Australian investors have increased their allocation toward US equities, with American companies now accounting for 10 of the top 20 most-traded stocks among local investors. According to an analysis published by Sharesight on October 9, 2026, NVIDIA emerged as the most-traded overall stock, surpassing CSL, while SpaceX reached sixth place within four months of its June 2026 listing.
Shift Toward American Equities and Technology Sector
The 12-month study examined trading patterns across Sharesight users on major Australia brokerage platforms, comparing the six months leading to October 9, 2026, with the preceding six-month period. US equities represented 47 percent of all transactions across the 25 most-traded ASX and US stocks, up from 40 percent. US shares captured 55 percent of net buying activity, with 66 percent of total trades in leading US equities being buy orders.
Sharesight Chief Executive Officer Douglas Morris stated that domestic market inertia and monetary policy influenced the trend. Morris noted that the Reserve Bank of Australia (RBA) executed four interest rate increases while the S&P 500 reached consecutive record highs and the Nasdaq 100 gained over 20 percent. Morris added that the ASX 200 recorded minimal movement during 2026, reflecting a relative lack of technology and artificial intelligence companies on the local exchange.
Declines in Local Resource Holdings and Growth in Semiconductor Activity
Trading volume in leading ASX shares dropped 25 percent overall. Local resource and defense equities recorded substantial declines in trade volume. DroneShield trades fell 56 percent, Woodside dropped 44 percent, PLS Group declined 42 percent, and BHP fell 23 percent. Lynas, Santos, Northern Star, and Rio Tinto exited the top 25 list of ASX stocks, replaced by ResMed, NextDC, Cochlear, and 4DMedical.
Conversely, semiconductor and aerospace equities registered elevated investor interest. Micron trade volume expanded 63 percent, passing Commonwealth Bank in total volume. Intel trades increased 46 percent, Broadcom grew 33 percent, and Rocket Lab rose 21 percent. Marvell, Sandisk, and IonQ entered the 25 most-traded US stocks list. Buy orders accounted for 68 percent to 73 percent of all trades in major technology firms, including NVIDIA, Microsoft, Apple, and Amazon.
Income Stocks and International Wealth Management Trends
Selected ASX income equities recorded higher buy volume despite the broader decline in local trading. Buy transactions increased 16 percent for NAB, 12 percent for Telstra, 11 percent for Fortescue, and 7 percent for Westpac. Morris stated that local investors are utilizing the Australia market for dividend income while seeking capital growth in United States markets.
George Wilson, Chief Executive Officer of investment reporting platform ONDA, stated that high-net-worth clients and family offices are expanding international holdings, particularly in North America. Wilson indicated that managing overseas exposure requires addressing foreign exchange attribution, tax structures, and currency management.
