Today's Edition
ABU DHABI (ALETIHAD)
UAE retail investors continue to rally behind AI while Big Tech and pharma stocks lose momentum, finds the latest quarterly stocks data from trading and investing platform eToro.
eToro looked at which companies saw the biggest proportionate change in holders, quarter-on-quarter on its platform, while also looking at the 10 most held stocks in the UAE.
Amongst the most held stocks, Q2 saw a significant shift in the rankings, with NVIDIA rising to become the second-most popular stock on the eToro platform, behind only Tesla. The AI market leader ranked fifth at the end of Q1 and ninth three months earlier, and has continued to attract new users fuelled by another 37% surge in its share price over the latest quarterly period.
Semiconductor company Advanced Micro Devices (+29%) also saw significant growth in users, as did Intel (+21%), which recently unveiled new AI chips in a bid to reclaim market share from NVIDIA and AMD.
In addition, Palantir Technologies and Taiwan Semiconductor Manufacturing Company rose by 16% to feature among the top 10.
On the other hand, global technology companies such as Snapchat (-11%), Adobe (-16%), Netflix (-5%), and Apple (-5%) witnessed a decline in investor interest with workforce reductions reported across the sector.
Pharmaceutical stocks such as Moderna (-9%), Jaguar Health (-6%), and Pfizer (-5%) also experienced a downturn, as the COVID-19 pandemic and its after-effects receded into the past.
“The enthusiasm for AI giants underscores a collective investor belief in the transformative potential of artificial intelligence technologies. Investors are now favouring the promising advancements and higher growth potential within the AI sector over the established yet increasingly volatile traditional tech landscape,” explained George Naddaf, Regional Manager, GCC and MENA at eToro.
