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SINGAPORE – Retail investors worldwide, including in Singapore, are turning the Middle East chaos into a high-stakes game, as they bet on “buying the dip” trades and sprint for exits on the earliest rallies to cash in.
Brokers’ data showed stocks inched higher as investors globally scooped up battered shares on dips following the Iran war, in hopes that Washington and Tehran may secure a ceasefire.
Upside to subsequent rallies were capped, however, as these investors cashed out quickly on rebounds when the United States and Iran eventually agreed to a two-week pause.
Mr Steve Sosnick, chief strategist of Interactive Brokers, told The Straits Times that over the past few weeks, he has seen customers shift from buying the dip to selling the rally as the market improved. Asia-Pacific clients, including those in Singapore, make up a significant portion of those trading in US stocks via the brokerage firm.
Retail investor flows data from JP Morgan showed US investors sold more stocks than they bought after the truce was announced.
Its analysts noted a continued shift in retail behavior observed over the past month when the Iran war broke: investors were selling into rallies and taking a more defensive stance.
This was a stark contrast to the same period last year when retail investors aggressively bought during market selloffs. This year, they were more inclined to lock-in profits.
Despite the signs of ebbing enthusiasm noted above, it would be premature to declare an end to buy-the-dip behavior, Mr Sosnick said.
Data from trading and investing platform eToro showed Singapore retail investors shifted their portfolios towards US technology stocks, while pivoting out of retail and discretionary stocks during the first three months of 2026.
At 56 per cent, Micron Technology saw the biggest increase in holders of its stock in the first quarter, compared to the preceding quarter.
The memory chipmaker’s rapid increase in popularity reflects local investors’ positioning for sustained demand in artificial intelligence (AI) infrastructure and data storage, sectors seen as resilient amid geopolitical uncertainty, said Mr Zavier Wong, market analyst at eToro.
Cloud, AI-integrated tech and enterprise software also proved popular with Singaporeans seeking exposure to core business infrastructure.
Compared to the preceding quarter, Oracle saw an 18 per cent rise in holders of the stock in the first three months of 2026; Microsoft and Broadcom a 17 per cent rise, and Alphabet 4 per cent. Microsoft was the only stock that moved ranks within the top ten most held stocks, rising from seventh to fifth place, eToro’s data showed.
Cybersecurity firm CrowdStrike gained ground as investors rushed to buy the dip. Palantir Technologies, whose analytics platforms are used by defence and intelligence agencies, also saw a steady growth in the number of Singapore holding its stock amid heightened geopolitical tensions.
Mr Wong said Micron’s stock is rising because it makes a special kind of memory chip, called HBM (high-bandwidth memory), that is essential for AI data centres or the places where all the computing for AI happens.
Demand for these chips is extremely strong, and Micron has reportedly already sold out all its supply until the end of 2026.
Investors in Singapore have noticed this trend and are buying Micron shares, along with other companies that are part of the AI infrastructure boom or firms providing the equipment and components needed to build and power AI technology.
On the growing interest in Broadcom, Oracle, and Microsoft, Mr Wong said these companies make the cloud systems and business software that AI technology depends on to operate.
They are not as attention‑grabbing as the chipmakers like Nvidia or Micron, but they are equally important in building out AI capabilities, he said.
“With geopolitical uncertainty still simmering and the inflation outlook murky heading into Q2, Singapore investors are positioning into stocks they know will be needed, regardless of how the macro plays out,” Mr Wong said.
Grab Holdings also notched a 3 per cent increase in the number of holders as the Singapore-headquartered super-app continues to attract local investor interest, he added.
Singapore investors retreated sharply from consumer-facing and retail names. Costco, Starbucks, Procter & Gamble and Walmart saw some of the steepest declines in holders in the first quarter from the preceding quarter.
This suggests Singaporean investors are concerned about consumer discretionary spending and supply chain pressures in light of geopolitical instability.
Leading the drop is Circle Internet Group, which saw a 25 per cent drop in holders.
The stock has seen volatility in recent months, recently surging following a strong fourth quarter 2025 results, but has since slipped 15 per cent in the past month.
“The retreat from consumer discretionary and travel names reflects a rational read of the macro environment in the first quarter. A fair amount of this can be attributed to profit-taking. Several of these stocks had a solid run, and investors were quick to lock in gains once the macro backdrop turned less favourable,” Mr Wong said.
Singaporean investors are also recalibrating their AI-related options. While several cloud and semiconductor companies powering AI have attracted more buying interest, two Nasdaq-listed fuel cell companies which are targeting the AI data centre market lost buyers.
FuelCell Energy saw a 10 per cent drop in holders while Plug Power Inc saw an 8 per cent decline after a prolonged period of volatility with revenue misses and legal issues.
