Madness about space and AI among Poles. They are looking for a cheaper alternative to SpaceX

Polish individual investors are expanding exposure to various AI market segments, betting on stocks of AI software companies and memory and semiconductor manufacturers
Micron Technology and Broadcom ranked high in the "top risers" list, indicating sustained interest in AI infrastructure
Strong results from Rocket Lab and Rigetti Computing suggest that Polish individual investors are increasingly scrutinizing new technologies — from the space sector to quantum computers

According to the latest data from the trading and investment platform eToro, in the second quarter Polish individual investors intensified investments in the artificial intelligence ecosystem, increasing their holdings in companies involved in AI software, as well as among memory and semiconductor manufacturers.

eToro analyzed the activity of Polish platform users in Q2, checking which companies saw the largest increase in the number of investors holding their shares compared to the previous quarter (table 1). A separate list of the ten most popular stocks in eToro users’ portfolios was also prepared (table 2).

The "top risers" list, i.e., companies that in Q2 most strongly attracted individual investors from Poland, shows that interest in AI is no longer limited to the biggest tech firms. Investors are increasingly turning to suppliers of software, memory, semiconductors and infrastructure, without which further AI development would be difficult to sustain. The leader of the ranking is ServiceNow — the number of Polish investors holding shares of this company rose by 117% quarter‑on‑quarter. It is a cloud software provider for business, supporting process automation and the implementation of AI‑based solutions. Next places were taken by Micron Technology, a memory and data storage products manufacturer (+24%), and IBM, operating in IT services, cloud and AI (+18%).

Paweł Majtkowski, eToro analyst, said: "ServiceNow became the most frequently purchased new company by Polish investors in the last quarter, because the market narrative changed. A few months ago there were fears that artificial intelligence would threaten software‑making companies; today it is increasingly clear that ServiceNow is one of the biggest beneficiaries of this shift. The company develops AI solutions that not only support employees but can partially replace them in many repetitive processes, which for companies means real savings and productivity growth. Investors are looking today not only for chip manufacturers but also for enterprises that can turn artificial intelligence into concrete business benefits, and ServiceNow is one of the most convincing examples of such a model."

In Q2 the commercial space sector again found itself at the center of investor interest, partly due to the biggest IPO in history, SpaceX. Rocket Lab, operating in the commercial space sector, ranked fifth in the "top risers" list with a 16% increase among shareholders. In the top ten, at sixth place was also Rigetti Computing (+15%), developing quantum computing technologies. The whole picture shows that alongside AI and semiconductors, Polish individual investors are increasingly reaching for companies that fit into new technological trends.

It is worth noting that Polish investors also more frequently bought shares of game publisher Take‑Two Interactive (fourth place, +16%) in anticipation of the November release of Grand Theft Auto VI.

Paweł Majtkowski, eToro analyst, commented: "SpaceX's IPO was undoubtedly the most important one‑off event of Q2 in the equity markets. At the same time, the very high valuation of the company caused many investors to look for cheaper ways to gain exposure to the growing space sector. Hence interest in companies such as Rocket Lab, which for many investors became an alternative to SpaceX, rose sharply. This shows that investors are increasingly trying to take advantage of long‑term technological trends, but also pay close attention to the valuation levels of individual companies."

Among companies that lost the most popularity in Q2, UnitedHealth topped the list with a 32% drop. Not all AI and semiconductor firms gained popularity, as the "top fallers" list included companies such as Intel (-18%), Qualcomm (-16%), Advanced Micro Devices (-15%). The list also featured companies from other sectors, such as InPost (-15%) or oil giants Chevron and ExxonMobil (each down by -14%).

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Paweł Majtkowski, eToro analyst, added: "Companies that lost popularity in Q2 are not today companies with weak prospects. They are increasingly companies that simply did not meet the very high expectations of investors, especially in the AI area. This applies to Qualcomm and AMD, from whom the market still expects clearer benefits from the AI boom. The decline in shares of Chevron and ExxonMobil suggests that investors may assume a calmer geopolitical environment in the Middle East. A lower exposure to the biggest oil companies can be read as a sign that they see lower risk of a lasting price shock in the oil market or serious disruptions in global energy markets."

The list of the most frequently held stocks on eToro in Poland remained unchanged this quarter. At the top are still Nvidia, Microsoft, Amazon, Tesla and Apple. The ranking saw only one change: Meta overtook Alphabet and is now sixth, while Alphabet is seventh. This shows that the biggest tech companies still play a key role in individual investors’ portfolios.

Table 1: Companies with the largest proportional increase/decrease in the number of investors holding their shares among eToro individual investors in Poland, quarter‑on‑quarter

	Companies with the largest increase in the number of individual investors holding their shares		Companies with the largest decrease in the number of individual investors holding their shares
	Company	Increase in investors q/q	Company	Decrease in investors q/q
1	ServiceNow Inc	117%	UnitedHealth	-32%
2	Micron Technology, Inc.	24%	Intel	-18%
3	International Business Machines Corporation (IBM)	18%	Qualcomm Inc	-16%
4	Take‑Two Interactive Software Inc	16%	InPost SA	-15%
5	Rocket Lab Corp	16%	Advanced Micro Devices Inc	-15%
6	Rigetti Computing Inc	15%	Baidu, Inc.	-14%
7	McDonald's	13%	Chevron	-14%
8	Uber Technologies Inc.	13%	ExxonMobil	-14%
9	Broadcom Inc	10%	Snowflake Inc.	-12%
10	Strategy Inc	7%	Palo Alto Networks	-12%

Table 2: Most popular stocks among eToro individual investors in Poland and their position in the previous quarter

Company	Position at the end of Q2 2026	Position at the end of Q1 2026
Nvidia Corporation	1	1
Microsoft	2	2
Amazon.com Inc	3	3
Tesla Motors, Inc.	4	4
Apple	5	5
Meta Platforms Inc	6	7
Alphabet	7	6
Advanced Micro Devices Inc	8	8
Alibaba	9	9
Palantir Technologies Inc.	10	13

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FXMAG Team

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