Retail investors are not entirely giving up on the artificial intelligence trade, but they are becoming more selective and adding downside protection as markets head into the fall. According to data from Vanda Research, put buying for the top 12 retail-favored stocks in 2026 has almost doubled since April compared to the first quarter. Charles Schwab data also shows investors are still buying and positioning for further upside, with the Schwab Trading Activity Index (STAX) reaching its highest level since January 2022 in July.