Polish investors remain heavily focused on global markets, particularly the technology sector, yet their decisions are becoming increasingly selective. According to a Saxo Bank analysis for the second quarter of 2026, local investors have shifted from broad market participation to a more disciplined, rotation-driven approach, distinguishing between short-term hype and real investment potential.
The first quarter of 2026 was marked by sharp market moves and active bargain-hunting. In the second quarter, however, the picture changed. Activity peaked in May in terms of client numbers, transactions and turnover value, followed by a clear slowdown in June, even as capital commitment remained relatively high.
– The highest activity – both in terms of number of clients, number of transactions and turnover value – was observed in May, which suggests a culmination of interest in the equity market during the quarter. June brought a clear slowdown while maintaining a relatively high capital commitment – said Aleksander Mrózek, manager of key client relations for Central and Eastern Europe at Saxo Bank.
Saxo Bank analysis shows changing patterns
In the first quarter, Microsoft was a key holding in Polish portfolios. In the second quarter, interest cooled noticeably. After a strong start, activity dropped and only partially recovered towards the end of the quarter. This suggests a natural rotation within the tech sector and growing sensitivity to shifting market narratives.
More interesting was the performance of SaaS companies, especially ServiceNow. Earlier, the market had been preoccupied with the so-called „SaaS-apocalypse” narrative, fearing that AI would undermine the business models of many software-as-a-service firms. But in the second quarter, the tone changed. Investors began to see AI not as a threat but as an opportunity to improve products and margins.
– Polish investors quickly caught on to this shift – ServiceNow was among the stocks with elevated activity from Polish Saxo clients, particularly in May. This is another example that individual investors from Poland are increasingly adept at reading global trends and positioning their portfolios accordingly – added Mrózek.
Sector rotation and selective bets
Micron Technology also saw elevated activity, driven by the boom in memory chips for AI and data centers. The narrative was further fueled by Donald Trump calling Micron a „great company,” sparking speculation that the chipmaker might follow the path of other semiconductor giants like Intel. Notably, although fewer investors were active at the end of the quarter, the turnover on Micron increased significantly, suggesting higher conviction and larger capital commitments.
Oracle recorded high value turnover as well, triggered by strong earnings that prompted a market reaction. In the following weeks, the number of transactions declined, indicating a short-term impulse fading, while some investors maintained their interest in the stock.
Growth in AI-related stocks and cautious approach to high-profile debuts
June was dominated by the SpaceX debut, which drew significant attention from investors across Europe. Interestingly, Polish Saxo Bank clients showed markedly less enthusiasm for this stock compared to their Western counterparts. Although activity around SpaceX was relatively high in Poland, its share of total turnover was clearly lower.
– This may suggest a more selective approach by Polish investors to hot IPOs and greater caution towards the most media-hyped topics – Mrózek concluded.
The data for the second quarter of 2026 shows an evolution in Polish investor behavior. They remain strongly concentrated on global tech, but their decisions are increasingly deliberate. After a broad-based start to the year, the following months revealed greater discipline, capital rotation and an improved ability to differentiate between fleeting popularity and real investment potential.
Źródło: WNP.PL, Fot. Austin Distel / Unsplash
