Retail investors are broadening their exposure to the artificial intelligence trade, moving beyond the biggest chip stocks like Nvidia Corp. (NASDAQ:NVDA) and into the wider infrastructure powering the AI boom, according to Webull Corp. (NASDAQ:BULL) CEO Anthony Denier.
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In an exclusive interview, Denier told Benzinga that Webull data shows about 9% of users now hold at least one semiconductor or AI-related stock, up from 3% two years ago.
The shift reflects growing confidence that AI is not merely a short-term market theme, but a longer-term structural investment opportunity.
“Retail participation in AI-related investing has broadened significantly over the past two years,” Denier said.
“Early on, interest was concentrated in a small number of headline chip names. Today, investors are taking a wider view of the AI ecosystem,” the CEO added.
The broader view includes semiconductor equipment, memory and storage, data centers, networking, power systems, foundries, packaging and testing, and cooling infrastructure.
While Advanced Micro Devices (NASDAQ:AMD) and Micron Technologies Inc. (NASDAQ:MU) and other mega-cap chip names remain central to the AI rally, Denier said retail investors are increasingly looking across the full supply chain.
Research-Driven Approach
The change marks an evolution from earlier retail-led rallies, where enthusiasm often centered on momentum trades or a narrow group of popular stocks.
Denier said Webull is seeing evidence of a more research-driven approach.
“What stands out is that investors appear more focused on the underlying AI buildout rather than simply chasing momentum,” he said.
“Participation is more diversified across different parts of the supply chain, and investors are increasingly aware of how various businesses may benefit from long-term AI demand.”
Retail Buys The Dips
Retail investors have also remained persistent buyers through volatility.
Denier said Webull has continued to see a net buying bias in semiconductor and AI-related names in recent quarters, including during market pullbacks.
Rather than exiting during weakness, many users have used dips to selectively add exposure.
“Pullbacks often drive higher activity levels as investors selectively add exposure,” Denier said.
“What is notable is that buying appears more targeted today, with investors differentiating between parts of the supply chain instead of moving uniformly into the entire sector.”
Too Much Concentration?
Still, the rising retail focus on AI raises questions about concentration risk, particularly after a powerful multiyear run in semiconductor and infrastructure stocks.
Denier said concentration remains something investors should monitor during periods of elevated volatility, but Webull’s data suggests users are not simply piling into a handful of names.
Instead, investors appear to be spreading exposure across several categories tied to AI demand, including infrastructure, equipment, memory and networking.
“One of the clearest trends is that retail investors view AI as a long-term structural theme rather than a short-term trade,” Denier said.
“Investors are also spending more time researching and diversifying within the space, which points to a more sophisticated approach.”
BULL Stock Price Activity: Webull stock was down 5.6% at $6.24 at the time of publication Friday, according to Benzinga Pro data.
Over the past month, BULL has declined about 9.7% versus a 5.5% rise in the S&P 500 and is down roughly 18% year-to-date compared to the index’s 9.1% gain.
Cover Photo: PJ McDonnell from Shutterstock
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