Investing.com -- Retail investors are no longer concentrating their artificial intelligence bets on a handful of the largest chipmakers, according to data from online investment platform Webull (NASDAQ: BULL), whose group president and U.S. chief executive, Anthony Denier, told Investing.com that users are increasingly building positions across the broader semiconductor ecosystem.

In an exclusive interview, the Webull CEO said the platform, which yesterday announced Vega Analyst, its new artificial intelligence-powered research tool, is seeing its strongest equities growth in AI infrastructure and semiconductor-adjacent names, followed by integrated device manufacturers and memory and storage companies.

“The activity we’re seeing across these areas reinforces that investors are expanding exposure beyond the largest chipmakers and positioning across the broader AI supply chain,” commented Denier.

Beyond those core areas, data center REITs and operators, as well as semiconductor packaging and outsourced assembly and testing companies, are also drawing increased engagement.

Denier believes this “reinforces that investors are positioning across the full AI and semiconductor ecosystem rather than concentrating only on headline chipmakers.”

The shift is said to be reflected in user numbers. "Approximately 9% of users now hold at least one share of a semiconductor or semiconductor-related stock, up from 3% two years ago, reflecting more sustained engagement with the theme," the CEO said.

The CEO also noted that semiconductor-related positions are generally held longer than more event-driven sectors, reflecting the market’s treatment of semiconductors as a long-term structural theme tied to AI infrastructure buildout rather than a short-term trade.

Options activity is also evolving, with volumes up 10% on the platform. Denier believes the trend reflects increased tactical use around specific catalysts such as earnings reports and macroeconomic events, with the brokerage also seeing a blend of both hedging and directional positioning.

Denier added that "investors are becoming more intentional in how they use derivatives, whether that means expressing views on volatility, adjusting directional exposure, or managing risk during periods of heightened market movement."

On the question of AI fatigue, the CEO was unequivocal. "Investors are moving from concentrated exposure in a small number of AI leaders to a broader, more diversified view of the ecosystem," the CEO stated.

"That suggests the theme remains very much intact, but the way investors are expressing it is evolving rather than slowing."

Overall, Denier noted that several indicators are pointing to increased sophistication among investors, including “diversification across the semiconductor ecosystem, where investors are allocating across equipment, infrastructure, memory, and supporting industries rather than concentrating only in the largest names.”

“We also continue to see a net buying bias over time, suggesting conviction rather than purely reactive trading,” the CEO mentioned. “More broadly, retail investors are increasingly doing multi-layered research across the AI value chain rather than focusing on headline-driven trades.”