{"id":11352,"date":"2026-05-26T08:01:00","date_gmt":"2026-05-26T08:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11352"},"modified":"2026-06-05T09:21:11","modified_gmt":"2026-06-05T09:21:11","slug":"intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz\/","title":{"rendered":"Intel r\u00e9szv\u00e9ny: 2026-ban a chipgy\u00e1rt\u00e1s kir\u00e1lya lesz?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14<\/h2>\n\n\n\n<p>Az Intel r\u00e9szv\u00e9ny haldoklott 2024-ben, szinte m\u00e1r mindenki temette az \u00e1raz\u00e1s alapj\u00e1n, azt\u00e1n valami megv\u00e1ltozott. Az \u00e1rfolyam 18 USD-r\u0151l 119 USD-re ugrott, a piaci kapitaliz\u00e1ci\u00f3 meghaladja a 600 milli\u00e1rd USD-t. De vajon a fundamentumok igazolj\u00e1k-e ezt vagy a piac egy rem\u00e9nyen alapul\u00f3 turnaround-sztoriba \u00e1razott be mindent el\u0151re?<\/p>\n\n\n\n<p>Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40\u201350 \u00f3r\u00e1t is ig\u00e9nybe vehet. Ennyi energi\u00e1t minden egyes c\u00e9gbe lehetetlen beletenni. <strong>Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot: gyors, l\u00e9nyegre t\u00f6r\u0151 minielemz\u00e9sek, amelyek seg\u00edtenek az el\u0151sz\u0171r\u00e9sben.<\/strong> Nem m\u00e9lyelemz\u00e9s, ink\u00e1bb gondolat\u00e9breszt\u0151. A c\u00e9lom nem napi keresked\u00e9si tippek osztogat\u00e1sa vagy technikai alakzatok elemz\u00e9se, hanem a pillanatnyi fundament\u00e1lis \u00e1llapot felv\u00e1zol\u00e1sa.<\/p>\n\n\n\n<p>A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/INTC\">Az Intel (INTC) r\u00e9szv\u00e9ny oldala<\/a><br>Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">Az INTEL r\u00e9szv\u00e9ny \u00e1rfolyama a TradingView fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NASDAQ:INTC|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd2 Tartalomjegyz\u00e9k \ud83d\udcd2<\/h2>\n\n\n\n<p>L\u00e9trehoztam egy tartalomjegyz\u00e9ket, hogy k\u00f6nnyebben tudjatok navig\u00e1lni a tartalmakban:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">\u2753 Mit csin\u00e1l az Intel?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83c\udfc6 Az Intel jelenlegi helyzete \u00e9s versenyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83c\udfa2 Az Intel r\u00e9szv\u00e9ny metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705 Intel r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzes\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n\n\n\n<li id=\"osszegzese\"><a href=\"#gyik\">\u2753 Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">\u2753 Mit csin\u00e1l az Intel (INTC)? \u2753<\/h2>\n\n\n\n<p><strong>Az Intel Corporation 1968-as alap\u00edt\u00e1sa \u00f3ta a glob\u00e1lis chipgy\u00e1rt\u00e1s egyik meghat\u00e1roz\u00f3 szerepl\u0151je.<\/strong> Az x86 processzorarchitekt\u00fara megalkot\u00f3jak\u00e9nt \u00e9vtizedekig szinte monopolhelyzetb\u0151l uralta a PC-k \u00e9s szerverek piac\u00e1t. Ma az \u00fczlet n\u00e9gy f\u0151 pill\u00e9ren nyugszik:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Az els\u0151 \u00e9s legnagyobb a Client Computing Group (CCG)<\/strong>: a laptopokba \u00e9s asztali g\u00e9pekbe ker\u00fcl\u0151 Core, illetve Core Ultra processzorok halmaz\u00e1t t\u00f6m\u00f6r\u00edti, ez az \u00f6sszbev\u00e9tel k\u00f6zel fel\u00e9t adja. <\/li>\n\n\n\n<li><strong>A m\u00e1sodik a Data Center and AI (DCAI)<\/strong>: szerver- \u00e9s AI-chipek, ahol az Intel az AMD EPYC sorozat\u00e1val \u00e9s az NVIDIA GPU-ival versenyez. <\/li>\n\n\n\n<li><strong>A harmadik az Intel Foundry<\/strong>: az IDM 2.0 strat\u00e9gia sz\u00edve, ahol az Intel saj\u00e1t gy\u00e1rait k\u00fcls\u0151 megrendel\u0151knek is megnyitja a TSMC-vel val\u00f3 versenyz\u00e9s jegy\u00e9ben. <\/li>\n\n\n\n<li>A negyedik a Network and Edge (NEX) \u00e9s a Mobileye \u00f6nvezet\u0151 chip \u00fczlet\u00e1g, ami jelenleg m\u00e9g elhanyagolhat\u00f3 a t\u00f6bbi pill\u00e9r mellett \u00e9s az Intel ezt hivatalosan m\u00e1r nem is k\u00f6zli le k\u00fcl\u00f6n mutat\u00f3sz\u00e1mmal.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-1024x576.jpg.webp\" alt=\"az Intel bev\u00e9tele, kateg\u00f3ri\u00e1nk\u00e9nti bont\u00e1sban\" class=\"wp-image-11357 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetelek-megoszlasa-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Intel bev\u00e9tele, kateg\u00f3ri\u00e1nk\u00e9nti bont\u00e1sban<\/figcaption><\/figure>\n\n\n\n<p>A chipgy\u00e1rt\u00e1sr\u00f3l alapvet\u0151en azt kell tudni, hogy a k\u00f6zbesz\u00e9d \u00f6sszemos h\u00e1rom kateg\u00f3ri\u00e1t:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfed<strong>IDM (Integrated Device Manufacturer):<\/strong> akik terveznek \u00c9S gy\u00e1rtanak is, pl. Intel, Samsung, Texas Instruments stb.;<\/li>\n\n\n\n<li>\ud83d\uddfa\ufe0f<strong>Fabless:<\/strong> akik csak terveznek, pl. NVIDIA, AMD, Apple, Qualcomm, MediaTek, Broadcom, Marvell, ARM, \u0151k a gy\u00e1rt\u00e1st kiszervezik;<\/li>\n\n\n\n<li>\ud83e\uddc7<strong>Foundry:<\/strong> csak b\u00e9rgy\u00e1rtanak, pl. TSMC, GlobalFoundries, vagyis nincsenek saj\u00e1t term\u00e9keik;<\/li>\n<\/ul>\n\n\n\n<p>Teh\u00e1t ezeket a c\u00e9geket nem szabad egyetlen halmazk\u00e9nt kezelni.<\/p>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az Intel az egyetlen nagy chipgy\u00e1rt\u00f3, amely egyszerre tervez \u00e9s gy\u00e1rt (IDM \u2013 Integrated Device Manufacturer). Az AMD \u00e9s az NVIDIA chipeket tervez, de TSMC gy\u00e1rtja \u0151ket az ASML g\u00e9peivel. Ez egyszerre jelent strat\u00e9giai el\u0151nyt \u00e9s rendk\u00edv\u00fcli t\u0151keig\u00e9nyt, ez ut\u00f3bbi az elm\u00falt \u00e9vek gyenges\u00e9g\u00e9nek egyik f\u0151 oka volt. Eleinte csak az AMD ette meg az Intel kenyer\u00e9t, els\u0151sorban a CCG szegmensben, k\u00e9s\u0151bb a TSMC tett hatalmas technol\u00f3giai el\u0151nyre szert. Mivel a vil\u00e1gon viszonylag kev\u00e9s c\u00e9g gy\u00e1rt logikai chipeket, processzorokat, NPU-kat, ez\u00e9rt a Top 3 gy\u00e1rt\u00f3 &#8211; TSMC, Samsung, Intel &#8211; ut\u00e1n m\u00e1r csak  T\u00e1vol-Keleti, m\u00e1sodvonalas gy\u00e1rt\u00f3k &#8211; pl. SMIC, GlobalFoundries, UMC stb. &#8211; maradnak, \u00edgy a chipgy\u00e1rt\u00e1sban \u00e9len j\u00e1rni politikai \u00e9s gazdas\u00e1gi hatalom is egyszerre.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">\ud83c\udfc6 Az Intel jelenlegi helyzete \u00e9s versenyt\u00e1rsai \ud83c\udfc6<\/h2>\n\n\n\n<p><strong>Az Intel 2025-ben az egyik legl\u00e1tv\u00e1nyosabb r\u00e9szv\u00e9nypiaci visszat\u00e9r\u00e9st produk\u00e1lta a technol\u00f3giai szektorban.<\/strong> Lip-Bu Tan 2025 m\u00e1rciusi kinevez\u00e9se fordul\u00f3pontot hozott: a Cadence Design Systems &#8211; amelyik egy chiptervez\u0151 szoftvereket gy\u00e1rt\u00f3 v\u00e1llalat &#8211; volt vez\u00e9rigazgat\u00f3ja azonnali, l\u00e1that\u00f3 l\u00e9p\u00e9seket tett: le\u00e9p\u00edt\u00e9sek, portf\u00f3li\u00f3tiszt\u00edt\u00e1s (Altera-r\u00e9szesed\u00e9s \u00e9rt\u00e9kes\u00edt\u00e9se a Silver Lake-nek), az engineering-first kult\u00fara vissza\u00e1ll\u00edt\u00e1sa.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-1024x576.jpg.webp\" alt=\"az Intel r\u00e9szv\u00e9ny \u00e1rfolyama, \u00e9vi 63.3%-os n\u00f6veked\u00e9st produk\u00e1lt\" class=\"wp-image-11359 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel-INTC-arfolyam-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Intel r\u00e9szv\u00e9ny \u00e1rfolyama, \u00e9vi 63.3%-os n\u00f6veked\u00e9st produk\u00e1lt<\/figcaption><\/figure>\n\n\n\n<p>A 2026 els\u0151 negyed\u00e9vi eredm\u00e9ny (13.6 milli\u00e1rd USD bev\u00e9tel, +7% \u00e9ves n\u00f6veked\u00e9s) \u00e9s a megfordul\u00f3 FCF-g\u00f6rbe azt mutatja, hogy a stabiliz\u00e1ci\u00f3 megkezd\u0151d\u00f6tt, de az\u00e9rt messze m\u00e9g az \u00fat v\u00e9ge. A versenyt\u00e1rsak helyzete azonban vegyes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcbb<strong>AMD<\/strong>: az x86 szerverpiacot tov\u00e1bbra is uralja \u00e9s veszi el az Intel r\u00e9szesed\u00e9s\u00e9t, az EPYC Turin benchmarkokban rendre fel\u00fclm\u00falja az Intel Xeon 6-ot.<\/li>\n\n\n\n<li>\ud83c\udf10<strong>NVIDIA<\/strong>: az adatk\u00f6zponti AI-chipek 80\u201390%-os piaci r\u00e9szesed\u00e9s\u00e9vel szinte monopolhelyzetben van; az Intel Gaudi gyors\u00edt\u00f3ja technikailag kompetens, de az \u00f6kosziszt\u00e9ma-h\u00e1tr\u00e1ny struktur\u00e1lis.<\/li>\n\n\n\n<li>\u2699\ufe0f<strong>TSMC<\/strong>: a 2 nm-es cs\u00edksz\u00e9less\u00e9g\u0171 technol\u00f3gi\u00e1val az Intel 18A &#8211; 18 angstr\u00f6m, vagyis 1,8 nanom\u00e9ter &#8211; komoly vet\u00e9lyt\u00e1rsra tal\u00e1lt; a piac egyel\u0151re szkeptikus, hogy az Intel \u00f6nt\u00f6de meg tudja-e gy\u0151zni a k\u00fcls\u0151 megrendel\u0151ket, hogy az \u0151 term\u00e9k\u00fcket v\u00e1lassz\u00e1k.<\/li>\n<\/ul>\n\n\n\n<p>Az amerikai \u00e1llami h\u00e1tt\u00e9r ugyanakkor egyed\u00fcl\u00e1ll\u00f3: <strong>a CHIPS Act keret\u00e9ben az Intel \u00f6sszesen 11.1 milli\u00e1rd USD sz\u00f6vets\u00e9gi t\u00e1mogat\u00e1st kap az arizonai \u00e9s ohi\u00f3i gy\u00e1rakhoz<\/strong>, \u00e9s az USA korm\u00e1nya r\u00e9szesed\u00e9st is szerzett az Intelben (INTC). Ez a geopolitikai &#8222;h\u00e1tsz\u00e9l&#8221; minimaliz\u00e1lja a cs\u0151d kock\u00e1zat\u00e1t, amit sem az AMD-n\u00e9l, sem az NVIDIA-n\u00e1l nem l\u00e1thatnak a befektet\u0151k.<\/p>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az Intel jelenlegi helyzete egy turnaround sztori, ahol a v\u00e1ltoz\u00e1s megkezd\u0151d\u00f6tt, de a kem\u00e9ny munka, az Intel 18A megrendel\u0151k megszerz\u00e9se, a nyeres\u00e9ges szabad cash flow vissza\u00e1ll\u00edt\u00e1sa, m\u00e9g el\u0151tt\u00fck \u00e1ll. Vagyis, legink\u00e1bb a hit \u00e9s az amerikai \u00e1llam kezess\u00e9gv\u00e1llal\u00e1sa az, amiben a befektet\u0151k b\u00edzhatnak, nem pedig a puszta sz\u00e1mok, ahogyan azt lejjebb l\u00e1thatj\u00e1tok.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">\ud83c\udfa2 Az Intel r\u00e9szv\u00e9ny metrik\u00e1i \ud83c\udfa2<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>Intel (INTC) \u2013 LTM \/ aktu\u00e1lis<\/th><\/tr><\/thead><tbody><tr><td>R\u00e9szv\u00e9ny\u00e1rfolyam<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">119.52 USD<\/mark><\/strong><\/td><\/tr><tr><td>Piaci kapitaliz\u00e1ci\u00f3<\/td><td>602 milli\u00e1rd USD<\/td><\/tr><tr><td>Enterprise Value<\/td><td>628 milli\u00e1rd USD<\/td><\/tr><tr><td>\u00c9ves \u00e1rbev\u00e9tel (LTM)<\/td><td>53.76 milli\u00e1rd USD<\/td><\/tr><tr><td>Brutt\u00f3 marzs<\/td><td>35.4%<\/td><\/tr><tr><td>Operat\u00edv marzs (GAAP)<\/td><td>\u20139.4%<\/td><\/tr><tr><td>Nett\u00f3 marzs (GAAP)<\/td><td>\u20136.3%<\/td><\/tr><tr><td>Adjusted EPS (2025)<\/td><td>0.42 USD<\/td><\/tr><tr><td>Adjusted EPS (2026E)<\/td><td>1.09 USD<\/td><\/tr><tr><td>Adjusted EPS (2027E)<\/td><td>1.54 USD<\/td><\/tr><tr><td>P\/E (TTM, GAAP)<\/td><td>\u2013193x (vesztes\u00e9ges)<\/td><\/tr><tr><td>Forward P\/E (NTM)<\/td><td>~113x<\/td><\/tr><tr><td>Forward P\/E (2027E)<\/td><td>~77.8x<\/td><\/tr><tr><td>P\/B<\/td><td>5.4x<\/td><\/tr><tr><td>EV\/EBITDA (LTM)<\/td><td>88x<\/td><\/tr><tr><td>Szabad cash flow (LTM)<\/td><td>\u20133.1 milli\u00e1rd USD<\/td><\/tr><tr><td>Adjusted FCF (2027E)<\/td><td>2.4 milli\u00e1rd USD (els\u0151 pozit\u00edv \u00e9v)<\/td><\/tr><tr><td>CapEx (2025)<\/td><td>14.6 milli\u00e1rd USD<\/td><\/tr><tr><td>Nett\u00f3 ad\u00f3ss\u00e1g<\/td><td>11.93 milli\u00e1rd USD<\/td><\/tr><tr><td>K\u00e9szp\u00e9nz<\/td><td>32.79 milli\u00e1rd USD<\/td><\/tr><tr><td>ROIC (5 \u00e9ves \u00e1tlag)<\/td><td>0.7%<\/td><\/tr><tr><td>Osztal\u00e9khozam<\/td><td>0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Ami a fenti t\u00e1bl\u00e1zatb\u00f3l kivil\u00e1glik:<\/strong> a GAAP sz\u00e1mvitel szerinti \u00e9rt\u00e9kel\u00e9s teljesen \u00e9rtelmezhetetlen (vesztes\u00e9ges c\u00e9g, negat\u00edv EPS), a j\u00f6v\u0151t \u00e1raz\u00f3 mutat\u00f3k sem olcs\u00f3k (77\u2013113x P\/E), \u00e9s a szabad cash flow v\u00e1rhat\u00f3an csak 2027-re fordul pozit\u00edvba, az elemz\u0151i konszenzus szerint. Ez egy olyan r\u00e9szv\u00e9ny, amelyet a piac a j\u00f6v\u0151 alapj\u00e1n \u00e1raz, ami legink\u00e1bb a hasra\u00fct\u00e9ssel egyenl\u0151. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-1024x576.jpg.webp\" alt=\"az Intel r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t biztosan nem a hatalmas bev\u00e9tel vagy a remek EPS mozgatja\" class=\"wp-image-11361 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-EPS-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Intel r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t biztosan nem a hatalmas bev\u00e9tel vagy a remek EPS mozgatja<\/figcaption><\/figure>\n\n\n\n<p>Viszont az amerikaiakban buzog a nemzeti \u00e9rzelem, hogy a hazai chipgy\u00e1rt\u00e1st felt\u00e1massz\u00e1k, \u00e9s mivel K\u00edna folyamatosan vesz\u00e9lyezteti Tajvant, ez\u00e9rt ennek geopolitikai indoka is van: ha K\u00edna lerohanja a szigetet, a vil\u00e1g chipgy\u00e1rt\u00e1sa egyszer\u0171en meg\u00e1ll. Viszont az Intel felt\u00e1mad\u00e1s\u00e1nak egyel\u0151re sz\u00e1mszer\u0171 nyoma nincsen, csak a p\u00e9nzt nyeli a v\u00e1llalat, de az \u00e1rfolyam k\u00e9tharmad\u00e1t a v\u00e1rakoz\u00e1sokba vetett hit teszi ki.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-1024x576.jpg.webp\" alt=\" az Intel r\u00e9szv\u00e9ny m\u00f6g\u00f6ttes sz\u00e1mok: beruh\u00e1z\u00e1s \u00e9s cash flow\" class=\"wp-image-11363 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-capital-expenditure-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Intel r\u00e9szv\u00e9ny m\u00f6g\u00f6ttes sz\u00e1mok: beruh\u00e1z\u00e1s \u00e9s cash flow<\/figcaption><\/figure>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> a top tulajdonosi list\u00e1n a BlackRock (8.9%), a Vanguard (8.2%), a State Street (4.3%) \u00e9s a Capital Research (3.3%) \u00e1llnak, az int\u00e9zm\u00e9nyi befektet\u0151k teh\u00e1t az Intel m\u00f6g\u00e9 \u00e1lltak, de nagy insider-v\u00e1s\u00e1rl\u00e1st nem l\u00e1tunk. Az \u00e1llami jelenl\u00e9t a CHIPS Act-meg\u00e1llapod\u00e1son kereszt\u00fcl val\u00f3sul meg, de ez nem r\u00e9szv\u00e9nytulajdon a hagyom\u00e1nyos \u00e9rtelemben, hanem egy warrant-meg\u00e1llapod\u00e1s: az USA korm\u00e1nya (a Commerce Department \/ CHIPS Program Office) arra kap jogot, hogy bizonyos felt\u00e9telek teljes\u00fcl\u00e9se eset\u00e9n r\u00e9szv\u00e9nyeket v\u00e1s\u00e1roljon el\u0151re meghat\u00e1rozott \u00e1ron. Lip-Bu Tan CEO maga ~468 ezer r\u00e9szv\u00e9nyt tart, ami ink\u00e1bb szimbolikus, mint \u00f3ri\u00e1si elk\u00f6telez\u0151d\u00e9st jelent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udd25 A nagy k\u00e9rd\u00e9s: meg\u00e9ri-e az Intel r\u00e9szv\u00e9ny 119 USD-n? \ud83d\udd25<\/h3>\n\n\n\n<p>Ez a k\u00e9rd\u00e9s fundament\u00e1lisan m\u00e1s, mint egy \u00e9vvel ezel\u0151tt volt. Az Intel r\u00e9szv\u00e9ny \u00e1ra megh\u00e1romszoroz\u00f3dott, a piaci kapitaliz\u00e1ci\u00f3 602 milli\u00e1rd. Aki teh\u00e1t most v\u00e1s\u00e1rol, az nem egy m\u00e9lyen alul\u00e9rt\u00e9kelt turnaround-sztorit vesz, hanem egy sikeres narrat\u00edv\u00e1\u00e9rt fizet el\u0151re, ami m\u00f6g\u00f6tt r\u00e9szben &#8222;\u00e1llami kezess\u00e9gv\u00e1llal\u00e1s&#8221; is van.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udfed Intel 18A:<\/strong> a folyamat, amelyen minden m\u00falik: az Intel 18A a RibbonFET tranzisztortechnik\u00e1t \u00e9s a PowerVia h\u00e1tlapi t\u00e1pell\u00e1t\u00e1st \u00f6tv\u00f6zi, \u00e9s a c\u00e9g szerint versenyk\u00e9pes a TSMC 2 nanom\u00e9teres technol\u00f3gi\u00e1j\u00e1val. Az els\u0151 term\u00e9k, a Panther Lake processzor, 2025 v\u00e9g\u00e9n ker\u00fclt t\u00f6meggy\u00e1rt\u00e1sba. A befektet\u0151i t\u00e9zis kulcsk\u00e9rd\u00e9se az, hogy az Intel 18A vonzani fog-e k\u00fcls\u0151 \u00fcgyfeleket, egyel\u0151re a Microsoft \u00e9s n\u00e9h\u00e1ny kisebb partner k\u00eds\u00e9rletezik, de nagy neves megrendel\u0151 (Apple, Qualcomm, NVIDIA) nincs a list\u00e1n.<\/li>\n\n\n\n<li><strong>\ud83e\udd16 AI chipek:<\/strong> j\u00f3 term\u00e9k, rossz \u00f6kosziszt\u00e9ma: az Intel Gaudi 3 AI-gyors\u00edt\u00f3ja teljes\u00edtm\u00e9ny\/\u00e1r ar\u00e1nyban versenyk\u00e9pes az NVIDIA H100-zal. A probl\u00e9ma a CUDA haszn\u00e1lata, ami bez\u00e1rja a fogyaszt\u00f3kat az NVIDIA \u00f6kosziszt\u00e9m\u00e1j\u00e1ba, ami olyan m\u00e9lyen be\u00e1gyazott az AI fejleszt\u0151k munkafolyamataiba, hogy egy jobb chip \u00f6nmag\u00e1ban nem el\u00e9g az \u00e1tt\u00f6r\u00e9shez. Az Intel OneAPI ny\u00edlt strat\u00e9gi\u00e1ja hossz\u00fa \u00e9vek befektet\u00e9si munk\u00e1j\u00e1t ig\u00e9nyli \u00e9s akkor sem biztos, hogy eredm\u00e9nyre vezet.<\/li>\n\n\n\n<li><strong>\ud83d\udcbb PC-piac: <\/strong>stabil bev\u00e9teli b\u00e1stya, de nem hajt\u00f3motor: a Core Ultra sorozat \u00e9s az NPU-s Copilot+ PC-kompatibilit\u00e1s a Microsoft \u00f6kosziszt\u00e9m\u00e1ban fontos poz\u00edci\u00f3t biztos\u00edt. Ez stabil alapot ad, de nem a gyors n\u00f6veked\u00e9s forr\u00e1sa, a szerverpiac a fontosabb piaci szegmens a c\u00e9g sz\u00e1m\u00e1ra.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-1024x576.jpg.webp\" alt=\"az Intel jelenleg nem sok \u00e9rt\u00e9ket teremt\" class=\"wp-image-11364 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-ROIC-ROCE-stb-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Intel jelenleg nem sok \u00e9rt\u00e9ket teremt<\/figcaption><\/figure>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> m\u00e9g a szakk\u00f6z\u00e9piskol\u00e1ban, kb. 30 \u00e9vvel ezel\u0151tt nagy harcokat folytattunk egym\u00e1ssal Intel vs. AMD vit\u00e1ban, de nagyj\u00e1b\u00f3l 10 \u00e9ve m\u00e1r az AMD annyira er\u0151s a PC-s piacon, hogy szerintem ez a verseny eld\u0151lt. Kevesebb p\u00e9nz\u00e9rt is jobb teljes\u00edtm\u00e9nyt adtak \u00e9s ez nagyj\u00e1b\u00f3l a mai napig \u00edgy van, m\u00edg gy\u00e1rt\u00e1sban folyamatosan a vezet\u0151 TSMC ut\u00e1n lohol az Intel. A 119 USD-s \u00e1rfolyam \u00e9s a 602 milli\u00e1rd USD-s piaci kapitaliz\u00e1ci\u00f3 egy t\u00f6k\u00e9letesen v\u00e9grehajtott turnaround-t \u00e1raz be, amikor az Intel teljesen leuralja a piacot \u00e9s t\u00f6nkre veri a versenyt\u00e1rsakat. Ha az Intel 18A \u00f6nt\u00f6de-\u00fczlete nem vonz komoly k\u00fcls\u0151 megrendel\u0151ket, \u00e9s a szabad cash flow 2027-re sem fordul pozit\u00edvba, a jelenlegi \u00e9rt\u00e9kelts\u00e9g nehezen v\u00e9dhet\u0151 \u00e9s szerintem \u00fajra visszaker\u00fcl az Intel r\u00e9szv\u00e9ny \u00e1ra oda, ahonnan 1.5 \u00e9vvel ezel\u0151tt indult, de addig is: marad az \u00e9rt\u00e9krombol\u00e1s, ahogyan azt a fenti k\u00e9pen l\u00e1thatj\u00e1tok.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">\u2705 Intel r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz? \u2705<\/h2>\n\n\n\n<p>Az Intelt r\u00e9szv\u00e9ny\u00e9t a legt\u00f6bben a &#8222;wishful thinking&#8221; jelens\u00e9g ment\u00e9n veszik: el\u0151re elhiszik, hogy itt minden rendben lesz, de f\u0151leg nem akarnak kimaradni a k\u00f6vetkez\u0151 hatalmas sztorib\u00f3l. Ezt a jelens\u00e9get h\u00edvjuk FOMO-nak, de n\u00e9zz\u00fck, mi sz\u00f3l a c\u00e9g ellen \u00e9s mellett!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ami mellette sz\u00f3l \ud83d\udfe2<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfdb\ufe0f <strong>Geopolitikai h\u00e1tsz\u00e9l, amit senki m\u00e1s nem kap meg.<\/strong> 11.1 milli\u00e1rd USD-s CHIPS Act-t\u00e1mogat\u00e1s, arizonai \u00e9s ohi\u00f3i gy\u00e1r\u00e9p\u00edt\u00e9s, korm\u00e1nyzati r\u00e9szesed\u00e9sszerz\u00e9s, az USA strat\u00e9giai partnerk\u00e9nt kezeli az Intelt. Ez de facto cs\u00f6kkenti a cs\u0151d kock\u00e1zat\u00e1t.<\/li>\n\n\n\n<li>\ud83d\udd01 <strong>Az IDM-modell egyedi versenyel\u0151nyt teremthet.<\/strong> Ha az Intel 18A val\u00f3ban versenyk\u00e9pes, az a c\u00e9gnek olyan poz\u00edci\u00f3t ad, amelyet senki m\u00e1s a nyugati vil\u00e1gban nem k\u00e9pes reproduk\u00e1lni: saj\u00e1t term\u00e9ket a legjobb technol\u00f3gi\u00e1n futtatni, \u00e9s azt b\u00e9rgy\u00e1rt\u00e1sk\u00e9nt is k\u00edn\u00e1lni.<\/li>\n\n\n\n<li>\ud83d\udcc8 <strong>A sz\u00e1mok jobbak lesznek.<\/strong> Az elemz\u0151i konszenzus 11%-os bev\u00e9teln\u00f6veked\u00e9st v\u00e1r 2026-ra (58.6 milli\u00e1rd USD), az adjusted EBITDA-marzs v\u00e1rhat\u00f3an 33%-ra emelkedik 2027-re, a szabad cash flow 2027-ben +2,4 milli\u00e1rd USD-re fordulhat (az mondjuk \u00f6nmag\u00e1ban rossz, hogy ki kell emelnem: itt egy pozit\u00edv \u00e9s nem egy negat\u00edv sz\u00e1mr\u00f3l van sz\u00f3).<\/li>\n\n\n\n<li>\ud83e\uddd1\u200d\ud83d\udcbc <strong>Lip-Bu Tan eddig teljes\u00edtett.<\/strong> A szavait tettekkel is al\u00e1t\u00e1masztotta: le\u00e9p\u00edt\u00e9sek, portf\u00f3li\u00f3tiszt\u00edt\u00e1s, m\u00e9rn\u00f6ki kult\u00fara vissza\u00e1ll\u00edt\u00e1sa, az els\u0151 negyed\u00e9vek igazolj\u00e1k a narrat\u00edv\u00e1t.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-1024x576.jpg.webp\" alt=\" az Intel bev\u00e9tele negyed\u00e9ves bont\u00e1sban lassan javulni l\u00e1tszik\" class=\"wp-image-11365 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Intel_Corporation_INTC-bevetel-negyedeves-bontasban-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Intel bev\u00e9tele negyed\u00e9ves bont\u00e1sban lassan javulni l\u00e1tszik<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Ami aggaszt\u00f3 \ud83d\udd34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb8 <strong>A jelenlegi \u00e1r t\u00f6k\u00e9letess\u00e9get \u00e1razza.<\/strong> 602 milli\u00e1rd USD piaci kapitaliz\u00e1ci\u00f3, 77\u2013113x forward P\/E, negat\u00edv FCF, ez egy t\u00f6k\u00e9letesen v\u00e9grehajtott fordulatot \u00e1raz be. Minden cs\u00fasz\u00e1s vagy lemarad\u00e1s az \u00e1rfolyamot is lejjebb l\u00f6kheti.<\/li>\n\n\n\n<li>\ud83c\udfed <strong>Az \u00f6nt\u00f6de-\u00fczlet egyel\u0151re p\u00e9nznyel\u0151.<\/strong> Az Intel Foundry 2025-ben is milli\u00e1rdos operat\u00edv vesztes\u00e9get termelt negyed\u00e9vr\u0151l negyed\u00e9vre. Komoly k\u00fcls\u0151 megrendel\u0151 (Apple, Qualcomm, NVIDIA) nincs. Optimista forgat\u00f3k\u00f6nyvben is 2027\u20132028 a profitabilit\u00e1s d\u00e1tuma.<\/li>\n\n\n\n<li>\u2694\ufe0f <strong>Az AMD \u00e9s az NVIDIA versenyel\u0151nye m\u00e9ly\u00fclt.<\/strong> Az AMD EPYC Turin az Intel Xeon 6-ot sok tesztben fel\u00fclm\u00falja. Az NVIDIA CUDA-\u00f6kosziszt\u00e9m\u00e1j\u00e1nak le nem gy\u0151zhet\u0151 h\u00e1l\u00f3zati hat\u00e1sa az AI-piacon struktur\u00e1lis akad\u00e1ly, amelyen az Intel Gaudi nem tud k\u00f6nnyen \u00e1tl\u00e9pni.<\/li>\n\n\n\n<li>\ud83d\udcc9 <strong>A chipgy\u00e1rt\u00e1s ter\u00fclet\u00e9n a TSMC folyamatosan robog el\u0151re.<\/strong> A TSMC 2 nm-es gy\u00e1rt\u00e1stechnol\u00f3gi\u00e1ja hamarabb indul, mint az Intel azt v\u00e1rta, \u00e9s a TSMC gy\u00e1rt\u00e1si min\u0151s\u00e9ge magasabb is. Ha az Intel 18A j\u00f6vedelmez\u0151s\u00e9ge alacsony lesz, az az eg\u00e9sz \u00f6nt\u00f6de-t\u00e9zist k\u00e9rd\u0151jelezi meg.<\/li>\n<\/ul>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az Intel ma nem a &#8222;mindenki gy\u00e1szolja&#8221; r\u00e9szv\u00e9ny, mint a 2020-as \u00e9vek elej\u00e9n, hanem egy 600 milli\u00e1rd USD-s narrat\u00edva, amelyet a piac \u00fagy n\u00e9z ki, hogy bekaj\u00e1lt. Aki most vesz fel poz\u00edci\u00f3t a r\u00e9szv\u00e9nyben, az a 2027\u20132028-as profitabilit\u00e1sra fogad. Ez lehets\u00e9ges, de kor\u00e1ntsem biztos, \u00e9s az \u00e1rfolyamban kev\u00e9s a hibalehet\u0151s\u00e9g. Warren Buffett szavaival \u00e9lve: <strong>&#8222;Turnarounds seldom turn&#8221;, vagyis a fordulat ritk\u00e1bban k\u00f6vetkezik be, mint amennyiszer nem.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzes\">\ud83d\udcdd Az Intel t\u00e9zis \u00f6sszegz\u00e9se \ud83d\udcdd<\/h2>\n\n\n\n<p><strong>Az Intel r\u00e9szv\u00e9ny az elm\u00falt egy \u00e9v egyik legnagyobb t\u0151zsdei meglepet\u00e9se volt.<\/strong> A 18 USD-r\u0151l 119-re ugrott, a megtett \u00fat azt mutatja, hogy a piac elhitte Lip-Bu Tan narrat\u00edv\u00e1j\u00e1t: <strong>az Intel visszat\u00e9r, a chipgy\u00e1rt\u00e1s \u00fajraindul, a geopolitikai h\u00e1tsz\u00e9l val\u00f3s.<\/strong> A k\u00e9rd\u00e9s az, hogy a fundamentumok k\u00e9pesek-e utol\u00e9rni a 602 milli\u00e1rd USD-s piaci kapitaliz\u00e1ci\u00f3t. Ehhez az kell, hogy az Intel 18A komoly k\u00fcls\u0151 megrendel\u0151ket kapjon, az \u00f6nt\u00f6de-\u00fczlet\u00e1g 2027-re k\u00f6zeledjen a nullszald\u00f3hoz, \u00e9s az EPS-g\u00f6rbe val\u00f3ban rak\u00e9tak\u00e9nt emelkedjen.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">\u261d\ufe0fNekem ez el\u00e9gg\u00e9 a csodav\u00e1r\u00e1s kateg\u00f3ri\u00e1ja, \u00e9s ha meg is t\u00f6rt\u00e9nik, akkor is a m\u00e1r be\u00e1razott potenci\u00e1lt veszik meg a befektet\u0151k, \u00edgy lesznek nagyj\u00e1b\u00f3l null\u00e1n.<\/mark><\/strong><\/pre>\n\n\n\n<p>Ha ez m\u00e9gis teljes\u00fcl, a hossz\u00fa t\u00e1v\u00fa befektet\u0151 m\u00e9g mindig j\u00f3l j\u00e1rhat. Ha cs\u00fasznak a tervek, a jelenlegi \u00e1raz\u00e1s viszont sokat eshet. <strong>M\u00e1s sz\u00f3val: a kock\u00e1zat asszimmetrikus, \u00e9s sajnos nem a j\u00f3 ir\u00e1nyba, szerintem az emelked\u00e9s nagy r\u00e9sz\u00e9n m\u00e1r t\u00fal van a pap\u00edr.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"gyik\">\u2753Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek: Intel r\u00e9szv\u00e9ny\u2753<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt emelkedett annyira az Intel r\u00e9szv\u00e9ny \u00e1rfolyama 2024\u20132025-ben?<\/h3>\n\n\n\n<p>Az Intel r\u00e9szv\u00e9ny \u00e1rfolyama 2024 v\u00e9g\u00e9r\u0151l 18-r\u00f3l 119 USD-re emelkedett, ami m\u00f6g\u00f6tt t\u00f6bb egym\u00e1st er\u0151s\u00edt\u0151 kataliz\u00e1tor \u00e1llt. Lip-Bu Tan kinevez\u00e9se gyors \u00e9s l\u00e1that\u00f3 l\u00e9p\u00e9seket hozott: le\u00e9p\u00edt\u00e9sek, portf\u00f3li\u00f3tiszt\u00edt\u00e1s, az Altera-r\u00e9szesed\u00e9s \u00e9rt\u00e9kes\u00edt\u00e9se. Ehhez j\u00f6tt a CHIPS Act 11,1 milli\u00e1rd USD-s t\u00e1mogat\u00e1sa, amely geopolitikai legitim\u00e1ci\u00f3t adott az Intel turnaround-narrat\u00edv\u00e1j\u00e1nak. A piac l\u00e9nyeg\u00e9ben el\u0151re be\u00e1razta a sikeres fordulatot, amit a fundamentumoknak most teljes\u00edteni\u00fck kell.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Meg\u00e9ri-e most Intel r\u00e9szv\u00e9nyt venni, ha m\u00e1r ennyit emelkedett?<\/h3>\n\n\n\n<p>Az Intel r\u00e9szv\u00e9ny 119 USD-s \u00e1rfolyamon \u00e9s 602 milli\u00e1rd USD-s piaci kapitaliz\u00e1ci\u00f3val egy t\u00f6k\u00e9letesen v\u00e9grehajtott fordulatot \u00e1raz be. A forward P\/E 77\u2013113x k\u00f6z\u00f6tt mozog, a szabad cash flow m\u00e9g negat\u00edv. Ez nem az &#8222;olcs\u00f3 \u00e9rt\u00e9kbefektet\u00e9s&#8221; kateg\u00f3ria, ink\u00e1bb egy narrat\u00edva-alap\u00fa fogad\u00e1s arra, hogy az Intel 18A \u00f6nt\u00f6de-\u00fczlete 2027-re nyeres\u00e9gess\u00e9 v\u00e1lik \u00e9s komoly k\u00fcls\u0151 megrendel\u0151ket vonz. Aki ezt elhiszi, annak lehet helye a portf\u00f3li\u00f3ban; aki nem, annak magasnak fog t\u0171nni az \u00e1r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hogyan viszonyul az Intel az AMD-hez a chipgy\u00e1rt\u00e1s \u00e9s befektet\u00e9s szempontj\u00e1b\u00f3l?<\/h3>\n\n\n\n<p>Az Intel \u00e9s az AMD k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9g ma struktur\u00e1lis: az AMD \u00f6nt\u00f6de n\u00e9lk\u00fcli modellben m\u0171k\u00f6dik (TSMC gy\u00e1rtja a chipjeit), ez\u00e9rt alacsonyabb t\u0151kekiad\u00e1ssal, magasabb FCF-fel \u00e9s rugalmasabb operat\u00edv modellel rendelkezik. Az AMD r\u00e9szv\u00e9ny egyszer\u0171bb sztori: j\u00f3 chipek tervez\u00e9se \u2192 TSMC legy\u00e1rtja \u2192 profit. Az Intel ezzel szemben saj\u00e1t gy\u00e1raira fogad, ami magasabb kock\u00e1zatot \u00e9s t\u0151keig\u00e9nyt jelent, cser\u00e9be egyedi geopolitikai poz\u00edci\u00f3\u00e9rt. A kett\u0151 k\u00fcl\u00f6nb\u00f6z\u0151 kock\u00e1zatprofilt k\u00e9pvisel ugyanabban az ipar\u00e1gban.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi az Intel 18A, \u00e9s mi\u00e9rt kulcsk\u00e9rd\u00e9s az Intel r\u00e9szv\u00e9ny szempontj\u00e1b\u00f3l?<\/h3>\n\n\n\n<p>Az Intel 18A az Intel legfejlettebb chipgy\u00e1rt\u00e1si csom\u00f3pontja, amely a RibbonFET tranzisztortechnik\u00e1t \u00e9s a PowerVia h\u00e1tlapi t\u00e1pell\u00e1t\u00e1st kombin\u00e1lja, az Intel szerint versenyk\u00e9pes a TSMC 2 nm-es technol\u00f3gi\u00e1j\u00e1val szemben is. Az Intel r\u00e9szv\u00e9ny t\u00e9zis\u00e9nek sarokk\u00f6ve, mert ha az Intel 18A megb\u00edzhat\u00f3 \u00e9s nagy volumenben gy\u00e1rthat\u00f3, az visszahelyezi a c\u00e9get a glob\u00e1lis chipgy\u00e1rt\u00e1s \u00e9lvonal\u00e1ba, \u00e9s vonz\u00f3v\u00e1 teszi az \u00f6nt\u00f6de-\u00fczletet k\u00fcls\u0151 megrendel\u0151k sz\u00e1m\u00e1ra. Ha cs\u00faszik vagy a megt\u00e9r\u00fcl\u00e9s alacsony marad, az eg\u00e9sz befektet\u00e9si narrat\u00edva megk\u00e9rd\u0151jelezhet\u0151.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Milyen hat\u00e1ssal van a CHIPS Act az Intel r\u00e9szv\u00e9ny\u00e9re?<\/h3>\n\n\n\n<p>A CHIPS and Science Act keret\u00e9ben az Intel 11,1 milli\u00e1rd USD sz\u00f6vets\u00e9gi t\u00e1mogat\u00e1st kap &#8211; egy 280 milli\u00e1rd USD-s keretb\u0151l &#8211; az arizonai \u00e9s ohi\u00f3i chipgy\u00e1rt\u00f3i kapacit\u00e1sb\u0151v\u00edt\u00e9s\u00e9rt, emellett az USA korm\u00e1nya r\u00e9szesed\u00e9st is szerzett a c\u00e9gben. R\u00f6vid t\u00e1von ez cs\u00f6kkenti az Intel t\u0151kefinansz\u00edroz\u00e1si terh\u00e9t \u00e9s hiteless\u00e9get ad az \u00f6nt\u00f6de-strat\u00e9gi\u00e1nak. Az \u00e1llami jelenl\u00e9t egyben minimaliz\u00e1lja a cs\u0151d kock\u00e1zat\u00e1t, olyan v\u00e9delmi h\u00e1l\u00f3t ny\u00fajtva az Intel r\u00e9szv\u00e9ny mell\u00e9, amit sem az AMD, sem az NVIDIA nem \u00e9lvez.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer)<\/mark>:<\/em><\/strong><em> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket.&nbsp;Az&nbsp;itt megjelen\u0151 cikkek semmilyen form\u00e1ban&nbsp;NEM&nbsp;mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni.&nbsp;Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s&nbsp;NEM&nbsp;\u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban&nbsp;NEM&nbsp;tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra.&nbsp;A meghozott d\u00f6nt\u00e9seitek\u00e9rt&nbsp;KIZ\u00c1R\u00d3LAG TI&nbsp;vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.<\/em><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14 Az Intel r\u00e9szv\u00e9ny haldoklott 2024-ben, szinte m\u00e1r mindenki temette az \u00e1raz\u00e1s alapj\u00e1n, azt\u00e1n valami megv\u00e1ltozott. Az \u00e1rfolyam 18 USD-r\u0151l 119 USD-re ugrott, a piaci kapitaliz\u00e1ci\u00f3 meghaladja a 600 milli\u00e1rd USD-t. De vajon a fundamentumok igazolj\u00e1k-e ezt vagy a piac egy rem\u00e9nyen alapul\u00f3 turnaround-sztoriba \u00e1razott be mindent el\u0151re? [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[144,398,272,31,401],"tags":[390,389,388,129,275,74,4,115],"class_list":["post-11352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amerikai-reszvenyek","category-chip-gyartok","category-market-impulse","category-reszvenyelemzes","category-tech-szektor","tag-amd","tag-intel","tag-intel-reszveny","tag-iocharts","tag-market-impulse","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Intel r\u00e9szv\u00e9ny: 2026-ban a chipgy\u00e1rt\u00e1s kir\u00e1lya lesz? -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iocharts.io\/blog\/intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intel r\u00e9szv\u00e9ny: 2026-ban a chipgy\u00e1rt\u00e1s kir\u00e1lya lesz? -\" \/>\n<meta property=\"og:description\" content=\"\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14 Az Intel r\u00e9szv\u00e9ny haldoklott 2024-ben, szinte m\u00e1r mindenki temette az \u00e1raz\u00e1s alapj\u00e1n, azt\u00e1n valami megv\u00e1ltozott. Az \u00e1rfolyam 18 USD-r\u0151l 119 USD-re ugrott, a piaci kapitaliz\u00e1ci\u00f3 meghaladja a 600 milli\u00e1rd USD-t. De vajon a fundamentumok igazolj\u00e1k-e ezt vagy a piac egy rem\u00e9nyen alapul\u00f3 turnaround-sztoriba \u00e1razott be mindent el\u0151re? [&hellip;]Tov\u00e1bb\" \/>\n<meta property=\"og:url\" content=\"https:\/\/iocharts.io\/blog\/intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/iOCharts\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-26T08:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-05T09:21:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/05\/piaci-impulzus-Intel.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1016\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Marton J. 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