{"id":139834,"date":"2026-07-06T10:59:12","date_gmt":"2026-07-06T10:59:12","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/139834\/"},"modified":"2026-07-06T10:59:12","modified_gmt":"2026-07-06T10:59:12","slug":"parket-nejhorsi-mesic-za-25-let-microsoft-doplaci-na-drahou-ai","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/139834\/","title":{"rendered":"Parket: Nejhor\u0161\u00ed m\u011bs\u00edc za 25\u00a0let. Microsoft dopl\u00e1c\u00ed na drahou AI"},"content":{"rendered":"

\u010ctete uk\u00e1zku z\u00a0newsletteru Parket, ve kter\u00e9m Luk\u00e1\u0161 Vo\u017een\u00edlek p\u0159in\u00e1\u0161\u00ed ty nejd\u016fle\u017eit\u011bj\u0161\u00ed novinky ze z\u00e1kulis\u00ed finan\u010dn\u00edch trh\u016f. Pokud v\u00e1s zaj\u00edm\u00e1 v\u00fdvoj burzovn\u00edch index\u016f, cen komodit \u010di m\u011bnov\u00fdch kurz\u016f, p\u0159ihlaste se k\u00a0odb\u011bru<\/a> a\u00a0cel\u00fd newsletter budete ka\u017ed\u00e9 pond\u011bl\u00ed dost\u00e1vat do sv\u00e9 e-mailov\u00e9 schr\u00e1nky.<\/p>\n

Microsoft v\u00a0\u010dervnu za\u017eil n\u00e1vrat do \u010das\u016f, kter\u00e9 by nejrad\u011bji nechal v\u00a0burzovn\u00edch u\u010debnic\u00edch. Jeho akcie b\u011bhem jedin\u00e9ho m\u011bs\u00edce odepsaly v\u00edce ne\u017e 17\u00a0procent a\u00a0zaznamenaly nejhor\u0161\u00ed m\u011bs\u00ed\u010dn\u00ed v\u00fdkon od prosince 2000, kdy na trz\u00edch dozn\u00edvalo splasknut\u00ed internetov\u00e9 bubliny.<\/p>\n

Z tr\u017en\u00ed hodnoty firmy se minul\u00fd m\u011bs\u00edc vypa\u0159ilo p\u0159es p\u016fl bilionu dolar\u016f a\u00a0ne\u0161lo p\u0159itom o\u00a0trest za slab\u00e9 hospoda\u0159en\u00ed. Microsoft d\u00e1l roste, vyd\u011bl\u00e1v\u00e1 a\u00a0jeho cloudov\u00e9 slu\u017eby maj\u00ed silnou popt\u00e1vku. Wall Street se zalekla n\u011b\u010deho jin\u00e9ho\u00a0\u2013 \u00fa\u010dtu za um\u011blou inteligenci.<\/p>\n

Microsoft utr\u00e1c\u00ed obrovsk\u00e9 \u010d\u00e1stky za datov\u00e1 centra, servery, \u010dipy, s\u00edt\u011b a\u00a0energii pot\u0159ebnou k\u00a0provozu AI slu\u017eeb. Investo\u0159i si proto za\u010d\u00ednaj\u00ed kl\u00e1st jednoduchou ot\u00e1zku\u00a0\u2013 zda dok\u00e1\u017ee firma na um\u011bl\u00e9 inteligenci vyd\u011blat dost na to, aby se j\u00ed tyto investice vyplatily.<\/p>\n

V\u00fdsledky z\u00a0b\u011b\u017en\u00e9ho byznysu p\u0159itom vypadaj\u00ed velmi dob\u0159e. Microsoft v\u00a0posledn\u00edm \u010dtvrtlet\u00ed zv\u00fd\u0161il tr\u017eby o\u00a018\u00a0procent na 83\u00a0miliard dolar\u016f, provozn\u00ed zisk vzrostl o\u00a0p\u011btinu a\u00a0cloudov\u00e1 platforma Azure spolu s\u00a0dal\u0161\u00edmi cloudov\u00fdmi slu\u017ebami rostla o\u00a040\u00a0procent.<\/p>\n

Ani z\u00e1jem z\u00e1kazn\u00edk\u016f zat\u00edm nen\u00ed probl\u00e9m. U\u00a0slu\u017eeb Azure a\u00a0v\u00fdpo\u010detn\u00ed kapacity pro AI popt\u00e1vka st\u00e1le p\u0159evy\u0161uje nab\u00eddku. Microsoft by tedy mohl prod\u00e1vat v\u00edce, kdyby m\u011bl k\u00a0dispozici v\u00edce server\u016f a\u00a0\u010dip\u016f. U\u00a0n\u011bkter\u00fdch konkr\u00e9tn\u00edch produkt\u016f, nap\u0159\u00edklad placen\u00e9ho asistenta Copilot, v\u0161ak investo\u0159i d\u00e1l sleduj\u00ed, jak rychle je firmy skute\u010dn\u011b zav\u00e1d\u011bj\u00ed a\u00a0zda je zam\u011bstnanci pou\u017e\u00edvaj\u00ed natolik, aby byli ochotni za n\u011b dlouhodob\u011b platit.<\/p>\n

\u00da\u010det za AI roste rychleji ne\u017e hotovost<\/p>\n

Pr\u00e1v\u011b tady za\u010d\u00edn\u00e1 dra\u017e\u0161\u00ed \u010d\u00e1st p\u0159\u00edb\u011bhu. Microsoft po\u010d\u00edt\u00e1 pro kalend\u00e1\u0159n\u00ed rok 2026\u00a0s\u00a0investicemi kolem 190\u00a0miliard dolar\u016f. Velk\u00e1 \u010d\u00e1st t\u011bchto pen\u011bz m\u00ed\u0159\u00ed do procesor\u016f a\u00a0grafick\u00fdch \u010dip\u016f. A\u00a0to je d\u016fle\u017eit\u00e9, proto\u017ee zat\u00edmco budova datov\u00e9ho centra m\u016f\u017ee slou\u017eit mnoho let, nejv\u00fdkonn\u011bj\u0161\u00ed \u010dipy st\u00e1rnou mnohem rychleji. Firma je proto nebude kupovat jen jednou. Aby udr\u017eela krok s\u00a0konkurenc\u00ed, bude je muset pravideln\u011b obm\u011b\u0148ovat.<\/p>\n

Dopad u\u017e je vid\u011bt i\u00a0na pen\u011bz\u00edch, kter\u00e9 Microsoftu po v\u0161ech v\u00fddaj\u00edch z\u016fst\u00e1vaj\u00ed. Firma sice z\u00a0b\u011b\u017en\u00e9ho provozu vytvo\u0159ila v\u00edce hotovosti ne\u017e p\u0159ed rokem, po ode\u010dten\u00ed investic v\u0161ak jej\u00ed voln\u00e9 cash flow kleslo o\u00a0v\u00edce ne\u017e p\u011btinu.<\/p>\n

Jin\u00fdmi slovy, Microsoft vyd\u011bl\u00e1v\u00e1 v\u00edce, ale z\u00e1rove\u0148 utr\u00e1c\u00ed je\u0161t\u011b rychleji. Pod tlakem jsou tak\u00e9 mar\u017ee cloudov\u00e9ho byznysu, proto\u017ee nov\u00e9 servery, spot\u0159eba energie a\u00a0odpisy se do n\u00e1klad\u016f prom\u00edtaj\u00ed d\u0159\u00edve, ne\u017e nov\u00e9 AI slu\u017eby za\u010dnou naplno vyd\u011bl\u00e1vat.<\/p>\n

Nen\u00ed tak\u00e9 jist\u00e9, co um\u011bl\u00e1 inteligence ud\u011bl\u00e1 s\u00a0tradi\u010dn\u00edmi produkty Microsoftu. \u201eNejv\u011bt\u0161\u00ed ot\u00e1zkou je, zda produkty jako Word, Excel nebo dal\u0161\u00ed \u010d\u00e1sti kancel\u00e1\u0159sk\u00e9ho bal\u00edku Microsoftu z\u016fstanou stejn\u011b d\u016fle\u017eit\u00e9 i\u00a0v dob\u011b, kdy se AI n\u00e1stroje stanou b\u011b\u017enou sou\u010d\u00e1st\u00ed pracovn\u00edho prost\u0159ed\u00ed,\u201c upozor\u0148uj\u00ed analytici brokersk\u00e9 spole\u010dnosti XTB.<\/p>\n

Investo\u0159i tedy ne\u0159e\u0161\u00ed jen cenu nov\u00fdch datov\u00fdch center. P\u0159em\u00fd\u0161lej\u00ed tak\u00e9 nad t\u00edm, zda AI \u010dasem nezm\u011bn\u00ed zp\u016fsob, jak\u00fdm firmy nakupuj\u00ed software. Microsoft dnes vyd\u011bl\u00e1v\u00e1 obrovsk\u00e9 \u010d\u00e1stky na licenc\u00edch, p\u0159edplatn\u00e9m a\u00a0cloudov\u00fdch slu\u017eb\u00e1ch. Pokud se ale zp\u016fsob pr\u00e1ce v\u00fdrazn\u011b prom\u011bn\u00ed, bude muset firma dok\u00e1zat, \u017ee um\u00ed nov\u00e9 AI n\u00e1stroje prod\u00e1vat p\u0159inejmen\u0161\u00edm stejn\u011b \u00fasp\u011b\u0161n\u011b jako Word \u010di Excel.<\/p>\n

Z\u00e1vod za stovky miliard<\/p>\n

Microsoft zat\u00edm d\u00e1l vypl\u00e1c\u00ed dividendy a\u00a0odkupuje vlastn\u00ed akcie. Obavy, \u017ee drah\u00e1 AI expanze ukroj\u00ed z\u00a0pen\u011bz vracen\u00fdch akcion\u00e1\u0159\u016fm, jsou proto zat\u00edm sp\u00ed\u0161e varov\u00e1n\u00edm do budoucna. Pokud v\u0161ak investice z\u016fstanou dlouhodob\u011b tak vysok\u00e9, veden\u00ed bude muset st\u00e1le pe\u010dliv\u011bji rozhodovat, kolik pen\u011bz vlo\u017e\u00ed do dal\u0161\u00ed v\u00fdstavby a\u00a0kolik jich vr\u00e1t\u00ed investor\u016fm.<\/p>\n

A nejde pouze o\u00a0Microsoft. Amazon, Alphabet, Meta a\u00a0Microsoft pl\u00e1nuj\u00ed v\u00a0roce 2026\u00a0investovat dohromady p\u0159es 700\u00a0miliard dolar\u016f. Um\u011bl\u00e1 inteligence se tak m\u011bn\u00ed z\u00a0p\u0159\u00edb\u011bhu o\u00a0chytr\u00e9m softwaru na z\u00e1vod o\u00a0fyzickou infrastrukturu.<\/p>\n

<\/a><\/p>\n

Kdo chce nab\u00edzet nejv\u00fdkonn\u011bj\u0161\u00ed modely, pot\u0159ebuje obrovsk\u00e1 datov\u00e1 centra, dostatek elekt\u0159iny a\u00a0nejnov\u011bj\u0161\u00ed \u010dipy. \u017d\u00e1dn\u00fd z\u00a0velk\u00fdch hr\u00e1\u010d\u016f si p\u0159itom nem\u016f\u017ee dovolit v\u00fdrazn\u011b zpomalit, proto\u017ee by mohl technologicky zaostat. Sou\u010dasn\u011b v\u0161ak nikdo je\u0161t\u011b s\u00a0jistotou nev\u00ed, jak rychle se tyto stovky miliard dolar\u016f vr\u00e1t\u00ed.<\/p>\n

Dal\u0161\u00ed d\u016fle\u017eit\u00fd test p\u0159ijde na konci \u010dervence, kdy Microsoft zve\u0159ejn\u00ed nov\u00e9 kvart\u00e1ln\u00ed v\u00fdsledky. Trh nebude sledovat jen r\u016fst tr\u017eeb a\u00a0Azure. Je\u0161t\u011b d\u016fle\u017eit\u011bj\u0161\u00ed bude, kolik firma znovu investovala, jak se vyv\u00edjej\u00ed mar\u017ee a\u00a0kolik hotovosti j\u00ed po v\u0161ech v\u00fddaj\u00edch z\u016fstalo. Investo\u0159i budou tak\u00e9 cht\u00edt sly\u0161et, zda m\u00e1 sou\u010dasn\u00e9 tempo v\u00fdstavby pokra\u010dovat i\u00a0v dal\u0161\u00edm roce a\u00a0kdy se n\u00e1klady na \u010dipy a\u00a0datov\u00e1 centra za\u010dnou v\u00fdrazn\u011bji prom\u00edtat do zisk\u016f.<\/p>\n

List Financial Times upozornil, \u017ee nejv\u011bt\u0161\u00ed americk\u00e9 technologick\u00e9 tituly b\u011bhem \u010dervnov\u00e9ho v\u00fdprodeje p\u0159i\u0161ly dohromady asi o\u00a0dva biliony dolar\u016f tr\u017en\u00ed hodnoty. Ve stejn\u00e9 dob\u011b se l\u00e9pe da\u0159ilo \u010d\u00e1sti v\u00fdrobc\u016f \u010dip\u016f, pam\u011bt\u00ed a\u00a0s\u00ed\u0165ov\u00fdch za\u0159\u00edzen\u00ed.<\/p>\n

Dodavatel\u00e9 inkasuj\u00ed d\u0159\u00edve<\/p>\n

D\u016fvod je jednoduch\u00fd. Dodavatel\u00e9 vyd\u011bl\u00e1vaj\u00ed u\u017e ve chv\u00edli, kdy si od nich Microsoft, Amazon nebo Google objednaj\u00ed hardware. Velk\u00e9 technologick\u00e9 firmy naproti tomu teprve musej\u00ed dok\u00e1zat, \u017ee se jim postaven\u00e1 datov\u00e1 centra a\u00a0zakoupen\u00e9 \u010dipy skute\u010dn\u011b zaplat\u00ed.<\/p>\n

Microsoft se tak dost\u00e1v\u00e1 do f\u00e1ze, kdy u\u017e nesta\u010d\u00ed jen ukazovat rychl\u00fd r\u016fst cloudu a\u00a0velk\u00fd z\u00e1jem o\u00a0AI. Trh chce vid\u011bt i\u00a0jasn\u00fd finan\u010dn\u00ed v\u00fdsledek. Firma mus\u00ed prok\u00e1zat, \u017ee rekordn\u00ed investice povedou nejen k\u00a0vy\u0161\u0161\u00edm tr\u017eb\u00e1m, ale i\u00a0k vy\u0161\u0161\u00edm zisk\u016fm a\u00a0dostatku hotovosti.<\/p>\n

\u201eSou\u010dasn\u00fd pokles proto nen\u00ed jen b\u011b\u017enou korekc\u00ed. Jde o\u00a0test d\u016fv\u011bry v\u00a0to, zda Microsoft dok\u00e1\u017ee p\u0159em\u011bnit obrovsk\u00e9 AI v\u00fddaje na skute\u010dn\u00fd r\u016fst zisk\u016f. Pokud se to poda\u0159\u00ed, sou\u010dasn\u00e9 ocen\u011bn\u00ed m\u016f\u017ee zp\u011btn\u011b p\u016fsobit velmi atraktivn\u011b. Pokud v\u0161ak AI investice za\u010dnou p\u0159in\u00e1\u0161et ni\u017e\u0161\u00ed n\u00e1vratnost, ne\u017e trh o\u010dek\u00e1v\u00e1, m\u016f\u017ee tlak na akcie pokra\u010dovat i\u00a0p\u0159es jejich v\u00fdrazn\u00e9 zlevn\u011bn\u00ed,\u201c shrnuj\u00ed analytici XTB.<\/p>\n

V pln\u00e9 verzi newsletteru Parket v\u017edy najdete i\u00a0souhrn nejd\u016fle\u017eit\u011bj\u0161\u00edch zpr\u00e1v z\u00a0oblasti akciov\u00fdch trh\u016f a\u00a0makroekonomick\u00fdch trend\u016f, investi\u010dn\u00ed tipy odborn\u00edk\u016f nebo novinky z\u00a0pra\u017esk\u00e9 burzy. P\u0159ihlaste se k\u00a0odb\u011bru<\/a>, aby v\u00e1m nic d\u016fle\u017eit\u00e9ho neuniklo.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010ctete uk\u00e1zku z\u00a0newsletteru Parket, ve kter\u00e9m Luk\u00e1\u0161 Vo\u017een\u00edlek p\u0159in\u00e1\u0161\u00ed ty nejd\u016fle\u017eit\u011bj\u0161\u00ed novinky ze z\u00e1kulis\u00ed finan\u010dn\u00edch trh\u016f. Pokud v\u00e1s…\n","protected":false},"author":2,"featured_media":28418,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,605,5185,4963,246,37054,3887,882,126],"class_list":["post-139834","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-cipy","tag-cloud","tag-datova-centra","tag-microsoft","tag-microsoft-office","tag-newsletter-parket","tag-technologie","tag-umela-inteligence-ai"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116872686227084592","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/139834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=139834"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/139834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/28418"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=139834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=139834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=139834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}