{"id":148751,"date":"2026-07-15T16:49:07","date_gmt":"2026-07-15T16:49:07","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/148751\/"},"modified":"2026-07-15T16:49:07","modified_gmt":"2026-07-15T16:49:07","slug":"investori-objevili-novy-zlaty-dul-tyto-firmy-diky-ai-raketove-rostou","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/148751\/","title":{"rendered":"Investo\u0159i objevili nov\u00fd zlat\u00fd d\u016fl. Tyto firmy d\u00edky AI raketov\u011b rostou"},"content":{"rendered":"

Skupina zam\u011b\u0159en\u00e1 na cloudov\u00e1 \u0159e\u0161en\u00ed podcenila rychl\u00fd p\u0159esun firemn\u00edch investic do AI server\u016f, \u010dip\u016f a pam\u011bt\u00ed. Jej\u00ed akcie se propadly o 25 procent. V\u00fdvoj tak nahr\u00e1v\u00e1 firm\u00e1m jako ASML, SK Hynix nebo Micron.<\/p>\n

Investi\u010dn\u00ed boom kolem um\u011bl\u00e9 inteligence (AI) nep\u0159in\u00e1\u0161\u00ed jen v\u00edt\u011bze, ale i pora\u017een\u00e9. Jedn\u00edm z nich je americk\u00e1 skupina IBM<\/a>, kter\u00e1 se specializuje na cloudov\u00e1 \u0159e\u0161en\u00ed. Ta v \u00fater\u00fd p\u0159iznala, \u017ee podcenila rychl\u00fd p\u0159esun firemn\u00edch investic do AI server\u016f, \u010dip\u016f a pam\u011bt\u00ed. To ji p\u0159ipravilo o \u0159adu zak\u00e1zek a zp\u016fsobilo nejv\u011bt\u0161\u00ed propad akci\u00ed za v\u00edce ne\u017e 50 let.<\/p>\n

Spole\u010dnost v \u00fater\u00fd zve\u0159ejnila dopis investor\u016fm<\/a>, v n\u011bm\u017e poskytla p\u0159edb\u011b\u017en\u00e9 v\u00fdsledky hospoda\u0159en\u00ed za druh\u00e9 \u010dtvrtlet\u00ed. Celkov\u00e9 p\u0159\u00edjmy sice m\u00edrn\u011b vzrostly na 17,2 miliardy dolar\u016f (365 miliard korun), analytici ale o\u010dek\u00e1vali 17,9 miliardy dolar\u016f. Firma v koment\u00e1\u0159i napsala, \u017ee zaznamenala slab\u0161\u00ed ne\u017e p\u0159edpokl\u00e1dan\u00e9 prodeje kl\u00ed\u010dov\u00fdch produkt\u016f, zejm\u00e9na cloudov\u00fdch \u0159e\u0161en\u00ed, kter\u00e1 pom\u00e1haj\u00ed firemn\u00edm z\u00e1kazn\u00edk\u016fm propojovat vlastn\u00ed servery s ve\u0159ejn\u00fdm cloudem. D\u016fvodem bylo to, \u017ee klienti rad\u011bji ve velk\u00e9m nakupovali AI komponenty, jako nap\u0159\u00edklad pam\u011b\u0165ov\u00e9 \u010dipy, proto\u017ee o\u010dek\u00e1vaj\u00ed jejich zdra\u017een\u00ed. Akcie IBM se v \u00fater\u00fd propadly o 25 procent, nejv\u00edc od roku 1972.<\/p>\n

Prudce oslabovaly rovn\u011b\u017e akcie softwarov\u00fdch firem, proto\u017ee p\u0159evl\u00e1dly obavy, \u017ee korpor\u00e1tn\u00ed z\u00e1kazn\u00edci budou osek\u00e1vat sv\u00e9 rozpo\u010dty na software a budou rad\u011bji investovat do AI nebo vyv\u00edjet vlastn\u00ed jazykov\u00e9 modely. Nap\u0159\u00edklad akcie americk\u00e9ho v\u00fdvoj\u00e1\u0159e firemn\u00edch cloudov\u00fdch platforem ServiceNow ztratily t\u00e9m\u011b\u0159 \u0161est procent. Tv\u016frce grafick\u00fdch program\u016f Adobe p\u0159i\u0161el o \u010dty\u0159i procenta.<\/p>\n

\u00a0<\/p>\n

V \u00fater\u00fd naopak prudce posilovaly akcie v\u00fdrobc\u016f pam\u011bt\u00ed a \u010dip\u016f, jeliko\u017e zpr\u00e1vy z IBM potvrzuj\u00ed, \u017ee tyto komponenty za\u010d\u00ednaj\u00ed b\u00fdt nedostatkov\u00fdm zbo\u017e\u00edm. Vzestup cen akci\u00ed pam\u011b\u0165ov\u00fdch titul\u016f se tak ukazuje do zna\u010dn\u00e9 m\u00edry opr\u00e1vn\u011bn\u00fd. Akcie jihokorejsk\u00e9 skupiny SK Hynix, s nimi\u017e je od p\u00e1tku mo\u017en\u00e9 obchodovat prost\u0159ednictv\u00edm takzvan\u00fdch depozitn\u00edch pouk\u00e1zek i na americk\u00e9 burze, zhodnotily o v\u00edce ne\u017e 27 procent. Micron a Sandisk \u2013 kl\u00ed\u010dov\u00ed ameri\u010dt\u00ed hr\u00e1\u010di v oboru pam\u011b\u0165ov\u00fdch \u010dip\u016f \u2013 na burze zhodnotily zhruba o p\u011bt procent.<\/p>\n

Ve st\u0159edu nav\u00edc zv\u00fd\u0161il ro\u010dn\u00ed p\u0159edpov\u011b\u010f<\/a> tr\u017eeb nizozemsk\u00fd holding ASML, glob\u00e1ln\u00ed l\u00eddr ve fotolitografick\u00fdch stroj\u00edch pro v\u00fdrobu slo\u017eit\u00fdch mikro\u010dip\u016f. Je to letos u\u017e podruh\u00e9, co tato firma progn\u00f3zu upravuje sm\u011brem vzh\u016fru. Kv\u016fli rostouc\u00ed popt\u00e1vce spojen\u00e9 s rozmachem AI nyn\u00ed skupina po\u010d\u00edt\u00e1 s tr\u017ebami 43\u201345 miliard eur. Akcie ASML letos pos\u00edlily u\u017e p\u0159ibli\u017en\u011b o 70 procent.<\/p>\n

Boom kolem um\u011bl\u00e9 inteligence na za\u010d\u00e1tku nejv\u00edce pom\u00e1hal spole\u010dnosti Nvidia, jej\u00ed\u017e superv\u00fdkonn\u00e9 \u010dipy se pou\u017e\u00edvaj\u00ed pro tr\u00e9nov\u00e1n\u00ed velk\u00fdch jazykov\u00fdch model\u016f. Letos se ale ukazuje, \u017ee pro budov\u00e1n\u00ed AI infrastruktury jsou kl\u00ed\u010dov\u00e9 i jin\u00e9 komponenty. D\u00edky pam\u011btem dok\u00e1\u017eou modely rychle zpracov\u00e1vat obrovsk\u00e9 mno\u017estv\u00ed dat a parametr\u016f. Podobn\u011b se letos za\u010dalo da\u0159it Intelu<\/a>, kter\u00fd je\u0161t\u011b p\u0159ed rokem pat\u0159il na burze sp\u00ed\u0161e k outsider\u016fm. Samotn\u00e9 pou\u017e\u00edv\u00e1n\u00ed model\u016f vy\u017eaduje v\u00edc centr\u00e1ln\u00edch procesor\u016f (CPU), ne\u017e sta\u010d\u00ed na jejich tr\u00e9nov\u00e1n\u00ed.\u00a0\u00a0<\/p>\n

Drah\u00fd \u00fat\u011bk na Wall Street<\/p>\n

Z v\u00fdrobc\u016f pam\u011bt\u00ed se mezit\u00edm stal investi\u010dn\u00ed hit. Cena akci\u00ed Sandisku je od za\u010d\u00e1tku roku na v\u00edce ne\u017e sedmin\u00e1sobku, v p\u0159\u00edpad\u011b Micronu jde o 3,5n\u00e1sobek a u SK Hynix o trojn\u00e1sobek. Ve st\u00e1le v\u011bt\u0161\u00ed m\u00ed\u0159e nakupuj\u00ed tak\u00e9 drobn\u00ed investo\u0159i, kte\u0159\u00ed z\u00e1vratn\u00fd r\u016fst p\u0159i\u017eivuj\u00ed. Zejm\u00e9na v Ji\u017en\u00ed Koreji byly s\u00e1zky na r\u016fst SK Hynix extr\u00e9mn\u011b popul\u00e1rn\u00ed a amat\u00e9r\u0161t\u00ed spekulanti \u010dasto vyu\u017e\u00edvali p\u00e1kov\u00fdch n\u00e1stroj\u016f, je\u017e zvy\u0161uj\u00ed zhodnocen\u00ed v p\u0159\u00edpad\u011b r\u016fstu kurzu (a naopak prohlubuj\u00ed ztr\u00e1tu v p\u0159\u00edpad\u011b poklesu).<\/p>\n

Tato jihokorejsk\u00e1 skupina minul\u00fd p\u00e1tek uvedla sv\u00e9 akcie na burzu Nasdaq prost\u0159ednictv\u00edm takzvan\u00fdch ADR \u2013 americk\u00fdch depozitn\u00edch pouk\u00e1zek. Jde o b\u011b\u017en\u00fd zp\u016fsob, jak zahrani\u010dn\u00ed firmy, s jejich\u017e akciemi se u\u017e obchoduje na dom\u00e1c\u00ed burze, vstupuj\u00ed na americk\u00fd trh. Celkov\u011b se prodaly ADR za 26,5 miliardy dolar\u016f, co\u017e je pro zahrani\u010dn\u00ed skupinu historicky nejv\u011bt\u0161\u00ed v\u00fdt\u011b\u017eek. P\u0159edchoz\u00ed rekord 25 miliard dolar\u016f dr\u017eel \u010d\u00ednsk\u00fd e-commerce gigant Alibaba.<\/p>\n

Debut na americk\u00e9 burze se v\u0161ak neobe\u0161el bez vedlej\u0161\u00edch n\u00e1klad\u016f. Na dom\u00e1c\u00edm trhu akcie SK Hynix v pond\u011bl\u00ed propadly o v\u00edce ne\u017e 15 procent kv\u016fli tomu, \u017ee n\u011bkte\u0159\u00ed obchodn\u00edci up\u0159ednostnili mo\u017enost koupit americk\u00e9 akcie a zbavili se t\u011bch jihokorejsk\u00fdch. Propad poslal cel\u00fd Kospi, tedy hlavn\u00ed index burzy v Soulu, dol\u016f o dev\u011bt procent. Management spole\u010dnosti nicm\u00e9n\u011b v\u011b\u0159\u00ed, \u017ee \u0161lo o spr\u00e1vn\u00fd krok, kter\u00fd akcie zp\u0159\u00edstupn\u00ed \u0161ir\u0161\u00edmu okruhu investor\u016f a dlouhodob\u011b zvedne tr\u017en\u00ed hodnotu spole\u010dnosti.<\/p>\n

Konec j\u00edzdy, nebo jen pauza?<\/p>\n

N\u011bkte\u0159\u00ed spr\u00e1vci pen\u011bz jsou ale p\u0159esv\u011bd\u010deni, \u017ee r\u016fst \u010dipov\u00fdch spole\u010dnost\u00ed je p\u0159ehnan\u00fd. D\u00edky mohutn\u00e9mu kurzov\u00e9mu vzestupu nyn\u00ed tvo\u0159\u00ed pouh\u00e9 t\u0159i spole\u010dnosti \u2013 krom\u011b SK Hynix tak\u00e9 jihokorejsk\u00fd Samsung Electronics a tchajwansk\u00fd Taiwan Semiconductor (TSMC) \u2013 29 procent cel\u00e9ho indexu MSCI Emerging Markets. Tento index sleduje akcie z rozv\u00edjej\u00edc\u00edch se ekonomik od Braz\u00edlie po \u010c\u00ednu.<\/p>\n

Nap\u0159\u00edklad Caroline Shawov\u00e1, portfolio mana\u017eerka americk\u00e9 finan\u010dn\u00ed skupiny Fidelity International, \u0159ekla den\u00edku Financial Times<\/a>, \u017ee kv\u016fli t\u00e9to koncentraci sn\u00ed\u017eila objem investic v rozv\u00edjej\u00edc\u00edch se zem\u00edch. Kdy\u017e toti\u017e o sm\u011b\u0159ov\u00e1n\u00ed cel\u00e9ho indexu rozhoduje pouze \u00fazk\u00e1 skupinka titul\u016f, je na\u010dase zpozorn\u011bt. Propad u jen n\u011bkolika firem pak m\u016f\u017ee poslat dol\u016f cel\u00fd index.<\/p>\n

Na druhou stranu by v\u0161ak nebylo spr\u00e1vn\u00e9 \u010dipov\u00e9 spole\u010dnosti odepisovat. Akcie hlavn\u00edch hr\u00e1\u010d\u016f v posledn\u00edch t\u00fddnech zkorigovaly. SK Hynix se te\u010f obchoduje zhruba 34 procent pod maximem z konce \u010dervna, Micron asi 19 procent pod svou rekordn\u00ed cenou. Stejn\u011b tak nen\u00ed p\u0159emr\u0161t\u011bn\u00e9 ani ocen\u011bn\u00ed pam\u011b\u0165ov\u00fdch spole\u010dnost\u00ed: SK Hynix se obchoduje na vylo\u017een\u011b n\u00edzk\u00e9m \u0161estin\u00e1sobku o\u010dek\u00e1van\u00e9ho zisku na leto\u0161n\u00ed rok, Micron na nep\u0159\u00edli\u0161 vysok\u00e9m 13n\u00e1sobku. Pro srovn\u00e1n\u00ed \u2013 hlavn\u00ed americk\u00fd index S&P 500 je p\u0159ibli\u017en\u011b na 22n\u00e1sobku o\u010dek\u00e1van\u00e9ho profitu.<\/p>\n

Pokud se v n\u00e1sleduj\u00edc\u00edch t\u00fddnech uk\u00e1\u017ee, \u017ee firm\u00e1m jako Alphabet, Amazon, Meta \u010di Microsoft d\u00edky AI slu\u0161n\u011b rostou zisky, bude to pro v\u00fdrobce pam\u011bt\u00ed a jin\u00fdch \u010dip\u016f povzbudiv\u00e1 zpr\u00e1va. Znamenalo by to toti\u017e, \u017ee velc\u00ed technologi\u010dt\u00ed hr\u00e1\u010di budou i nad\u00e1le utr\u00e1cet stovky miliard dolar\u016f za jejich produkty. A r\u016fstov\u00e1 j\u00edzda \u010dipov\u00fdch akci\u00ed tak m\u016f\u017ee pokra\u010dovat.<\/p>\n

Editoval Marek Miler<\/p>\n","protected":false},"excerpt":{"rendered":"Skupina zam\u011b\u0159en\u00e1 na cloudov\u00e1 \u0159e\u0161en\u00ed podcenila rychl\u00fd p\u0159esun firemn\u00edch investic do AI server\u016f, \u010dip\u016f a pam\u011bt\u00ed. Jej\u00ed akcie…\n","protected":false},"author":2,"featured_media":148752,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,19906,623,67,68,2046,10265,69,1099,27290,37586,845],"class_list":["post-148751","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-asml","tag-burza","tag-business","tag-byznys","tag-dolar","tag-ibm","tag-investice","tag-investor","tag-micron-technology","tag-sk-hynix","tag-umela-inteligence"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116925023264708447","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/148751","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=148751"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/148751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/148752"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=148751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=148751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=148751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}