 60% increase in holders,benefiting from US policy developments in Venezuela and rising oil pricesfollowing conflict involving Iran. USA Rare Earth followed with a 59% increase,reflecting supply constraints and growing demand for domestic rare earthproduction.Retail InvestorsRotate into Commodities, AIEnterprisesoftware and infrastructure firms also featured. ServiceNow recorded a 57% risein holders, while Western Digital saw a 40% increase, indicating continuedinterest in companies linked to AI deployment.Othercommodity and defence-linked names also gained. Freeport-McMoRan rose 43%,supported by demand for gold and copper, while AeroVironment increased 38%,reflecting interest in defence technologies.LaleAkoner, Global Market Strategist at eToro, said “the defining feature of Q1 wasnot just geopolitical risk, but how that risk is being priced through realassets,” adding that there is “a repricing of strategic commodities such asgold, energy, and critical minerals.” She said investors are “not reactingtactically, but reallocating structurally,” with “a clear rotation towardsassets with pricing power and supply-side constraints.”Investors StaySelective Amid AI OptimismThe“top fallers” list included BioMarin Pharmaceutical, which recorded a 25%decline in holders, followed by Okta, which fell 22%. Consumer-facing firmssuch as Under Armour, down 19%, and Chipotle Mexican Grill, down 18%, alsodeclined, as higher costs and weaker demand visibility weighed on sentiment.Akoner said investors are showing “less tolerance for earnings volatility andweakening guidance,” with some sectors facing “higher input and freight costs”and “softer demand visibility.”Theranking of the most widely held stocks remained largely stable. NVIDIA held thetop position, followed by Tesla and Amazon. Microsoft moved from fifth tofourth place after an 11% increase in holders, while Apple slipped to fifth.Alphabet saw limited change. The stability suggests retail investors continueto hold core positions in large technology companies tied to AI development andmonetisation.Akonersaid concerns about a “SaaSpocalypse” have not reduced interest in software,noting that “it’s made investors more selective,” with “capital concentratingin companies that can either enable AI or sit at the application layer.”This article was written by Tareq Sikder at www.financemagnates.com.