Retail investors are increasingly diversifying away from crowded US technology trades and towards commodities and other “real-economy” assets as global uncertainty reshapes portfolio strategies, according to commentary from Sharesies head of capital markets Jacki Neumann.
Neumann said the market has become more discerning about AI investments as investors look for evidence that heavy spending is translating into stronger profits.
“Despite solid results during the US reporting season, heavyweights like Google and Amazon face pressure as 2026 capex forecasts blew past consensus estimates,” she said.
At the same time, developments such as Anthropic’s new specialised AI agents have sparked concerns that automation could reduce demand for some software-as-a-service products — triggering “genuine seat-count cannibalisation fears” and creating uncertainty across parts of the technology sector, according to Neumann.
As a result, investors are looking to trim exposure to US tech stocks and broaden their portfolios.
“Retail investors will be keeping a close eye on these developments in the sector, with some Sharesies investors suggesting they are reducing their US tech exposure, diversifying away from the crowded AI trade and into real-economy assets,” Neumann said.
Sharesies’ head of capital markets, Jacki Neumann
Geopolitics reshaping portfolios
Geopolitical tensions are also influencing investment decisions.
Neumann said investors are increasingly seeking what she described as “geopolitical moats” — assets, such as precious metals and industrial minerals, that could help shield portfolios from global instability.
“We are seeing good appetite for gold, silver, copper and lithium, alongside sustained demand for rare earths as a play on sovereign resource security,” she said.
“Investors are increasingly seeking out producers that can source minerals essential to the global energy transition, reflecting a broader trend of diversifying into tangible, long-term foundational assets.”
Opportunistic buying amid volatility
Alongside this structural repositioning, Neumann said, recent Sharesies trading data suggests retail investors are also taking advantage of ongoing market volatility during the latest round of earnings reporting.
Rather than retreating from the market, many investors are selectively buying companies whose share prices have fallen sharply, “exploiting various perceived valuation gaps created this reporting season”, according to Neumann.
“Sharesies trading data over recent weeks reveals a highly discerning and opportunistic retail investor base,” she said.
“We have seen a clear trend of Sharesies investors capitalising on market dislocations to build positions in companies that have come under pressure this reporting season and are now trading at attractive entry points.
“While near-term headwinds persist for many of these companies, Sharesies investors are looking toward the long term, where they believe the core investment case remains intact,” Neumann concluded.
