![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/09\/investice.png\")
Foto: Bank of America (Fund Manager Survey, srpen 2026)<\/p>\nInvesti\u010dn\u00ed p\u0159\u00edb\u011bh spojen\u00fd s\u00a0rozvojem um\u011bl\u00e9 inteligence ani zdaleka nekon\u010d\u00ed. Do infrastruktury pro AI proud\u00ed obrovsk\u00e9 pen\u00edze a\u00a0nejv\u011bt\u0161\u00ed technologick\u00e9 spole\u010dnosti sv\u011bta na t\u00e9ma ro\u010dn\u011b vy\u010dle\u0148uj\u00ed stovky miliard dolar\u016f.<\/p>\n
Mezi investory ale z\u00e1rove\u0148 koluje ot\u00e1zka, zda u\u017e nejsou jejich s\u00e1zky na toto t\u00e9ma takzvan\u011b p\u0159\u00edli\u0161 koncentrovan\u00e9. Podle srpnov\u00e9ho pr\u016fzkumu Bank of America mezi glob\u00e1ln\u00edmi spr\u00e1vci fond\u016f je nebezpe\u010dn\u00e9 nafouknut\u00ed spekulativn\u00ed bubliny okolo AI v\u016fbec nejv\u011bt\u0161\u00edm okrajov\u00fdm rizikem pro trhy. To znamen\u00e1, \u017ee s\u00a0n\u011bjak\u00fdm \u201ev\u00fdbuchem\u201c sice mana\u017ee\u0159i fond\u016f p\u0159\u00edmo nepo\u010d\u00edtaj\u00ed, ale kdyby k\u00a0n\u011bmu do\u0161lo, \u010dekaj\u00ed pr\u00e1v\u011b u\u00a0tohoto probl\u00e9mu nejv\u011bt\u0161\u00ed dopady na trh.<\/p>\n
Foto: Bank of America (Fund Manager Survey, srpen 2026)<\/p>\n
Bublina v\u00a0oblasti AI je podle mana\u017eer\u016f fond\u016f nad\u00e1le nejv\u011bt\u0161\u00edm okrajov\u00fdm rizikem pro akciov\u00e9 trhy.<\/p>\n
Sedm nejv\u011bt\u0161\u00edch spole\u010dnost\u00ed investuj\u00edc\u00edch do oblasti AI m\u00e1 podle odhad\u016f do roku 2029\u00a0na kapit\u00e1lov\u00fdch v\u00fddaj\u00edch utratit p\u0159es 4,7\u00a0bilionu dolar\u016f. To je\u0161t\u011b neznamen\u00e1, \u017ee je um\u011bl\u00e1 inteligence dal\u0161\u00edm pr\u016f\u0161vihem, jako byla takzvan\u00e1 dot-com hore\u010dka na p\u0159elomu tis\u00edcilet\u00ed. Sou\u010dasn\u00fdmi burzovn\u00edmi l\u00eddry jsou v\u011bt\u0161inou siln\u00e9 a\u00a0vysoce ziskov\u00e9 firmy s\u00a0re\u00e1ln\u00fdmi tr\u017ebami a\u00a0objedn\u00e1vkami, co\u017e koncem 90.\u00a0let neplatilo.<\/p>\n
Pro investory ale m\u016f\u017ee b\u00fdt v\u00a0dob\u011b obrovsk\u00fdch s\u00e1zek na jedno hlavn\u00ed t\u00e9ma vhodn\u00e9 d\u00edvat se i\u00a0jinam. Ostatn\u011b diverzifikace je jednou ze z\u00e1kladn\u00edch strategi\u00ed p\u0159i zodpov\u011bdn\u00e9m sestavov\u00e1n\u00ed investi\u010dn\u00edho portfolia. V\u0161eho moc m\u016f\u017ee \u0161kodit. A\u00a0jednou z\u00a0mo\u017en\u00fdch inspirac\u00ed je sektor zdravotn\u00ed p\u00e9\u010de, kter\u00fd nap\u0159\u00edklad podle analytik\u016f z\u00a0banky JPMorgan Chase v\u00a0sou\u010dasnosti nab\u00edz\u00ed zaj\u00edmavou kombinaci struktur\u00e1ln\u00edho r\u016fstu, vysok\u00e9 ziskovosti a\u00a0rozumn\u011bj\u0161\u00edho ocen\u011bn\u00ed (valuac\u00ed) ne\u017e v\u00a0technologick\u00e9m odv\u011btv\u00ed.<\/p>\n
Zdravotnictv\u00ed doh\u00e1n\u00ed technologie<\/p>\n
Akcie firem z\u00a0oboru zdravotnictv\u00ed maj\u00ed za sebou del\u0161\u00ed obdob\u00ed, kdy jako celek v\u00fdrazn\u011b zaost\u00e1valy za technologick\u00fdmi tituly. Situace se ale postupn\u011b m\u011bn\u00ed. Atraktivitu firem ze sektoru zdravotn\u00ed p\u00e9\u010de podporuj\u00ed lep\u0161\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky, rostouc\u00ed aktivita v\u00a0oblasti f\u00faz\u00ed a\u00a0akvizic i\u00a0ji\u017e zm\u00edn\u011bn\u00e9 ni\u017e\u0161\u00ed valuace v\u00a0\u010dele s\u00a0pom\u011brem ceny akci\u00ed v\u016f\u010di zisku.<\/p>\n
Druh\u00e9 \u010dtvrtlet\u00ed bylo pro odv\u011btv\u00ed p\u0159\u00edzniv\u00e9. Podle dat spole\u010dnosti FactSet byl ve zdravotnictv\u00ed jako sektoru v\u016fbec nejvy\u0161\u0161\u00ed pod\u00edl firem, kter\u00e9 sv\u00fdmi hospod\u00e1\u0159sk\u00fdmi v\u00fdsledky p\u0159ekonaly o\u010dek\u00e1v\u00e1n\u00ed analytik\u016f. A\u00a0v\u00fdhled je tak\u00e9 slibn\u00fd, zisky zdravotnick\u00fdch firem z\u00a0akciov\u00e9ho indexu S&P 500\u00a0maj\u00ed v\u00a0kalend\u00e1\u0159n\u00edm roce 2027\u00a0podle odhad\u016f vzr\u016fst o\u00a022\u00a0procent. V\u00fdrazn\u011bj\u0161\u00ed m\u00e1 b\u00fdt r\u016fst pouze v\u00a0odv\u011btv\u00ed technologi\u00ed, tam za n\u011bj ale investo\u0159i plat\u00ed podstatn\u011b vy\u0161\u0161\u00ed n\u00e1sobek zisku (to je ta zm\u00edn\u011bn\u00e1 vysok\u00e1 valuace).<\/p>\n
![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/09\/akcie.png\")
Foto: FactSet<\/p>\n
O\u010dek\u00e1van\u00fd v\u00fdvoj zisk\u016f firem v\u00a0USA v\u00a0roce 2027\u00a0podle sektor\u016f (stav ke konci srpna).<\/p>\n
\u201eNa pozad\u00ed tohoto o\u010dek\u00e1van\u00e9ho v\u00fdvoje lze naj\u00edt i\u00a0konkr\u00e9tn\u00ed men\u0161\u00ed spole\u010dnosti v\u00a0odv\u011btv\u00ed zdravotn\u00ed p\u00e9\u010de, kter\u00e9 v\u00a0posledn\u00edm \u010dtvrtlet\u00ed p\u0159\u00edjemn\u011b p\u0159ekvapily a\u00a0u nich\u017e se \u010dek\u00e1 dal\u0161\u00ed v\u00fdrazn\u00fd n\u00e1r\u016fst ziskovosti,\u201c \u0159\u00edk\u00e1 kvantitativn\u00ed strat\u00e9g Steven Cress ze spole\u010dnosti Seeking Alpha. A\u00a0ukazuje na t\u0159i takov\u00e9, je\u017e mohou b\u00fdt i\u00a0pro drobn\u00e9 investory zaj\u00edmavou inspirac\u00ed pro dal\u0161\u00ed anal\u00fdzu.<\/p>\n
Nutex Health: Rychl\u00fd r\u016fst mal\u00e9 s\u00edt\u011b nemocnic<\/p>\n
Americk\u00e1 spole\u010dnost Nutex Health provozuje 27\u00a0nemocni\u010dn\u00edch za\u0159\u00edzen\u00ed ve 12\u00a0st\u00e1tech USA. Firma m\u00e1 za sebou extr\u00e9mn\u00ed v\u00fdvoj, kdy po burzovn\u00edm debutu spole\u010dnosti nov\u011b propojen\u00e9 s\u00a0Clinigence Holdings na ja\u0159e 2022\u00a0cena akci\u00ed vyst\u0159elila na \u0159\u00e1dov\u011b tis\u00edce dolar\u016f, aby v\u00a0dal\u0161\u00edch dvou letech spadla na pouh\u00e9 jednotky dolar\u016f.<\/p>\n
Od t\u00e9 doby ale na\u0161la pevnou p\u016fdu pod nohama, jej\u00ed tr\u017eby v\u00a0posledn\u00edch p\u011bti letech rostou v\u00a0pr\u016fm\u011bru o\u00a026\u00a0procent za rok a\u00a0cena akci\u00ed se pohybuje okolo 200\u00a0dolar\u016f.<\/p>\n
Je\u0161t\u011b zaj\u00edmav\u011bj\u0161\u00ed je podle Stevena Cresse zlep\u0161uj\u00edc\u00ed se ziskovost. V\u00a0leto\u0161n\u00edm druh\u00e9m \u010dtvrtlet\u00ed firma vyk\u00e1zala \u010dist\u00fd zisk 65,8\u00a0milionu dolar\u016f, zat\u00edmco loni byla ve stejn\u00e9m obdob\u00ed ve ztr\u00e1t\u011b. Upraven\u00fd zisk p\u0159ed zapo\u010dten\u00edm \u00farok\u016f, dan\u00ed, odpis\u016f a\u00a0amortizace (EBITDA) vzrostl meziro\u010dn\u011b o\u00a025,7\u00a0procenta a\u00a0po\u010det n\u00e1v\u0161t\u011bv provozovan\u00fdch nemocnic se zvedl t\u00e9m\u011b\u0159 o\u00a0desetinu.<\/p>\n
Hospod\u00e1\u0159sk\u00e9 v\u00fdsledky firmy v\u00fdrazn\u011b p\u0159ekonaly odhady analytik\u016f, zisk na akcii dokonce t\u00e9m\u011b\u0159 o\u00a090\u00a0procent. Spole\u010dnost nav\u00edc b\u011bhem druh\u00e9ho pololet\u00ed pl\u00e1nuje otev\u0159\u00edt t\u0159i nov\u00e1 za\u0159\u00edzen\u00ed a\u00a0roz\u0161\u00ed\u0159it nab\u00eddku poskytovan\u00fdch slu\u017eeb i\u00a0diagnostick\u00fdch mo\u017enost\u00ed. Cress odhaduje za p\u0159\u00ed\u0161t\u00edch 12\u00a0m\u011bs\u00edc\u016f n\u00e1r\u016fst zisku firmy o\u00a0v\u00edce ne\u017e 43\u00a0procent a\u00a0z p\u011bti analytik\u016f, kte\u0159\u00ed titul sleduj\u00ed, ho \u010dty\u0159i hodnot\u00ed zn\u00e1mkou \u201erozhodn\u011b koupit\u201c a\u00a0jeden ho doporu\u010duje \u201ekoupit\u201c.<\/p>\n
U podobn\u00fdch men\u0161\u00edch firem je ale v\u00a0p\u0159\u00edpad\u011b investic nam\u00edst\u011b zv\u00fd\u0161en\u00e1 opatrnost. Jde o\u00a0malou spole\u010dnost a\u00a0cena jej\u00edch akci\u00ed kol\u00eds\u00e1 v\u00fdrazn\u011b v\u00edce ne\u017e hlavn\u00ed burzovn\u00ed indexy. Ukazatel beta za posledn\u00ed dva roky dosahuje 2,05,\u00a0a\u00a0to znamen\u00e1, \u017ee kurz akci\u00ed Nutex Health se m\u011bn\u00ed dvakr\u00e1t v\u00fdrazn\u011bji ne\u017e hodnota cel\u00e9ho trhu. Potenci\u00e1l v\u011bt\u0161\u00edho zhodnocen\u00ed tak jde ruku v\u00a0ruce s\u00a0vy\u0161\u0161\u00ed m\u00edrou rizika.<\/p>\n
Halozyme: Trochu jin\u00e1 biotechnologick\u00e1 firma<\/p>\n
Halozyme Therapeutics je biotechnologick\u00e1 spole\u010dnost s\u00a0tr\u017en\u00ed hodnotou p\u0159es 12\u00a0miliard dolar\u016f. Jej\u00ed p\u0159\u00edb\u011bh je odli\u0161n\u00fd od klasick\u00fdch biotechnologick\u00fdch firem, kter\u00e9 jsou \u010dasto z\u00e1visl\u00e9 na tom, zda usp\u011bje jeden jejich vyv\u00edjen\u00fd l\u00e9k.<\/p>\n
Halozyme stav\u00ed p\u0159edev\u0161\u00edm na technologii Enhanze, kter\u00e1 umo\u017e\u0148uje upravovat zp\u016fsob pod\u00e1v\u00e1n\u00ed n\u011bkter\u00fdch l\u00e9\u010div. P\u0159\u00edjmy z\u00a0licenc\u00ed a\u00a0tanti\u00e9m za tuto technologii pomohly firm\u011b ve druh\u00e9m \u010dtvrtlet\u00ed k\u00a0n\u00e1r\u016fstu tr\u017eeb o\u00a048\u00a0procent. Firma z\u00e1rove\u0148 uzav\u0159ela \u010dty\u0159i nov\u00e9 spolupr\u00e1ce a\u00a0dal\u0161\u00ed ozn\u00e1mila v\u00a0\u010dervenci. Mezi jej\u00ed partnery pat\u0159\u00ed nap\u0159\u00edklad velk\u00e9 spole\u010dnosti jako GSK nebo Vertex Pharmaceuticals.<\/p>\n
Do konce leto\u0161n\u00edho roku by m\u011blo b\u00fdt ve v\u00fdvoji hned 13\u00a0produkt\u016f vyu\u017e\u00edvaj\u00edc\u00edch technologii Enhanze a\u00a0samotn\u00e1 spole\u010dnost o\u010dek\u00e1v\u00e1, \u017ee pr\u00e1v\u011b nov\u00e9 produkty budou v\u00a0dlouhodob\u00e9m horizontu v\u00fdznamn\u00fdm zdrojem licen\u010dn\u00edch p\u0159\u00edjm\u016f. Jej\u00ed v\u00fdhled tak nestoj\u00ed na jednom produktu, ale na postupn\u00e9m roz\u0161i\u0159ov\u00e1n\u00ed partnersk\u00e9 s\u00edt\u011b.<\/p>\n
Halozyme ve druh\u00e9m \u010dtvrtlet\u00ed p\u0159ekonala odhady analytik\u016f na \u00farovni zisku na akcii o\u00a025\u00a0procent. Jej\u00ed akcie za posledn\u00ed rok pos\u00edlily o\u00a050\u00a0procent, i\u00a0tak se ale koncem srpna obchodovaly jen za zhruba dvan\u00e1ctin\u00e1sobek o\u010dek\u00e1van\u00fdch zisk\u016f pro dal\u0161\u00ed rok (p\u0159ibli\u017en\u011b 37\u00a0procent pod pr\u016fm\u011brem cel\u00e9ho sektoru). \u010cek\u00e1 se p\u0159itom n\u00e1r\u016fst zisku o\u00a0t\u00e9m\u011b\u0159 40\u00a0procent.<\/p>\n
Akcie sleduje dev\u011bt analytik\u016f, z\u00a0nich\u017e sedm doporu\u010duje titul d\u00e1le nakupovat a\u00a0dva dr\u017eet. Jejich pr\u016fm\u011brn\u00e1 c\u00edlov\u00e1 cena je sice pod aktu\u00e1ln\u00edm kurzem, v\u00a0p\u0159\u00edpad\u011b podobn\u00fdch r\u016fstov\u00fdch p\u0159\u00edb\u011bh\u016f ale typicky pr\u016fb\u011b\u017en\u011b doch\u00e1z\u00ed k\u00a0navy\u0161ov\u00e1n\u00ed odhad\u016f.<\/p>\n
Kamada: Mal\u00fd izraelsk\u00fd hr\u00e1\u010d s\u00a0velk\u00fdm r\u016fstem<\/p>\n
Jako posledn\u00ed uv\u00e1d\u00ed Cress izraelskou firmu Kamada, kter\u00e1 se specializuje na plazmatick\u00e9 terapie pro l\u00e9\u010dbu vz\u00e1cn\u00fdch onemocn\u011bn\u00ed. S\u00a0tr\u017en\u00ed hodnotou jen okolo 480\u00a0milion\u016f dolar\u016f jde o\u00a0velice malou spole\u010dnost, takzvanou \u201emicro cap\u201c. To teoreticky zvy\u0161uje potenci\u00e1l jej\u00edho prudk\u00e9ho r\u016fstu, ale z\u00e1rove\u0148 jsou s\u00a0t\u00edm spojena specifick\u00e1 rizika, zejm\u00e9na mal\u00e1 likvidita (n\u00edzk\u00e1 aktivita na trhu s\u00a0akciemi firmy, kdy i\u00a0men\u0161\u00ed obchod s\u00a0nimi m\u016f\u017ee cenu v\u00fdrazn\u011b posunout).<\/p>\n
Kamada ve druh\u00e9m \u010dtvrtlet\u00ed vyk\u00e1zala rekordn\u00ed tr\u017eby 54,9\u00a0milionu dolar\u016f, meziro\u010dn\u011b t\u00e9m\u011b\u0159 o\u00a023\u00a0procent vy\u0161\u0161\u00ed. Pomohla j\u00ed p\u0159edev\u0161\u00edm siln\u00e1 popt\u00e1vka po p\u0159\u00edpravku KEDRAB pou\u017e\u00edvan\u00e9m p\u0159i prevenci vztekliny. Firma sou\u010dasn\u011b uzav\u0159ela t\u0159\u00edletou dohodu o\u00a0prodeji krevn\u00ed plazmy v\u00a0hodnot\u011b 50\u00a0milion\u016f dolar\u016f s\u00a0v\u00fdznamn\u00fdm biotechnologick\u00fdm partnerem.<\/p>\n
Spole\u010dnost potvrdila sv\u016fj celoro\u010dn\u00ed v\u00fdhled a\u00a0pl\u00e1nuje d\u00e1le roz\u0161i\u0159ovat distribuci na trz\u00edch Bl\u00edzk\u00e9ho v\u00fdchodu a\u00a0severn\u00ed Afriky. Podle odhad\u016f by m\u011bl r\u016fst zisku na akcii firmy v\u00a0dal\u0161\u00edch letech dosahovat v\u00a0pr\u016fm\u011bru 34\u00a0procent. Firmu sleduj\u00ed t\u0159i analytici, v\u0161ichni ji hodnot\u00ed jako silnou n\u00e1kupn\u00ed p\u0159\u00edle\u017eitost. Jej\u00ed valuace jsou hluboko pod pr\u016fm\u011brem odv\u011btv\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"Investi\u010dn\u00ed p\u0159\u00edb\u011bh spojen\u00fd s\u00a0rozvojem um\u011bl\u00e9 inteligence ani zdaleka nekon\u010d\u00ed. Do infrastruktury pro AI proud\u00ed obrovsk\u00e9 pen\u00edze a\u00a0nejv\u011bt\u0161\u00ed technologick\u00e9…\n","protected":false},"author":2,"featured_media":206356,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,46690,24812,623,67,68,8487,342],"class_list":["post-206355","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-analyzy","tag-biotechnologie","tag-burza","tag-business","tag-byznys","tag-farmaceuticky-prumysl","tag-zdravotnictvi"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117232365081112122","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/206355","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=206355"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/206355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/206356"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=206355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=206355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=206355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}