{"id":110399,"date":"2026-07-09T00:29:59","date_gmt":"2026-07-08T22:29:59","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=110399"},"modified":"2026-07-08T13:38:05","modified_gmt":"2026-07-08T11:38:05","slug":"micron-jako-hnaci-sila-boomu-v-oblasti-ai-rekordni-zisky-krize-v-oblasti-pametovych-cipu-a-novy-trzni-supercyklus","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/07\/09\/micron-jako-hnaci-sila-boomu-v-oblasti-ai-rekordni-zisky-krize-v-oblasti-pametovych-cipu-a-novy-trzni-supercyklus\/","title":{"rendered":"Micron jako hnac\u00ed s\u00edla boomu v oblasti AI: Rekordn\u00ed zisky, krize v oblasti pam\u011b\u0165ov\u00fdch \u010dip\u016f a nov\u00fd tr\u017en\u00ed supercyklus"},"content":{"rendered":"
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Spole\u010dnost Micron Technology se v posledn\u00edm fisk\u00e1ln\u00edm \u010dtvrtlet\u00ed dostala do centra pozornosti investor\u016f i analytik\u016f a stala se jedn\u00edm z nejv\u00fdrazn\u011bj\u0161\u00edch symbol\u016f boomu um\u011bl\u00e9 inteligence v polovodi\u010dov\u00e9m sektoru. Spole\u010dnost p\u0159ekvapila trh nejen sv\u00fdmi \u010d\u00edsly, ale i zp\u016fsobem, jak\u00fdm si zaji\u0161\u0165uje popt\u00e1vku na nejbli\u017e\u0161\u00ed roky a jak m\u011bn\u00ed rovnov\u00e1hu sil mezi v\u00fdrobci pam\u011bt\u00ed a jejich nejv\u011bt\u0161\u00edmi z\u00e1kazn\u00edky. Micron vyvol\u00e1v\u00e1 novou ot\u00e1zku, zda sledujeme pouze dal\u0161\u00ed f\u00e1zi zn\u00e1m\u00e9ho cyklu, nebo za\u010d\u00e1tek trvalej\u0161\u00edho supercyklu um\u011bl\u00e9 inteligence, kter\u00fd m\u016f\u017ee p\u0159edefinovat dosavadn\u00ed pravidla hry.<\/em><\/p>\n

V\u00fdsledky, kter\u00e9 p\u0159edefinuj\u00ed odv\u011btv\u00ed pam\u011b\u0165ov\u00fdch \u010dip\u016f<\/strong><\/h3>\n

Spole\u010dnost Micron dos\u00e1hla ve t\u0159et\u00edm fisk\u00e1ln\u00edm \u010dtvrtlet\u00ed roku 2026 rekordn\u00edch tr\u017eeb ve v\u00fd\u0161i 41,46 miliardy USD, co\u017e p\u0159edstavuje meziro\u010dn\u00ed n\u00e1r\u016fst z 9,30 miliardy USD a sekven\u010dn\u00ed n\u00e1r\u016fst z 23,86 miliardy USD; jedn\u00e1 se o nejvy\u0161\u0161\u00ed \u010dtvrtletn\u00ed obrat v historii spole\u010dnosti. \u010cist\u00fd zisk podle \u00fa\u010detn\u00edch standard\u016f GAAP dos\u00e1hl 28,24 miliardy USD, ve srovn\u00e1n\u00ed se ztr\u00e1tou 1,90 miliardy USD p\u0159ed rokem, a upraven\u00fd zisk na akcii vzrostl na 25,11 USD oproti ztr\u00e1t\u011b 1,73 USD ve stejn\u00e9m obdob\u00ed lo\u0148sk\u00e9ho roku. Hrub\u00e1 mar\u017ee se posunula na p\u0159ibli\u017en\u011b 85 %, co\u017e p\u0159edstavuje n\u00e1r\u016fst ze zhruba 39 % p\u0159ed rokem, a provozn\u00ed mar\u017ee se pohybovala nad 80 %, co\u017e odr\u00e1\u017e\u00ed extr\u00e9mn\u011b napjat\u00fd trh s pam\u011b\u0165ov\u00fdmi \u010dipy pro AI a datov\u00e1 centra. Provozn\u00ed cash flow dos\u00e1hlo 25,39 miliardy USD, upraven\u00e9 voln\u00e9 cash flow p\u0159ekro\u010dilo 18,3 miliardy USD a spole\u010dnost uvedla, \u017ee dr\u017e\u00ed p\u0159ibli\u017en\u011b 30,2 miliardy USD v hotovosti a likvidn\u00edch investic\u00edch, co\u017e j\u00ed d\u00e1v\u00e1 zna\u010dnou flexibilitu p\u0159i financov\u00e1n\u00ed roz\u0161i\u0159ov\u00e1n\u00ed kapacit a nov\u00fdch technologi\u00ed. V r\u00e1mci v\u00fdhledu spole\u010dnost Micron odhaduje tr\u017eby za \u010dtvrt\u00e9 fisk\u00e1ln\u00ed \u010dtvrtlet\u00ed roku 2026 na \u00farovni p\u0159ibli\u017en\u011b 50 miliard USD s toleranc\u00ed 1 miliardy, o\u010dek\u00e1v\u00e1 hrubou mar\u017ei kolem 86 % a upraven\u00fd zisk na akcii p\u0159ibli\u017en\u011b 31 USD, co\u017e nazna\u010duje, \u017ee veden\u00ed po\u010d\u00edt\u00e1 s dal\u0161\u00edm zrychlen\u00edm popt\u00e1vky a pokra\u010dov\u00e1n\u00edm sou\u010dasn\u00fdch vysok\u00fdch mar\u017e\u00ed i v n\u00e1sleduj\u00edc\u00edm obdob\u00ed. [1]<\/p>\n

Popt\u00e1vka po pam\u011btech pro AI a struktur\u00e1ln\u00ed popt\u00e1vka po datov\u00fdch centrech<\/strong><\/h3>\n

J\u00e1drem t\u011bchto v\u00fdsledk\u016f je prudk\u00fd r\u016fst popt\u00e1vky po pam\u011b\u0165ov\u00fdch a \u00falo\u017en\u00fdch \u0159e\u0161en\u00edch pro AI, cloud a datov\u00e1 centra, kter\u00e1 dnes tvo\u0159\u00ed strategick\u00e9 j\u00e1dro podnik\u00e1n\u00ed spole\u010dnosti Micron. Obchodn\u00ed segment datov\u00fdch center spole\u010dnosti zaznamenal meziro\u010dn\u00ed n\u00e1r\u016fst tr\u017eeb na p\u0159ibli\u017en\u011b 11,5 miliardy USD, co\u017e p\u0159edstavuje v\u00edce ne\u017e sedmin\u00e1sobn\u00fd r\u016fst oproti lo\u0148sk\u00e9mu roku, zat\u00edmco segment cloudov\u00e9ho \u00falo\u017ei\u0161t\u011b p\u0159ekro\u010dil 13,7 miliardy USD a segment mobiln\u00edch a klientsk\u00fdch za\u0159\u00edzen\u00ed vzrostl p\u0159ibli\u017en\u011b o 250 %. Segment automobilov\u00e9ho pr\u016fmyslu a vestav\u011bn\u00fdch syst\u00e9m\u016f zaznamenal v\u00edce ne\u017e \u010dty\u0159n\u00e1sobn\u00fd n\u00e1r\u016fst tr\u017eeb, co\u017e odr\u00e1\u017e\u00ed rostouc\u00ed pot\u0159ebu pam\u011bt\u00ed s vysokou kapacitou a vysokou rychlost\u00ed v oblastech, jako jsou pokro\u010dil\u00e9 syst\u00e9my asistence \u0159idi\u010de, pr\u016fmyslov\u00e9 \u0159\u00edzen\u00ed a digit\u00e1ln\u00ed infrastruktura. Veden\u00ed spole\u010dnosti zd\u016fraz\u0148uje, \u017ee popt\u00e1vka po pam\u011btech s vysokou \u0161\u00ed\u0159kou p\u00e1sma pro akceler\u00e1tory AI a vysokokapacitn\u00edch modulech DRAM a NAND pro hyperscalery je natolik siln\u00e1, \u017ee trh s pam\u011b\u0165mi m\u016f\u017ee z\u016fstat napjat\u00fd n\u011bkolik let, jeliko\u017e nov\u00e9 v\u00fdrobn\u00ed kapacity vy\u017eaduj\u00ed vysok\u00e9 kapit\u00e1lov\u00e9 investice a dlouhou dobu na v\u00fdstavbu a rozb\u011bh v\u00fdroby. Anal\u00fdzy z\u00e1rove\u0148 poukazuj\u00ed na to, \u017ee vzestup v oblasti AI \u010dip\u016f ve druh\u00e9m \u010dtvrtlet\u00ed roku 2026 p\u0159idal p\u0159ibli\u017en\u011b 2 biliony USD tr\u017en\u00ed hodnoty spole\u010dnostem jako Micron, Intel a AMD, co\u017e ukazuje, \u017ee kapit\u00e1lov\u00e9 trhy vn\u00edmaj\u00ed segment pam\u011bt\u00ed jako kl\u00ed\u010dov\u00fd \u010dl\u00e1nek hodnotov\u00e9ho \u0159et\u011bzce um\u011bl\u00e9 inteligence a prom\u00edtaj\u00ed sou\u010dasnou popt\u00e1vku do o\u010dek\u00e1v\u00e1n\u00ed r\u016fstu na n\u011bkolik let dop\u0159edu.<\/p>\n

Krize v oblasti pam\u011bt\u00ed, tvrd\u00e1 vyjedn\u00e1v\u00e1n\u00ed a dlouhodob\u00e9 z\u00e1vazky z\u00e1kazn\u00edk\u016f<\/strong><\/h3>\n

Spole\u010dnost Micron z\u00e1rove\u0148 otev\u0159en\u011b uvedla, \u017ee sou\u010dasn\u00fd nedostatek pam\u011bt\u00ed je tak\u00e9 d\u016fsledkem minul\u00e9ho chov\u00e1n\u00ed z\u00e1kazn\u00edk\u016f, kte\u0159\u00ed tla\u010dili na agresivn\u00ed sni\u017eov\u00e1n\u00ed cen a up\u0159ednost\u0148ovali kr\u00e1tkodob\u00e9 smlouvy, co\u017e vedlo k sou\u010dasn\u00e9mu nap\u011bt\u00ed na trhu. V reakci na tuto zku\u0161enost spole\u010dnost uzav\u0159ela 16 dlouhodob\u00fdch strategick\u00fdch smluv se z\u00e1kazn\u00edky na obdob\u00ed t\u0159\u00ed a\u017e p\u011bti let, kter\u00e9 obsahuj\u00ed z\u00e1vazn\u00e9 objemov\u00e9 z\u00e1vazky ze strany klient\u016f a p\u0159edstavuj\u00ed finan\u010dn\u00ed z\u00e1vazky v hodnot\u011b p\u0159ibli\u017en\u011b 22 miliard USD. Po pln\u00e9m zaveden\u00ed by tyto smlouvy m\u011bly pokr\u00fdt p\u0159ibli\u017en\u011b polovinu nebo v\u00edce budouc\u00edch tr\u017eeb, co\u017e spole\u010dnosti Micron poskytuje lep\u0161\u00ed p\u0159ehled o popt\u00e1vce a sni\u017euje riziko n\u00e1hl\u00fdch v\u00fdkyv\u016f v objedn\u00e1vk\u00e1ch v dob\u011b, kdy spole\u010dnost pl\u00e1nuje rekordn\u00ed cyklus kapit\u00e1lov\u00fdch v\u00fddaj\u016f. Spole\u010dnost Micron z\u00e1rove\u0148 v\u00fdrazn\u011b zvy\u0161uje investice do nov\u00e9 generace pam\u011b\u0165ov\u00fdch technologi\u00ed, v\u010detn\u011b HBM4 a budouc\u00ed verze HBM4E, 256 GB DDR5 modul\u016f, SSD s rozhran\u00edm PCIe Gen6 a 245 TB QLC SSD pro hyperscalery a velk\u00e9 implementace um\u011bl\u00e9 inteligence, \u010d\u00edm\u017e se sna\u017e\u00ed technologicky zakotvit v j\u00e1dru budouc\u00ed infrastruktury um\u011bl\u00e9 inteligence. Kombinace dlouhodob\u00fdch smluv a technologick\u00e9ho n\u00e1skoku m\u016f\u017ee \u010d\u00e1st typick\u00e9 volatility pam\u011b\u0165ov\u00fdch cykl\u016f zm\u00edrnit, av\u0161ak nevylu\u010duje riziko, \u017ee p\u0159i p\u0159\u00edli\u0161 rychl\u00e9m roz\u0161i\u0159ov\u00e1n\u00ed kapacit m\u016f\u017ee v n\u00e1sleduj\u00edc\u00edch letech vzniknout nadbytek nab\u00eddky, kter\u00fd by vyvinul tlak na ceny a mar\u017ee. [2]<\/p>\n

Sign\u00e1l pro supercyklus AI a ot\u00e1zka udr\u017eitelnosti rekordn\u00edch mar\u017e\u00ed<\/strong><\/h3>\n

Rekordn\u00ed v\u00fdsledky spole\u010dnosti Micron jsou pro investory i obchodn\u00edky jasn\u00fdm sign\u00e1lem, \u017ee investi\u010dn\u00ed supercyklus v oblasti um\u011bl\u00e9 inteligence se v polovodi\u010dov\u00e9m \u0159et\u011bzci p\u0159en\u00e1\u0161\u00ed i do segmentu pam\u011b\u0165ov\u00fdch \u010dip\u016f a \u017ee kapit\u00e1lov\u00e9 trhy jsou p\u0159ipraveny odm\u011bnit expozici v\u016f\u010di infrastruktu\u0159e um\u011bl\u00e9 inteligence velmi vysok\u00fdm ocen\u011bn\u00edm. Upraven\u00fd zisk na akcii ve v\u00fd\u0161i 25,11 USD, hrub\u00e1 mar\u017ee kolem 85 % a v\u00fdhled tr\u017eeb p\u0159ibli\u017en\u011b 50 miliard USD se zlep\u0161uj\u00edc\u00ed se mar\u017eovou strukturou vytv\u00e1\u0159ej\u00ed obraz trhu, kter\u00fd stav\u00ed popt\u00e1vku po pam\u011btech pro AI do centra sv\u00fdch o\u010dek\u00e1v\u00e1n\u00ed. Z\u00e1rove\u0148 v\u0161ak dosavadn\u00ed v\u00fdvoj odv\u011btv\u00ed pam\u011b\u0165ov\u00fdch \u010dip\u016f ukazuje, \u017ee po obdob\u00edch extr\u00e9mn\u011b vysok\u00fdch mar\u017e\u00ed a investi\u010dn\u00edho nad\u0161en\u00ed \u010dasto n\u00e1sleduje f\u00e1ze nadbyte\u010dn\u00fdch kapacit, poklesu cen a normalizace ziskovosti, kdy se popt\u00e1vka zpomal\u00ed nebo p\u0159esune k levn\u011bj\u0161\u00edm technologick\u00fdm \u0159e\u0161en\u00edm. Spole\u010dnost Micron se sna\u017e\u00ed tento cyklick\u00fd vzorec zm\u00edrnit prost\u0159ednictv\u00edm dlouhodob\u00fdch smluv, diverzifikace do datov\u00fdch center, cloudu, automobilov\u00e9ho segmentu a technologick\u00e9ho n\u00e1skoku v oblasti pokro\u010dil\u00fdch pam\u011bt\u00ed, trh v\u0161ak bude v n\u00e1sleduj\u00edc\u00edch \u010dtvrtlet\u00edch sledovat, zda jsou sou\u010dasn\u00e9 mar\u017ee a tempo r\u016fstu udr\u017eiteln\u00e9, ani\u017e by do\u0161lo k vytvo\u0159en\u00ed nov\u00e9 pam\u011b\u0165ov\u00e9 bubliny. Pro investory a obchodn\u00edky proto p\u0159edstavuje 3. \u010dtvrtlet\u00ed roku 2026 pro spole\u010dnost Micron nejen mimo\u0159\u00e1dn\u011b siln\u00e9 \u010dtvrtlet\u00ed, ale tak\u00e9 test toho, do jak\u00e9 m\u00edry je popt\u00e1vka po AI skute\u010dn\u011b struktur\u00e1ln\u00ed a jak dlouho jsou kapit\u00e1lov\u00e9 trhy ochotny tolerovat vysok\u00e9 valuace v segmentu, kter\u00fd i p\u0159i sou\u010dasn\u00e9 expanzi z\u016fst\u00e1v\u00e1 vystaven riziku cyklick\u00fdch v\u00fdkyv\u016f. [3]<\/p>\n

Peter Svore\u0148, CEO <\/strong>ApmeFX Trading Europe Ltd.<\/strong><\/a><\/h4>\n

[1,2,3] V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed vych\u00e1zej\u00ed z p\u0159edpoklad\u016f a sou\u010dasn\u00fdch o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 mohou b\u00fdt nep\u0159esn\u00e1, nebo ze sou\u010dasn\u00e9ho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Takov\u00e1 prohl\u00e1\u0161en\u00ed nezaru\u010duj\u00ed budouc\u00ed v\u00fdsledky. Jsou spojena s riziky a dal\u0161\u00edmi nejistotami, kter\u00e9 je obt\u00ed\u017en\u00e9 p\u0159edv\u00eddat. V\u00fdsledky se mohou podstatn\u011b li\u0161it od t\u011bch, kter\u00e9 jsou vyj\u00e1d\u0159eny nebo implikov\u00e1ny v jak\u00fdchkoli v\u00fdhledov\u00fdch prohl\u00e1\u0161en\u00edch.<\/p>\n

Zdroje:<\/strong><\/h4>\n

https:\/\/www.cnbc.com\/2026\/06\/24\/micron-mu-earnings-report-q3-2026.html<\/a><\/p>\n

https:\/\/investors.micron.com\/news-releases\/news-release-details\/micron-technology-inc-reports-record-results-third-quarter<\/a><\/p>\n

https:\/\/www.cnbc.com\/2026\/06\/30\/ai-chip-rally-in-q2-adds-2-trillion-in-value-to-micron-intel-amd-.html<\/a><\/p>\n

https:\/\/www.cnbc.com\/2026\/06\/30\/micron-ceo-customers-driving-hard-bargain-on-price-contributed-to-memory-shortage.html<\/a><\/p>\n

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

Spole\u010dnost Micron Technology se v posledn\u00edm fisk\u00e1ln\u00edm \u010dtvrtlet\u00ed dostala do centra pozornosti investor\u016f i analytik\u016f…<\/p>\n","protected":false},"author":2,"featured_media":105203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[3101,341,1503,331],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/110399"}],"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=110399"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/110399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/105203"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=110399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=110399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=110399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}