{"id":106151,"date":"2026-05-09T00:13:46","date_gmt":"2026-05-08T22:13:46","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=106151"},"modified":"2026-05-08T11:37:18","modified_gmt":"2026-05-08T09:37:18","slug":"amd-predvedlo-novou-silu-vysledky-potvrdily-prudky-rust-v-oblasti-ai-a-naznacily-jeste-silnejsi-mesice","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/05\/09\/amd-predvedlo-novou-silu-vysledky-potvrdily-prudky-rust-v-oblasti-ai-a-naznacily-jeste-silnejsi-mesice\/","title":{"rendered":"AMD p\u0159edvedlo novou s\u00edlu: V\u00fdsledky potvrdily prudk\u00fd r\u016fst v oblasti AI a nazna\u010dily je\u0161t\u011b siln\u011bj\u0161\u00ed m\u011bs\u00edce"},"content":{"rendered":"
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AMD op\u011bt upoutalo pozornost Wall Streetu a nejnov\u011bj\u0161\u00ed v\u00fdsledky nazna\u010duj\u00ed, \u017ee firma vstupuje do f\u00e1ze, kter\u00e1 m\u016f\u017ee v\u00fdrazn\u011b zm\u011bnit jej\u00ed postaven\u00ed v odv\u011btv\u00ed polovodi\u010d\u016f. To, co se je\u0161t\u011b doned\u00e1vna jevilo jako ambici\u00f3zn\u00ed p\u0159\u00edb\u011bh o r\u016fstu, dnes st\u00e1le v\u00edce p\u016fsob\u00ed jako strategick\u00fd posun s mnohem v\u011bt\u0161\u00edm dopadem na budoucnost firmy i o\u010dek\u00e1v\u00e1n\u00ed investor\u016f. Pr\u00e1v\u011b proto se po zve\u0159ejn\u011bn\u00ed t\u00e9to zpr\u00e1vy nemluv\u00ed jen o tom, zda AMD splnilo odhady, ale p\u0159edev\u0161\u00edm o tom, kam se spole\u010dnost m\u016f\u017ee posunout v nejbli\u017e\u0161\u00edch \u010dtvrtlet\u00edch.<\/em><\/p>\n

V\u00fdsledky p\u0159ekonaly o\u010dek\u00e1v\u00e1n\u00ed trhu<\/strong><\/h3>\n

AMD vyk\u00e1zalo upraven\u00fd zisk na akcii ve v\u00fd\u0161i 1,37 USD, co\u017e bylo nad konsensem 1,29 USD, a \u010dist\u00fd zisk spole\u010dnosti vzrostl na 1,383 miliardy USD z 709 milion\u016f USD p\u0159ed rokem. Hrub\u00e1 mar\u017ee dos\u00e1hla 53 % a na upraven\u00e9 b\u00e1zi 55 %, co\u017e potvrzuje, \u017ee r\u016fst spole\u010dnosti nen\u00ed zalo\u017een pouze na vy\u0161\u0161\u00edch objemech prodeje, ale tak\u00e9 na zlep\u0161uj\u00edc\u00ed se ziskovosti produktov\u00e9ho mixu. Z pohledu investor\u016f je d\u016fle\u017eit\u00e9 tak\u00e9 to, \u017ee provozn\u00ed zisk meziro\u010dn\u011b vzrostl o 83 % na 1,476 miliardy USD, zat\u00edmco upraven\u00fd provozn\u00ed zisk vzrostl na 2,54 miliardy USD. Spole\u010dnost z\u00e1rove\u0148 zv\u00fd\u0161ila provozn\u00ed v\u00fddaje na 3,94 miliardy USD, co\u017e ukazuje, \u017ee AMD agresivn\u011b investuje do v\u00fdvoje a expanze, ale zat\u00edm to nebrzd\u00ed schopnost roz\u0161i\u0159ovat ziskov\u00e9 mar\u017ee.[1]<\/a><\/p>\n

Hlavn\u00edm motorem r\u016fstu se stala datov\u00e1 centra<\/strong><\/h3>\n

Nejsiln\u011bj\u0161\u00ed \u010d\u00e1st\u00ed v\u00fdsledk\u016f byl segment datov\u00fdch center, jeho\u017e tr\u017eby dos\u00e1hly 5,775 miliardy USD a meziro\u010dn\u011b vysko\u010dily o 57 %. Tento segment dnes tvo\u0159\u00ed v\u00edce ne\u017e polovinu celkov\u00fdch tr\u017eeb AMD, co\u017e je z\u00e1sadn\u00ed zm\u011bna oproti minulosti, kdy byla firma vn\u00edm\u00e1na p\u0159edev\u0161\u00edm skrze spot\u0159ebitelsk\u00e9 procesory a hern\u00ed hardware. R\u016fst t\u00e1hly zejm\u00e9na serverov\u00e9 procesory EPYC a pokra\u010duj\u00edc\u00ed dod\u00e1vky GPU AMD Instinct, kter\u00e9 se st\u00e1le v\u00fdrazn\u011bji prosazuj\u00ed v infrastruktu\u0159e AI. Tr\u017eby datov\u00e9ho centra p\u0159ekonaly i analytick\u00fd odhad 5,64 miliardy USD, co\u017e je d\u016fle\u017eit\u00e9, proto\u017ee pr\u00e1v\u011b tento segment je dnes kl\u00ed\u010dov\u00fdm ukazatelem toho, zda AMD dok\u00e1\u017ee re\u00e1ln\u011b ukrojit pod\u00edl z trhu, na kter\u00e9m dlouhodob\u011b dominovala Nvidia a v oblasti serverov\u00fdch CPU tak\u00e9 Intel.[2]<\/a><\/p>\n

Strategie v oblasti AI ji\u017e nen\u00ed jen viz\u00ed, ale konkr\u00e9tn\u00edmi kontrakty<\/strong><\/h3>\n

Silnou str\u00e1nkou zpr\u00e1vy bylo tak\u00e9 to, \u017ee AMD nejen poskytlo dobr\u00e9 \u010dtvrtletn\u00ed v\u00fdsledky, ale z\u00e1rove\u0148 p\u0159edlo\u017eilo konkr\u00e9tn\u00ed d\u016fkazy o tom, \u017ee se jeho strategie v oblasti AI prom\u00edt\u00e1 do velk\u00fdch komer\u010dn\u00edch nasazen\u00ed. Spole\u010dnost ve sv\u00fdch v\u00fdsledc\u00edch p\u0159ipomn\u011bla roz\u0161\u00ed\u0159en\u00e9 partnerstv\u00ed s Meta, v r\u00e1mci kter\u00e9ho m\u00e1 b\u00fdt nasazeno a\u017e 6 gigawatt\u016f GPU AMD Instinct a prvn\u00ed 1 gigawatt m\u00e1 b\u00fdt postaven na z\u00e1kaznicky upraven\u00e9m GPU MI450. Krom\u011b toho bude Meta pat\u0159it tak\u00e9 mezi hlavn\u00ed z\u00e1kazn\u00edky p\u0159ipravovan\u00fdch serverov\u00fdch CPU \u0161est\u00e9 generace s k\u00f3dov\u00fdm ozna\u010den\u00edm Venice a Verano, co\u017e znamen\u00e1, \u017ee spolupr\u00e1ce se net\u00fdk\u00e1 pouze jednoho produktu, ale \u0161ir\u0161\u00edho technologick\u00e9ho bal\u00ed\u010dku. Pro investory je tak\u00e9 d\u016fle\u017eit\u00e9, \u017ee takov\u00fd kontrakt d\u00e1v\u00e1 AMD v\u00edceletou viditelnost budouc\u00edch objedn\u00e1vek, co\u017e je u polovodi\u010dov\u00fdch firem velmi cenn\u00fd faktor.[3]<\/a><\/p>\n

S\u00edlu prok\u00e1zaly i dal\u0161\u00ed segmenty<\/strong><\/h3>\n

A\u010dkoli hlavn\u00ed pozornost upout\u00e1v\u00e1 AI a datov\u00e1 centra, v\u00fdsledky uk\u00e1zaly, \u017ee AMD m\u00e1 st\u00e1le solidn\u00ed podporu i v dal\u0161\u00edch \u010d\u00e1stech podnik\u00e1n\u00ed. Segment Client and Gaming dos\u00e1hl tr\u017eeb 3,605 miliardy USD a meziro\u010dn\u011b vzrostl o 23 %, p\u0159i\u010dem\u017e samotn\u00fd segment Client p\u0159inesl 2,885 miliardy USD a rostl o 26 %. Spole\u010dnost tento r\u016fst p\u0159ipsala siln\u00e9 popt\u00e1vce po procesorech Ryzen a pokra\u010duj\u00edc\u00edmu r\u016fstu tr\u017en\u00edho pod\u00edlu v spot\u0159ebitelsk\u00e9m i komer\u010dn\u00edm segmentu. To je podstatn\u00e9, proto\u017ee d\u00edky tomu si AMD nevytv\u00e1\u0159\u00ed AI p\u0159\u00edb\u011bh na \u00fakor ostatn\u00edch produkt\u016f, ale roste soub\u011b\u017en\u011b i na klasick\u00e9m trhu s PC.3<\/sup><\/p>\n

V\u00fdhled na druh\u00e9 \u010dtvrtlet\u00ed byl je\u0161t\u011b d\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e samotn\u00e1 \u010d\u00edsla<\/strong><\/h3>\n

AMD pro druh\u00e9 \u010dtvrtlet\u00ed o\u010dek\u00e1v\u00e1 tr\u017eby p\u0159ibli\u017en\u011b 11,2 miliardy USD s mo\u017enou odchylkou 300 milion\u016f USD, co\u017e znamen\u00e1 meziro\u010dn\u00ed r\u016fst p\u0159ibli\u017en\u011b o 46 % a sekven\u010dn\u00ed r\u016fst asi o 9 %. Tento v\u00fdhled p\u0159ekonal konsensus analytik\u016f na \u00farovni 10,52 miliardy USD a z\u00e1rove\u0148 spole\u010dnost o\u010dek\u00e1v\u00e1 upravenou hrubou mar\u017ei kolem 56 %, co\u017e je v\u00edce ne\u017e odhad trhu na \u00farovni 55,4 %. Pr\u00e1v\u011b tento v\u00fdhled byl hlavn\u00edm d\u016fvodem siln\u00e9 reakce akci\u00ed, proto\u017ee nazna\u010dil, \u017ee r\u016fst popt\u00e1vky v oblasti datov\u00fdch center a um\u011bl\u00e9 inteligence (AI) nem\u00e1 b\u00fdt jednor\u00e1zov\u00fdm v\u00fdkyvem, ale pokra\u010duj\u00edc\u00edm trendem. AMD o\u010dek\u00e1v\u00e1 ve druh\u00e9m \u010dtvrtlet\u00ed meziro\u010dn\u00ed r\u016fst tr\u017eeb ze serverov\u00fdch procesor\u016f o v\u00edce ne\u017e 70 %, co\u017e d\u00e1le posiluje tezi o rostouc\u00ed s\u00edle spole\u010dnosti v oblasti serverov\u00e9 infrastruktury.2<\/sup> [1]<\/p>\n

Finan\u010dn\u00ed pozice spole\u010dnosti d\u00e1v\u00e1 AMD prostor pro dal\u0161\u00ed expanzi<\/strong><\/h3>\n

Jedn\u00edm z m\u00e9n\u011b n\u00e1padn\u00fdch, ale velmi d\u016fle\u017eit\u00fdch bod\u016f v\u00fdsledk\u016f byla s\u00edla rozvahy a cash flow. AMD zakon\u010dilo \u010dtvrtlet\u00ed s hotovost\u00ed a kr\u00e1tkodob\u00fdmi investicemi ve v\u00fd\u0161i 12,347 miliardy USD, zat\u00edmco celkov\u00fd dluh \u010dinil 3,224 miliardy USD. Spole\u010dnost v prvn\u00edm \u010dtvrtlet\u00ed vytvo\u0159ila voln\u00fd cash flow ve v\u00fd\u0161i 2,566 miliardy USD, co\u017e je v\u00fdrazn\u011b v\u00edce ne\u017e 727 milion\u016f USD p\u0159ed rokem, a provozn\u00ed cash flow dos\u00e1hlo 2,955 miliardy USD. To znamen\u00e1, \u017ee AMD m\u00e1 dostatek finan\u010dn\u00ed s\u00edly na dal\u0161\u00ed investice do v\u00fdvoje, \u0161k\u00e1lov\u00e1n\u00ed dod\u00e1vek a budov\u00e1n\u00ed AI infrastruktury, ani\u017e by muselo v\u00fdrazn\u011b zhor\u0161ovat svou finan\u010dn\u00ed stabilitu.3<\/sup><\/p>\n

David Matulay, analytik <\/strong>InvestingFox<\/strong><\/a><\/h5>\n

[1] 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. 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

InvestingFox<\/a> je obchodn\u00ed zna\u010dka spole\u010dnosti CAPITAL MARKETS, o.c.p., a.s. se s\u00eddlem Sl\u00e1vi\u010die \u00fadolie 106, Bratislava \u2013 m\u011bstsk\u00e1 \u010d\u00e1st Star\u00e9 Mesto 811 02. Spole\u010dnost je zaps\u00e1na v obchodn\u00edm rejst\u0159\u00edku M\u011bstsk\u00e9ho soudu Bratislava III, odd\u00edl: Sa, vlo\u017eka \u010d\u00edslo: 4295\/B, I\u010cO: 36 853 054, DI\u010c: 2022505419.<\/p>\n

CAPITAL MARKETS, o.c.p., a.s. je obchodn\u00edk s cenn\u00fdmi pap\u00edry podle \u00a7 55 odst. 1 z\u00e1kona \u010d. 566\/2001 Z. z. o cenn\u00fdch pap\u00edrech a investi\u010dn\u00edch slu\u017eb\u00e1ch a o zm\u011bn\u011b a dopln\u011bn\u00ed n\u011bkter\u00fdch z\u00e1kon\u016f v zn\u011bn\u00ed pozd\u011bj\u0161\u00edch p\u0159edpis\u016f (d\u00e1le jen z\u00e1kon o cenn\u00fdch pap\u00edrech). Spole\u010dnosti CAPITAL MARKETS, o.c.p., a.s. bylo dne 30.10.2007 rozhodnut\u00edm N\u00e1rodn\u00ed banky Slovenska \u010d. OPK-2297\/2007-PLP povolen\u00ed k poskytov\u00e1n\u00ed investi\u010dn\u00edch slu\u017eeb ve smyslu \u00a7 54 odst. 2 ve spojen\u00ed s \u00a7 59 odst. 2 a 3 z\u00e1kona o cenn\u00fdch pap\u00edrech, kter\u00e9 bylo v souladu s ustanoven\u00edmi z\u00e1kona o cenn\u00fdch pap\u00edrech roz\u0161\u00ed\u0159eno rozhodnut\u00edm \u010d. OPK-1830\/2008-PLP ze dne 21. 4. 2008, rozhodnut\u00edm \u010d. OPK-11601-1\/2008 ze dne 28. 1. 2009, rozhodnut\u00edm \u010d. ODT-5059-3\/2012 ze dne 23. 7. 2012 a rozhodnut\u00edm \u010d. ODT-9332\/2014-1 ze dne 21. 10. 2014.<\/p>\n

[1]<\/a> https:\/\/www.cnbc.com\/2026\/05\/05\/amd-q1-2026-earnings-report.html<\/a><\/p>\n

[2]<\/a> https:\/\/www.reuters.com\/business\/amd-forecasts-quarterly-revenue-above-expectations-ai-chip-demand-stays-strong-2026-05-05\/<\/a><\/p>\n

[3]<\/a> https:\/\/ir.amd.com\/news-events\/press-releases\/detail\/1284\/amd-reports-first-quarter-2026-financial-results<\/a><\/p>\n

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

AMD op\u011bt upoutalo pozornost Wall Streetu a nejnov\u011bj\u0161\u00ed v\u00fdsledky nazna\u010duj\u00ed, \u017ee firma vstupuje do f\u00e1ze,…<\/p>\n","protected":false},"author":2,"featured_media":69819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[3101,1042,2145,3302,331],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/106151"}],"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=106151"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/106151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/69819"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=106151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=106151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=106151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}