The retail investor revolution that defined 2025 shows no signs of slowing down. As the new year begins, Robinhood's "100 Most Popular" leaderboard—which displays the stocks and ETFs most commonly held on the platform—offers a window into how millions of individual investors are positioning for 2026.

The Top Holdings

The list reads like a who's who of the AI and tech revolution, with some surprising entries that reveal the growing sophistication of retail traders:

1. Nvidia (NVDA)

It comes as little surprise that the face of the artificial intelligence revolution remains the most-held stock on Robinhood. Nvidia's shares have rallied 1,200% since the beginning of 2023, and analysts estimate the company controls 90% or more of all GPUs deployed in enterprise data centers.

2. Tesla (TSLA)

Despite BYD overtaking Tesla as the world's largest EV seller and a 9% annual sales decline in 2025, retail investors remain loyal to Elon Musk's company. The stock's presence at the top of the leaderboard reflects both conviction and speculation.

3. Palantir Technologies (PLTR)

The undisputed champion of 2025's "rocket" class, Palantir surged approximately 151% last year. Analyst Dan Ives predicts the company will "expand its commercial AI success" and could reach a $1 trillion valuation within two to three years.

4. Apple (AAPL)

The world's most valuable company maintains its position among retail favorites, even as investors await clarity on its AI strategy with the upcoming iPhone 17 launch.

5. Microsoft (MSFT)

The fifth member of the Magnificent Seven in retail's top holdings, Microsoft's growth story centers on cloud computing and AI integration through Azure and its partnership with OpenAI.

6. Vanguard S&P 500 ETF (VOO)

Perhaps the most telling entry on the list, the most popular ETF among Robinhood users provides instant diversification across 500 of the most influential companies. Its presence signals that retail investors aren't just chasing individual stocks—they're building balanced portfolios.

What the List Reveals

The Robinhood leaderboard tells a nuanced story about retail investor behavior in 2026:

  • AI conviction runs deep: Four of the top five individual stocks are tied directly to the artificial intelligence theme
  • Diversification matters: The presence of VOO among top holdings shows retail investors are hedging their bets
  • Valuation concerns exist but don't dominate: Despite Palantir's P/E ratio exceeding 400x, retail investors remain committed
  • Brand loyalty persists: Tesla's top-tier placement despite fundamental challenges shows retail investors often invest in what they know and believe in

The Risks Ahead

Wall Street analysts urge caution. Of the 16 analysts tracked on Palantir, 11 give the stock a hold rating, with limited upside implied by an average price target of about $187 against a current price near $169.

The high valuations across many retail favorites create a "priced for perfection" risk. For investors who entered late in Q4, any slight earnings miss in early 2026 could result in significant drawdowns.

"The biggest risk, to us, is not having exposure to this transformational technology," JPMorgan Wealth Management notes about AI. But they also warn that the second-priciest stock market in 155 years makes for a challenging environment.

Looking Ahead

Morgan Stanley's outlook suggests retail investors should expect "more volatility" even as the overall direction remains positive. The main risks include inflation in services and housing, and the potential for an AI valuation check.

For the millions of investors using platforms like Robinhood, the 2026 playbook appears clear: stay concentrated in AI and tech leaders, maintain diversification through broad market ETFs, and prepare for a bumpier ride than the past two years delivered.

The retail revolution continues—but this year, it comes with added caution.