eToro review: Study shows retail investors shifting focus to commodities
eToro's quarterly study reveals a notable shift in retail investor sentiment, as expectations for AI stocks and the "Magnificent 7" tech giants have moderated. The survey, conducted between February 12–27 (prior to the recent escalation in the Middle East), involved 11,000 retail investors from 13 countries.
- Chosen by 3 200+ local traders in the last 3 months.
- Traders earn on average 12% more per month vs other brokers.
Shift in focus: AI and the Magnificent 7
The study found that 43% now expect AI-related stock prices to increase in 2026, a significant drop from 52% in the previous quarter. This marks the lowest level of optimism since the question was first posed in Q4 2024.
The "Magnificent 7" — a group of tech giants that include the likes of Apple, Microsoft, and Amazon — also saw a decline in investor confidence, with only 40% of respondents believing these stocks will outperform the broader market in 2026, down from 47% in the previous quarter.
Lale Akoner, eToro’s Global Market Strategist, commented on the findings, suggesting that while retail investors have not abandoned AI stocks, recent earnings volatility and rising concerns over capital expenditure have led to a more selective approach. "Investors are becoming more conscious of concentration risk," Akoner noted, "and are looking to diversify beyond the AI leaders."
Commodities gain ground
Amid moderating expectations for AI stocks, commodities are gaining traction, with ownership in retail portfolios rising to 32%. Investors are increasingly seeking tangible assets as part of their portfolio diversification strategies. Gold, in particular, continues to dominate, with 69% of commodity investors holding exposure to the precious metal.
The survey results also reflect growing awareness of the risks associated with concentrating investments in a small group of tech companies, prompting retail investors to explore more cyclical stocks and commodities.
How this shift affects the market
This trend highlights a broader structural shift in retail investor behavior. While AI and tech stocks have been dominant in recent years, the latest findings suggest that investors are becoming more cautious, balancing their portfolios with a mix of asset classes, including commodities.
The shift could have lasting implications for the tech sector and could lead to more balanced growth across multiple industries.
As previously covered, eToro hosts new webinar to explain ETF investing basics.
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