eToro data: UAE users added AI/software in Q1 while keeping Strategy exposure
The positioning came as conflict headlines raised questions about Gulf data-center security and Dubai’s hub operations.
Fresh eToro positioning data show UAE users increased holdings in select AI infrastructure and software stocks during Q1 2026 despite the sector sell-off. The same snapshot kept crypto-linked equity exposure in the mix, even as conflict-linked infrastructure risks surfaced for Gulf tech ambitions.
Key Takeaways
- UAE users on eToro increased holdings in several AI/software names during Q1 2026 despite a broader sell-off in the space.
- The largest Q1 holding increases cited included ServiceNow (+125%), Super Micro Computer (+65%), Adobe (+54%), and Oracle (+38%).
- Strategy Inc. stayed the eighth-most-held stock among UAE users, keeping a clear line to crypto-linked equity exposure.
- A Deutsche Bank report dated April 13 flagged conflict-linked risks to Gulf tech infrastructure, including reported strikes on AWS data centers and threats against a planned 1GW campus in Abu Dhabi.
UAE eToro Traders Bought the Q1 AI Dip While Staying in Crypto-Linked Equities
New eToro data shared Wednesday and published April 16 show UAE users increased holdings in AI infrastructure and software names through Q1 2026, even as the broader AI and tech complex sold off. eToro market analyst Josh Gilbert characterized the behavior as “buy the dip” rather than a broad move to de-risk.
Gilbert pointed to outsized Q1 holding increases among UAE users in ServiceNow (+125%), Super Micro Computer (+65%), Adobe (+54%), and Oracle (+38%). The packet does not include absolute position sizes, user counts, or whether the changes reflect net new buying versus rebalancing effects, but the directionality is clear: exposure was added into weakness.
On the crypto-adjacent side, Gilbert said Strategy Inc. remained the eighth-most-held stock among UAE users. That matters because it suggests the rotation inside tech did not come with a clean exit from crypto-linked equity beta.
What the Q1 Adds Say About Risk Appetite in a Sell-Off
For traders, the Q1 basket reads like selective risk-on rather than a blanket “risk-off” tape. “Buy the dip” positioning is straightforward in practice: adding after a drawdown in anticipation of a rebound. The more important detail is what they chose to add. The names cited skew toward the AI stack’s plumbing, meaning software platforms and AI infrastructure exposure rather than a broad spray across high-volatility growth.
Gilbert also tied the conflict backdrop to volatility via sharp oil price swings, a channel that can feed back into tech valuations. In that context, adding to beaten-down AI/software while keeping a crypto-linked equity in the top holdings looks less like complacency and more like a controlled bet on long-duration themes with an eye on macro-driven repricing.
Dubai’s Crypto Market Kept Running Through Disruptions
Operationally, Dubai’s digital-asset hub narrative is being stress-tested, but key participants described continuity. HashKey MENA managing director Ben El-Baz said operations remained “broadly functional,” crediting cloud-based trading and custody systems that are less dependent on physical location. He added that remote work and travel disruptions were unavoidable.
Binance also maintained normal operations. A spokesperson said employees were offered temporary relocation as a precautionary measure, but the “vast majority” chose to remain. The packet also notes Token2049 was postponed, a reminder that even when trading and custody stay online, the ecosystem’s in-person liquidity and dealmaking calendar can still take hits.
Regulators kept moving. Dubai’s Virtual Assets Regulatory Authority continued rolling out an activity-based framework during the turmoil, including detailed guidance on token issuance and formal rules for crypto derivatives. VARA’s Sean McHugh framed the pitch bluntly: in stress periods, serious participants do not seek “the lightest-touch jurisdiction, they look for the clearest one.”
Signals to Watch for UAE investors buy AI dip, keep
The near-term tail risk is infrastructure, not sentiment. Deutsche Bank’s April 13 report cited reported strikes on Amazon Web Services data centers in the UAE and Bahrain and threats against the planned 1GW Stargate campus in Abu Dhabi. The packet provides no independent confirmation, timing, or damage assessment, so the tradeable variable is whether follow-up reporting clarifies service impact, downtime, or mitigation steps.
Watch for updates on the Stargate campus itself, including any changes to security posture, construction or financing timelines, or public threat assessments. On the policy side, the next VARA publications expanding the activity-based framework, especially anything further on token issuance and crypto derivatives, will signal whether Dubai can keep tightening rule clarity during disruption. Finally, rescheduling details for Token2049 and any additional relocation or travel advisories from major exchanges and market makers will be a clean read on operational friction.
The Tradeable Signal Is Selective Risk-On, Not a Clean Risk-Off
I read the Q1 eToro snapshot as controlled risk-taking: UAE users added to specific AI/software exposures into a sell-off while keeping Strategy in the top holdings, which is not how broad de-risking usually prints. The threshold that matters is whether this remains a rotation within tech and crypto-linked equities, or whether infrastructure headlines force a genuine reduction in exposure.
If cloud and custody rails keep functioning and VARA continues to publish and enforce through the disruption, the setup starts to look structural rather than narrative-driven. This development matters in practical terms if infrastructure risk becomes measurable in service impact, because that is when “hub premium” turns into a liquidity discount across Gulf-linked tech and crypto exposures.
