The latest Finimize Modern Investor Pulse finds appetite for individual stocks falling and diversification rising, as investors weigh where the biggest AI opportunities could lie
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• Equities, but make it diversified: Stocks and ETFs remain the top destinations for surplus income, but interest in individual stocks is falling year on year as ETFs gain ground
• No rush to IPOs: 34% would wait before investing in a new listing, while a further 27% would only invest at launch with an attractive valuation
• AI conviction shifting: the Magnificent Seven and hyperscalers were the least popular of the three leading AI opportunities, with energy and chipmakers the top bets  - but responses started shifting as the slowdown call was published
• Selective, not spooked: 67% still expect global stock markets to be higher over the next 12 months, broadly in line with last quarter, with stocks and ETFs the most popular destinations for surplus income

29 September 2026 – LONDON: Retail investors are putting greater weight on diversification, valuations and company fundamentals as debate around the AI market intensifies, according to the latest Finimize Modern Investor Pulse survey.
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The data, gathered from 2,488 retail investors in September 2026, reveals a selective approach in how they're assessing individual stocks, IPOs and the wider AI opportunity. There were also early signs of a shift in AI preferences as Anthropic's Dario Amodei published his slowdown essay and subsequent comments from Sam Altman and Elon Musk added to the debate.

AI conviction faces a live test

When asked which areas were most likely to generate the biggest returns from AI over the next 3 to 5 years, 44% selected energy, ahead of AI chipmakers at 41% and the Magnificent Seven and hyperscalers at 16%.
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The finding suggests investors are looking beyond the companies dominating AI headlines towards the wider infrastructure and supply chain needed to scale the technology. There are also signs that this balance was shifting as the latest AI debate unfolded.
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Among investors surveyed from 12 to 14 September energy's lead narrowed to 40.5%, down from 46.6% earlier in the fielding period. Over the same period, AI chipmakers rose to 43.2% from 40.0%, while the Magnificent Seven and hyperscalers rose to 17.6% from 14.6%.
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The movement is suggestive rather than conclusive, but the direction is notable. As questions around the pace of AI investment became more prominent, energy's lead narrowed while more traditional AI beneficiaries held up better.
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Finimize analysts suggest this shows investors remain interested in AI, but are becoming more selective about where they see the biggest opportunities.
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Carl Hazeley, Finimize CEO, said: “The interesting question now isn't whether investors remain positive on AI, it's where they believe the returns will ultimately come from. Retail investors planning for long-term growth rarely make knee-jerk decisions, but what we're seeing in the data is that they're watching for growth potential wherever it shows up. If some of these companies now show better value, it's likely that they'll take an interest.”‍

Retail investors aren't chasing the next IPO

The story continues when it comes to new listings. Despite record-breaking fanfare around this year's IPO market, selectivity is clear in how investors approach new companies. 34% say they would wait before investing in a newly listed company, rather than buying at launch. A further 27% would only invest if the valuation was attractive.
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That means more than six in ten investors either want to see a company trade before committing capital or require a compelling entry price.
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The approach is consistent with what investors say they look for when deciding whether an investment is worth buying. Long-term growth potential is the biggest consideration, cited by 67%, followed by company fundamentals and recent financial performance at 54%.
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By contrast, just 7% cite financial influencers, 6% media coverage or public interest, and only 4% fear of missing out.
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The findings suggest retail investors are looking beyond excitement around a new opportunity and towards whether the underlying investment case justifies the price.

Selective, not spooked

The findings come as investors face a more demanding market backdrop. Yet retail investors are not indicating a retreat: stocks and ETFs remain by far the most popular destinations for surplus income, while overall investment intentions and risk appetite remain broadly stable.
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The data also points to a broader shift towards diversification. Planned allocation to individual stocks is down 4.2 percentage points year on year, from 68.6% to 64.4%, while 61.5% plan to invest in ETFs, up 2.7 percentage points over the same period.
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67% still expect global stock markets to be higher over the next 12 months, broadly in line with last quarter. 
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Investment intentions are similarly steady. 40% plan to invest more over the next three months, compared with 39% last quarter, while 49% expect their appetite for risk to remain unchanged, only slightly down on the previous survey.
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Bitcoin sentiment has also improved from last quarter, with 58% expecting it to rise over the next 12 months, up from 54%. That remains below the 69% recorded a year ago, however, suggesting the recovery in crypto confidence has not returned to last year's levels.
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The broader picture is therefore one of selectivity rather than retreat. Retail investors remain engaged with equities, but are showing greater interest in diversification and more scrutiny of valuations, fundamentals and individual opportunities.
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About the Modern Investor Pulse

The Modern Investor Pulse is a quarterly survey capturing insights from Finimize's global community of retail investors. This edition was fielded between 25 August and 14 September 2026 and surveyed 2,488 global retail investors. For access to the full survey data, please contact our press team.

About Finimize

Finimize is the research partner for modern investors. With over 1 million engaged members, it is one of the largest retail investor communities globally.
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Each year, more than 70,000 members attend and host Finimize events, and its premium product, Finimize Pro, offers deeper research, tools, and insight for investors looking to progress with confidence. Through its deep understanding of investor behaviour and needs, Finimize for Business enables more than 350 financial institutions to provide trusted content and insight that drives engagement, revenue, and retention.