![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/02\/giganti.jpeg\")
<\/a><\/p>\nPodle Blahy to souvis\u00ed i\u00a0s t\u00edm, jak vysoko jsou u\u00a0\u010d\u00e1sti Velk\u00e9 sedmi\u010dky nastaven\u00e1 o\u010dek\u00e1v\u00e1n\u00ed. \u201eN\u011bkter\u00e9 spole\u010dnosti byly ocen\u011bny tak, jako by jejich r\u016fst nem\u011bl \u017e\u00e1dn\u00e9 limity,\u201c \u0159\u00edk\u00e1 s\u00a0t\u00edm, \u017ee v\u00a0takov\u00e9 situaci sta\u010d\u00ed i\u00a0drobn\u00fd n\u00e1znak zpomalen\u00ed a\u00a0trh m\u00e1 tendenci ceny rychle p\u0159ecenit sm\u011brem dol\u016f.<\/p>\n
I to je jedn\u00edm z\u00a0d\u016fvod\u016f, pro\u010d se akcie Velk\u00e9 sedmi\u010dky letos vyv\u00edjej\u00ed jinak ne\u017e v\u00a0p\u0159edchoz\u00edch letech, kdy samotn\u00e9 spojen\u00ed s\u00a0um\u011blou inteligenc\u00ed \u010dasto sta\u010dilo k\u00a0r\u016fstu jejich ocen\u011bn\u00ed.<\/p>\n
\u201eAkcie Magick\u00e9 sedmi\u010dky letos z\u00e1pol\u00ed jednodu\u0161e proto, \u017ee jsou vy\u010derpan\u00e9. Jsou to neuv\u011b\u0159iteln\u00e9 firmy a\u00a0neuv\u011b\u0159iteln\u00e9 akcie, ale v\u00a0ur\u010dit\u00e9m momentu je pot\u0159eba si d\u00e1t pauzu. Velk\u00e1 \u010d\u00e1st r\u016fstu souvisej\u00edc\u00edho s\u00a0AI u\u017e je zkr\u00e1tka zapo\u010d\u00edtan\u00e1 v\u00a0cen\u00e1ch,\u201c \u0159ekl pro zpravodajskou CNBC Glen Smith z\u00a0GDS Wealth Management.<\/p>\n
Rotace pod klidnou hladinou<\/p>\n
Vedle fundament\u016f hraje roli i\u00a0p\u0159esun kapit\u00e1lu mezi sektory. V\u00a0prost\u0159ed\u00ed, kdy americk\u00e1 ekonomika z\u016fst\u00e1v\u00e1 relativn\u011b siln\u00e1, se \u010d\u00e1st investor\u016f obrac\u00ed k\u00a0odv\u011btv\u00edm, jejich\u017e v\u00fdkonnost je v\u00edce sv\u00e1zan\u00e1 s\u00a0hospod\u00e1\u0159sk\u00fdm cyklem, jako je pr\u016fmysl, banky nebo energetika.<\/p>\n
Tyto sektory v\u00a0minul\u00fdch letech \u010dasto zaost\u00e1valy, te\u010f ale d\u00edky kombinaci r\u016fstu ekonomiky a\u00a0zm\u011bny investi\u010dn\u00edch preferenc\u00ed z\u00edsk\u00e1vaj\u00ed pozornost zp\u011bt. Technologi\u010dt\u00ed giganti t\u00edm p\u0159ich\u00e1zej\u00ed o\u00a0\u010d\u00e1st v\u00fdsadn\u00edho postaven\u00ed, kter\u00e9 m\u011bli v\u00a0\u010dele trhu, a\u00a0jejich citlivost na o\u010dek\u00e1v\u00e1n\u00ed ohledn\u011b AI investic se t\u00edm je\u0161t\u011b zv\u00fdraz\u0148uje.<\/p>\n
![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/02\/mag7.png\")
Foto: TradingView, Seznam Zpr\u00e1vy<\/p>\n
Leto\u0161n\u00ed v\u00fdvoj ukazuje rozd\u00edly v\u00a0jednotliv\u00fdch \u010d\u00e1stech trhu. Velk\u00e1 sedmi\u010dka (\u010derven\u00e1 k\u0159ivka) je od za\u010d\u00e1tku ledna v\u00a0m\u00ednusu, zat\u00edmco \u0161ir\u0161\u00ed index S&P 500 (modr\u00e1 k\u0159ivka) z\u016fst\u00e1v\u00e1 kolem nuly. Naopak energetick\u00fd sektor (zelen\u00e1 k\u0159ivka) v\u00fdrazn\u011b roste, co\u017e ilustruje p\u0159esun kapit\u00e1lu mimo technologick\u00e9 giganty.<\/p>\n
Podle Blahy se nav\u00edc v\u00a0posledn\u00edch t\u00fddnech projevila v\u00fdrazn\u00e1 rotace i\u00a0uvnit\u0159 samotn\u00e9ho technologick\u00e9ho sektoru. \u201eVid\u011bli jsme bezprecedentn\u00ed odliv pen\u011bz ze softwarov\u00fdch index\u016f sm\u011brem k\u00a0polovodi\u010dov\u00fdm firm\u00e1m a\u00a0k sektoru b\u011b\u017en\u00e9 spot\u0159eby. Investo\u0159i rad\u011bji p\u0159esouvaj\u00ed prost\u0159edky do t\u00e9matu v\u00fdstavby datov\u00fdch center pro um\u011blou inteligenci, kde je popt\u00e1vka hmatateln\u00e1 a\u00a0bezprost\u0159edn\u00ed,\u201c dod\u00e1v\u00e1 analytik.<\/p>\n
Jirman z\u00a0EMUN tento obraz dopl\u0148uje pohledem na cel\u00fd index S&P 500. \u201eV\u00fdsledkov\u00e1 sezona se z\u00e1rove\u0148 odehr\u00e1v\u00e1 v\u00a0dob\u011b, kdy AI m\u011bn\u00ed pravidla hry v\u00a0\u0159ad\u011b odv\u011btv\u00ed,\u201c \u0159\u00edk\u00e1. Podle n\u011bj od za\u010d\u00e1tku \u00fanora sta\u010dilo n\u011bkolik ozn\u00e1men\u00ed o\u00a0pokroku v\u00a0AI, aby n\u011bkter\u00e9 segmenty trhu b\u011bhem kr\u00e1tk\u00e9 doby ztratily v\u00edce ne\u017e 20\u00a0procent hodnoty, zat\u00edmco jin\u00e9 o\u00a0podobnou hodnotu posko\u010dily.<\/p>\n
\u201eProto je cel\u00fd index od po\u010d\u00e1tku roku t\u00e9m\u011b\u0159 beze zm\u011bny. Jde o\u00a0masivn\u00ed rotaci mezi sektory pod zd\u00e1nliv\u011b klidnou hladinou indexu,\u201c dod\u00e1v\u00e1. Kdy\u017e se kapit\u00e1l p\u0159esouv\u00e1 mezi sektory tak v\u00fdrazn\u011b, je vid\u011bt, \u017ee trh u\u017e nestoj\u00ed jen na Velk\u00e9 sedmi\u010dce, jej\u00ed vliv ale kv\u016fli velikosti z\u016fst\u00e1v\u00e1 z\u00e1sadn\u00ed.<\/p>\n
Velk\u00e1 sedmi\u010dka po\u0159\u00e1d jako celek?<\/p>\n
Z toho plyne i\u00a0odpov\u011b\u010f na ot\u00e1zku, zda m\u00e1 je\u0161t\u011b smysl vn\u00edmat Velkou sedmi\u010dku jako jeden celek. Z\u00a0hlediska tr\u017en\u00edho chov\u00e1n\u00ed do zna\u010dn\u00e9 m\u00edry ano. Jde o\u00a0mimo\u0159\u00e1dn\u011b velk\u00e9 firmy, jejich\u017e akcie jsou pro indexy a\u00a0pasivn\u00ed investov\u00e1n\u00ed kl\u00ed\u010dov\u00e9, a\u00a0nav\u00edc sd\u00edlej\u00ed podobn\u00e9 t\u00e9ma um\u011bl\u00e9 inteligence a\u00a0vysok\u00fdch o\u010dek\u00e1v\u00e1n\u00ed.<\/p>\n
Blaha z\u00a0Patria Finance v\u0161ak m\u00edn\u00ed, \u017ee vn\u00edmat tuto skupinu jako celek u\u017e p\u0159\u00edli\u0161 ned\u00e1v\u00e1 smysl. P\u016fvodn\u00ed skupina sedmi nejv\u011bt\u0161\u00edch technologick\u00fdch firem se tak podle n\u011bj fakticky rozpadla na t\u0159i zcela odli\u0161n\u00e9 p\u0159\u00edb\u011bhy.<\/p>\n
\u201ePrvn\u00ed skupinou je Nvidia, kter\u00e1 funguje v\u00a0podstat\u011b ve sv\u00e9 vlastn\u00ed kategorii,\u201c dod\u00e1v\u00e1 s\u00a0t\u00edm, \u017ee jako jedin\u00e1 dok\u00e1\u017ee prom\u011bnit popt\u00e1vku po AI do v\u00fdsledk\u016f t\u00e9m\u011b\u0159 okam\u017eit\u011b a\u00a0z\u00e1rove\u0148 si dr\u017e\u00ed mimo\u0159\u00e1dn\u011b silnou vyjedn\u00e1vac\u00ed pozici p\u0159i tvorb\u011b cen. \u201eDruhou skupinu tvo\u0159\u00ed Amazon, Microsoft, Google a\u00a0Meta,\u201c pokra\u010duje Blaha. Podle n\u011bj investuj\u00ed do AI infrastruktury velmi agresivn\u011b a\u00a0dlouhodob\u011b, ale z\u00e1rove\u0148 maj\u00ed nejviditeln\u011bj\u0161\u00ed cesty, jak tyto investice p\u0159etavit v\u00a0tr\u017eby.<\/p>\n
\u201eT\u0159et\u00ed skupinou je Apple, kter\u00fd do infrastruktury pro um\u011blou inteligenci t\u00e9m\u011b\u0159 neinvestuje,\u201c \u0159\u00edk\u00e1 a\u00a0dod\u00e1v\u00e1, \u017ee trh si postupn\u011b uv\u011bdomuje, \u017ee Apple v\u00a0sou\u010dasnosti nen\u00ed p\u0159\u00edb\u011bhem spojen\u00fdm s\u00a0um\u011blou inteligenc\u00ed. A\u00a0tak\u00e9 Tesla je podle n\u011bj samostatnou kapitolou. \u201eJe to kombinace automobilky a\u00a0technologick\u00e9ho p\u0159\u00edb\u011bhu, kde skute\u010dn\u00e9 hospod\u00e1\u0159sk\u00e9 v\u00fdsledky st\u00e1le v\u00edce odpov\u00eddaj\u00ed prvn\u00edmu z\u00a0t\u011bchto sv\u011bt\u016f, zat\u00edmco ocen\u011bn\u00ed se \u010dasto sna\u017e\u00ed dr\u017eet ten druh\u00fd. Osobn\u011b bych u\u017e Teslu ani do Velk\u00e9 sedmi\u010dky neza\u0159azoval,\u201c uzav\u00edr\u00e1.<\/p>\n","protected":false},"excerpt":{"rendered":"Leto\u0161n\u00ed v\u00fdvoj akci\u00ed takzvan\u00e9 Velk\u00e9 sedmi\u010dky v\u00a0USA ukazuje, \u017ee jejich role hlavn\u00edho motoru trhu u\u017e nemus\u00ed b\u00fdt tak…\n","protected":false},"author":2,"featured_media":8978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[412,1413,17,21,69,246,16,2495,18,19,22,126,20],"class_list":{"0":"post-8977","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zpravy","8":"tag-akcie","9":"tag-financni-trhy","10":"tag-headlines","11":"tag-hlavni-udalosti","12":"tag-investice","13":"tag-microsoft","14":"tag-news","15":"tag-nvidia","16":"tag-top-news","17":"tag-top-stories","18":"tag-udalosti-dne","19":"tag-umela-inteligence-ai","20":"tag-zpravy"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/8977","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=8977"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/8977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/8978"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=8977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=8977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=8977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/02\/1772182988_202_s-p-500.jpeg\")
<\/a>Nvidia jako te\u010dka za v\u00fdsledky<\/p>\n