{"id":90350,"date":"2025-10-22T00:28:38","date_gmt":"2025-10-21T22:28:38","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=90350"},"modified":"2025-10-21T18:20:06","modified_gmt":"2025-10-21T16:20:06","slug":"nelegalni-financovani-odvetvi-umele-inteligence-v-hodnote-1-bilionu-dolaru-co-se-doopravdy-deje","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/10\/22\/nelegalni-financovani-odvetvi-umele-inteligence-v-hodnote-1-bilionu-dolaru-co-se-doopravdy-deje\/","title":{"rendered":"Neleg\u00e1ln\u00ed financov\u00e1n\u00ed odv\u011btv\u00ed um\u011bl\u00e9 inteligence v hodnot\u011b 1 bilionu dolar\u016f \u2013 co se doopravdy d\u011bje"},"content":{"rendered":"
<\/div>\n
\n
\n

Um\u011bl\u00e1 inteligence je nov\u00e1 zlat\u00e1 hore\u010dka \u2013 ale pen\u00edze se neobr\u00e1t\u00ed tak, jak si v\u011bt\u0161ina lid\u00ed mysl\u00ed. Jen v roce 2025 podepsala\u00a0<\/span>OpenAI<\/span><\/strong>\u00a0(tv\u016frce ChatGPT) a jej\u00ed partne\u0159i\u00a0<\/span>smlouvy v hodnot\u011b p\u0159es 1 bilion dolar\u016f<\/span><\/strong>\u00a0. H\u00e1\u010dek: OpenAI v prvn\u00edch \u0161esti m\u011bs\u00edc\u00edch roku vygenerovala pouze\u00a0<\/span>4,3 miliardy dolar\u016f<\/span><\/strong>\u00a0. Odkud tedy v\u0161echny tyto pen\u00edze poch\u00e1zej\u00ed?<\/span><\/p>\n

No, nikdy to vlastn\u011b neopou\u0161t\u00ed stejn\u00fd kruh megakorporac\u00ed.\u00a0<\/span>Nvidia, OpenAI, Oracle, AMD, Microsoft, SoftBank, Meta a Google<\/span><\/strong>\u00a0si navz\u00e1jem p\u0159ev\u00e1d\u011bj\u00ed miliardy v podez\u0159el\u00e9m, na hranici legality hrani\u010d\u00edc\u00edm finan\u010dn\u00edm koloto\u010di. V\u00fdsledkem jsou\u00a0<\/span>exploduj\u00edc\u00ed ocen\u011bn\u00ed, denn\u00ed titulky a ceny akci\u00ed, kter\u00e9 rostou sp\u00ed\u0161e na z\u00e1klad\u011b slib\u016f ne\u017e zisk\u016f.<\/span><\/strong>
\nJe to udr\u017eiteln\u00e9? Je to leg\u00e1ln\u00ed? A co se stane, kdy\u017e hudba jednoho dne p\u0159estane hr\u00e1t?<\/span><\/p>\n

Iluze bilionu dolar\u016f: Kdo koho plat\u00ed?<\/span><\/h3>\n

Poj\u010fme rozpl\u00e9st pavu\u010dinu. Na pap\u00ed\u0159e OpenAI a jej\u00ed partne\u0159i letos podepsali smlouvy v hodnot\u011b p\u0159es\u00a0<\/span>bilion dolar\u016f<\/span><\/strong>\u00a0\u2013 v\u00edce, ne\u017e v\u011bt\u0161ina zem\u00ed utrat\u00ed za cel\u00e9 sv\u00e9 ekonomiky.<\/span><\/p>\n

N\u00e1kupn\u00ed hore\u010dka OpenAI<\/span><\/h4>\n
    \n
  • 300 miliard dolar\u016f spole\u010dnosti Oracle<\/span><\/strong>\u00a0na infrastrukturu v r\u00e1mci projektu\u00a0<\/span>Stargate<\/span><\/em>\u00a0v hodnot\u011b 500 miliard dolar\u016f (po dobu 5 let, ozn\u00e1meno v z\u00e1\u0159\u00ed)<\/span><\/li>\n
  • 22 miliard dolar\u016f firm\u011b CoreWeave<\/span><\/strong>\u00a0na vyu\u017eit\u00ed datov\u00fdch center pln\u00fdch grafick\u00fdch karet Nvidia<\/span><\/li>\n
  • Nezve\u0159ejn\u011bn\u00e9 smlouvy v hodnot\u011b n\u011bkolika miliard dolar\u016f<\/span><\/strong>\u00a0se spole\u010dnostmi Google (cloudov\u00e9 slu\u017eby) a Broadcom (\u010dipy zalo\u017een\u00e9 na designu OpenAI)<\/span><\/li>\n<\/ul>\n

    Odkud poch\u00e1zej\u00ed pen\u00edze OpenAI?<\/span><\/h4>\n

    Vzhledem k obratu pouh\u00fdch 4 miliard dolar\u016f mezi lednem a \u010dervnem mus\u00ed pen\u00edze odn\u011bkud p\u0159ij\u00edt:<\/span><\/p>\n

      \n
    • 100 miliard od Nvidie<\/span><\/strong>\u00a0, z \u010deho\u017e velk\u00e1 \u010d\u00e1st je pou\u017eita na zp\u011btn\u00fd pron\u00e1jem vlastn\u00edch grafick\u00fdch karet Nvidie<\/span><\/li>\n
    • 14 miliard od Microsoftu<\/span><\/strong>\u00a0, v\u011bt\u0161inou prost\u0159ednictv\u00edm cloudov\u00fdch kredit\u016f Azure (od roku 2019)<\/span><\/li>\n
    • Nov\u00e1 dohoda s AMD<\/span><\/strong>\u00a0, \u010dipy v\u00fdm\u011bnou za 10% pod\u00edl \u2013 zpr\u00e1va, kter\u00e1 zp\u016fsobila n\u00e1r\u016fst akci\u00ed AMD o 30 %<\/span><\/li>\n<\/ul>\n

      A kdo dal\u0161\u00ed tam je?<\/span><\/h4>\n
        \n
      • Spole\u010dnost Nvidia<\/span><\/strong>\u00a0, kter\u00e1 je ji\u017e investorem v CoreWeave, se zav\u00e1zala k odkoupen\u00ed nevyu\u017eit\u00e9 cloudov\u00e9 kapacity v t\u00e9to lokalit\u011b ve v\u00fd\u0161i 6 miliard dolar\u016f do roku 2032.<\/span><\/li>\n
      • CoreWeave<\/span><\/strong>\u00a0kupuje sv\u00e9 grafick\u00e9 karty od Nvidie a pronaj\u00edm\u00e1 je<\/span><\/li>\n
      • Oracle<\/span><\/strong>\u00a0investoval 40 miliard do \u010dip\u016f Nvidia pro datov\u00e1 centra OpenAI<\/span><\/li>\n
      • SoftBank<\/span><\/strong>\u00a0dr\u017e\u00ed pod\u00edl ve spole\u010dnosti Nvidia v hodnot\u011b 3 miliard dolar\u016f a pod\u00edl\u00ed se na projektu Stargate.<\/span><\/li>\n
      • Meta<\/span><\/strong>\u00a0investovala 14 miliard do\u00a0<\/span>Scale AI<\/span><\/em>\u00a0, 10 miliard p\u0159evedla spole\u010dnosti Google (Cloud) a dal\u0161\u00edch 14 miliard spole\u010dnosti CoreWeave pro infrastrukturu AI.<\/span><\/li>\n<\/ul>\n

        Z\u00e1v\u011br:<\/span><\/strong>\u00a0Miliardy dovnit\u0159, miliardy ven \u2013 ale v\u0161echno koluje v t\u00e9\u017ee pen\u011b\u017en\u00ed bublin\u011b.<\/span><\/p>\n

        Zp\u00e1te\u010dn\u00ed doprava je neleg\u00e1ln\u00ed \u2013 pro\u010d jim to proch\u00e1z\u00ed?<\/span><\/h3>\n

        Pen\u00edze, kter\u00e9 se to\u010d\u00ed v kruhu, se naz\u00fdvaj\u00ed\u00a0<\/span>\u201eround-tripping\u201c<\/span><\/em>\u00a0. Jednodu\u0161e \u0159e\u010deno, spole\u010dnost utrat\u00ed pen\u00edze \u2013 prost\u0159ednictv\u00edm investic nebo partnerstv\u00ed \u2013 a p\u0159ijme je zp\u011bt jin\u00fdm kan\u00e1lem. D\u00edky tomu se tr\u017eby a r\u016fst jev\u00ed jako v\u011bt\u0161\u00ed, ne\u017e ve skute\u010dnosti jsou.<\/span><\/p>\n

        P\u0159\u00edklad:<\/span><\/strong><\/p>\n