{"id":2588,"date":"2026-04-01T11:46:00","date_gmt":"2026-04-01T11:46:00","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2588"},"modified":"2026-04-08T08:49:30","modified_gmt":"2026-04-08T08:49:30","slug":"micron-silne-vysledky-a-jeste-silnejsi-vyhledy-smeruje-k-vitezstvi-v-oblasti-ai","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2026\/04\/01\/micron-silne-vysledky-a-jeste-silnejsi-vyhledy-smeruje-k-vitezstvi-v-oblasti-ai\/","title":{"rendered":"Micron: Siln\u00e9 v\u00fdsledky a je\u0161t\u011b siln\u011bj\u0161\u00ed v\u00fdhledy. Sm\u011b\u0159uje k v\u00edt\u011bzstv\u00ed v oblasti AI?"},"content":{"rendered":"\n

Micron op\u011bt uk\u00e1zal, pro\u010d pat\u0159\u00ed mezi nejsledovan\u011bj\u0161\u00ed jm\u00e9na v odv\u011btv\u00ed polovodi\u010d\u016f. Spole\u010dnost p\u0159i\u0161la s v\u00fdsledky, kter\u00e9 potvrdily silnou popt\u00e1vku po pam\u011b\u0165ov\u00fdch \u010dipech v \u00e9\u0159e um\u011bl\u00e9 inteligence, ale reakce trhu z\u00e1rove\u0148 nazna\u010dila, \u017ee investo\u0159i se ji\u017e nezab\u00fdvaj\u00ed pouze r\u016fstem, ale tak\u00e9 cenou, kterou si tento r\u016fst vy\u017e\u00e1d\u00e1. Pr\u00e1v\u011b v tom spo\u010d\u00edv\u00e1 hlavn\u00ed ot\u00e1zka t\u00e9to chv\u00edle. Je Micron jedn\u00edm z nejv\u011bt\u0161\u00edch v\u00edt\u011bz\u016f boomu um\u011bl\u00e9 inteligence, nebo se p\u0159ed n\u00edm otev\u00edr\u00e1 mnohem n\u00e1ro\u010dn\u011bj\u0161\u00ed f\u00e1ze?<\/strong><\/p>\n\n\n\n

Micron Technology je americk\u00e1 technologick\u00e1 firma, kter\u00e1 vznikla v roce 1978 ve m\u011bst\u011b Boise ve st\u00e1t\u011b Idaho a zalo\u017eili ji Ward Parkinson, Joe Parkinson, Dennis Wilson a Doug Pitman. Za\u010d\u00ednala jako men\u0161\u00ed konzulta\u010dn\u00ed spole\u010dnost zam\u011b\u0159en\u00e1 na n\u00e1vrh polovodi\u010d\u016f, postupn\u011b se v\u0161ak p\u0159esunula k vlastn\u00ed v\u00fdrob\u011b a v n\u00e1sleduj\u00edc\u00edch letech se vypracovala mezi nejv\u00fdznamn\u011bj\u0161\u00ed sv\u011btov\u00e9 v\u00fdrobce pam\u011b\u0165ov\u00fdch \u010dip\u016f. Dnes je Micron zn\u00e1m\u00fd p\u0159edev\u0161\u00edm v\u00fdrobou pam\u011bt\u00ed DRAM, NAND flash a \u00falo\u017en\u00fdch \u0159e\u0161en\u00ed, kter\u00e1 se pou\u017e\u00edvaj\u00ed v po\u010d\u00edta\u010d\u00edch, serverech, datov\u00fdch centrech i dal\u0161\u00edch modern\u00edch za\u0159\u00edzen\u00edch, p\u0159i\u010dem\u017e pat\u0159\u00ed do \u00fazk\u00e9 skupiny nejv\u011bt\u0161\u00edch hr\u00e1\u010d\u016f v glob\u00e1ln\u00edm segmentu pam\u011bt\u00ed.<\/p>\n\n\n\n

Rekordn\u00ed \u010dtvrtlet\u00ed<\/strong><\/p>\n\n\n\n

Spole\u010dnost Micron vstoupila do jara 2026 s \u010dtvrtlet\u00edm, kter\u00e9 bylo z finan\u010dn\u00edho hlediska v\u00fdjime\u010dn\u00e9 prakticky ve v\u0161ech hlavn\u00edch ukazatel\u00edch, kdy\u017e tr\u017eby za druh\u00e9 fisk\u00e1ln\u00ed \u010dtvrtlet\u00ed dos\u00e1hly 23,86 miliardy USD oproti 13,64 miliardy USD v p\u0159edchoz\u00edm \u010dtvrtlet\u00ed a 8,05 miliardy USD p\u0159ed rokem. Spole\u010dnost z\u00e1rove\u0148 vyk\u00e1zala \u010dist\u00fd zisk podle GAAP ve v\u00fd\u0161i 13,79 miliardy USD, \u010dist\u00fd zisk podle non-GAAP ve v\u00fd\u0161i 14,02 miliardy USD a zisk na akcii podle non-GAAP ve v\u00fd\u0161i 12,20 USD, co\u017e potvrzuje, \u017ee r\u016fst ji\u017e nen\u00ed poh\u00e1n\u011bn pouze vy\u0161\u0161\u00edmi o\u010dek\u00e1v\u00e1n\u00edmi, ale tak\u00e9 re\u00e1ln\u00fdm zlep\u0161en\u00edm ziskovosti. V\u00fdrazn\u011b pos\u00edlil tak\u00e9 cash flow, kdy\u017e provozn\u00ed cash flow vzrostlo na 11,9 miliardy USD a upraven\u00e9 voln\u00e9 cash flow dos\u00e1hlo 6,9 miliardy USD, co\u017e veden\u00ed umo\u017enilo zv\u00fd\u0161it \u010dtvrtletn\u00ed dividendu o 30 % na 0,15 USD na akcii.<\/p>\n\n\n\n

Popt\u00e1vka po AI m\u011bn\u00ed podnik\u00e1n\u00ed firmy<\/strong><\/p>\n\n\n\n

Nejd\u016fle\u017eit\u011bj\u0161\u00ed na t\u011bchto v\u00fdsledc\u00edch nen\u00ed jen samotn\u00e9 p\u0159ekon\u00e1n\u00ed o\u010dek\u00e1v\u00e1n\u00ed, ale to, \u017ee Micron st\u00e1le jasn\u011bji ukazuje posun od tradi\u010dn\u011b cyklick\u00e9 pam\u011b\u0165ov\u00e9 firmy k pozici jednoho z hlavn\u00edch dodavatel\u016f komponent pro \u00e9ru um\u011bl\u00e9 inteligence. Veden\u00ed spole\u010dnosti uvedlo, \u017ee \u010dtvrtletn\u00ed tr\u017eby z DRAM, NAND a high bandwidth memory (HBM) dos\u00e1hly nov\u00fdch maxim a \u017ee popt\u00e1vka po \u0159e\u0161en\u00edch AI zvy\u0161uje strategick\u00fd v\u00fdznam pam\u011bti pro z\u00e1kazn\u00edky, p\u0159i\u010dem\u017e Micron ji\u017e zah\u00e1jil hromadn\u00e9 dod\u00e1vky HBM4 36GB 12H ur\u010den\u00e9 pro platformu NVIDIA Vera Rubin. Z\u00e1rove\u0148 plat\u00ed, \u017ee datov\u00e1 centra by se v roce 2026 m\u011bla poprv\u00e9 pod\u00edlet na v\u00edce ne\u017e 50 % celkov\u00e9 popt\u00e1vky po pam\u011b\u0165ov\u00e9 kapacit\u011b v cel\u00e9m odv\u011btv\u00ed, co\u017e je siln\u00fd sign\u00e1l, \u017ee r\u016fst spole\u010dnosti je st\u00e1le v\u00edce v\u00e1z\u00e1n na AI servery.<\/p>\n\n\n\n

V\u00fdhled p\u0159ekonal i vysokou la\u0165ku<\/strong><\/p>\n\n\n\n

Siln\u00e1 \u010d\u00edsla za uplynul\u00e9 \u010dtvrtlet\u00ed by sama o sob\u011b nesta\u010dila k vytvo\u0159en\u00ed velk\u00e9ho p\u0159\u00edb\u011bhu, ale Micron k nim p\u0159idal i mimo\u0159\u00e1dn\u011b agresivn\u00ed v\u00fdhled na t\u0159et\u00ed fisk\u00e1ln\u00ed \u010dtvrtlet\u00ed, kter\u00fd ukazuje, \u017ee veden\u00ed nepo\u010d\u00edt\u00e1 s kr\u00e1tkodob\u00fdm ochlazen\u00edm popt\u00e1vky. Spole\u010dnost odhaduje tr\u017eby na \u00farovni 33,5 miliardy USD s toleranc\u00ed 750 milion\u016f USD, hrubou mar\u017ei p\u0159ibli\u017en\u011b 81 % a zisk na akcii podle non-GAAP 19,15 USD, co\u017e by znamenalo dal\u0161\u00ed historick\u00e9 maximum v tr\u017eb\u00e1ch i ziskovosti. Spole\u010dnost z\u00e1rove\u0148 uvedla, \u017ee v\u00fdhled na jedin\u00fd \u010dtvrtlet\u00ed ji\u017e p\u0159evy\u0161uje celoro\u010dn\u00ed tr\u017eby za ka\u017ed\u00fd rok v historii spole\u010dnosti a\u017e do fisk\u00e1ln\u00edho roku 2024, co\u017e velmi dob\u0159e ukazuje, jakou rychlost\u00ed se Micron m\u011bn\u00ed pod vlivem investi\u010dn\u00edho cyklu v oblasti AI.3<\/sup><\/p>\n\n\n\n

Roz\u0161\u00ed\u0159en\u00ed v\u00fdroby bude n\u00e1kladn\u00e9<\/strong><\/p>\n\n\n\n

Za siln\u00fdm r\u016fstov\u00fdm p\u0159\u00edb\u011bhem v\u0161ak stoj\u00ed i v\u00fdrazn\u011b rostouc\u00ed kapit\u00e1lov\u00e1 n\u00e1ro\u010dnost, proto\u017ee Micron otev\u0159en\u011b p\u0159iznal, \u017ee bez rozs\u00e1hl\u00e9 expanze v\u00fdroby nebude schopen pokr\u00fdt popt\u00e1vku, kterou dnes vytv\u00e1\u0159\u00ed segment AI. Veden\u00ed ozn\u00e1milo, \u017ee fisk\u00e1ln\u00ed capex za rok 2026 m\u00e1 b\u00fdt nad \u00farovn\u00ed 25 miliard USD, ve t\u0159et\u00edm \u010dtvrtlet\u00ed se o\u010dek\u00e1v\u00e1 p\u0159ibli\u017en\u011b 7 miliard USD a v roce 2027 m\u00e1 investi\u010dn\u00ed rozpo\u010det op\u011bt v\u00fdrazn\u011b vzr\u016fst, p\u0159i\u010dem\u017e samotn\u00e9 stavebn\u00ed v\u00fddaje maj\u00ed meziro\u010dn\u011b stoupnout o v\u00edce ne\u017e 10 miliard USD. Tento pl\u00e1n zahrnuje roz\u0161\u00ed\u0159en\u00ed glob\u00e1ln\u00ed v\u00fdrobn\u00ed kapacity, v\u010detn\u011b nov\u00e9ho z\u00e1vodu v Singapuru, pokra\u010duj\u00edc\u00ed v\u00fdstavby v Idahu a New Yorku a tak\u00e9 roz\u0161\u00ed\u0159en\u00ed kapacit na Tchaj-wanu, kde Micron po akvizici lokality Tongluo od spole\u010dnosti Powerchip pl\u00e1nuje v\u00fdstavbu druh\u00e9 v\u00fdrobn\u00ed haly podobn\u00e9ho rozsahu.3<\/sup><\/p>\n\n\n\n

Trh \u0159e\u0161\u00ed cenu dal\u0161\u00edho r\u016fstu<\/strong><\/p>\n\n\n\n

Pr\u00e1v\u011b rostouc\u00ed investice vysv\u011btluj\u00ed, pro\u010d byla bezprost\u0159edn\u00ed reakce trhu na v\u00fdsledky opatrn\u011bj\u0161\u00ed, ne\u017e by nazna\u010dovala samotn\u00e1 \u010d\u00edsla \u2013 kdy\u017e akcie po zve\u0159ejn\u011bn\u00ed klesly p\u0159ibli\u017en\u011b o 5 %, a\u010dkoli v\u00fdsledky i v\u00fdhled byly siln\u00e9. * Investo\u0159i dnes u Micronu ne\u0159e\u0161\u00ed jen to, zda firma dok\u00e1\u017ee r\u016fst, ale tak\u00e9 to, kolik kapit\u00e1lu bude muset vynalo\u017eit, aby tento r\u016fst udr\u017eela v prost\u0159ed\u00ed napjat\u00e9 nab\u00eddky DRAM a NAND a rostouc\u00ed konkurence v segmentu HBM. Pr\u00e1v\u011b o tom bude v nejbli\u017e\u0161\u00edch m\u011bs\u00edc\u00edch prob\u00edhat hlavn\u00ed debata investor\u016f, proto\u017ee pokud se spole\u010dnosti poda\u0159\u00ed prom\u011bnit rekordn\u00ed popt\u00e1vku v dlouhodob\u011b vysok\u00e9 mar\u017ee a z\u00e1rove\u0148 udr\u017eet discipl\u00ednu ve v\u00fddaj\u00edch, m\u016f\u017ee Micron z\u016fstat jedn\u00edm z nejv\u011bt\u0161\u00edch v\u00edt\u011bz\u016f cyklu AI. Na druhou stranu, pokud budou kapit\u00e1lov\u00e9 v\u00fddaje r\u016fst rychleji ne\u017e budouc\u00ed voln\u00fd pen\u011b\u017en\u00ed tok, m\u016f\u017ee b\u00fdt trh p\u0159i dal\u0161\u00edm r\u016fstu opatrn\u011bj\u0161\u00ed.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

V\u00fdkonnost akci\u00ed spole\u010dnosti Micron za posledn\u00edch p\u011bt let* Zdroj: TradingView<\/em><\/p>\n\n\n\n

Z\u00e1v\u011br<\/strong><\/p>\n\n\n\n

Spole\u010dnost Micron se dnes nach\u00e1z\u00ed v bod\u011b, kdy se jej\u00ed v\u00fdvoj ji\u017e nehodnot\u00ed pouze podle toho, jak siln\u00e9 v\u00fdsledky dok\u00e1zala dos\u00e1hnout v jednom \u010dtvrtlet\u00ed, ale p\u0159edev\u0161\u00edm podle toho, zda dok\u00e1\u017ee sou\u010dasnou popt\u00e1vku po um\u011bl\u00e9 inteligenci prom\u011bnit v dlouhodob\u011b udr\u017eiteln\u00fd r\u016fst, vysok\u00e9 mar\u017ee a stabiln\u00ed voln\u00fd pen\u011b\u017en\u00ed tok. Nejnov\u011bj\u0161\u00ed \u010d\u00edsla i v\u00fdhled ukazuj\u00ed, \u017ee se firma dostala do centra investi\u010dn\u00edho cyklu kolem datov\u00fdch center a um\u011bl\u00e9 inteligence, p\u0159i\u010dem\u017e popt\u00e1vka po pam\u011b\u0165ov\u00fdch \u0159e\u0161en\u00edch j\u00ed moment\u00e1ln\u011b otev\u00edr\u00e1 prostor pro rekordn\u00ed tr\u017eby i ziskovost. Pokud se spole\u010dnosti poda\u0159\u00ed roz\u0161\u00ed\u0159it kapacity, ani\u017e by ztratila kontrolu nad efektivitou a n\u00e1vratnost\u00ed investic, m\u016f\u017ee se za\u0159adit mezi nejv\u011bt\u0161\u00ed v\u00edt\u011bze cel\u00e9 \u00e9ry um\u011bl\u00e9 inteligence.<\/p>\n\n\n\n

Adam Austera, analytik <\/strong>Ozios<\/strong><\/a><\/p>\n\n\n\n

* Minul\u00e1 v\u00fdkonnost nen\u00ed z\u00e1rukou budouc\u00edch v\u00fdsledk\u016f <\/p>\n\n\n\n

O.Z.I. Online Zone Investment Opportunities (OZIOS<\/a>) je registrovan\u00e1 ochrann\u00e1 zn\u00e1mka spole\u010dnosti APME FX TRADING EUROPE LTD, kypersk\u00e9 investi\u010dn\u00ed spole\u010dnosti (CIF) kontrolovan\u00e9 a regulovan\u00e9 Kyperskou komis\u00ed pro cenn\u00e9 pap\u00edry a burzu (CySEC) s licenc\u00ed CIF \u010d\u00edslo 335\/17 a se s\u00eddlem na adrese Lophitis Business Center, Office 404, 4th Floor, 28 October Ave 249, Limassol 3035, Kypr.<\/p>\n\n\n\n

Finan\u010dn\u00ed rozd\u00edlov\u00e9 smlouvy jsou slo\u017eit\u00e9 n\u00e1stroje a jsou spojeny s vysok\u00fdm rizikem rychl\u00fdch finan\u010dn\u00edch ztr\u00e1t v d\u016fsledku p\u00e1kov\u00e9ho efektu. U 76,44 % \u00fa\u010dt\u016f retailov\u00fdch investor\u016f doch\u00e1z\u00ed p\u0159i obchodov\u00e1n\u00ed s finan\u010dn\u00edmi rozd\u00edlov\u00fdmi smlouvami u tohoto poskytovatele k finan\u010dn\u00edm ztr\u00e1t\u00e1m. M\u011bli byste zv\u00e1\u017eit, zda ch\u00e1pete, jak finan\u010dn\u00ed rozd\u00edlov\u00e9 smlouvy funguj\u00ed, a zda si m\u016f\u017eete dovolit podstoupit vysok\u00e9 riziko, \u017ee utrp\u00edte finan\u010dn\u00ed ztr\u00e1ty.<\/p>\n","protected":false},"excerpt":{"rendered":"

Micron op\u011bt uk\u00e1zal, pro\u010d pat\u0159\u00ed mezi nejsledovan\u011bj\u0161\u00ed jm\u00e9na v odv\u011btv\u00ed polovodi\u010d\u016f. Spole\u010dnost p\u0159i\u0161la s v\u00fdsledky, kter\u00e9 potvrdily silnou popt\u00e1vku po<\/p>\n","protected":false},"author":1,"featured_media":2590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout"},"categories":[58],"tags":[],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2588"}],"collection":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/comments?post=2588"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2588\/revisions"}],"predecessor-version":[{"id":2591,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2588\/revisions\/2591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2590"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}