{"id":2766,"date":"2026-07-28T13:35:01","date_gmt":"2026-07-28T13:35:01","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2766"},"modified":"2026-07-28T13:35:01","modified_gmt":"2026-07-28T13:35:01","slug":"navrat-applu-na-vrchol-proc-trh-uprednostnil-opatrnost-pred-obrovskymi-investicemi-do-ai","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2026\/07\/28\/navrat-applu-na-vrchol-proc-trh-uprednostnil-opatrnost-pred-obrovskymi-investicemi-do-ai\/","title":{"rendered":"N\u00e1vrat Applu na vrchol: Pro\u010d trh up\u0159ednostnil opatrnost p\u0159ed obrovsk\u00fdmi investicemi do AI?"},"content":{"rendered":"\n

Tr\u017en\u00ed kapitalizace spole\u010dnosti Apple op\u011bt p\u0159ekonala Nvidii a dos\u00e1hla 4,95 bilionu USD.* Zat\u00edmco v\u00fdznamn\u00fd v\u00fdrobce procesor\u016f pro AI \u010del\u00ed obav\u00e1m ze zpomalen\u00ed n\u00e1vratnosti obrovsk\u00fdch kapit\u00e1lov\u00fdch v\u00fddaj\u016f na datov\u00e1 centra, Apple boduje flexibiln\u011bj\u0161\u00edm modelem pron\u00e1jmu kapacit. Zv\u00fd\u0161en\u00e9 n\u00e1klady na pam\u011b\u0165ov\u00e9 \u010dipy v\u0161ak p\u0159edstavuj\u00ed riziko i pro n\u011bj.<\/p>\n\n\n\n

Zm\u011bna na \u010dele<\/strong><\/p>\n\n\n\n

Pond\u011bln\u00ed obchodov\u00e1n\u00ed na americk\u00fdch burz\u00e1ch p\u0159ineslo z\u00e1sadn\u00ed posun v \u017eeb\u0159\u00ed\u010dku nejhodnotn\u011bj\u0161\u00edch spole\u010dnost\u00ed sv\u011bta. Spole\u010dnost Apple uzav\u0159ela den s tr\u017en\u00ed kapitalizac\u00ed p\u0159ibli\u017en\u011b 4,95 bilionu USD, \u010d\u00edm\u017e p\u0159edstihla dosavadn\u00edho l\u00eddra Nvidii, jej\u00ed\u017e hodnota se zastavila na \u00farovni 4,77 bilionu USD. Rozd\u00edl mezi ob\u011bma giganty tak dos\u00e1hl p\u0159ibli\u017en\u011b 180 miliard USD.*<\/p>\n\n\n\n

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

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

Tento moment p\u0159edstavuje prvn\u00ed p\u0159\u00edpad od dubna 2025, kdy m\u011bl Apple p\u0159i uzav\u0159en\u00ed trhu vy\u0161\u0161\u00ed hodnotu ne\u017e Nvidia. V\u00fdrobce grafick\u00fdch \u010dip\u016f se dr\u017eel v \u010dele trhu od \u010dervna 2025, kdy vyst\u0159\u00eddal Microsoft, p\u0159i\u010dem\u017e v \u0159\u00edjnu kr\u00e1tkodob\u011b p\u0159ekro\u010dil hranici 5 bilion\u016f USD. V\u00fdvoj od za\u010d\u00e1tku roku 2026 v\u0161ak ukazuje rozd\u00edlnou dynamiku. Akcie Applu vzrostly p\u0159ibli\u017en\u011b o 24 %, zat\u00edmco Nvidia si p\u0159ipsala pouze 4 %, co\u017e znamen\u00e1 zaost\u00e1v\u00e1n\u00ed o 20 procentn\u00edch bod\u016f. V samotn\u00e9 pond\u011bl\u00ed akcie Nvidie klesly o 5 %, zat\u00edmco Apple si p\u0159ipsal m\u00edrn\u00fd r\u016fst o 1 %.*<\/p>\n\n\n\n

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

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

Kontrast strategi\u00ed<\/strong><\/p>\n\n\n\n

Pond\u011bln\u00ed pokles Nvidie nebyl ojedin\u011bl\u00fdm jevem, ale sou\u010d\u00e1st\u00ed \u0161ir\u0161\u00edho v\u00fdprodeje akci\u00ed firem vyr\u00e1b\u011bj\u00edc\u00edch \u010dipy pro um\u011blou inteligenci. Investo\u0159i za\u010d\u00ednaj\u00ed ve zv\u00fd\u0161en\u00e9 m\u00ed\u0159e zpochyb\u0148ovat masivn\u00ed kapit\u00e1lov\u00e9 v\u00fddaje technologick\u00fdch firem a vyjad\u0159uj\u00ed obavy z nejasn\u00e9 n\u00e1vratnosti masivn\u00edch investic do datov\u00fdch center a v\u00fdpo\u010detn\u00edch kapacit pro AI.<\/p>\n\n\n\n

Pr\u00e1v\u011b v tomto bod\u011b se projevuje odli\u0161n\u00fd p\u0159\u00edstup obou technologick\u00fdch l\u00eddr\u016f. Apple nevynakl\u00e1d\u00e1 obrovsk\u00e9 prost\u0159edky na budov\u00e1n\u00ed vlastn\u00ed hardwarov\u00e9 infrastruktury pro AI, ale up\u0159ednost\u0148uje pron\u00e1jem v\u00fdpo\u010detn\u00ed kapacity. D\u00edky tomuto \u00fasporn\u011bj\u0161\u00edmu modelu je spole\u010dnost \u010d\u00e1st\u00ed trhu vn\u00edm\u00e1na jako bezpe\u010dn\u011bj\u0161\u00ed p\u0159\u00edstav a \u00fa\u010dinn\u00e1 ochrana p\u0159ed riziky spojen\u00fdmi s nadm\u011brn\u00fdmi v\u00fddaji na um\u011blou inteligenci.<\/p>\n\n\n\n

P\u0159esun kapit\u00e1lu v polovodi\u010dov\u00e9m sektoru<\/strong><\/p>\n\n\n\n

Tr\u017eby Nvidie sice ji\u017e t\u0159et\u00edm rokem proch\u00e1zej\u00ed v\u00fdrazn\u00fdm r\u016fstem podpo\u0159en\u00fdm popt\u00e1vkou po grafick\u00fdch procesorech pro tr\u00e9nov\u00e1n\u00ed a provoz model\u016f AI, sentiment na trhu se v\u0161ak m\u011bn\u00ed. Pozornost investor\u016f se za\u010d\u00edn\u00e1 p\u0159esouvat od samotn\u00fdch v\u00fdrobc\u016f procesor\u016f pro AI k dal\u0161\u00edm segment\u016fm dodavatelsk\u00e9ho \u0159et\u011bzce.<\/p>\n\n\n\n

Kapit\u00e1l se st\u00e1le v\u00edce soust\u0159e\u010fuje na dodavatele podp\u016frn\u00e9 infrastruktury datov\u00fdch center, zejm\u00e9na na v\u00fdrobce pam\u011b\u0165ov\u00fdch \u010dip\u016f a \u00falo\u017ei\u0161\u0165. Mezi spole\u010dnosti, kter\u00e9 z tohoto p\u0159esunu z\u00e1jmu profituj\u00ed, pat\u0159\u00ed Micron Technology, SK Hynix \u010di Sandisk. Pr\u00e1v\u011b dostupnost pam\u011b\u0165ov\u00fdch komponent\u016f se st\u00e1v\u00e1 nov\u00fdm \u00fazk\u00fdm hrdlem cel\u00e9ho sektoru.<\/p>\n\n\n\n

Nedostatek komponent\u016f a zdra\u017eov\u00e1n\u00ed<\/strong><\/p>\n\n\n\n

Masivn\u00ed popt\u00e1vka po infrastruktu\u0159e pro AI vyvolala glob\u00e1ln\u00ed nedostatek pam\u011b\u0165ov\u00fdch \u010dip\u016f, co\u017e v\u00fdrazn\u011b zv\u00fd\u0161ilo n\u00e1klady na kl\u00ed\u010dov\u00e9 komponenty pou\u017e\u00edvan\u00e9 ve spot\u0159ebn\u00ed elektronice. Na tento tlak musel reagovat i samotn\u00fd Apple.<\/p>\n\n\n\n

Spole\u010dnost ji\u017e v \u010dervnu p\u0159istoupila ke zv\u00fd\u0161en\u00ed cen po\u010d\u00edta\u010d\u016f Mac a tablet\u016f iPad. T\u00edmto krokem se pokusila p\u0159en\u00e9st \u010d\u00e1st rostouc\u00edch v\u00fdrobn\u00edch n\u00e1klad\u016f na kone\u010dn\u00e9 spot\u0159ebitele a ochr\u00e1nit sv\u00e9 ziskov\u00e9 mar\u017ee p\u0159ed nep\u0159\u00edzniv\u00fdm v\u00fdvojem na trhu komponent\u016f.<\/p>\n\n\n\n

O\u010dek\u00e1van\u00e9 hospod\u00e1\u0159sk\u00e9 v\u00fdsledky<\/strong><\/p>\n\n\n\n

Nadch\u00e1zej\u00edc\u00ed zve\u0159ejn\u011bn\u00ed v\u00fdsledk\u016f Applu za t\u0159et\u00ed fisk\u00e1ln\u00ed \u010dtvrtlet\u00ed, napl\u00e1novan\u00e9 na \u010dtvrtek, bude pro trhy kl\u00ed\u010dov\u00fdm testem. V\u00fdsledky poprv\u00e9 podrobn\u011bji odhal\u00ed re\u00e1ln\u00e9 finan\u010dn\u00ed d\u016fsledky glob\u00e1ln\u00edho nedostatku pam\u011b\u0165ov\u00fdch \u010dip\u016f na hospoda\u0159en\u00ed firmy. Kl\u00ed\u010dovou ot\u00e1zkou rovn\u011b\u017e z\u016fst\u00e1v\u00e1, zda bude nedostatek pam\u011b\u0165ov\u00fdch \u010dip\u016f p\u0159etrv\u00e1vat i v n\u00e1sleduj\u00edc\u00edch \u010dtvrtlet\u00edch a jak\u00fd vliv to bude m\u00edt na dal\u0161\u00ed v\u00fdvoj tr\u017en\u00ed hodnoty Applu.<\/p>\n\n\n\n

Anna \u0160uhajdov\u00e1, p\u0159edsedkyn\u011b p\u0159edstavenstva <\/strong>CAPITAL MARKETS, o.c.p., a.s.<\/strong><\/a><\/p>\n\n\n\n

* \u00dadaje, kter\u00e9 se t\u00fdkaj\u00ed minulosti, nejsou z\u00e1rukou budouc\u00edch v\u00fdnos\u016f.<\/p>\n\n\n\n

Upozorn\u011bn\u00ed! Tento marketingov\u00fd materi\u00e1l nen\u00ed a nesm\u00ed b\u00fdt ch\u00e1p\u00e1n jako investi\u010dn\u00ed poradenstv\u00ed. \u00dadaje, kter\u00e9 se t\u00fdkaj\u00ed minulosti, nejsou z\u00e1rukou budouc\u00edch v\u00fdnos\u016f. Investov\u00e1n\u00ed v ciz\u00ed m\u011bn\u011b m\u016f\u017ee ovlivnit v\u00fdnosy v d\u016fsledku v\u00fdkyv\u016f. V\u0161echny obchody s cenn\u00fdmi pap\u00edry mohou v\u00e9st jak k zisk\u016fm, tak i ke ztr\u00e1t\u00e1m. V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed p\u0159edstavuj\u00ed p\u0159edpoklady a aktu\u00e1ln\u00ed o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 nemus\u00ed b\u00fdt p\u0159esn\u00e1, nebo vych\u00e1zej\u00ed z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Tato prohl\u00e1\u0161en\u00ed nezaru\u010duj\u00ed budouc\u00ed v\u00fdkonnost. Spole\u010dnost CAPITAL MARKETS, o.c.p., a.s.<\/a> je subjektem regulovan\u00fdm N\u00e1rodn\u00ed bankou Slovenska.<\/p>\n\n\n\n

Zdroje:<\/p>\n\n\n\n

https:\/\/www.cnbc.com\/2026\/07\/27\/apple-most-valuable-company-nvidia.html<\/a><\/p>\n\n\n\n

https:\/\/www.cnbc.com\/2025\/06\/03\/nvidia-microsoft-most-valuable-company.html<\/a><\/p>\n\n\n\n

https:\/\/www.cnbc.com\/2026\/06\/25\/apple-macbook-ipad-price-hike-memory.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tr\u017en\u00ed kapitalizace spole\u010dnosti Apple op\u011bt p\u0159ekonala Nvidii a dos\u00e1hla 4,95 bilionu USD.* Zat\u00edmco v\u00fdznamn\u00fd v\u00fdrobce procesor\u016f pro AI \u010del\u00ed obav\u00e1m<\/p>\n","protected":false},"author":1,"featured_media":2612,"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\/2766"}],"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=2766"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2766\/revisions"}],"predecessor-version":[{"id":2769,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2766\/revisions\/2769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2612"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}