UAE Retail Investors Lead the Way in AI Adoption: 71% Hold Stocks, 39% Use AI Tools for Investment Decisions
A survey by trading platform eToro found that over 70% of retail investors in the UAE own stocks of artificial intelligence (AI) developing companies.
This figure highlights the recognition of AI as a driver of innovation and a competitive advantage.
Additionally, 39% of these investors already use or plan to use AI tools like ChatGPT for investment decisions.
The UAE's status as a global AI hub is underscored by Microsoft's recent $1.5 billion investment in Abu Dhabi's G42.
Millennials make up the largest group of investors using artificial intelligence (AI) tools for investing, with 40% adoption.
Baby Boomers and Gen X follow closely with 39% and 38% usage, respectively.
A significant number of investors, 52%, who don't currently use AI tools are open to adopting them in the future.
Baby Boomers show the most interest in integrating AI into investment planning, with 60% expressing enthusiasm.
AI stocks were the top performers in 2023, driving the tech sector recovery and pushing the S&P 500 into bull market territory.
NVIDIA and Meta were the top performers in the S&P 500 in 2021, with their share prices tripling due to the adoption and trend of Artificial Intelligence (AI).
While it's unlikely that this level of performance will be repeated in 2024, the use of AI is expanding across the stock market and economy.
eToro, an investment platform, reported that AI stocks were the most popular theme among UAE-based investors in the first quarter of 2023.