{"id":102199,"date":"2026-03-18T00:29:56","date_gmt":"2026-03-17T23:29:56","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=102199"},"modified":"2026-03-17T16:18:10","modified_gmt":"2026-03-17T15:18:10","slug":"amazon-se-chysta-ziskat-37-miliard-usd-a-ukazuje-kolik-dnes-stoji-boj-o-ai","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/03\/18\/amazon-se-chysta-ziskat-37-miliard-usd-a-ukazuje-kolik-dnes-stoji-boj-o-ai\/","title":{"rendered":"Amazon se chyst\u00e1 z\u00edskat 37 miliard USD a ukazuje, kolik dnes stoj\u00ed boj o AI"},"content":{"rendered":"
<\/div>\n

Finan\u010dn\u00ed trhy zbyst\u0159ily pozornost, kdy\u017e Amazon 10. b\u0159ezna 2026 zah\u00e1jil emisi dluhopis\u016f v hodnot\u011b p\u0159ibli\u017en\u011b 37 miliard USD. Transakce vzbudila mimo\u0159\u00e1dn\u00fd z\u00e1jem, kdy\u017e popt\u00e1vka investor\u016f dos\u00e1hla asi 126 miliard USD. Spole\u010dnost tak vyslala jasn\u00fd sign\u00e1l, \u017ee v roce 2026 chce v\u00fdrazn\u011b zrychlit v\u00fddaje na um\u011blou inteligenci a datov\u00e1 centra, p\u0159i\u010dem\u017e jej\u00ed celkov\u00e9 kapit\u00e1lov\u00e9 v\u00fddaje maj\u00ed dos\u00e1hnout p\u0159ibli\u017en\u011b 200 miliard USD.[1]<\/a><\/strong><\/p>\n

O spole\u010dnosti<\/strong><\/h3>\n

Amazon.com, Inc. je americk\u00e1 ve\u0159ejn\u011b obchodovan\u00e1 spole\u010dnost se s\u00eddlem v Seattlu. Zalo\u017eil ji Jeff Bezos v roce 1994 a internetov\u00fd obchod spustila v roce 1995. Z firmy, kter\u00e1 za\u010d\u00ednala prodejem knih, se stal glob\u00e1ln\u00ed l\u00eddr v internetov\u00e9m obchodu, cloudov\u00fdch slu\u017eb\u00e1ch a digit\u00e1ln\u00edch technologi\u00edch. V roce 2025 dos\u00e1hla tr\u017eby 716,9 miliardy USD, \u010dist\u00fd zisk 77,7 miliardy USD a na konci roku zam\u011bstn\u00e1vala 1 576 000 lid\u00ed. Jej\u00ed divize AWS vytvo\u0159ila v roce 2025 tr\u017eby ve v\u00fd\u0161i 128,7 miliardy USD, co\u017e z Amazonu \u010din\u00ed jednu z nejv\u011bt\u0161\u00edch a nejvlivn\u011bj\u0161\u00edch spole\u010dnost\u00ed na sv\u011btov\u00fdch akciov\u00fdch trz\u00edch.[2]<\/a><\/p>\n

Rekordn\u00edch 37 miliard USD nen\u00ed b\u011b\u017en\u00fd dluhopisov\u00fd obchod<\/strong><\/h3>\n

Amazon 10. b\u0159ezna 2026 zah\u00e1jil emisi dluhopis\u016f v hodnot\u011b p\u0159ibli\u017en\u011b 37 miliard USD rozd\u011blenou do 11 tran\u0161\u00ed, p\u0159i\u010dem\u017e ji\u017e prvn\u00ed den p\u0159i\u0161la v USA popt\u00e1vka ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 126 miliard USD. To je mimo\u0159\u00e1dn\u011b d\u016fle\u017eit\u00e9, proto\u017ee nejde o men\u0161\u00ed dopl\u0148kovou emisi, ale o jednu z nejv\u011bt\u0161\u00edch korpor\u00e1tn\u00edch emis\u00ed roku, kter\u00e1 ukazuje, \u017ee trh je st\u00e1le ochoten agresivn\u011b financovat velk\u00e9 technologick\u00e9 spole\u010dnosti. Amazon tak z\u00e1rove\u0148 nav\u00e1zal na svou listopadovou emisi v hodnot\u011b 15 miliard USD, b\u0159eznov\u00e1 transakce je v\u0161ak podstatn\u011b v\u011bt\u0161\u00ed a posouv\u00e1 firmu mezi hlavn\u00ed symboly nov\u00e9 vlny financov\u00e1n\u00ed AI prost\u0159ednictv\u00edm dluhu. Pro investory je z\u00e1sadn\u00ed tak\u00e9 to, \u017ee spole\u010dnost prod\u00e1v\u00e1 dluhopisy v dolarech i eurech, \u010d\u00edm\u017e si roz\u0161i\u0159uje prostor pro z\u00edsk\u00e1n\u00ed kapit\u00e1lu pro dal\u0161\u00ed r\u016fst infrastruktury.1[3]<\/a><\/sup><\/p>\n

Amazon otev\u0159en\u011b p\u0159iznal, \u017ee AI bude st\u00e1t des\u00edtky miliard nav\u00edc<\/strong><\/h3>\n

D\u016fle\u017eit\u00e9 nen\u00ed jen samotn\u00e9 financov\u00e1n\u00ed, ale tak\u00e9 to, kam maj\u00ed pen\u00edze sm\u011b\u0159ovat. Amazon ve v\u00fdsledc\u00edch za \u010dtvrt\u00e9 \u010dtvrtlet\u00ed 2025 uvedl, \u017ee v roce 2026 o\u010dek\u00e1v\u00e1 kapit\u00e1lov\u00e9 v\u00fddaje ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 200 miliard USD. Gener\u00e1ln\u00ed \u0159editel Andy Jassy tento pl\u00e1n p\u0159\u00edmo spojil s vysokou popt\u00e1vkou po AI, \u010dipech, robotice a dal\u0161\u00ed infrastruktu\u0159e. Ve stejn\u00e9m materi\u00e1lu spole\u010dnost ozn\u00e1mila, \u017ee tr\u017eby AWS v roce 2025 vzrostly o 20 % na 128,7 miliardy USD a samotn\u00e9m \u010dtvrt\u00e9m \u010dtvrtlet\u00ed vysko\u010dily o 24 % na 35,6 miliardy USD. To znamen\u00e1, \u017ee Amazon ji\u017e dnes vid\u00ed r\u016fst popt\u00e1vky po AI v re\u00e1ln\u00fdch \u010d\u00edslech a neinvestuje naslepo. Z\u00e1rove\u0148 v\u0161ak plat\u00ed, \u017ee voln\u00fd pen\u011b\u017en\u00ed tok za posledn\u00edch 12 m\u011bs\u00edc\u016f klesl na 11,2 miliardy USD, zejm\u00e9na kv\u016fli r\u016fstu investic do majetku a za\u0159\u00edzen\u00ed, co\u017e ukazuje, \u017ee tlak na financov\u00e1n\u00ed bude pokra\u010dovat.3<\/sup><\/p>\n

Amazon se st\u00e1v\u00e1 sou\u010d\u00e1st\u00ed mnohem v\u011bt\u0161\u00edho dluhov\u00e9ho z\u00e1vodu<\/strong><\/h3>\n

Amazon nen\u00ed ojedin\u011bl\u00fdm p\u0159\u00edpadem, ale sou\u010d\u00e1st\u00ed \u0161ir\u0161\u00edho trendu nap\u0159\u00ed\u010d technologick\u00fdm sektorem. Agentura Reuters uvedla, \u017ee Big Tech m\u00e1 v roce 2026 utratit za AI v\u00edce ne\u017e 600 miliard USD, co\u017e p\u0159edstavuje prudk\u00fd n\u00e1r\u016fst z 410 miliard USD v roce 2025. Alphabet v \u00fanoru prodal glob\u00e1ln\u00ed dluhopisy v hodnot\u011b 31,51 miliardy USD a sou\u010d\u00e1st\u00ed emise byl i vz\u00e1cn\u00fd 100let\u00fd dluhopis v objemu 1 miliardy liber. Oracle zase v \u00fanoru ozn\u00e1mil, \u017ee v roce 2026 o\u010dek\u00e1v\u00e1 z\u00edsk\u00e1n\u00ed 45 a\u017e 50 miliard USD kombinac\u00ed dluhu a akci\u00ed na roz\u0161\u00ed\u0159en\u00ed cloudov\u00e9 kapacity. Z\u00e1sadn\u00ed zm\u011bnou je to, \u017ee firmy, kter\u00e9 dlouh\u00e1 l\u00e9ta stav\u011bly sv\u016fj r\u016fst p\u0159edev\u0161\u00edm na vlastn\u00edch hotovostn\u00edch prost\u0159edc\u00edch, za\u010d\u00ednaj\u00ed v oblasti AI infrastruktury ve velk\u00e9m m\u011b\u0159\u00edtku vyu\u017e\u00edvat extern\u00ed kapit\u00e1l. To m\u011bn\u00ed nejen jejich financov\u00e1n\u00ed, ale i zp\u016fsob, jak\u00fdm bude trh hodnotit riziko a n\u00e1vratnost v cel\u00e9m sektoru.[1]3<\/sup><\/p>\n

OECD ji\u017e varuje, \u017ee AI m\u011bn\u00ed cel\u00fd trh s podnikov\u00fdmi dluhopisy<\/strong><\/h3>\n

Podle OECD se v roce 2026 o\u010dek\u00e1v\u00e1, \u017ee si vl\u00e1dy a firmy na dluhopisov\u00fdch trz\u00edch p\u016fj\u010d\u00ed celkem 29 bilion\u016f USD, co\u017e je o 17 % v\u00edce ne\u017e v roce 2024. Pro tento \u010dl\u00e1nek je je\u0161t\u011b d\u016fle\u017eit\u011bj\u0161\u00ed \u00fadaj, \u017ee dev\u011bt hlavn\u00edch hr\u00e1\u010d\u016f v oblasti AI m\u016f\u017ee v letech 2026 a\u017e 2030 vydat podnikov\u00e9 dluhopisy v hodnot\u011b 1,2 bilionu USD na pokryt\u00ed kapit\u00e1lov\u00fdch v\u00fddaj\u016f. OECD z\u00e1rove\u0148 uv\u00e1d\u00ed, \u017ee t\u011bchto dev\u011bt velk\u00fdch hr\u00e1\u010d\u016f ji\u017e v roce 2025 z\u00edskalo na dluhopisov\u00fdch trz\u00edch 122 miliard USD, co\u017e p\u0159edstavovalo t\u00e9m\u011b\u0159 polovinu v\u0161ech emis\u00ed technologick\u00fdch firem na sv\u011bt\u011b. To je jasn\u00fd d\u016fkaz, \u017ee AI ji\u017e nen\u00ed jen technologick\u00fdm t\u00e9matem, ale tak\u00e9 jedn\u00edm z nejv\u011bt\u0161\u00edch finan\u010dn\u00edch t\u00e9mat sou\u010dasnosti. Emise dluhopis\u016f spole\u010dnosti Amazon proto nen\u00ed d\u016fle\u017eit\u00e1 jen sama o sob\u011b, ale tak\u00e9 jako sign\u00e1l, \u017ee tlak na dluhopisov\u00e9 trhy bude v n\u00e1sleduj\u00edc\u00edch letech d\u00e1le r\u016fst.[2][4]<\/a><\/p>\n

Pro akcion\u00e1\u0159e se nyn\u00ed rozhoduje, zda investice do AI p\u0159inesou v\u00fdnosy, nebo tlak na valuace<\/strong><\/h3>\n

Nejv\u011bt\u0161\u00ed ot\u00e1zkou ji\u017e nen\u00ed, zda budou firmy do AI investovat, ale zda dok\u00e1\u017eou tyto obrovsk\u00e9 v\u00fddaje prom\u011bnit v udr\u017eiteln\u00e9 zisky. Amazon m\u00e1 sice siln\u00fd \u00fav\u011brov\u00fd profil a emise p\u0159il\u00e1kala extr\u00e9mn\u011b vysokou popt\u00e1vku, z\u00e1rove\u0148 v\u0161ak vstupuje do obdob\u00ed, ve kter\u00e9m bude n\u00e1vratnost kapit\u00e1lu sledov\u00e1na mnohem pozorn\u011bji. Pokud bude AWS d\u00e1le r\u016fst tempem 20 a\u017e 24 % a slu\u017eby AI p\u0159inesou nov\u00e9 mar\u017ee, m\u016f\u017ee se dne\u0161n\u00ed zadlu\u017een\u00ed uk\u00e1zat jako velmi rozumn\u00fd krok. Pokud se v\u0161ak v\u00fdnosy z AI budou materializovat pomaleji, m\u016f\u017ee trh za\u010d\u00edt p\u0159ehodnocovat, zda jsou rekordn\u00ed kapit\u00e1lov\u00e9 v\u00fddaje ve v\u00fd\u0161i 200 miliard USD opr\u00e1vn\u011bn\u00e9. Pr\u00e1v\u011b proto je tato zpr\u00e1va podstatn\u00e1 pro cel\u00fd akciov\u00fd trh. Ukazuje, \u017ee dal\u0161\u00ed f\u00e1ze AI boomu se nebude m\u011b\u0159it pouze r\u016fstem tr\u017eeb, ale tak\u00e9 t\u00edm, jak efektivn\u011b si firmy porad\u00ed s rekordn\u00edmi investicemi a rostouc\u00edm objemem dluhu. [3]<\/p>\n

Z\u00e1v\u011br<\/strong><\/h3>\n

Amazon se dnes nach\u00e1z\u00ed v bod\u011b, kdy jeho dal\u0161\u00ed r\u016fst nebude hodnocen pouze podle velikosti firmy, ale zejm\u00e9na podle toho, jak efektivn\u011b dok\u00e1\u017ee p\u0159em\u011bnit rekordn\u00ed investice do AI na nov\u00e9 v\u00fdnosy. Emise dluhu ve v\u00fd\u0161i 37 miliard USD, popt\u00e1vka investor\u016f na \u00farovni 126 miliard USD a pl\u00e1novan\u00e9 kapit\u00e1lov\u00e9 v\u00fddaje ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 200 miliard USD ukazuj\u00ed, \u017ee firma vstoupila do nov\u00e9 etapy, v n\u00ed\u017e se rozhoduje o jej\u00ed pozici v dal\u0161\u00ed generaci technologick\u00e9ho trhu. Amazon m\u00e1 siln\u00e9 z\u00e1zem\u00ed, dominantn\u00ed postaven\u00ed v cloudu a rostouc\u00ed popt\u00e1vku po slu\u017eb\u00e1ch AWS, z\u00e1rove\u0148 v\u0161ak na sebe nese st\u00e1le v\u011bt\u0161\u00ed tlak na n\u00e1vratnost kapit\u00e1lu. Pr\u00e1v\u011b proto tato zpr\u00e1va nehovo\u0159\u00ed pouze o jedn\u00e9 velk\u00e9 emisi, ale o tom, \u017ee boj o AI se p\u0159esunul z viz\u00ed do reality, kde budou rozhodovat konkr\u00e9tn\u00ed \u010d\u00edsla, re\u00e1ln\u00e9 mar\u017ee a schopnost udr\u017eet r\u016fst i p\u0159i rekordn\u00edch v\u00fddaj\u00edch.<\/p>\n

Adam Austera, analytik <\/strong>Ozios<\/strong><\/a><\/h4>\n

[1,2,3] 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 lze jen t\u011b\u017eko p\u0159edv\u00eddat. Skute\u010dn\u00e9 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

[1]<\/a>https:\/\/www.reuters.com\/business\/retail-consumer\/amazon-targeting-37-billion-42-billion-bond-sale-bloomberg-news-reports-2026-03-10\/<\/a><\/p>\n

[2]<\/a>https:\/\/ir.aboutamazon.com\/news-release\/news-release-details\/2026\/Amazon-com-Announces-Fourth-Quarter-Results\/<\/a><\/p>\n

[3]<\/a>https:\/\/www.reuters.com\/business\/media-telecom\/tech-companies-tap-debt-markets-fund-ai-cloud-expansion-2026-03-10\/<\/a><\/p>\n

[4]<\/a>https:\/\/www.oecd.org\/en\/publications\/global-debt-report-2026_e9d80efd-en.html<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Finan\u010dn\u00ed trhy zbyst\u0159ily pozornost, kdy\u017e Amazon 10. b\u0159ezna 2026 zah\u00e1jil emisi dluhopis\u016f v hodnot\u011b p\u0159ibli\u017en\u011b…<\/p>\n","protected":false},"author":2,"featured_media":102200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[3101,5460,45,331],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/102199"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=102199"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/102199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/102200"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=102199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=102199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=102199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}