{"id":11409,"date":"2026-05-29T08:01:00","date_gmt":"2026-05-29T08:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11409"},"modified":"2026-06-05T09:20:51","modified_gmt":"2026-06-05T09:20:51","slug":"amd-reszveny-a-chipgyartas-masodik-felvonasa-2026-ban","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/amd-reszveny-a-chipgyartas-masodik-felvonasa-2026-ban\/","title":{"rendered":"AMD r\u00e9szv\u00e9ny: a chipgy\u00e1rt\u00e1s m\u00e1sodik felvon\u00e1sa 2026-ban?","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 AMD r\u00e9szv\u00e9ny az elm\u00falt \u00f6t \u00e9vben k\u00f6zel \u00f6tsz\u00f6r\u00f6s\u00e9re n\u0151tt, a c\u00e9g pedig legut\u00f3bb rekord negyed\u00e9vet z\u00e1rt. Aki 2022\u20132023-ban m\u00e9g az Intelt \u00e9ppen lenyom\u00f3 chipgy\u00e1rt\u00f3t l\u00e1tta bele a v\u00e1llalatba, annak ma tal\u00e1n neh\u00e9z elhinni, hogy onnan m\u00e9g b\u0151ven volt feljebb. M\u00e9gis, a r\u00e9szv\u00e9ny messze nem olcs\u00f3, a verseny \u00e1d\u00e1z, \u00e9s a k\u00ednai exportkorl\u00e1toz\u00e1sok Demokl\u00e9sz kardja gyan\u00e1nt lengnek a fej\u00fck felett. Meg\u00e9ri most bel\u00e9pni, vagy m\u00e1r elk\u00e9stetek?<\/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. Befektet\u0151k\u00e9nt ennyi energi\u00e1t minden egyes c\u00e9g elemz\u00e9s\u00e9be lehetetlen beletenni, ha kell\u0151en hossz\u00fa figyel\u0151list\u00e1t szeretn\u00e9tek hat\u00e9konyan kezelni. <strong>Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot, amely betekint\u00e9st enged pillanatk\u00e9p gyan\u00e1nt egy-egy r\u00e9szv\u00e9nybe, most \u00e9ppen az AMD dolgaiba, \u00e9s nagyj\u00e1b\u00f3l felv\u00e1zolja az aktualit\u00e1sokat.<\/strong> Nem m\u00e9lyelemz\u00e9s, ink\u00e1bb csak gondolat\u00e9breszt\u0151 a pillanatnyi \u00e1llapot alapj\u00e1n. A c\u00e9lom nem napi keresked\u00e9si tippek osztogat\u00e1sa vagy technikai alakzatok elemz\u00e9se. Helyette gyors, l\u00e9nyegre t\u00f6r\u0151 fundament\u00e1lis minielemz\u00e9seket adok k\u00f6zre, amik seg\u00edtenek az el\u0151sz\u0171r\u00e9sben.<\/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\/AMD\">Az AMD r\u00e9szv\u00e9ny oldal<\/a><br>Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\">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 AMD 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:AMD|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 AMD (AMD)?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83c\udfc6 Az AMD jelenlegi helyzete \u00e9s versenyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#versenyelony\">\ud83d\udd25 Van-e az AMD-nek tart\u00f3s versenyel\u0151nye?<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83c\udfa2 Az AMD r\u00e9szv\u00e9ny metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705 AMD r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n\n\n\n<li><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 AMD (AMD)? \u2753<\/h2>\n\n\n\n<p>Az Advanced Micro Devices (AMD) egy 1969-ben alap\u00edtott, Santa Clara-i f\u00e9lvezet\u0151-tervez\u0151 v\u00e1llalat, amelynek r\u00e9szv\u00e9nyei a Nasdaqon AMD ticker alatt forognak. Az alap\u00edt\u00f3k, Jerry Sanders \u00e9s nyolc t\u00e1rsa, az Intel kor\u00e1bbi alkalmazottaib\u00f3l verbuv\u00e1l\u00f3dtak \u00f6ssze, az els\u0151 \u00e9vtizedeket szinte kiz\u00e1r\u00f3lag az Intel \u00e1rny\u00e9k\u00e1ban t\u00f6lt\u00f6tt\u00e9k. Ez a k\u00e9nyszerp\u00e1lya paradox m\u00f3don az AMD egyik legfontosabb versenyel\u0151ny\u00e9nek forr\u00e1s\u00e1v\u00e1 v\u00e1lt: <strong>az x86-os architekt\u00fara licenc\u00e9nek k\u00f6sz\u00f6nhet\u0151en az AMD szoftveresen teljesen kompatibilis maradt az Intel \u00f6kosziszt\u00e9m\u00e1val, ami a szerverpiac visszah\u00f3d\u00edt\u00e1sakor kulcsk\u00e9rd\u00e9s lett.<\/strong><\/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\/AMD-AMD-reszvenyar-1024x576.jpg.webp\" alt=\"az AMD r\u00e9szv\u00e9ny \u00e1rfolyemelked\u00e9se\" class=\"wp-image-11414 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1132px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-AMD-reszvenyar-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-AMD-reszvenyar-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-AMD-reszvenyar-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-AMD-reszvenyar-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-AMD-reszvenyar-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-AMD-reszvenyar-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: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az AMD r\u00e9szv\u00e9ny \u00e1rfolyem-elked\u00e9se<\/figcaption><\/figure>\n\n\n\n<p><strong>Az AMD ma n\u00e9gy \u00fczleti szegmensben m\u0171k\u00f6dik (ez a riport\u00e1l\u00e1s 2020 \u00f3ta ilyen):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udda5\ufe0f Data Center:<\/strong> szerver CPU-k (EPYC) \u00e9s AI-gyors\u00edt\u00f3k (Instinct MI-sorozat). Ez lett az AMD motorja: <strong>2025-ben rekord 16.6 milli\u00e1rd USD bev\u00e9telt termelt, <\/strong>ami az \u00f6sszes bev\u00e9tel k\u00f6zel fel\u00e9t jelenti.<\/li>\n\n\n\n<li><strong>\ud83c\udfae Client (PC):<\/strong> <strong>Ryzen processzorok \u00e9s Radeon grafikus k\u00e1rty\u00e1k asztali \u00e9s hordozhat\u00f3 g\u00e9pekbe.<\/strong> 2025-ben 10.6 milli\u00e1rd USD bev\u00e9tel, +51% \u00e9v\/\u00e9v. Ez soknak t\u0171nik, de val\u00f3j\u00e1ban a GPU piac domin\u00e1ns szerepl\u0151je nem az AMD hanem az Nvidia, amelyik \u00e9vek \u00f3ta domin\u00e1l ebben a szegmensben.<\/li>\n\n\n\n<li><strong>\ud83c\udfaf Gaming:<\/strong> konzolchipek (PlayStation 5, Xbox Series) \u00e9s Radeon RX k\u00e1rty\u00e1k. <strong>3.98 milli\u00e1rd USD<\/strong>, l\u00e9nyeg\u00e9ben stagn\u00e1l, a konzolok \u00e9letciklusa \u00e9rett f\u00e1zisba \u00e9rt.<\/li>\n\n\n\n<li><strong>\u2699\ufe0f Embedded:<\/strong> ipari, kommunik\u00e1ci\u00f3s \u00e9s FPGA-alap\u00fa megold\u00e1sok (az Xilinx felv\u00e1s\u00e1rl\u00e1s\u00e1b\u00f3l). <strong>3.5 milli\u00e1rd USD<\/strong>, a k\u00e9szletkiigaz\u00edt\u00e1si ciklus ut\u00e1n \u00e9ledezik.<\/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\/Advanced_Micro_Devices_Inc_AMD-1024x576.jpg.webp\" alt=\"az AMD r\u00e9szv\u00e9ny m\u00f6g\u00f6tti bev\u00e9tel megoszl\u00e1sa\" class=\"wp-image-11415 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\/Advanced_Micro_Devices_Inc_AMD-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-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: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az AMD r\u00e9szv\u00e9ny m\u00f6g\u00f6tti bev\u00e9tel megoszl\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az AMD fabless chipgy\u00e1rt\u00f3k\u00e9nt m\u0171k\u00f6dik. Ez azt jelenti, hogy maga nem gy\u00e1rt, a TSMC-re b\u00edzza a termel\u00e9st, csak tervezi a term\u00e9keit. Ez egy nagyon t\u0151kehat\u00e9kony modell: a nagy t\u0151kek\u00f6lts\u00e9g elmarad, a m\u00e9rn\u00f6ki kapacit\u00e1s a tervez\u00e9si versenyre koncentr\u00e1l\u00f3dik. Az AMD teh\u00e1t val\u00f3j\u00e1ban egy szoftver- \u00e9s tervez\u00e9si v\u00e1llalat, amely szil\u00edciumban gondolkodik, viszont f\u00fcgg\u0151 viszonyban van az ASML-t\u0151l, aki a gy\u00e1rt\u00e1shoz sz\u00fcks\u00e9ges g\u00e9peket adja, \u00e9s a TSMC-t\u0151l, akik pedig fizikailag elk\u00e9sz\u00edtik a term\u00e9ket.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">\ud83c\udfc6 Az AMD jelenlegi helyzete \u00e9s versenyt\u00e1rsai \ud83c\udfc6<\/h2>\n\n\n\n<p>Az AMD 2026-ban egyszerre v\u00edv h\u00e1bor\u00fat k\u00e9t fronton:<strong> az x86-os CPU-piacon az Intellel, az AI-gyors\u00edt\u00f3k piac\u00e1n az Nvidi\u00e1val<\/strong>. Ez a helyzet n\u00e9h\u00e1ny \u00e9vvel ezel\u0151tt m\u00e9g katasztrof\u00e1lisnak t\u0171nt volna, hiszen 2017-18-ig m\u00e9g az x86-os piacon az Intel volt az \u00far, ma azonban meglep\u0151en j\u00f3l navig\u00e1lnak a szegmensekben.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"524\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-vs-Intel-desktop-CPU-1024x524.png.webp\" alt=\"Tom's Hardware, az AMD \u00e9s az Intel piaci r\u00e9szesed\u00e9se az asztali processzorok piac\u00e1n\" class=\"wp-image-11426 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/524;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-vs-Intel-desktop-CPU-1024x524.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-vs-Intel-desktop-CPU-414x212.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-vs-Intel-desktop-CPU-768x393.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-vs-Intel-desktop-CPU.png.webp 1258w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Tom&#8217;s Hardware, az AMD \u00e9s az Intel piaci r\u00e9szesed\u00e9se az asztali processzorok piac\u00e1n<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83c\udd9aAz AMD vs. Intel-front: a tr\u00f3n\u00f6r\u00f6k\u00f6s botladozik<\/h3>\n\n\n\n<p>Az Intel \u00e9vtizedeken \u00e1t 80% feletti r\u00e9szesed\u00e9ssel uralta a PC-processzorpiacot. <strong>A Mercury Research adatai szerint 2025 negyedik negyed\u00e9v\u00e9ben az AMD asztali CPU-s piaci r\u00e9szesed\u00e9se 26.9%-r\u00f3l 36.4%-ra ugrott egyetlen \u00e9v alatt<\/strong>, a szerverpiac bev\u00e9teli oldal\u00e1n pedig rekord 41.3%-os r\u00e9szesed\u00e9st \u00e9rt el az EPYC sorozattal. Az Intel 13\u201314. gener\u00e1ci\u00f3s CPU-inak stabilit\u00e1si probl\u00e9m\u00e1i, a platformv\u00e1lt\u00e1sok \u00e9s az elvesz\u00edtett gy\u00e1rt\u00e1stechnol\u00f3giai el\u0151ny mind hozz\u00e1j\u00e1rultak ehhez. 2026 \u00e1prilis\u00e1ban az AMD \u00e9s az Intel bejelentett egy egy\u00fcttm\u0171k\u00f6d\u00e9st is, ami mindk\u00e9t c\u00e9g r\u00e9szv\u00e9ny\u00e9t megl\u00f6kte.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"mdj7q8Mj06\"><a href=\"https:\/\/iocharts.io\/blog\/intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz\/\">Intel r\u00e9szv\u00e9ny: 2026-ban a chipgy\u00e1rt\u00e1s kir\u00e1lya lesz?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Intel r\u00e9szv\u00e9ny: 2026-ban a chipgy\u00e1rt\u00e1s kir\u00e1lya lesz?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/intel-reszveny-2026-ban-a-chipgyartas-kiralya-lesz\/embed\/#?secret=KSOZuWiAlr#?secret=mdj7q8Mj06\" data-secret=\"mdj7q8Mj06\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udd30Az Nvidia-front: nagy f\u00f6l\u00e9ny, de a torta is nagy<\/h3>\n\n\n\n<p><strong>A diszkr\u00e9t GPU-piacon az Nvidia ~94%-os r\u00e9szesed\u00e9ssel szinte egyed\u00fcli szerepl\u0151,<\/strong> az AMD Radeon k\u00e1rty\u00e1i mind\u00f6ssze 5\u20137%-ot foglalnak el. <strong>Ez azonban csak a fogyaszt\u00f3i grafikus k\u00e1rty\u00e1k piaca.<\/strong> Az AI-adatk\u00f6zponti gyors\u00edt\u00f3k ter\u00e9n az AMD az Instinct MI-sorozattal (MI300X, MI350, MI455X) komoly teret h\u00f3d\u00edtott meg: az OpenAI 6 gigawatt \u00e9rt\u00e9k\u0171 AMD GPU-t rendelt meg a k\u00f6vetkez\u0151 \u00e9vekre, \u00e9s a Meta is hasonl\u00f3 nagys\u00e1grend\u0171 elk\u00f6telez\u0151d\u00e9st jelentett be. Lisa Su meger\u0151s\u00edtette, hogy a c\u00e9gnek er\u0151s bizalma van abban, hogy az adatk\u00f6zponti AI-bev\u00e9telek el fogj\u00e1k \u00e9rni a \u201et\u00edzmilli\u00e1rd USD-s s\u00e1vot a k\u00f6vetkez\u0151 \u00e9vben, \u00e9s meghaladj\u00e1k az \u00e9ves 80%-os hossz\u00fa t\u00e1v\u00fa n\u00f6veked\u00e9si c\u00e9lt&#8221;.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"tUoavIum8F\"><a href=\"https:\/\/iocharts.io\/blog\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/\">Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/embed\/#?secret=xvUxOCt48v#?secret=tUoavIum8F\" data-secret=\"tUoavIum8F\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az AMD versenypoz\u00edci\u00f3ja kett\u0151s. Ahol az Intelt szorongatja, ott \u00e9vek \u00f3ta egy\u00e9rtelm\u0171 a t\u00e9rnyer\u00e9s, olyannyira, hogy az Intel egy ideje m\u00e1r vesztes\u00e9gesen m\u0171k\u00f6dik, igaz, nem a CPU szegmense miatt. Ahol az Nvidi\u00e1val k\u00fczd, ott a fogyaszt\u00f3i piacon gyenge, az AI-adatk\u00f6zponti piacon viszont gyorsan n\u0151, a k\u00e9rd\u00e9s az, hogy a torta el\u00e9g nagy-e ahhoz, hogy az AMD is j\u00f3l lakjon bel\u0151le, akkor is, ha az Nvidia dominanci\u00e1ja fennmarad. Jelenleg \u00fagy t\u0171nik, hogy igen, mert a n\u00f6vekv\u0151 piacon egyszerre t\u00f6bb piac is elf\u00e9r.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/GPU-reszesedes.jpg.webp\" alt=\"a GPU piac feloszt\u00e1sa \" class=\"wp-image-11432 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/GPU-reszesedes.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/GPU-reszesedes-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/GPU-reszesedes-768x429.jpg.webp 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, a GPU piac feloszt\u00e1sa <\/figcaption><\/figure>\n\n\n\n<p>Viszont, azt \u00e9rdemes \u00e9szben tartani, hogy az olyan nagy c\u00e9gek, mint a Google, az Amazon, a Microsoft vagy \u00e9ppen a Meta, saj\u00e1t chipeket fejlesztenek, egyszer\u0171en az\u00e9rt, mert az Nvidia be\u00e9kel\u0151d\u00e9se &#8211; aki szint\u00e9n nem gy\u00e1rt, csak tervez &#8211; \u00f3ri\u00e1si k\u00f6lts\u00e9get jelent a c\u00e9geknek. A Google ki is jelentette, hogy nagyon sz\u00edvesen lenne a TSMC direkt partnere, csak ezt egyel\u0151re m\u00e9g nem tudja megtenni, de a Tensor chipcsal\u00e1d m\u00e1r h\u00e1zon bel\u00fcli fejleszt\u00e9s. Ez pedig az AMD CPU\/GPU\/NPU szegmens\u00e9re is igaz, a verseny \u00f3ri\u00e1si, de egyel\u0151re \u00fagy t\u0171nik, hogy az AMD tarol a piacon.<\/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=\"versenyelony\">\ud83d\udd25 Van-e az AMD-nek tart\u00f3s versenyel\u0151nye? \ud83d\udd25<\/h2>\n\n\n\n<p>Egy chipgy\u00e1rt\u00f3 versenyel\u0151ny\u00e9nek vizsg\u00e1latakor minimum az al\u00e1bbi h\u00e1rom t\u00e9nyez\u0151t \u00e9rdemes figyelembe venni: <strong>az architekt\u00far\u00e1t, a szoftveres \u00f6kosziszt\u00e9m\u00e1t \u00e9s a gy\u00e1rt\u00e1si kapacit\u00e1st.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udcbb Az architekt\u00fara: a Zen-forradalom maradand\u00f3.<\/strong> A 2017-ben indult Zen CPU-architekt\u00fara val\u00f3ban forradalmas\u00edtotta a piacot. A mai Zen 5 a szerverpiacokon rendszeresen veri az Intel megfelel\u0151 term\u00e9keit teljes\u00edtm\u00e9ny\/watt ar\u00e1nyban, ami az adatk\u00f6zpontokba hardvereket v\u00e1s\u00e1rl\u00f3 c\u00e9gek sz\u00e1m\u00e1ra az els\u0151 sz\u00e1m\u00fa metrika. Ez nem v\u00e9letlen sikert\u00f6rt\u00e9net, hanem 8\u201310 \u00e9v konzisztens fejleszt\u00e9si munk\u00e1j\u00e1nak eredm\u00e9nye, aminek az Intel a vesztese.<\/li>\n\n\n\n<li><strong>\ud83d\udd17 A szoftveres \u00f6kosziszt\u00e9ma: a ROCm-k\u00e9rd\u00e9s, ami a Radeon Open Compute r\u00f6vid\u00edt\u00e9se.<\/strong> Ez az AMD egyetlen komoly gyenge pontja az Nvidi\u00e1val szemben. Az Nvidia CUDA \u00f6kosziszt\u00e9m\u00e1ja az AI-fejleszt\u00e9s de facto szabv\u00e1nya, az AMD ROCm platformja sokat fejl\u0151d\u00f6tt, de a CUDA versenyel\u0151nye nem sz\u00fcntethet\u0151 meg egyk\u00f6nnyen. Ugyanakkor a hyperscaler v\u00e1llalatok (Meta, Microsoft, Google) akt\u00edvan keresik az alternat\u00edv\u00e1t az Nvidia-f\u00fcgg\u0151s\u00e9g cs\u00f6kkent\u00e9se \u00e9rdek\u00e9ben, ahogyan azt a kor\u00e1bbiakban \u00edrtam, ez az AMD struktur\u00e1lis lehet\u0151s\u00e9ge is lehet. Hiszen, ha az Nvidi\u00e1n\u00e1l olcs\u00f3bban tudnak hasonl\u00f3 szolg\u00e1ltat\u00e1sokat k\u00edn\u00e1lni, akkor a nagy IT-v\u00e1llalatok nem biztos, hogy maradnak a h\u00e1zon bel\u00fcli fejleszt\u00e9seikn\u00e9l.<\/li>\n\n\n\n<li><strong>\ud83c\udfed A gy\u00e1rt\u00e1s: TSMC-f\u00fcgg\u0151s\u00e9g.<\/strong> Az AMD minden fontos chipj\u00e9t a TSMC gy\u00e1rtja Tajvanon. Ez el\u0151ny (hozz\u00e1f\u00e9r\u00e9s a legmodernebb csom\u00f3pontokhoz, nincs gy\u00e1r\u00e9p\u00edt\u00e9si kock\u00e1zat), de egyben geopolitikai koncentr\u00e1lt kock\u00e1zat is. Igaz, a TSMC \u00e9ppen gy\u00e1rat \u00e9p\u00edt Arizon\u00e1ban, viszont a m\u00e1sik megold\u00e1s az Intel gy\u00e1rt\u00e1si kapacit\u00e1sa lehet, igaz, ez m\u00e9g nem \u00fcti meg a TSMC technol\u00f3giai szintj\u00e9t.<\/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\/Advanced_Micro_Devices_Inc_AMD-marzsok-1024x576.jpg.webp\" alt=\"az AMD r\u00e9szv\u00e9ny m\u00f6g\u00f6tti marzsok v\u00e1ltoz\u00e1sa\" class=\"wp-image-11428 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\/Advanced_Micro_Devices_Inc_AMD-marzsok-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-marzsok-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-marzsok-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-marzsok-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-marzsok-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-marzsok-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: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az AMD r\u00e9szv\u00e9ny m\u00f6g\u00f6tti marzsok v\u00e1ltoz\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az AMD versenyel\u0151nye val\u00f3s, de nem monopolisztikus. A legfontosabb tal\u00e1n az, hogy az AMD az egyetlen v\u00e1llalat, amely egyszerre rendelkezik versenyk\u00e9pes x86 CPU-kkal \u00e9s AI-gyors\u00edt\u00f3kkal, \u00e9s mindkett\u0151t a TSMC legjobb gy\u00e1rt\u00e1stechnol\u00f3gi\u00e1j\u00e1val k\u00e9sz\u00edtteti. Ez ritka poz\u00edci\u00f3 egy olyan piacon, ahol az AI-infrastrukt\u00fara \u00e9s a hagyom\u00e1nyos sz\u00e1m\u00edt\u00e1stechnika konvergenci\u00e1ja felgyorsul. Viszont, a helyzet nagyon gyorsan v\u00e1ltozik, gondoljatok arra, hogy a ChatGPT m\u00e9g 4 \u00e9ve sem jelent meg &#8211; 2022 okt\u00f3ber\u00e9ben -, \u00e9s mennyit fejl\u0151dtek az\u00f3ta a mesters\u00e9ges intelligencia megold\u00e1sai. <\/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=\"metrikai\">\ud83c\udfa2 Az AMD 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>\u00c9rt\u00e9k<\/th><\/tr><\/thead><tbody><tr><td>Piaci kapitaliz\u00e1ci\u00f3<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">~854 milli\u00e1rd USD<\/mark><\/strong> (2026-05-28)<\/td><\/tr><tr><td>Aktu\u00e1lis \u00e1rfolyam<\/td><td>~523 USD<\/td><\/tr><tr><td>5 \u00e9ves hozam<\/td><td>+554%<\/td><\/tr><tr><td>\u00c1rbev\u00e9tel 2025 (GAAP)<\/td><td>34.6 milli\u00e1rd USD (+34% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>\u00c1rbev\u00e9tel TTM<\/td><td>37.5 milli\u00e1rd USD<\/td><\/tr><tr><td>Igaz\u00edtott EPS 2025<\/td><td>4.17 USD (+26% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>Igaz\u00edtott EPS 2026 (E)<\/td><td>7.37 USD (+77% v\u00e1rhat\u00f3)<\/td><\/tr><tr><td>Brutt\u00f3 marzs (igaz\u00edtott, 2025)<\/td><td>52%<\/td><\/tr><tr><td>Operat\u00edv marzs (GAAP, 2025)<\/td><td>10.7%<\/td><\/tr><tr><td>FCF 2025<\/td><td>6.7 milli\u00e1rd USD (+178% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>Nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3<\/td><td>+8.5 milli\u00e1rd USD (ad\u00f3ss\u00e1gmentes!)<\/td><\/tr><tr><td>TTM P\/E<\/td><td>~170x<\/td><\/tr><tr><td>El\u0151remutat\u00f3 P\/E (NTM)<\/td><td>~26x<\/td><\/tr><tr><td>El\u0151remutat\u00f3 P\/FCF (NTM)<\/td><td>~35x<\/td><\/tr><tr><td>Data Center bev\u00e9tel 2025<\/td><td>16.6 milli\u00e1rd USD (+32% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>Client bev\u00e9tel 2025<\/td><td>10.6 milli\u00e1rd USD (+51% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>Osztal\u00e9k<\/td><td>Nincs<\/td><\/tr><tr><td>ROIC (5 \u00e9ves \u00e1tlag)<\/td><td>16.5%<\/td><\/tr><\/tbody><\/table><\/figure>\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\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-1024x576.jpg.webp\" alt=\"az AMD bev\u00e9tele, profitja, EPS-e\" class=\"wp-image-11429 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\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-eps-bevetel-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: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,, az AMD bev\u00e9tele, profitja, EPS-e<\/figcaption><\/figure>\n\n\n\n<p><strong>Ami azonnal szembet\u0171nik:<\/strong> a TTM P\/E (~170x) els\u0151 pillant\u00e1sra ijeszt\u0151nek t\u0171nik, de ez a GAAP-profit alacsony volt\u00e1b\u00f3l fakad (10.7%-os GAAP operat\u00edv marzs), amely nagym\u00e9rt\u00e9kben tartalmazza az Xilinx-felv\u00e1s\u00e1rl\u00e1sb\u00f3l ered\u0151 amortiz\u00e1ci\u00f3s t\u00e9teleket. Az igaz\u00edtott (Non-GAAP) alapon az el\u0151remutat\u00f3 P\/E ~26x, ami sokkal ink\u00e1bb megfelel egy 42%-os EPS-n\u00f6veked\u00e9si \u00fctemet v\u00e1r\u00f3 v\u00e1llalatnak. A 2026-ra v\u00e1rt ~7.37 USD-s igaz\u00edtott EPS \u00e9s a 2027-re v\u00e1rt ~12.96 USD-s EPS egy gyorsan cs\u00f6kken\u0151 \u00e9rt\u00e9kelts\u00e9gi p\u00e1ly\u00e1t rajzol. \u00c9s nem az\u00e9rt, mert olcs\u00f3bb lett a r\u00e9szv\u00e9ny, hiszen rak\u00e9tak\u00e9nt sz\u00e1rnyal az \u00e1rfolyam, hanem a brut\u00e1lis m\u00f6g\u00f6ttes teljes\u00edtm\u00e9nyt k\u00f6vette le a piac.<\/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\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-1024x576.jpg.webp\" alt=\"az AMD k\u00e9szp\u00e9nze \u00e9s ad\u00f3ss\u00e1ga\" class=\"wp-image-11433 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\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-cash-and-debt-1-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: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,, az AMD k\u00e9szp\u00e9nze \u00e9s ad\u00f3ss\u00e1ga<\/figcaption><\/figure>\n\n\n\n<p>A nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3 (+8.5 milli\u00e1rd USD) \u00e9s a 6.7 milli\u00e1rd USD-s FCF er\u0151s m\u00e9rleget jelent, az AMD ma ad\u00f3ss\u00e1gmentes, \u00e9s a szabad cash flowja a 2024-es szinthez k\u00e9pest majdnem megh\u00e1romszoroz\u00f3dott.<\/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\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-1024x576.jpg.webp\" alt=\"az AMD szabad \u00e9s m\u0171k\u00f6d\u00e9si k\u00e9pszp\u00e9nzar\u00e1nya\" class=\"wp-image-11430 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\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Advanced_Micro_Devices_Inc_AMD-operating-cash-flow-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: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,, az AMD szabad \u00e9s m\u0171k\u00f6d\u00e9si k\u00e9szp\u00e9nzar\u00e1nya<\/figcaption><\/figure>\n\n\n\n<p><strong>A tulajdonosi strukt\u00far\u00e1r\u00f3l:<\/strong> a bennfentes r\u00e9szesed\u00e9s alacsony (az \u00f6sszes vezet\u0151 \u00f6sszesen ~0.43%-ot tart, 7.0M r\u00e9szv\u00e9ny, ~2.8 milli\u00e1rd USD \u00e9rt\u00e9ken), ami egy ekkora piaci kapitaliz\u00e1ci\u00f3 mellett nem meglep\u0151, viszont egyben azt is jelenti, hogy ez nem egy alap\u00edt\u00f3 vezette v\u00e1llalat skin in the game-mel, hanem egy professzion\u00e1lis menedzsment ir\u00e1ny\u00edtja az AMD-t. Lisa Su CEO ~3.8 milli\u00f3 r\u00e9szv\u00e9nyt tart (0.23%, ~1.6 milli\u00e1rd USD \u00e9rt\u00e9ken), ami kev\u00e9snek t\u0171nik, de a piaci kapitaliz\u00e1ci\u00f3 is brut\u00e1lis. Az int\u00e9zm\u00e9nyi befektet\u0151k k\u00f6z\u00fcl a Vanguard 9.8%, a BlackRock 8.9%, a State Street 4.6% tulajdonos. A bennfentes tranzakci\u00f3k jellemz\u0151en elad\u00e1sok (opci\u00f3leh\u00edv\u00e1shoz kapcsol\u00f3d\u00f3 automatikus diszpoz\u00edci\u00f3k), ami \u00f6nmag\u00e1ban nem jelent negat\u00edv jelet, sokkal ink\u00e1bb semleges a k\u00e9p.<\/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=\"megszoksz\">\u2705 AMD r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz? \u2705<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">AMD r\u00e9szv\u00e9ny: ami mellette sz\u00f3l \ud83d\udfe2<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\ude80 <strong>A n\u00f6veked\u00e9si sztori megval\u00f3sult, nem csak \u00edg\u00e9ret volt.<\/strong> A 2025-\u00f6s teljes \u00e9ves bev\u00e9tel 34.6 milli\u00e1rd USD (+34%), a korrig\u00e1lt EPS 4.17 USD (+26%), a FCF 6.7 milli\u00e1rd USD (+178%). Ez nem hype, ez a fundamentumok javul\u00e1sa.<\/li>\n\n\n\n<li>\ud83e\udde0 <strong>CPU-fronton az Intel struktur\u00e1lisan gyeng\u00fcl.<\/strong> Az AMD asztali \u00e9s szerver CPU-piaci r\u00e9szesed\u00e9se folyamatosan n\u0151, mert minden term\u00e9kgener\u00e1ci\u00f3 egyre jobban elh\u00faz az Intel aktu\u00e1lis sz\u00e9ri\u00e1j\u00e1t\u00f3l. Az Intel, ha meg akarja ford\u00edtani a hanyatl\u00e1st,  az tov\u00e1bbi 2\u20133 \u00e9vet vesz majd ig\u00e9nybe. Csakhogy, \u00e9vek \u00f3ta ez a narrat\u00edva, \u00e9s 2017-18 \u00f3ta a helyzet nem javul, hanem romlik.<\/li>\n\n\n\n<li>\ud83c\udf10 <strong>A hyperscalerek diverzifik\u00e1lni akarnak.<\/strong> A Meta \u00e9s az OpenAI AMD-megrendel\u00e9sei nem csup\u00e1n \u00fczleti d\u00f6nt\u00e9sek, hanem strat\u00e9giai l\u00e9p\u00e9sek az Nvidia-f\u00fcgg\u0151s\u00e9g cs\u00f6kkent\u00e9s\u00e9re. Ahol a v\u00e1s\u00e1rl\u00f3 akt\u00edvan keresi az alternat\u00edv\u00e1t, ott az \u00fajabb besz\u00e1ll\u00edt\u00f3knak mindig terem n\u00e9mi bab\u00e9r.<\/li>\n\n\n\n<li>\ud83d\udcb5 <strong>Ad\u00f3ss\u00e1gmentes m\u00e9rleg, er\u0151s FCF.<\/strong> A +8.5 milli\u00e1rd USD-s nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3 \u00e9s a 6.7 milli\u00e1rd USD-s \u00e9ves FCF ritka luxus a chipszektorban. Ez finansz\u00edrozza a n\u00f6veked\u00e9st an\u00e9lk\u00fcl, hogy hitelt kellene felvennie a c\u00e9gnek.<\/li>\n\n\n\n<li>\ud83d\udd01 <strong>Az agentic AI a CPU renesz\u00e1nsz\u00e1t hozza.<\/strong> Az AMD szerint a szerver CPU-piac 2030-ig \u00e9vi t\u00f6bb mint 35%-kal n\u0151het (a kor\u00e1bbi 18%-os becsl\u00e9s helyett), mert az egyre nagyobb teret nyer\u0151 AI alkalmaz\u00e1sok komoly CPU-kapacit\u00e1st ig\u00e9nyelnek, nemcsak GPU-t. Nagyj\u00e1b\u00f3l ez volt l\u00e1that\u00f3 az Nvidia kapcs\u00e1n is 2022 v\u00e9g\u00e9t\u0151l kezdve napjainkig.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-okoszisztema.jpg.webp\" alt=\"az AMD \u00f6kosziszt\u00e9ma stiliz\u00e1lt rajza\" class=\"wp-image-11434 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-okoszisztema.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-okoszisztema-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/AMD-okoszisztema-768x429.jpg.webp 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, az AMD \u00f6kosziszt\u00e9ma stiliz\u00e1lt rajza<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">AMD r\u00e9szv\u00e9ny: ami ellene sz\u00f3l \ud83d\udd34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc9 <strong>A GPU-\u00f6kosziszt\u00e9ma h\u00e1tr\u00e1nya val\u00f3s \u00e9s tart\u00f3s.<\/strong> A CUDA az AI-fejleszt\u00e9s gerincek\u00e9nt be\u00e1gyaz\u00f3dott mindenhova. Az AMD ROCm javult, de az Nvidia szoftveres versenyel\u0151nye nem t\u0171nik el egyk\u00f6nnyen megt\u00f6rhet\u0151nek.<\/li>\n\n\n\n<li>\u26a0\ufe0f <strong>Az exportkorl\u00e1toz\u00e1sok (\u00e9s Trump) kisz\u00e1m\u00edthatatlanok.<\/strong> A k\u00ednai piacra ir\u00e1nyul\u00f3 MI-sorozat\u00fa GPU-elad\u00e1sok tilt\u00e1sa 2025-ben ~440 milli\u00f3 USD-s terhet okozott. Ez persze elt\u00f6rp\u00fcl teljes bev\u00e9tel mellett, de az nehezen kalkul\u00e1lhat\u00f3, hogy az USA \u00e9s K\u00edna viszonya hogyan alakul a k\u00f6zelj\u00f6v\u0151ben. Mivel k\u00e9t verseng\u0151 hatalomr\u00f3l van sz\u00f3, val\u00f3sz\u00edn\u0171tlen a nagy \u00f6sszeborul\u00e1s, sokkal ink\u00e1bb egym\u00e1st korl\u00e1toz\u00f3 versenyre sz\u00e1m\u00edthattok.<\/li>\n\n\n\n<li>\ud83d\udcb8 <strong>A GAAP-marzsok alacsonyak.<\/strong> A 10.7%-os GAAP operat\u00edv marzs \u00e9s az Xilinx felv\u00e1s\u00e1rl\u00e1sb\u00f3l sz\u00e1rmaz\u00f3 amortiz\u00e1ci\u00f3 sok\u00e1ig torz\u00edtja a val\u00f3di profitabilit\u00e1st, ami a kev\u00e9sb\u00e9 tapasztalt befektet\u0151kn\u00e9l \u00e9rt\u00e9kelts\u00e9gi f\u00e9lre\u00e9rt\u00e9sekhez vezethet.<\/li>\n\n\n\n<li>\ud83d\udcca <strong>Az ~170x TTM P\/E pszichol\u00f3giai terhe.<\/strong> Hi\u00e1ba magyar\u00e1zhat\u00f3 az igaz\u00edtott ~26x-os forward P\/E, egy piaci korrekci\u00f3ban a magas \u00e9rt\u00e9kelts\u00e9g ar\u00e1nytalan \u00e1res\u00e9st okozhat.<\/li>\n<\/ul>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az AMD egy bizony\u00edtott n\u00f6veked\u00e9si sztori, amelyet a piac teljes m\u00e9rt\u00e9kben be\u00e1raz. Ezzel a helyzettel \u00e1ltal\u00e1ban az a probl\u00e9ma, hogy a v\u00e1rakoz\u00e1sok hatalmasak, beker\u00fclnek az \u00e1rfolyamba \u00e9s a legkisebb csal\u00f3d\u00e1s is massz\u00edv zuhan\u00e1sokat okozhat a piacon. De, aki hossz\u00fa t\u00e1von hisz az AI-infrastrukt\u00fara-boom folytat\u00f3d\u00e1s\u00e1ban \u00e9s a CPU-renesz\u00e1nszban, annak a jelenlegi \u00e9rt\u00e9kelts\u00e9g ak\u00e1r v\u00e1llalhat\u00f3 pr\u00e9mium is lehet. Azt az\u00e9rt \u00e9rdemes tudni, hogy itt 5-10 \u00e9ves t\u00e1vr\u00f3l besz\u00e9l\u00fcnk, \u00edgy a r\u00f6vidt\u00e1v\u00fa spekul\u00e1ci\u00f3 szerintem most asszimmetrikus kock\u00e1zatot hordoz mag\u00e1ban.<\/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=\"osszegzese\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se \ud83d\udcdd<\/h2>\n\n\n\n<p>Az AMD az elm\u00falt \u00f6t \u00e9vben az egyik legl\u00e1tv\u00e1nyosabb t\u0151zsdei fordulatot produk\u00e1lta: +554%-os \u00e1rfolyam-emelked\u00e9s, ad\u00f3ss\u00e1gmentes m\u00e9rleg, megh\u00e1romszoroz\u00f3d\u00f3 szabad cash flow \u00e9s rekord szegmensbev\u00e9telek minden fontosabb ter\u00fcleten. A c\u00e9g ma egyszerre versenyez sikeresen az Intellel a processzorpiacon \u00e9s t\u00f6r be az Nvidia \u00e1ltal domin\u00e1lt AI-GPU-piacra.<\/p>\n\n\n\n<p><strong>A befektet\u00e9si t\u00e9zis sarkalatos k\u00e9rd\u00e9se nem az, hogy az AMD j\u00f3 c\u00e9g-e (az), hanem az, hogy ezen az \u00e9rt\u00e9kelts\u00e9gen \u00e9rdemes-e poz\u00edci\u00f3t nyitni.<\/strong> A bika-forgat\u00f3k\u00f6nyvben a 2026-ra v\u00e1rt ~7.37 \u00e9s 2027-re v\u00e1rt ~12.96 USD-s EPS k\u00f6nnyed\u00e9n elt\u00fcntetheti a jelenlegi pr\u00e9miumot. A medve-forgat\u00f3k\u00f6nyvben a CUDA versenyel\u0151nye nem erod\u00e1l\u00f3dik vagy esetleg egy komolyabb exportkorl\u00e1toz\u00e1sra ker\u00fcl sor, mint ahogy az m\u00e1r a Trump \u00e9r\u00e1ban n\u00e9h\u00e1nyszor el\u0151fordult, akkor err\u0151l a magas \u00e9rt\u00e9kelts\u00e9gr\u0151l k\u00f6nnyen nagyot eshet a r\u00e9szv\u00e9ny.<\/p>\n\n\n\n<p>Szerintem a mostani AI \u00e9s chipversenyre k\u00fcl\u00f6n\u00f6sen igaz az, hogy k\u00f6nnyed\u00e9n alakul ki p\u00e1nik vagy euf\u00f3ria, amikor szentiment alapon nagy es\u00e9sek \u00e9s kiugr\u00e1sok alakulnak ki. Sz\u00f3val, am\u00edg nem folyik v\u00e9r az utc\u00e1kon, addig \u00e9rdemes figyel\u0151list\u00e1n tartani az AMD-t \u00e9s v\u00e1rni az alkalmat.<\/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 pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3kezel\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:\/\/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 is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"gyik\">\u2753 Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek az AMD r\u00e9szv\u00e9nyr\u0151l \u2753<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt sz\u00e1rnyalt az AMD r\u00e9szv\u00e9ny \u00e1rfolyama az elm\u00falt \u00f6t \u00e9vben ilyen dr\u00e1maian felfel\u00e9?<\/h3>\n\n\n\n<p>Az AMD r\u00e9szv\u00e9ny t\u00f6bb mint hatszoros\u00e1ra emelkedett \u00f6t \u00e9v alatt, m\u00f6g\u00f6tte alapvet\u0151en k\u00e9t fordulat \u00e1ll. Az els\u0151 az Intel-verseny megnyer\u00e9se: a Zen CPU-architekt\u00fara 2017-es bevezet\u00e9se \u00f3ta az AMD fokozatosan h\u00f3d\u00edtotta el a piaci r\u00e9szesed\u00e9st a processzorpiac minden szegmens\u00e9ben. A m\u00e1sodik a chipgy\u00e1rt\u00e1s \u00e9s az AI-infrastrukt\u00fara konvergenci\u00e1ja: az Instinct MI-sorozat r\u00e9v\u00e9n az AMD bel\u00e9pett az adatk\u00f6zponti AI-gyors\u00edt\u00f3k piac\u00e1ra, ahol a Meta, az OpenAI \u00e9s m\u00e1s hyperscaler v\u00e1llalatok komoly megrendel\u00e9seket k\u00f6t\u00f6ttek le.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Az AMD r\u00e9szv\u00e9ny \u00e9s az Intel viszonya: versenyt\u00e1rsak vagy partnerek?<\/h3>\n\n\n\n<p><strong>Az AMD \u00e9s az Intel az x86-os processzorpiac r\u00e9gi vet\u00e9lyt\u00e1rsai, <\/strong>mindk\u00e9t chipgy\u00e1rt\u00f3 a szerver- \u00e9s PC-piac\u00e9rt k\u00fczd egym\u00e1ssal. Ugyanakkor 2026 \u00e1prilis\u00e1ban meglep\u0151 egy\u00fcttm\u0171k\u00f6d\u00e9si bejelent\u00e9s \u00e9rkezett t\u0151l\u00fck, amelynek c\u00e9lja az x86-os \u00f6kosziszt\u00e9ma meger\u0151s\u00edt\u00e9se az ARM-alap\u00fa megold\u00e1sokkal szemben. A hossz\u00fa t\u00e1v\u00fa verseny az Intel \u00e9s az AMD k\u00f6z\u00f6tt a CPU-piacon v\u00e1ltozatlanul fenn\u00e1ll, \u00e9s a piaci r\u00e9szesed\u00e9si adatok egy\u00e9rtelm\u0171en az AMD fel\u00e9 billentik a m\u00e9rleget.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt nem k\u00e9pes az AMD legy\u0151zni az Nvidi\u00e1t a GPU-piacon?<\/h3>\n\n\n\n<p>Az Nvidia ereje a GPU-piacon nem els\u0151sorban a hardveren, hanem a CUDA szoftveres \u00f6kosziszt\u00e9m\u00e1n m\u00falik. A CUDA t\u00f6bb mint 15 \u00e9ve az AI- \u00e9s tudom\u00e1nyos sz\u00e1m\u00edt\u00e1stechnika szabv\u00e1nya, \u00e9s az AMD ROCm platformja hi\u00e1ba fejl\u0151d\u00f6tt sokat, a fejleszt\u0151k \u00e9s szoftverk\u00f6nyvt\u00e1rak hatalmas t\u00f6bbs\u00e9ge m\u00e9g mindig CUDA-ra optimaliz\u00e1lt. Ezt a ragaszkod\u00e1st puszt\u00e1n hardveres teljes\u00edtm\u00e9nnyel lev\u00e1ltani rendk\u00edv\u00fcl neh\u00e9z, ez az Intel \u00e9s az AMD k\u00f6z\u00f6s korl\u00e1tja az Nvidia chipgy\u00e1rt\u00e1si dominanci\u00e1j\u00e1val szemben.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Milyen hat\u00e1ssal van az AMD r\u00e9szv\u00e9ny\u00e9re az amerikai exportkorl\u00e1toz\u00e1s?<\/h3>\n\n\n\n<p>Az Egyes\u00fclt \u00c1llamok korm\u00e1nya korl\u00e1tozta az AMD fejlett AI-gyors\u00edt\u00f3inak exportj\u00e1t K\u00edn\u00e1ba. Ez 2025-ben k\u00f6zel 440 milli\u00f3 USD-s k\u00e9szletle\u00edr\u00e1st \u00e9s kapcsol\u00f3d\u00f3 vesztes\u00e9get okozott. Hosszabb t\u00e1von a k\u00ednai AI-chipgy\u00e1rt\u00e1si piac r\u00e9szleges elveszt\u00e9se \u00e9rdemi n\u00f6veked\u00e9si korl\u00e1t lehet, k\u00fcl\u00f6n\u00f6sen, ha a helyi versenyt\u00e1rsak (Huawei Ascend sorozat) gyorsan t\u00f6ltik be ezt az \u0171rt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fizet-e osztal\u00e9kot az AMD r\u00e9szv\u00e9ny?<\/h3>\n\n\n\n<p>Nem: az AMD r\u00e9szv\u00e9ny nem fizet osztal\u00e9kot, \u00e9s a k\u00f6zelj\u00f6v\u0151ben sem tervezi ezt bevezetni. A t\u0151keallok\u00e1ci\u00f3 ter\u00e9n a c\u00e9g a kutat\u00e1s-fejleszt\u00e9sre \u00e9s strat\u00e9giai felv\u00e1s\u00e1rl\u00e1sokra koncentr\u00e1l. Az ad\u00f3ss\u00e1gmentes m\u00e9rleg (+8.5 milli\u00e1rd USD nett\u00f3 k\u00e9szp\u00e9nz) \u00e9s a 6.7 milli\u00e1rd USD-s FCF elegend\u0151 finansz\u00edroz\u00e1st biztos\u00edt a n\u00f6veked\u00e9shez an\u00e9lk\u00fcl, hogy r\u00e9szv\u00e9ny-visszav\u00e1s\u00e1rl\u00e1ssal vagy osztal\u00e9kkal kellene t\u0151k\u00e9t visszajuttatni. Aki ilyen jelleg\u0171 rendszeres j\u00f6vedelmet v\u00e1r a r\u00e9szv\u00e9nyt\u0151l, annak m\u00e1s opci\u00f3kat \u00e9rdemes m\u00e9rlegelnie.<\/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 AMD r\u00e9szv\u00e9ny az elm\u00falt \u00f6t \u00e9vben k\u00f6zel \u00f6tsz\u00f6r\u00f6s\u00e9re n\u0151tt, a c\u00e9g pedig legut\u00f3bb rekord negyed\u00e9vet z\u00e1rt. Aki 2022\u20132023-ban m\u00e9g az Intelt \u00e9ppen lenyom\u00f3 chipgy\u00e1rt\u00f3t l\u00e1tta bele a v\u00e1llalatba, annak ma tal\u00e1n neh\u00e9z elhinni, hogy onnan m\u00e9g b\u0151ven volt feljebb. M\u00e9gis, a r\u00e9szv\u00e9ny messze nem olcs\u00f3, a [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/amd-reszveny-a-chipgyartas-masodik-felvonasa-2026-ban\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11424,"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":[390,396,389,129,275,74,4,115],"class_list":["post-11409","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-chipgyartas","tag-intel","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>AMD r\u00e9szv\u00e9ny: a chipgy\u00e1rt\u00e1s m\u00e1sodik felvon\u00e1sa 2026-ban? -<\/title>\n<meta name=\"description\" content=\"Az AMD r\u00e9szv\u00e9ny elemz\u00e9se: rekord adatk\u00f6zponti bev\u00e9telek, ad\u00f3ss\u00e1gmentes m\u00e9rleg \u00e9s +554%-os 5 \u00e9ves hozam. 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