• Investors piled into Okta and Salesforce as tech infrastructure fuels digital transformation
• Novo Nordisk and UnitedHealth among top risers as healthcare stocks attract buy-the-dip interest
• Hims & Hers shifts from Q2 riser to Q3 faller as investors take profit

Abu Dhabi, United Arab Emirates – October 09, 2025 : Retail investors in the UAE are choosing Okta and Salesforce shares in Q3 as the companies advanced in cybersecurity and AI-driven customer solutions, according to the latest quarterly data from trading and investing platform eToro.

eToro looked at which companies saw the biggest proportionate change in holders in Q3 2025, while also looking at the 10 most held stocks on the platform within the same period.

Tech and AI drive the highest momentum for retail investors in the UAE. Okta led the 'top risers' list with a staggering 244% increase in holders compared to last quarter. The cybersecurity firm has benefited from rising global demand for identity and access management solutions, amid escalating cyber threats and regulatory requirements in the Middle East. In Q3, Okta announced expansions in AI-powered authentication and partnerships with regional enterprises, boosting investor confidence.

In second place, Salesforce saw a 217% quarter-on-quarter increase in holders. Its stock gained traction following strong earnings driven by AI integrations in its CRM platform, including the launch of enhanced Einstein AI features. This has positioned Salesforce as a key player in enterprise digital transformation, appealing to UAE investors focused on tech growth.

Other risers like Oracle (+54%) and Broadcom (+16%) reflect continued interest in cloud and semiconductor infrastructure for AI. Oracle's cloud surge, tied to high-profile AI projects, echoed global trends, while Broadcom's chip advancements supported data center expansions.

Retail investors are also increasingly drawn to healthcare stocks. Novo Nordisk (+52%), UnitedHealth (+39%), and Eli Lilly (+25%) have seen significant jumps in their number of holders. These companies faced share price dips in Q3 due to market volatility and sector-specific challenges, such as competition over weight loss drugs between Novo Nordisk and Eli Lilly, and operational headwinds at UnitedHealth.

Retail investors also saw dips in the shares prices of Adobe and Archer Aviation as opportunities, as their number of holders jumped 39% and 34% respectively. with Adobe's AI creative tools rebounding and Archer advancing in urban air mobility projects relevant to the UAE's smart city initiatives. A homegrown stock made the risers list as well, as the Dubai-listed Salik Company PJSC (+22%) benefited from steady toll revenue growth amid the city's infrastructure expansions.

In Q3 2025, the biggest fallers in UAE stock portfolios reflected a shift as investors took profits or fled volatility.

Crypto stocks like Bit Digital (-73%), Cleanspark (-27%), Marathon Digital (-23%), and Riot Platforms (-22%) saw sharp declines in holders after strong prior gains thanks to bitcoin 's rally. Notably, Hims & Hers shifted from a Q2 favourite to a Q3 top faller with a 51% drop in holders. Novo Nordisk accused the telehealth firm of deceptively marketing copycat versions of their weight loss drug Wegovy, abruptly ending their partnership and leading to a slew of investor lawsuits. Meanwhile, PDD Holdings and Baidu faced pressures from China's e-commerce and regulatory landscape, while Lucid Group struggled in the competitive EV market, driving sell-offs.

Table 1: Shows which stocks have seen the biggest proportional increase and decrease in holders on the eToro platform in the UAE quarter on quarter.

Table 2: Shows stocks most widely held by eToro users in the UAE and their position last quarter.

Past performance is not an indication of future results.

The tables compare data from the eToro platform on the final day of Q3 2025 with the final day of Q2 2025. The data refers to funded accounts of eToro users in the UAE.

The data in the first table shows the 10 stocks which have seen the biggest proportional increase and decrease in holders on the eToro platform quarter on quarter (Q3 vs Q2).

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 the Q3 2025. As the vast majority of stocks traded on eToro are the real asset, this data does not include positions held as CFDs.

All data accurate as of after market close on Tuesday 30 September 2025. Stock price data taken from Yahoo Finance.

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