California leads the nation in the use of AI-powered investment research tools, but a new state-by-state analysis suggests the technology is broadening retail investors' access to sophisticated market data across the country. The Investing.com AI Investing Index, which tracked anonymized user activity from September 1, 2025, to August 31, 2026, measured two behaviors: usage of WarrenAI, the platform's AI research assistant, and engagement with AI-focused stock content. Both metrics were normalized per 1,000 unique users in each state, with 37 states meeting the minimum threshold of 10,000 users.
California ranked first overall, followed by Ohio and Colorado, which tied for second. Florida and Texas rounded out the top five. Notably, New York came in 13th and New Jersey 27th, while Utah, Hawaii, Michigan and Minnesota all cracked the top 10. This geographic mix bears little resemblance to the traditional map of American finance, suggesting that proximity to Wall Street is becoming less relevant.
“What this data shows is people doing more research, not less,” said Thomas Monteiro, senior analyst at Investing.com in New York. “AI has opened up information that was previously out of reach for retail investors, and that's leveling the playing field with the professional side of the market. The outcome is the most significant shift we're tracking right now: a measurably more sophisticated retail investor—and as the rankings show, that's happening everywhere.”
Clients who once arrived at meetings having skimmed a few news headlines are now coming in having run stock screens, reviewed technical indicators and consulted AI chatbots on earnings data. According to separate HSBC research cited by InvestmentNews, human advisors remain the decisive voice when investment decisions are ultimately made, but the nature of client conversations is evolving fast. Advisors may find that clients are better prepared but also carry assumptions shaped by AI-generated analysis that may not account for individual circumstances, tax considerations or risk tolerance.
Breaking down the index reveals two distinct patterns of AI adoption. Florida recorded the highest rate of WarrenAI usage, with approximately 451 interactions per 1,000 users, followed by Texas (329), California (321) and Ohio (318). Meanwhile, Pennsylvania, which ranked seventh overall, led in engagement with AI-focused stock content, with approximately 6.83 page views per 1,000 users, while Virginia posted 5.82 despite finishing 17th overall. This divergence suggests some investors use AI primarily as a research tool, while others use it to identify and track opportunities in AI-related companies.
Across the platform, WarrenAI generated approximately 2.79 million interactions over the 12-month period, spanning queries on stock statistics, technical analysis, company news, economic calendar events, dividend histories and financial statements. The breadth of activity signals more than casual curiosity. Advisors are also adopting AI tools at a record pace, according to Osaic's 2026 advisor survey, mirroring the trend on the client side. A separate March 2026 Investing.com survey of 938 American adult investors found that 62% had already used AI to inform an investment decision, with more than half expecting their use to increase. AI chatbots such as ChatGPT were the most widely used, with 54% of respondents reporting they had used one for investing-related research.
Monteiro offered a pointed read on the geographic results. “Proximity to Wall Street used to count for a great deal in research terms,” he said. “This data suggests it now counts for less than it did. The states at the top of the AI index tend not to be the ones with the financial infrastructure. What we may be watching is a catch-up, with investors who were a step behind on access closing that gap, and in a few states closing it altogether.”
That dynamic has a direct bearing on how advisors position themselves. As wealth transfer projections are reassessed, AI is not simply a back-office efficiency tool; it is reshaping what clients expect from their advisors before they even walk in the door. The Federal Reserve, in a November 2025 research note, estimated that generative AI usage among the U.S. workforce had reached approximately 41%, with finance among the highest-adoption sectors at 63%. The Investing.com state-level data adds a retail dimension to that broader picture, showing where AI-assisted investment behavior is currently most concentrated and suggesting the gap between high- and low-engagement states may close faster than the industry expects.
