Polish investors are "buying the bottom" in the weak healthcare sector and are betting on American technologies.

Polish investors are buying into the low-risk healthcare stock market, including: United health i Novo Nordisk, while continuing to invest in American technology companies, including Oracle infrastructures i Palantir – according to the latest quarterly data from the investment platform eToro.

• UnitedHealth became the growth leader in Poland in the third quarter – the number of investors holding the company’s shares increased by 43 percent.
• Oracle and Novo Nordisk advance to top three, confirming the continuing interest in the healthcare sector and American technologies
• Baidu and Riot Platforms among the biggest decliners – Polish investors are reducing positions in highly volatile stocks

Polish investors are focusing on healthcare, technology and strategic sectors in the third quarter.

In the third quarter of 2025, Polish investors clearly preferred pharmaceutical stocks, confirming their continued confidence in the healthcare sector. Three companies from this industry were among the ten most frequently held stocks. The ranking was topped by United health, the number of whose owners increased by 43 percent, then Novo Nordisk with a result of +35 percent, and Eli Lilly recorded a solid 11% increase. This trend confirms the consistent use of the "buy the dip" strategy – investors take advantage of temporary price declines to take positions with an eye on future growth.

The technology sector – especially companies related to artificial intelligence and cloud computing – continued to enjoy significant interest. Oracle infrastructures moved up to second place thanks to a 40% increase in the number of owners, Snowflake entered the top ten with a result of +13 percent, and Broadcom gained 12 percent. These data show that investors are focusing on long-term growth opportunities in the areas of data analytics, cloud infrastructure and semiconductor technology.

An American company is at the crossroads of artificial intelligence and defense. Palantir, whose number of investors increased by 24 percent in the third quarter. During the same period, the company signed contracts worth £750 million with the United Kingdom and $10 billion with the United States for the supply of military technology. Traditional defense companies also enjoyed investor interest – the number of shareholder Rheinmetall increased by 9 percent, and the manufacturer of aircraft engines Rolls-Royce 12 percent

Pawel Majtkowski, eToro Market Analyst, comments:  Polish investors paid particular attention to companies whose prices were characterized by unusually high volatility. In the healthcare sector, many took advantage of UnitedHealth's 31% year-to-date decline, employing the popular "buy the dip" strategy. On the other hand, investors support companies with growth potential, especially those based on long-term public partnerships. For example, Oracle infrastructures plays an important role in the US AI Action Plan, and Palantir wins lucrative government contracts in the US, UK, and Germany. The combination of these two approaches demonstrates that Polish investors prioritize diversification—balancing growth potential in technology with "safe" defensive sectors.

Decline in popularity: Baidu, Tesla and cryptocurrency companies lose investors in Poland

The Chinese tech giant tops the list of companies with declining popularity Baidu, the number of holders of which fell by 17 percent. Slightly smaller declines – 16 percent each – were recorded by companies related to cryptocurrency technologies: Riot Platforms i Marathon Digital Holdings, as well as a company operating in the field of cloud computing Rigetti Computing.

Projects Tesla recorded a quarterly decline in the number of holders by 11 percent, which translated into a drop in the ranking of the most frequently held shares in Poland – from second to fourth place.

Pawel Majtkowski adds: The biggest drop in popularity was recorded by the Chinese company Baidu, which, despite investments in artificial intelligence, is struggling with the problems of the Chinese economy and declining advertising revenues. This has led many investors to limit their exposure to this market. Rigetti Computing also lost interest – the enthusiasm around quantum computers proved premature, the company's revenues plummeted, and the prospects for commercial use of the technology shifted to an uncertain future. Riot Platforms i Marathon Digital, engaged in cryptocurrency mining, are losing their attractiveness due to high price volatility and rising energy costs, which makes them a symbol of increased risk. UnitySoftware, the manufacturer of a popular game engine, is struggling with losses and intense competitive pressure. This has caused some Polish investors to withdraw from these companies.

Table 1: Shows the companies that saw the largest proportional increase and decrease in the number of shareholder shares on the eToro platform in Poland, quarterly (Q3 vs Q2).

Table 2: Shows the stocks most frequently held by eToro users in Poland and their position in the previous quarter.

Source: eToro, Press Materials