{"id":2645,"date":"2026-05-14T12:33:22","date_gmt":"2026-05-14T12:33:22","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2645"},"modified":"2026-05-14T12:33:22","modified_gmt":"2026-05-14T12:33:22","slug":"proc-investori-duveruji-miliardam-alphabetu-ale-u-mety-zvedaji-varovny-prst","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2026\/05\/14\/proc-investori-duveruji-miliardam-alphabetu-ale-u-mety-zvedaji-varovny-prst\/","title":{"rendered":"Pro\u010d investo\u0159i d\u016fv\u011b\u0159uj\u00ed miliard\u00e1m Alphabetu, ale u Mety zvedaj\u00ed varovn\u00fd prst?"},"content":{"rendered":"\n

Sou\u010dasn\u00e1 v\u00fdsledkov\u00e1 sez\u00f3na technologick\u00fdch gigant\u016f p\u0159inesla fascinuj\u00edc\u00ed pohled na to, jak kapit\u00e1lov\u00e9 trhy vn\u00edmaj\u00ed z\u00e1vod v oblasti AI. Spole\u010dnosti Alphabet i Meta zve\u0159ejnily sv\u00e9 v\u00fdsledky za prvn\u00ed kvart\u00e1l, kter\u00e9 v obou p\u0159\u00edpadech p\u0159ekonaly o\u010dek\u00e1v\u00e1n\u00ed analytik\u016f, ale reakce investor\u016f byla diametr\u00e1ln\u011b odli\u0161n\u00e1. Zat\u00edmco akcie mate\u0159sk\u00e9ho Googlu po ozn\u00e1men\u00ed v\u00fdsledk\u016f vzrostly o 7 procent, tr\u017en\u00ed hodnota Mety o stejn\u00fdch 7 procent klesla.* Co investory vyd\u011bsilo?<\/strong><\/p>\n\n\n\n

Kdo doru\u010dil lep\u0161\u00ed kvart\u00e1l?<\/strong><\/p>\n\n\n\n

P\u0159i pohledu na \u010distou finan\u010dn\u00ed v\u00fdkonnost doru\u010dily ob\u011b spole\u010dnosti podle \u00fadaj\u016f zprost\u0159edkovan\u00fdch CNBC sv\u00e9 nejsiln\u011bj\u0161\u00ed r\u016fsty za posledn\u00ed roky. Alphabet zaznamenal meziro\u010dn\u00ed n\u00e1r\u016fst tr\u017eeb o 20 procent na \u00farove\u0148 t\u00e9m\u011b\u0159 110 miliard USD, co\u017e je jeho nejrychlej\u0161\u00ed kvart\u00e1ln\u00ed r\u016fst od roku 2022, p\u0159i\u010dem\u017e \u010dist\u00fd zisk dos\u00e1hl \u00farovn\u011b 62,57 miliardy USD \u2013 5,11 USD na akcii. Je\u0161t\u011b v\u00fdrazn\u011bji rostla Meta, jej\u00ed\u017e tr\u017eby ve v\u00fd\u0161i 56,3 miliardy USD p\u0159edstavovaly meziro\u010dn\u00ed skok o 33 procent, co\u017e je nejsiln\u011bj\u0161\u00ed v\u00fdsledek od roku 2021. Navzdory tomu, \u017ee Meta vyk\u00e1zala \u010dist\u00fd zisk 26,8 miliardy USD a jej\u00ed upraven\u00fd zisk na akcii ve v\u00fd\u0161i 7,31 USD v\u00fdrazn\u011b p\u0159ekonal o\u010dek\u00e1van\u00fdch 6,79 USD, z pohledu Mety se investo\u0159i bohu\u017eel zam\u011b\u0159ili na jin\u00e9 metriky.<\/p>\n\n\n\n

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

V\u00fdkonnost ceny akci\u00ed spole\u010dnosti Alphabet za posledn\u00edch 5 let* Zdroj: TradingView<\/p>\n\n\n\n

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

V\u00fdkonnost ceny akci\u00ed spole\u010dnosti Meta za posledn\u00edch 5 let* Zdroj: TradingView<\/p>\n\n\n\n

\u00da\u010det za budoucnost<\/strong><\/p>\n\n\n\n

Hlavn\u00edm kamenem \u00farazu se toti\u017e staly kapit\u00e1lov\u00e9 v\u00fddaje na AI infrastrukturu, zn\u00e1m\u00e9 jako capex. Ob\u011b firmy v r\u00e1mci v\u00fdsledk\u016f ozn\u00e1mily, \u017ee pl\u00e1nuj\u00ed do technologi\u00ed investovat v\u00fdrazn\u011b v\u00edce, ne\u017e se p\u016fvodn\u011b p\u0159edpokl\u00e1dalo. Alphabet zv\u00fd\u0161il sv\u016fj v\u00fdhled na rok 2026 na \u00farove\u0148 180 a\u017e 190 miliard USD, zat\u00edmco Meta o\u010dek\u00e1v\u00e1 v\u00fddaje v rozmez\u00ed 125 a\u017e 145 miliard USD. A\u010dkoli Meta pl\u00e1nuje utratit nomin\u00e1ln\u011b m\u00e9n\u011b, trh vn\u00edm\u00e1 tyto investice jako rizikov\u011bj\u0161\u00ed. D\u016fvodem je chyb\u011bj\u00edc\u00ed p\u0159\u00edm\u00fd kan\u00e1l pro tvorbu tr\u017eeb z AI, kter\u00fdm disponuje Google. U Mety se o\u010dek\u00e1v\u00e1, \u017ee n\u00e1vratnost t\u011bchto obrovsk\u00fdch investic se projev\u00ed a\u017e sekund\u00e1rn\u011b p\u0159es vy\u0161\u0161\u00ed reklamn\u00ed tr\u017eby nebo novou anga\u017eovanost u\u017eivatel\u016f, co\u017e v o\u010d\u00edch Wall Street p\u0159edstavuje nejistou s\u00e1zku na budoucnost. [1]<\/p>\n\n\n\n

Cloud jako p\u0159\u00edm\u00fd stroj na pen\u00edze<\/strong><\/p>\n\n\n\n

Navazuj\u00edc\u00edm a z\u00e1rove\u0148 kl\u00ed\u010dov\u00fdm faktorem, kter\u00fd Alphabetu zaji\u0161\u0165uje vy\u0161\u0161\u00ed d\u016fv\u011bru investor\u016f, je jeho robustn\u00ed cloudov\u00e1 divize. Google Cloud rostl v prvn\u00edm kvart\u00e1lu o neuv\u011b\u0159iteln\u00fdch 63 procent, co\u017e bylo vysoko nad o\u010dek\u00e1v\u00e1n\u00edmi, a pr\u00e1v\u011b \u0159e\u0161en\u00ed pro podnikovou AI se stala hlavn\u00edm motorem tohoto \u00fasp\u011bchu. Alphabet tak dok\u00e1\u017ee sv\u00e9 miliardov\u00e9 investice do \u010dip\u016f a datov\u00fdch center okam\u017eit\u011b p\u0159em\u011b\u0148ovat na re\u00e1ln\u00e9 tr\u017eby od firemn\u00edch z\u00e1kazn\u00edk\u016f, kte\u0159\u00ed hledaj\u00ed v\u00fdpo\u010detn\u00ed kapacitu pro vlastn\u00ed AI modely. D\u016fkazem t\u00e9to obrovsk\u00e9 popt\u00e1vky je i backlog, tedy objem ji\u017e nasmlouvan\u00fdch budouc\u00edch tr\u017eeb, v cloudov\u00e9m segmentu, kter\u00fd dos\u00e1hl astronomick\u00fdch 460 miliard USD. V kontextu minul\u00e9ho roku se tato hodnota t\u00e9m\u011b\u0159 zdvojn\u00e1sobila.<\/p>\n\n\n\n

Technologick\u00e1 nez\u00e1vislost<\/strong><\/p>\n\n\n\n

Krom\u011b cloudu m\u00e1 Alphabet v ruk\u00e1vu dal\u0161\u00ed eso v podob\u011b vlastn\u00edch \u010dip\u016f TPU, kter\u00e9 st\u00e1le \u00fasp\u011b\u0161n\u011bji konkuruj\u00ed grafick\u00fdm procesor\u016fm od spole\u010dnosti Nvidia. Tato vertik\u00e1ln\u00ed integrace umo\u017e\u0148uje firm\u011b sni\u017eovat n\u00e1klady na tr\u00e9nink model\u016f a sou\u010dasn\u011b nab\u00edzet klient\u016fm unik\u00e1tn\u00ed infrastrukturu. Meta se sice sna\u017e\u00ed o n\u011bco podobn\u00e9ho a vyv\u00edj\u00ed vlastn\u00ed \u010dipy ve spolupr\u00e1ci s Broadcomem, ale zat\u00edm z\u016fst\u00e1v\u00e1 do velk\u00e9 m\u00edry z\u00e1visl\u00e1 na n\u00e1kupech hardwaru od AMD a Nvidie. Pr\u00e1v\u011b tato z\u00e1vislost v kombinaci s glob\u00e1ln\u00edm nedostatkem pam\u011bt\u00ed a rostouc\u00edmi cenami komponent\u016f zvy\u0161uje provozn\u00ed n\u00e1klady Mety, co\u017e ji v kone\u010dn\u00e9m d\u016fsledku neust\u00e1le nut\u00ed navy\u0161ovat v\u00fdhled kapit\u00e1lov\u00fdch v\u00fddaj\u016f. [2]<\/p>\n\n\n\n

Pro\u010d Alphabet v tomto souboji zat\u00edm v\u00edt\u011bz\u00ed?<\/strong><\/p>\n\n\n\n

Celkov\u00fd obraz dopl\u0148uje i v\u00fdvoj v oblasti u\u017eivatelsk\u00e9 z\u00e1kladny. Zat\u00edmco Alphabet t\u011b\u017e\u00ed z rekordn\u00ed aktivity v segmentu vyhled\u00e1v\u00e1n\u00ed podporovan\u00e9ho AI prvky, Meta musela p\u0159iznat mezikvart\u00e1ln\u00ed pokles denn\u00edch aktivn\u00edch u\u017eivatel\u016f na 3,56 miliardy, co\u017e bylo pod o\u010dek\u00e1v\u00e1n\u00edmi trhu. A\u010dkoli Mark Zuckerberg obhajuje vysok\u00e9 v\u00fddaje jako nezbytn\u00e9 pro budouc\u00ed r\u016fst a zachov\u00e1n\u00ed strategick\u00e9 flexibility, investo\u0159i dali jasn\u011b najevo, \u017ee up\u0159ednost\u0148uj\u00ed model Googlu, kde jsou AI investice ji\u017e dnes hmatateln\u00fdm katalyz\u00e1torem zisku. Do budoucna nav\u00edc ob\u011b firmy nazna\u010duj\u00ed, \u017ee investi\u010dn\u00ed tempo v roce 2027 bude je\u0161t\u011b rychlej\u0161\u00ed, co\u017e znamen\u00e1, \u017ee boj o d\u016fv\u011bru investor\u016f bude p\u0159\u00edmo z\u00e1viset na tom, kdo dok\u00e1\u017ee AI technologie rychleji a efektivn\u011bji zpen\u011b\u017eit v re\u00e1ln\u00e9m byznysu. [3]<\/p>\n\n\n\n

Ol\u00edvia Lacenov\u00e1, analyti\u010dka <\/strong>Wonderinterest Trading Ltd.<\/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

[1] \u2013 [3] V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed vych\u00e1zej\u00ed z p\u0159edpoklad\u016f a aktu\u00e1ln\u00edch o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 mohou b\u00fdt nep\u0159esn\u00e1, nebo z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Takov\u00e1 prohl\u00e1\u0161en\u00ed nejsou z\u00e1rukou budouc\u00ed v\u00fdkonnosti. Zahrnuj\u00ed rizika a dal\u0161\u00ed nejistoty, kter\u00e9 je obt\u00ed\u017en\u00e9 p\u0159edv\u00eddat. V\u00fdsledky se mohou podstatn\u011b li\u0161it od v\u00fdsledk\u016f vyj\u00e1d\u0159en\u00fdch nebo implikovan\u00fdch v jak\u00fdchkoli v\u00fdhledov\u00fdch prohl\u00e1\u0161en\u00edch.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sou\u010dasn\u00e1 v\u00fdsledkov\u00e1 sez\u00f3na technologick\u00fdch gigant\u016f p\u0159inesla fascinuj\u00edc\u00ed pohled na to, jak kapit\u00e1lov\u00e9 trhy vn\u00edmaj\u00ed z\u00e1vod v oblasti AI. Spole\u010dnosti Alphabet<\/p>\n","protected":false},"author":1,"featured_media":2604,"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":[357,663,665,662,664,266],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2645"}],"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=2645"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2645\/revisions"}],"predecessor-version":[{"id":2648,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2645\/revisions\/2648"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2604"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}