Words Sam North, Market Analyst at eToro

Abu Dhabi, United Arab Emirates – April 30, 2026: The recent rise in Abu Dhabi-listed energy stocks reflects growing investor confidence in the UAE’s increased strategic flexibility following its exit from OPEC, according to Sam North, Market Analyst at eToro.
North explained that markets are not pricing in an immediate surge in oil production, but rather a
longer-term shift in optionality. “The move is being interpreted as a structural change that allows the
UAE to monetise its expanded production capacity more efficiently,” he said. “This creates a clearer
growth narrative across upstream activity, drilling, infrastructure, gas processing and dividend
potential.”
However, he cautioned that higher output is not guaranteed in the near term. “Production cannot
simply ramp up overnight. Logistics, regional security risks and the broader oil price reaction remain
critical constraints. If additional supply materially lowers crude prices, it could offset gains from
higher volumes,” he added.

OPEC Influence Faces Pressure, but Not Collapse

While the UAE’s departure raises questions about OPEC’s long-term cohesion, markets are not yet pricing in a full breakdown of the cartel’s pricing power. Instead, North noted a gradual shift. “This is more than a short-term disruption, but it is not the end of OPEC. The real risk is fragmentation over time if members prioritise individual revenue over collective discipline.”
Investors are increasingly monitoring key indicators to assess whether market control is shifting. These include compliance levels among remaining OPEC+ members, rising supply from non-OPEC producers such as the US, Brazil and Guyana, as well as inventory builds and oil futures pricing trends.
“OPEC’s influence is ultimately measured by whether its decisions continue to move physical barrels
and prices, not by official statements,” North said.

Oil Prices Supported by Geopolitical Risk

Despite expectations of increased supply, oil prices remain supported by geopolitical tensions, particularly around the Strait of Hormuz. Brent crude trading near elevated levels reflects this balance between supply expectations and risk premiums.
“The UAE’s potential output acts more as a stabilising force preventing extreme price spikes, rather
than driving a sustained sell-off,” North noted. “Around a quarter of global seaborne oil passes
through Hormuz, so any disruption continues to embed a premium in prices.”

Diverging Impact Across Energy Equities

Energy equities are responding unevenly to the evolving landscape. Companies with direct exposure to UAE production growth and infrastructure are benefiting from increased activity expectations, while global oil majors face a more mixed outlook.
“Higher volumes support services and investment, but a weaker OPEC framework could lower long-
term price floors,” North said. “Investors are rewarding firms tied to UAE expansion while becoming
more selective toward producers reliant on high crude prices.”
Macro Implications: Inflation and Global Markets

Lower oil prices, if sustained, could provide support to global equity markets, particularly in oil- importing economies such as India. Cheaper crude typically improves trade balances, reduces inflationary pressure and supports consumer demand. At a macro level, increased supply could help ease global inflation, though central bank responses will remain cautious. “Lower energy costs are disinflationary, but policymakers will look for sustained trends and broader indicators such as wages and core inflation before adjusting rates,”
North said. He added that geopolitical risks continue to complicate the outlook. “Supply expectations point
toward lower inflation, but disruptions in key transit routes like Hormuz introduce upside risks. Theoverall impact on rates is marginally dovish, but still conditional on stability.”

Abu Dhabi, United Arab Emirates – April 29, 2026: This week marks one of the most consequential earnings periods of the year, with Amazon, Meta, Alphabet and Microsoft reporting on Thursday, followed by Apple on Friday. Together, these five companies account for nearly a quarter of the S&P 500, positioning their results as a key driver of broader market direction.

At the centre of attention is artificial intelligence. Collectively, these companies are expected to spend close to US$700 billion this year to fuel growth, but investor focus is shifting decisively from the scale of investment to the returns it can generate. This earnings cycle represents the first meaningful test of whether the AI trade can continue to justify elevated valuations.
Amazon remains a focal point, having outperformed peers year-to-date. AWS growth is expected to re-accelerate to around 28% in the first quarter, with full-year growth potentially approaching 36% as additional capacity comes online. The company has already flagged a US$15 billion AI revenue run rate within AWS, reinforcing confidence in demand.
However, capital expenditure remains the key risk. Amazon is expected to reiterate its US$200 billion capex outlook for 2026 — the largest in corporate history. While the business remains relatively efficient compared to other hyperscalers, rising investment has weighed on free cash flow. Any signs of stabilisation or improvement will be critical in shifting sentiment towards capital discipline.
Josh Gilbert, Market Analyst at eToro, commented: “This is the first real stress test for the AI trade.
Markets have been willing to support massive investment, but now investors want to see clear
returns. Growth, margins and cash flow all need to start moving in the right direction.”
Meta’s investment case is more straightforward, with its core advertising business continuing to fund its AI expansion. First-quarter revenue is expected to rise approximately 33% year-on-year to US$56 billion, with forward guidance pointing to continued strength. AI is already contributing to monetisation, improving both ad targeting and content ranking. Recent results underline this trend, with Family of Apps ad revenue rising 24% year-on-year, supported by higher ad impressions and pricing. With capital expenditure expected to increase roughly 70% to US$126 billion this year, investors will be looking for continued evidence that AI-
driven gains are scaling alongside spend.
Alphabet’s results will offer further insight into the balance between investment and returns. Google
Cloud is expected to grow around 50% in the first quarter, supported by strong demand for AI
infrastructure and key partnerships, including its multi-year agreement with Anthropic. This deal is
emerging as a significant driver of compute demand.
Total revenue is forecast at US$107 billion, with Search remaining a core contributor. However,
margin pressure remains a concern as Alphabet transitions towards a more capital-intensive model.
The extent to which cloud growth offsets this pressure will be central to market reaction.
Microsoft enters the week under greater scrutiny following recent share price weakness. Azure
growth is expected to remain robust at around 38%, while total revenue is forecast at US$81 billion.

As an early leader in AI through its partnership with OpenAI, Microsoft now faces increasing competition, prompting a reassessment of its positioning. Investor focus will centre on Azure performance and enterprise adoption of Copilot. Strong execution in these areas could reinforce confidence in its AI strategy, while any disappointment may amplify concerns around rising costs and competitive pressures.
Apple stands apart from its peers, with less immediate exposure to the current AI investment cycle. However, it continues to deliver strong underlying performance. Revenue for the quarter is expected to reach US$109.7 billion, driven by sustained iPhone demand, particularly in China, alongside continued growth in Services.
The company’s substantial cash generation provides flexibility to invest in AI at its own pace. Attention will turn to the upcoming Siri upgrade, which represents an early test of its AI roadmap. Execution here could set the tone ahead of its next iPhone cycle, while any delays may extend investor uncertainty around its long-term AI strategy.

The Devil Wears Prada 2: A ‘Miranda Portfolio’ of Luxury Stocks Delivers 629% Returns
 
From eToro, exploring what Miranda Priestly’s investment portfolio might look like ahead of The Devil Wears Prada 2, focusing on luxury stocks.
 
By Lale Akoner, Global Market
Strategist at eToro.

The analysis shows that a hypothetical ‘Miranda portfolio’ of luxury stocks would have returned 629% over 20 years, outperforming both the S&P 500 and the S&P Global Luxury Index. While long-term performance highlights the strength of select names such as Hermès, recent volatility underscores the sector’s sensitivity to macroeconomic conditions, including pressures on tourism and demand.

Cerulean blue was never just a colour, but something bigger than fashion. It was about how decisions made at the top of a market eventually shape what everyone else buys. Ahead of the release of The Devil Wears Prada 2, eToro applied that same idea to investing.
eToro, the trading and investing platform assembled a hypothetical 'Miranda portfolio' of heritage luxury stocks.
The portfolio would have returned 629% since the original film hit screens in 2006, outperforming the S&P 500 (442%) and the S&P Global Luxury Index (297%). The data highlights how Miranda Priestly-style selectivity has historically driven outperformance in the luxury sector.
The portfolio includes Hermès, Richemont, L'Oréal, Kering, Burberry, Christian Dior and Ralph Lauren. Hermès was the standout performer over 20 years, returning 2206%. Christian Dior returned 467%, Ralph Lauren 525%, Richemont 619% and L’Oréal 344%. At the other end of the scale, Burberry returned 92% and Kering 149%, reinforcing that selectivity remains pivotal.

If Miranda had built a portfolio in 2006, she would not have chased novelty or short-term momentum. She would have prioritised heritage, scarcity and brand power that does not depend on the moment. That instinct maps closely to what has driven long term outperformance in luxury equities,” commented Lale Akoner, Global Market Strategist at eToro. “The strongest names in the sector operate more like compounders than cyclical plays. They
tend to share a very specific set of traits: protected pricing, limited supply and the confidence not to chase the
market fads. Hermès has rarely discounted. Ralph Lauren spent years being considered unfashionable by the fashion industry. LOréal kept selling the same products through every cycle. These may not be exciting investment stories in the short term, but they have been very resilient over the long run.

The shorter-term picture is more mixed, highlighting the sector's sensitivity to macro conditions. Over the past 10 years, the basket returned 194%, compared with 238% for the S&P 500. Over five years, the basket is up 33%, while it has returned just 11% over three years and 28% over one year.
Lale Akoner added: “Luxury is often treated as a single trade, but the reality is far more selective. The performance dispersion, i.e. the gap between the best and worst performers, is substantial and that reflects differences in brand positioning, execution, and exposure to aspirational versus ultra high-end demand. Over shorter timeframes, however, the sector behaves much more like a cyclical trade. Demand is sensitive to global liquidity, consumer confidence, and tourism flows, particularly in key markets such as the US and China. That explains why the recent performance has been volatile, despite the strength of underlying brands.“
Over the long run, the strongest heritage brands have demonstrated an ability to protect pricing, preserve
exclusivity and defend margins across cycles. For consumers, these names are associated with handbags, lipstick, trench coats and polo shirts. For investors, they have delivered sustained compounding, provided selection was disciplined. As The Devil Wears Prada returns, the investment lesson is simple. Glamour may grab attention, but durability is what delivers returns.

*Share price data taken at market close 22/04/2026. Index performance calculated in USD terms. Data from Bloomberg. Past performance is not an indication of future results.

Read also Global dynamics and Luxury Finance

Words - Josh Gilbert, Market Analyst at eToro

Tim Cook stepping down as Apple CEO marks the close of one of the most defining corporate leadership chapters of a generation, as the company prepares to enter a new phase under incoming CEO John Ternus.
Cook, who took over from Steve Jobs in 2011 when Apple was valued at approximately US$350 billion, will hand over leadership this September with the company now exceeding US$4 trillion in market value. During his tenure, Apple’s shares surged by around 2,000%, delivering one of the most significant value creation stories in modern corporate history.
Despite the magnitude of the announcement, the market reaction has been notably muted, with Apple’s share price showing limited movement in after-hours trading. This suggests investors are, for now, viewing the transition as orderly and well-communicated.

Commenting on the transition, Josh Gilbert, Market Analyst at eToro, said: “Tim Cook’s departure as
CEO marks the end of a hugely successful era for Apple, with remarkable shareholder returns and consistent growth. The steady market reaction shows investors are confident in the succession plan, but there will naturally be close attention on what comes next—particularly as Apple navigates a critical period for artificial intelligence.”

The leadership change does, however, introduce a degree of uncertainty. Transitions at companies of Apple’s scale are rare and often closely scrutinized, particularly following a 15-year period of sustained growth and stability. Importantly, this shift does not stem from crisis or sudden departure.
The decision was unanimously supported by Apple’s board, with succession planning understood to have been in place for several months.
Continuity remains a key factor in the transition. Cook will assume the role of executive chairman, maintaining oversight and continuing his involvement in policy and government engagement—areas that have been central to Apple’s strategic positioning globally. This structure is likely to provide reassurance to investors and stakeholders navigating the change.

Gilbert added: “John Ternus brings deep product expertise and a strong track record within Apple,
having played a role in some of its most successful hardware innovations. His appointment suggests
a renewed focus on product development at a time when Apple needs to strengthen its position in AI.”

Apple has faced similar moments of transition before. When Cook succeeded Jobs, there were widespread questions about the company’s future without its visionary founder. Over time, Cook’s operational discipline and strategic execution reshaped that narrative, delivering consistent growth and expanding Apple’s ecosystem. Attention now turns to John Ternus and the direction he will set. A long-standing Apple executive,
Ternus joined the company in 2001 and has played a key role in the development of major product lines, including the iPhone, iPad, AirPods, and Apple Watch. His deep product expertise and engineering background position him as a leader closely aligned with Apple’s core identity as a hardware-driven innovator.
Ternus steps into the role at a pivotal time for the technology sector, particularly as artificial intelligence reshapes competitive dynamics. Apple has faced increasing pressure to demonstrate stronger momentum in AI compared to its megacap peers. Under Ternus, a pipeline of AI-focused products—including wearables, smart glasses, next-generation AirPods, and smart home devices—is already taking shape.
“With Apple generating over US$400 billion in annual revenue and maintaining a highly loyal customer base, the foundations remain incredibly strong,” Gilbert said. “However, the AI chapter is still being written, and investors will be watching closely to see how quickly Ternus can accelerate progress in this space.” While leadership changes of this scale inevitably raise short-term questions, Apple’s long-term fundamentals remain robust.

​GENEVA, SWITZERLAND — April 15, 2026 -- Helios Luxe, the luxury watch retail arm of Titan Company Limited (Tata Group), hosted a landmark evening during Watches and Wonders Geneva—marking the first time an Indian retailer has convened an exclusive gathering in Geneva to bring together global industry leaders, partners, and policymakers for a focused dialogue on the future of luxury watch brands in India.

Held alongside the world’s most prestigious horological showcase, the evening moved beyond a traditional brand gathering to become a strategic platform for networking and exchange—bringing India into sharper focus as one of the fastest-growing and most significant markets for international watch brands.

The intimate gathering welcomed distinguished guests including Rahul Srivastava, general consul and minister from the Permanent Mission of India in Geneva, Nik Gugger, member of the Swiss National Council, Erwin Bollinger, ambassador to the WTO, Aditya Yellepeddi of the Swiss Indian Chamber of Commerce, alongside senior leadership from Helios Luxe and its global brand partners.

Hosted at NOWHERE, the most selective private members’ club in Geneva known for convening influential voices across art, business, and culture, the evening provided a contemporary and immersive setting that reflected a new generation of global luxury—one defined by connection, conversation, and shared opportunity.

For the first time in Geneva, a retailer-led evening created a dedicated space for meaningful discussions around India’s rising prominence. Conversations throughout the evening centred on the impact of the Swiss-India Free Trade Agreement (TEPA) in progressively easing market entry barriers, the country’s rapidly expanding base of affluent and globally aware consumers, and the growing appetite for distinctive international watch brands.

Helios Luxe also highlighted its role as a strategic gateway for global watchmakers entering India—offering not only curated retail environments but also the ability to navigate regulatory complexity, localise brand storytelling, and build long-term market presence. With 10 boutiques across key metropolitan cities and a clear roadmap for expansion, the platform is enabling brands to scale meaningfully within a complex but high-potential market.
More than a celebration, the evening served as a clear statement of intent—positioning India not as an emerging market, but as a central force shaping the future of luxury watchmaking. Since 2020, Swiss watch exports to India have surged by over 165%, with projections placing India among the top 10 global markets by 2028. With the market expected to reach $5 billion by 2030, the momentum continues to accelerate.

“India is no longer a peripheral market—it is central to the future growth of luxury watchmaking,” said Rahul Shukla, Vice President, Watches Division, Titan Company Limited, adding that “this evening reflects both the momentum we are seeing and the partnerships we are building for the future.”

Backed by the Tata Group’s 150+ year legacy, Helios Luxe continues to strengthen its position as a long-term partner for global watch brands—combining experience-led retail, strategic expansion, and a deep understanding of the evolving Indian luxury consumer.

George Naddaf, Managing Director at eToro (MENA).

Abu Dhabi, United Arab Emirates, 16 April 2026: Against a backdrop of geopolitical turmoil, commodities have now surpassed crypto as the most popular asset class among retail investors based in the UAE, according to the fifth edition of eToro’s UAE Retail Investor Beat. The survey of 1,000 UAE retail investors points to a preference for gold and oil in particular, in anticipation of higher prices in the next six months.

Commodities have been a hot topic for a while now, especially in the UAE. The survey shows that 56% of
local investors are now investing in commodities such as gold and oil, up from 47% in August 2025, the last
time eToro conducted its survey. Among all asset classes, commodities recorded the highest jump in holders, whereas crypto, previously the most popular asset class, saw no change in its share of holders (54%).
Commodities are drawing particular interest from local investors amid the current geopolitical climate.
Among the 80% of investors who have already adjusted or plan to adjust their portfolios in response to tensions in the Middle East, 56% are buying more precious metals and 43% are buying more energy commodities.

Energy, materials and renewables see stronger interest

Further to this, sector allocations linked to commodities have increased. 40% of investors are currently
invested in the energy industry, up from 31% in August 2025. The materials industry also saw a jump from
22% to 27%, while renewables saw a rise from 21% to 25% over the same period. Renewables were named
the sector that most investors plan to invest in within three months (41%), as recent volatility in oil and gas
prices highlighted the importance of energy diversification. 

George Naddaf, Managing Director at eToro (MENA) commented: “UAE retail investors are showing they can read the room and quickly adjust their portfolios in response to evolving macro conditions. With
ongoing geopolitical tensions, investors are actively looking for opportunities amidst the volatility in
commodities and related sectors. This also aligns with the broader long-term shift towards real assets and
exposure to the ‘old economy’ that we are seeing globally.
Moreover, growing interest in renewables shows that retail investors are not only focused on the immediate picture. In the UAE, where non-oil sectors already contribute more than 70% of GDP, clean energy is part of a much bigger diversification story. Recent disruptions have shown us how exposed global markets can be to energy supply shocks, which is why energy diversification is increasingly being seen as both a strategic priority.”

Gold takes the gold 

Among those invested in commodities, nearly half (47%) allocate more than 20% of their portfolio to the asset class. Gold is the most widely held commodity with 88% of commodity investors holding the precious
metal, followed by oil at 47%, silver at 41% and natural gas at 29%. Popular agro-commodities include coffee (11%), wheat, cocoa, and sugar (all at 7%).
The survey found that retail investors were largely split between two motivations for holding gold: its role as a long-term store of value, and the expectation that prices may continue to rise – each cited by 53% of respondents.

UAE investors expect oil and gold prices will rise 

The survey also shows investors’ bullishness about the top two most popular commodities. 92% of investors think oil prices will rise in the next 6 months, while 84% think gold prices will rise over the same period. 
Investors don’t just think prices will rise slightly – almost half (46%) think oil prices will surge more than 15%, while over half (57%) think gold prices will jump more than 10%. 

George Naddaf, Managing Director at eToro (MENA), commented: “Gold and oil have experienced notable volatility in recent months, largely influenced by ongoing developments in the Middle East. Both assets carry particular cultural and economic importance in the UAE. Despite recent price fluctuations, sentiment among local investors remains constructive over the coming six months, with attention on underlying factors such as continued central bank activity in gold and supply dynamics in the oil market.”

The survey, commissioned by the trading and investing platform eToro, sampled 1,000 retail investors residing in the UAE. The survey was conducted from March 13, 2026 – March 26, 2026 and carried out by research company Appinio. Retail investors were defined as self-directed or advised and had to hold at least one investment product including shares, bonds, funds, investment or equivalent. They did not need to be eToro users.
eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory
authorities overseeing eToro include:
 The Financial Conduct Authority (FCA) in the UK
 The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
 The Australian Securities and Investments Commission (ASIC) in Australia
 The Financial Services Authority (FSA) in the Seychelles
 The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
 The Monetary Authority of Singapore (MAS) in Singapore 

This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments.

 eToro, announcing the launch of its AI-enabled eToro App Store, a new application ecosystem designed to transform how users build, access and scale trading and investing tools.

The App Store introduces a marketplace for developers, startups and investors to create and distribute applications directly within the eToro platform, supported by a dedicated builders portal with API access and AI-powered no-code capabilities. At launch, users can explore a range of apps offering advanced analytics, automation, portfolio management and market insights, further enhancing the investing experience.
Commenting on the launch, Yoni Assia, Co-founder and CEO of eToro, said: “Investing has always evolved with technology, but AI is accelerating that in ways we couldn’t have imagined a few years ago. The eToro App Store opens up financial innovation to anyone with an idea.”

eToro, is also announcing the relaunch of its AI investing companion, Tori, now enhanced with real-time market intelligence from X powered by Grok 4.2.
 
The update introduces persistent memory for more personalised insights, alongside real-time sentiment analysis drawn directly from X. eToro has also launched Agent Portfolios, enabling users to create and manage AI-driven investment strategies through conversation, marking a significant step in embedding AI at the core of the investing experience.
 
​

Abu Dhabi, United Arab Emirates – April 14, 2026: Against a backdrop of geopolitical conflict in the Gulf and rising investments in AI, retail investors increased their exposure to software and AI infrastructure stocks whose share prices have taken a hit in the first quarter of 2026, according to the latest data from trading and investing platform, eToro.

eToro looked at which companies saw the largest proportional change in holders quarter-on-quarter (table 1)
and also examined the 10 most held stocks on the platform among users based in the UAE (table 2).
Software and SaaS names featured prominently in the Q1 top risers list, suggesting UAE investors used the
sector-wide sell-off to buy the dip. ServiceNow topped the list with a 125% jump in holders as its share price
fell around 32% in Q1, although in the same quarter it announced partnerships with AI heavyweights OpenAI
and Anthropic. Adobe ranked third (54% increase in holders) even as the stock came under pressure over
concerns about its ability to defend its core software business against AI disruption. Shares were down about
25% by mid-March, along with news that the chief executive would step down, suggesting UAE investors were buying during the pullback.

AI infrastructure was another clear theme in Q1: Super Micro Computer (+65%) in second place, followed by
Micron (+39%) in fifth, and Oracle (+38%) in sixth. Investors appear to have bought into a late-quarter sell-off with Super Micro Computer. The stock had traded largely sideways before tumbling 33% after US prosecutors charged the co-founder over an alleged scheme to smuggle Nvidia-powered servers to China. Oracle also fits the buy-the-dip theme. The stock has been volatile amid concerns about spending tied to its AI cloud expansion.
The standout exception was Micron, one of the few names in the group to post stock price gains over the
quarter. The move was driven by stronger momentum from surging demand for AI memory chips and limited
new supply.

George Naddaf, Managing Director at eToro (MENA), said: “In Q1, UAE investors approached technology with
selectivity and opportunism. Some of the companies that drew the strongest increase in holders had fallen to
around 25% to 33%, suggesting investors were willing to buy into the sell-off where they still saw long-term value.”
He added: “Despite talk about the ‘Saaspocalypse’, the idea that AI will dismantle traditional SaaS business
models, UAE investors showed sustained interest in software. They are honing in on companies that they
believe have a clear role in the tech value chain and potential for monetisation. While geopolitical tensions
added to market volatility, the pattern in holdings suggests UAE investors were driven more by sector conviction than by a broad risk-off mindset.”

Other Q1 risers spanned multiple sectors. Investors pushed e.l.f. Beauty to fourth place by increasing holdings 52%. They also drove gains in Duolingo, Gorilla Technology, Hims & Hers Health, and SoFi Technologies, highlighting interest in companies across digital education, IT services, telehealth, and fintech.
Q1’s ‘top fallers’ list featured a mix of industries. Twist Bioscience Corporation led the pack with a 90% decrease in holders, followed by Okta (-49%) and CoreWeave (-47%). BioMarin Pharmaceuticals also saw a big decline, with holders down 35% QoQ.
The most widely held stocks were largely unchanged from last quarter, with only minor reshuffles in the top
half. NVIDIA held onto first place, while Amazon rose to second, and Microsoft to fourth. Tesla slipped to third and Apple to fifth, while positions six to ten remain unchanged.
Naddaf remarked: “Local investors’ selective approach to technology is further evidenced by the fact that AI
and tech companies feature in both the risers and fallers lists. They appear to be making efforts to distinguish
between the winners and laggards of the AI revolution.”

Looking at the most held ranking, he added: “It suggests UAE investors are continuing to treat these names as core positions rather than short-term trades. NVIDIA held onto the top spot, while Amazon moved up to
second and Microsoft climbed to fourth, but the ranking is largely unchanged. This points to continued
conviction in mega-cap technology companies contributing to AI infrastructure and enterprise applications. In a quarter marked by uncertainty, that kind of stability points to a confidence in scale, earnings visibility, and relevance.”

Past performance is not an indication of future results.

The tables compare data from the eToro platform on the final day of Q1 2026 with the final day of Q4 2025.
The data refers to funded accounts of eToro users in the UAE.
The data in the first table shows the 10 stocks that have seen the largest proportional increases and decreases
in holders on the eToro platform quarter-on-quarter (Q1 2026 vs Q4 2025).
The data in the second table shows the top 10 most-held stock positions (open positions) by investors on the
eToro platform at the end of Q1 2026. As the vast majority of stocks traded on eToro are real assets, this data
does not include positions held as CFDs. Stock price data from Yahoo Finance.
All data accurate as of after market close on 31 March 2026.

eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in
2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today
we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and
that we can become more successful by investing together. So we’ve created a collaborative investment
community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro,
you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a
portfolio, or copy other investors. You can visit our media centre here for our latest news.

Disclaimers:
Not investment advice. eToro is a multi-asset investment platform. The value of your investments may go up
or down. Your capital is at risk.

Josh Gilbert, Market Analyst at eToro

Abu Dhabi, UAE – April 01, 
SpaceX is reportedly preparing to go public in what could become the largest IPO in history, with a potential valuation exceeding USD $1.75 trillion and plans to raise up to USD $75 billion. If confirmed, this would surpass Saudi Aramco’s 2019 listing, which raised USD $29.4 billion.
The listing would mark the first opportunity for public market investors to gain exposure to Elon Musk’s space ecosystem. SpaceX has established itself as a global leader, with its Starlink broadband network generating significant revenue and its launch capabilities dominating the commercial space sector.
Proceeds from the IPO are expected to fund the continued development of Starship, expand Starlink into new verticals, support defence-related initiatives, and accelerate investments in AI infrastructure, including the concept of space-based data centres.
The company’s recent merger with xAI introduces an additional dimension for investors.
While the move creates a vertically integrated innovation platform spanning space and artificial intelligence, it also raises questions around valuation, given xAI’s capital-intensive
nature.

Josh Gilbert, Market Analyst at eToro, commented: “SpaceX’s IPO represents a watershed
moment for global markets. It’s not just about gaining exposure to a leading space
company, but about investing in a broader ecosystem that spans connectivity, defence, and
artificial intelligence. However, the complexity of the business model — combining a highly
profitable space and broadband operation with a capital-intensive AI venture — means
investors will need to carefully assess whether the proposed valuation is justified.”

The IPO also has implications for Tesla investors, as Tesla holds a stake in SpaceX following its USD $2 billion xAI investment. Increasing operational ties between the companies have fuelled speculation about a potential future merger, which could create a new type of multi-sector technology conglomerate.
Notably, SpaceX is expected to allocate a significant portion of shares to retail investors, potentially up to 30%, signalling a shift in how major IPOs engage with individual market participants.
As anticipation builds, the key question for investors remains whether the scale, ambition,
and integration of SpaceX’s business lines can support what would be one of the most
ambitious valuations ever seen in public markets.