Retail investors in the UAE continued to
favour global technology giants and AI-linked stocks in 2025. In particular, Strategy Inc. finished the
year with the biggest proportional increase in UAE-based holders on the eToro platform compared
to the end of 2024.
eToro analysed which stocks saw the largest proportional increase and decrease in holders among
UAE users year-on-year (Table 1). The analysis also examined the most widely held stocks on the
platform and how their rankings changed versus last year (Table 2), to identify the key investment
themes shaping retail portfolios in the UAE in 2025.
Tech and AI Drive the UAE ‘Top Risers’
Tech dominated the UAE ‘top risers’ list with AI, cloud and semiconductor companies taking the
lead. Strategy Inc. led the UAE risers table with a 246% increase in holders YoY, reflecting sustained
investor appetite for the bitcoin treasury company.
The list also featured Adobe (+91%) and Broadcom (+66%) ranking second and third respectively,
supported by enterprise spending on cloud infrastructure, AI tools, and data processing capacities.
The semiconductor industry remained a core theme for UAE investors with Taiwan Semiconductor
Manufacturing Company (+40%) and NVIDIA (+24%) both recording strong growth in holders.
Meanwhile, Meta Platforms (+37%), Alphabet (+28%), Netflix (+59%) and Palantir (+32%) reflect
broader demand for businesses benefiting from AI and digital engagement trends.
Locally-based, Salik Company PJSC (+60%) was the 4th top riser, highlighting investor preference for
predictable, cash-generative infrastructure assets within the UAE market.
Commentary from eToro
George Naddaf, Managing Director at eToro (MENA), said:
“Despite a turbulent year for Strategy, many retail investors still back the bitcoin treasury company, putting it at the top of 2025’s ‘risers’ list with the biggest increase in holders compared to 2024. This is a classic ‘buy the dip’ scenario, and as the stock is closely tied to the performance of bitcoin, this also represents a vote of confidence in the original crypto from retail investors in the UAE. Meanwhile, platforms like Adobe, Meta, Alphabet, and Netflix, gained from improved digital advertising trends and stronger user monetisation. Special mention goes to Salik, which stands out as the only locally listed company in this list, reflecting investor confidence in its expansion-linked revenues and resilient cash flows.”
He added:
“Ultimately, AI and digital transformation remains the unifying theme. AI-led capital expenditure accelerated this year, with enterprises increasing spending on cloud infrastructure, semiconductors and data analytics, directly benefitting the top three risers.”
Biggest Declines Concentrated in Volatile Stocks
At the other end of the spectrum, the biggest declines in holders were concentrated in smaller-cap
and more volatile stocks, as investors took profits and rebalanced portfolios amid changing
macroeconomic conditions.
Nutanix (-91%) and TransMedics Group (-89%) saw the steepest drops in holders, followed by
NuScale Power (-48%) and Cleanspark (-43%), sectors where elevated volatility and execution risk
may have prompted investors to lock in gains.
Technology and growth-oriented stocks such as Micron Technology (-36%), Unity Software (-33%),
Jumia Technologies (-28%) and Riot Platforms (-27%) also saw reduced participation, alongside
CrowdStrike Holdings and Rivian Automotive (both -26%), suggesting a broader pullback from more
volatile growth exposures.
Stability Among the Most Widely Held Stocks
Despite notable movement among fallers, the ranking of the most widely held stocks among UAE
investors remained broadly stable in 2025. NVIDIA retained its position as the most held stock,
followed by Tesla and Amazon, highlighting the continued dominance of US mega-cap technology in
UAE retail portfolios.
Apple also held steady in fourth place, while Microsoft, Meta Platforms and Alphabet each moved up
one position, suggesting investors are fine-tuning their core holdings rather than making major
portfolio changes.
Naddaf adds:
“The stability at the top reflects strong conviction, with the most widely held stocks maintaining their positions year-on-year through to fourth place. The top three continued to deliver in 2025, with NVIDIA benefiting from record AI chip demand, Amazon from sustained cloud growth through AWS, and Tesla maintaining strong cash generation despite a tougher EV backdrop. For many UAE investors, these stocks remain core, long-term holdings rather than tactical trades. The most significant shift in the most held ranking came from Strategy Inc., which climbed from 21st place at the end of 2024 to 8th place at the end of 2025. By contrast, NIO slipped to second last, which may indicate a selective rebalancing strategy within the EV sector rather than exiting it entirely.”
Table 1: Biggest Risers and Fallers Among eToro’s Users in the UAE
Biggest risers among eToro’s users in the UAE
| Rank | Company | Increase in holders YoY |
|---|---|---|
| 1 | Strategy Inc | 247% |
| 2 | Adobe Systems Inc | 91% |
| 3 | Broadcom Inc | 65% |
| 4 | Salik Company PJSC | 60% |
| 5 | Netflix, Inc. | 59% |
| 6 | Taiwan Semiconductor Manufacturing Co Ltd | 40% |
| 7 | Meta Platforms Inc | 37% |
| 8 | Palantir Technologies Inc. | 32% |
| 9 | Alphabet Inc Class A | 28% |
| 10 | NVIDIA Corporation | 24% |
Biggest fallers among eToro’s users in the UAE
| Rank | Company | Decrease in holders YoY |
|---|---|---|
| 1 | Nutanix Inc A | -91% |
| 2 | TransMedics Group Inc | -89% |
| 3 | NuScale Power Corporation | -48% |
| 4 | Cleanspark Inc | -43% |
| 5 | Micron Technology, Inc. | -36% |
| 6 | Unity Software Inc. | -33% |
| 7 | Jumia Technologies AG | -28% |
| 8 | Riot Platforms Inc | -27% |
| 9 | Crowdstrike Holdings | -26% |
| 10 | Rivian Automotive | -26% |
Table 2: Most Widely Held Stocks by eToro Users in the UAE
| Company | Ranking at the end of 2025 | Ranking at the end of 2024 |
|---|---|---|
| NVIDIA Corporation | 1 | 1 |
| Tesla Motors, Inc. | 2 | 2 |
| Amazon.com Inc | 3 | 3 |
| Apple | 4 | 4 |
| Microsoft | 5 | 6 |
| Meta Platforms Inc | 6 | 7 |
| Alphabet | 7 | 8 |
| Strategy Inc | 8 | 21 |
| Nio Inc. | 9 | 5 |
| Advanced Micro Devices Inc | 10 | 10 |
