UK investors buy AI dip while weight loss drugmakers came back into focus

IG Q2 StockTake:UK investors buy AI dip while weight loss drugmakers came back into focus

• UK investors heavily backed AI and software names in Q2, with Snowflake (+140%), Adobe (+121%), and Salesforce (+47%) seeing biggest proportional jump in holders
• Novo Nordisk (+66%) rebounded as dip buyers returned to weight-loss drugmaker following sharp price fall and a change in leadership
• Profit-taking hit gold associated stocks, with Wheaton Precious Metals seeing 12% in number of IG customers holding the stock

UK investors seemingly bought the dip in AI stocks in Q2 while also backing weight loss drugs, according to IG’s latest quarterly StockTake.

IG’s StockTake tracks the largest quarter-on-quarter percentage change in the number of IG share dealing customers holding each stock, comparing positions as of 25 June to three months earlier. It also identifies the 10 most held shares among IG’s customer base.

Top risers this quarter included Snowflake (+140% increase in IG customers holding the stock), a cloud data platform at the heart of the AI infrastructure boom, Adobe Systems (+121%), and Salesforce (+47%). All benefited as investors looked to capitalise on April’s market pullback and re-enter AI at more attractive valuations.

Healthcare innovation also remained in focus. Novo Nordisk (+66%), now best known for its weight-loss treatments, saw renewed interest amid a changing leadership team and efforts to recover from a steep share price decline earlier this year. Hims & Hers (+52%) and Delcath (+56%) also gained, as investors leaned into high-growth health stocks.

Rheinmetall, the German defence contractor, saw a 79% increase in holders, reflecting investor interest in European defence names amid persistent geopolitical tensions and rearmament.

Meanwhile, profit-taking took hold in more defensive names. Wheaton Precious Metals (-12%) saw outflows as investors pared back gold exposure, while Unilever (-11%) also dropped, reflecting a broader cooling toward consumer staples amid renewed risk appetite. Smaller mining and resources stocks like OM Holdings (-8%) and Spartan Resources (-8%) also lost ground.

Among the most held shares on the IG platform, Tesla, Amazon, Apple, Microsoft, and Alphabet remain dominant, with only minor quarterly shifts.

Commenting, Chris Beauchamp, IG Chief Market Analyst, said: “We’re still seeing AI dominate investor attention, with names like Snowflake, Adobe, Salesforce, and ARM benefiting from the ongoing enthusiasm around data infrastructure and generative tech. 

“Healthcare innovation is another key theme, with long-term investors drawn to Novo Nordisk, Hims & Hers, and Delcath thanks to their exposure to high-growth areas like weight-loss treatments and telehealth. The strength in crypto markets is also fuelling demand for leveraged plays such as MARA and Cleanspark. Speculative growth stories remain popular too, as ever, with Archer Aviation making its way into the top ten this time around.”

“At the same time, we’ve seen investors start to rotate out of more defensive or speculative laggards. Precious metals and defensive staples like Wheaton and Unilever have seen outflows as rate-cut expectations and appetite for growth pick up. ESG-focused plays such as Kraneshares’ carbon credit ETF have lost momentum, while speculative interest in smaller resource names like OM Holdings and Spartan Resources has cooled. Even some high-flying tech names like Zscaler, Photronics, and Crowdstrike have seen profit-taking set in, as investors reassess valuations.”

Biggest risers: Stocks which saw biggest QoQ increase in holders

*Data taken from IG platform on 25.06.2025

Biggest fallers: Stocks which saw biggest QoQ decrease in holders

*Data taken from IG platform on 25.06.2025

The most held: The 10 most held stocks amongst IG share dealing customers

*Data taken from IG platform on 25.06.2025