Large technology companies’ spending on artificial intelligence continues to attract Polish retail investors, but investors are becoming more selective about which AI-related companies they expect to benefit. In an eToro survey, 38% of Polish investors said the Magnificent Seven’s AI spending increased their willingness to invest in those companies.
The findings come from the latest edition of eToro’s Retail Investor Beat survey, which included 600 investors in Poland. The data suggest that investors remain positive about AI but increasingly want to see whether large capital expenditure translates into products, revenue and profits.
AI spending attracts more investors than it discourages
Some 38% of respondents said high AI spending by Magnificent Seven companies made them more inclined to invest in those stocks. The opposite view was expressed by 18%.
The Magnificent Seven — Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla — are among the world’s largest investors in AI models, infrastructure and products.
The effect was strongest among younger investors: 48% of Generation Z respondents and 41% of millennials said large AI investments increased their interest in the biggest technology companies. The share fell to 36% among Generation X and 20% among baby boomers.
Polish investors see the Magnificent Seven’s large AI spending as confirmation that these companies are taking the technology seriously. That strengthens their appeal, but the scale of investment alone does not guarantee success. It will increasingly matter whether spending translates into useful products, revenue and profits, said Paweł Majtkowski, analyst at eToro.
49% expect the Magnificent Seven to outperform
According to the survey, 49% of Polish retail investors expected the Magnificent Seven to outperform the broader market in 2026, while 10% expected them to underperform.
The share expecting outperformance has increased from 44% in the previous quarter and 43% in the first quarter of 2026.
Technology also remained the sector most frequently identified for potential increased exposure, cited by 18% of respondents. Finance and energy followed at 13% each.
The AI label alone is becoming less persuasive
Investors were more cautious about the broader universe of AI-related stocks. Some 28% expected AI stocks to rise in 2026, down from 30% a year earlier. At the same time, the share expecting declines increased from 19% to 26%.
This divergence suggests that investors are increasingly distinguishing between companies with a clear path to commercialising AI and those whose investment story depends mainly on exposure to the theme.
Investor confidence remains high
The survey also found that 60% of Polish retail investors said they were achieving their main investment objective or were on track to do so, the highest result since the question was introduced in the second quarter of 2023.
Confidence in investment decisions rose to 80%, from 77% a year earlier. Meanwhile, 45% expected their portfolios to generate a return of at least 10% in 2026.
The survey covered 11,000 retail investors across 13 countries, including 600 in Poland, and was conducted by Opinium between August 13 and 28, 2026.
This material is for information purposes only and does not constitute investment advice or a recommendation. Survey responses reflect respondents’ views at the time of the study and do not guarantee future market performance.
