{"id":11849,"date":"2026-07-17T17:00:39","date_gmt":"2026-07-17T17:00:39","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11849"},"modified":"2026-08-20T10:54:17","modified_gmt":"2026-08-20T10:54:17","slug":"lehet-openai-reszvenyt-venni","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/lehet-openai-reszvenyt-venni\/","title":{"rendered":"Lehet OpenAI r\u00e9szv\u00e9nyt venni? IPO, Microsoft-kitetts\u00e9g \u00e9s kock\u00e1zatok","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Mir\u0151l sz\u00f3l a Partvonalr\u00f3l rovat?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00daj rovat a Partonvalr\u00f3l, amiben egyb\u0151l az OpenAI lehets\u00e9ges IPO-j\u00e1val kezdek. <\/strong>Van n\u00e9h\u00e1ny c\u00e9g, amelyr\u0151l mindenki hallott, sokan haszn\u00e1lj\u00e1tok is a term\u00e9k\u00e9t is, m\u00e9gsem lehet csak \u00fagy megvenni a r\u00e9szv\u00e9ny\u00e9t. Ezek mag\u00e1nv\u00e1llalatok:<strong> <\/strong>m\u00e9g nincsenek t\u0151zsd\u00e9n, \u00edgy egy h\u00e9tk\u00f6znapi befektet\u0151 nem tud benn\u00fck \u00fagy tulajdont szerezni, ahogyan egy Apple- vagy egy Google r\u00e9szv\u00e9ny eset\u00e9ben. Tal\u00e1n a k\u00e9t legismertebb az IKEA \u00e9s a Redbull, de ma nem r\u00f3luk lesz sz\u00f3. A Partvonalr\u00f3l rovatban pontosan az ilyen neveket vessz\u00fck g\u00f3rcs\u0151 al\u00e1, a vil\u00e1g legizgalmasabb, de (egyel\u0151re) k\u00f6zvetlen\u00fcl el\u00e9rhetetlen c\u00e9geit. Megn\u00e9zz\u00fck, mit csin\u00e1lnak, mennyit \u00e9rhetnek, mikor j\u00f6het a t\u0151zsdei bevezet\u00e9s\u00fck (IPO), \u00e9s van-e m\u00f3d arra, hogy k\u00f6zvetetten m\u00e9gis kitetts\u00e9get szerezz benn\u00fck. A n\u00e9v is innen j\u00f6n<strong>: ezeket a c\u00e9geket egyel\u0151re csak a partvonalr\u00f3l figyelhetj\u00fck, a p\u00e1lya sz\u00e9l\u00e9n \u00e1llunk, \u00e9s v\u00e1rjuk, mikor l\u00e9phet\u00fcnk be a j\u00e1t\u00e9kba.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udc46<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Ahol a rajzsz\u00f6g jelet \"<strong>\ud83d\udccc<\/strong>\" l\u00e1tj\u00e1tok, ott a gyakorlati tapasztalataimat osztom meg veletek, mert ez sokkal \u00e9letszer\u0171bb\u00e9 teszi a cikkeket.<\/mark><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Kitetts\u00e9g OpenAI-ban \u00e9s a ChatGPT-ben?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A ChatGPT m\u00f6g\u00f6tt \u00e1ll\u00f3 OpenAI a vil\u00e1g egyik leg\u00e9rt\u00e9kesebb \u00e9s legt\u00f6bbet eml\u00edtett c\u00e9ge lett, mik\u00f6zben egyetlen t\u0151zsd\u00e9n sem lehet k\u00f6zvetlen\u00fcl megvenni a r\u00e9szv\u00e9ny\u00e9t.<\/strong> Nem csoda, hogy a befektet\u0151k egyik leggyakoribb k\u00e9rd\u00e9se: lehet-e OpenAI r\u00e9szv\u00e9nyt venni, \u00e9s ha igen, hogyan? Ebben a cikkben v\u00e9gigvessz\u00fck, hol tart most a c\u00e9g, mikor j\u00f6het a v\u00e1rva v\u00e1rt IPO, hogyan lehet k\u00f6zvetetten, p\u00e9ld\u00e1ul a Microsofton kereszt\u00fcl, kitetts\u00e9get szerezni, \u00e9s mik a legnagyobb kock\u00e1zatok.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Gyors v\u00e1lasz: lehet m\u00e1r OpenAI r\u00e9szv\u00e9nyt v\u00e1s\u00e1rolni?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00f6vid v\u00e1lasz: <strong>k\u00f6zvetlen\u00fcl nem.<\/strong> Az OpenAI 2026 k\u00f6zep\u00e9n tov\u00e1bbra is egy mag\u00e1nc\u00e9g, nincs t\u0151zsdei jelenl\u00e9te, \u00e9s semmilyen nyilv\u00e1nos piacon nem lehet k\u00f6zvetlen\u00fcl megvenni a r\u00e9szv\u00e9ny\u00e9t. A &#8222;ChatGPT r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1s&#8221; teh\u00e1t ma m\u00e9g csak egy v\u00e1gyott dolog, olyan form\u00e1ban nem l\u00e9tezik, ahogyan egy Microsoft- vagy Apple-r\u00e9szv\u00e9nyt meg tudtok v\u00e1s\u00e1rolni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Amit egy h\u00e9tk\u00f6znapi befektet\u0151 t\u00e9nylegesen tehet, azok az al\u00e1bbiak:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udd01 <strong>K\u00f6zvetett kitetts\u00e9g<\/strong>: t\u0151zsd\u00e9n jegyzett c\u00e9geken kereszt\u00fcl, els\u0151sorban Microsoft \u00e9s Nvidia kitetts\u00e9ggel.<\/li>\n\n\n\n<li>\ud83d\udd12 <strong>Pre-IPO m\u00e1sodpiac<\/strong>: ez jellemz\u0151en csak akkredit\u00e1lt (int\u00e9zm\u00e9nyi vagy nagyon vagyonos) befektet\u0151knek el\u00e9rhet\u0151, illikvid \u00e9s kock\u00e1zatos, retail befektet\u0151ket nem engedik k\u00f6zel a t\u0171zh\u00f6z.<\/li>\n\n\n\n<li>\u23f3 <strong>Kiv\u00e1r\u00e1s az IPO-ig<\/strong>: a k\u00f6zvetlen v\u00e1s\u00e1rl\u00e1s lehet\u0151s\u00e9ge csak a t\u0151zsdei bevezet\u00e9ssel ny\u00edlik meg, ami k\u00f6zeleg, de pontos d\u00e1tuma m\u00e9g nem ismert.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6vetkez\u0151 szakaszokban ezt a h\u00e1rom utat bontom sz\u00e9t.<\/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=\"3TrH6SCEHn\"><a href=\"https:\/\/iocharts.io\/blog\/ipo-jelentese\/\">IPO jelent\u00e9se: r\u00e9szv\u00e9nykibocs\u00e1t\u00e1s el\u0151ny\u00f6k \u00e9s kock\u00e1zatok<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;IPO jelent\u00e9se: r\u00e9szv\u00e9nykibocs\u00e1t\u00e1s el\u0151ny\u00f6k \u00e9s kock\u00e1zatok&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/ipo-jelentese\/embed\/#?secret=YOeIprdGI4#?secret=3TrH6SCEHn\" data-secret=\"3TrH6SCEHn\" 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 class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a fenti h\u00e1rom pont l\u00e9nyeg\u00e9ben kiz\u00e1rja az \u00e1tlagos, retail, befektet\u0151ket a tulajdonszerz\u00e9sben, viszont vannak olyan platformok, ahol a korai f\u00e1zis\u00fa v\u00e1llalatokban n\u00e9ha lehet tulajdont szerezni. Ilyen volt p\u00e9ld\u00e1ul a Revolut, hogy csak a legismertebb eur\u00f3pai unikornis startupot eml\u00edtsem. Ezekr\u0151l b\u0151vebben a startup cikkekben \u00edrtam, amiket itt olvashattok el:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-egyszeruen-erthetoen\/\">Startup portf\u00f3li\u00f3 kialak\u00edt\u00e1sa egyszer\u0171en, \u00e9rthet\u0151en I.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-befektetesek-kisokos-minden-amit-tudnod-kell-rola\/\">K\u00f6z\u00f6ss\u00e9gi finansz\u00edroz\u00e1s, \u00e9s amit tudnotok kell r\u00f3la II.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-platformok-es-amit-tudni-kell-roluk\/\">Startup platformok m\u0171k\u00f6d\u00e9se 2025-ben val\u00f3s tapasztalatok alapj\u00e1n III.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/a-kozossegi-finanszirozas-trukkjei-amiket-erdemes-ismernetek\/\">K\u00f6z\u00f6ss\u00e9gi finansz\u00edroz\u00e1s, \u00e9s amit tudnotok kell r\u00f3la 2025-ben IV.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-exit-a-buktatok-ezer-arca-szerzodesbe-kodolva\/\">Startup exit &#8211; A buktat\u00f3k ezer arca V.<\/a><\/li>\n<\/ol>\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=\"LightYear banner\" 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\">Az OpenAI t\u0151zsd\u00e9n van?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nincsen.<\/strong> Az OpenAI mag\u00e1nc\u00e9g, a r\u00e9szv\u00e9nyei kiz\u00e1r\u00f3lag z\u00e1rtk\u00f6r\u0171 m\u00e1sodpiacokon cser\u00e9lnek gazd\u00e1t, jellemz\u0151en akkredit\u00e1lt befektet\u0151k k\u00f6z\u00f6tt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9g szerkezete 2025 okt\u00f3ber\u00e9ben jelent\u0151sen \u00e1talakult, \u00e9s ezt \u00e9rdemes meg\u00e9rteni, miel\u0151tt b\u00e1rki &#8222;OpenAI r\u00e9szv\u00e9nyben&#8221; gondolkodik:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udfdb\ufe0f A for-profit \u00e1g egy k\u00f6zhaszn\u00fa r\u00e9szv\u00e9nyt\u00e1rsas\u00e1gg\u00e1 (PBC) alakult,<\/strong> OpenAI Group PBC n\u00e9ven, megsz\u00fcntetve a kor\u00e1bbi profitplafont (pedig az eredeti koncepci\u00f3 az volt, hogy non-profit m\u00f3don fognak m\u0171k\u00f6dni, de h\u00e1t p\u00e9nz besz\u00e9l, kutya ugat).<\/li>\n\n\n\n<li><strong>\ud83d\udd4a\ufe0f A c\u00e9g felett a nonprofit OpenAI Foundation gyakorol kontrollt,<\/strong> amely a test\u00fclet minden tagj\u00e1t kinevezi,<strong> \u00e9s ~26%-os tulajdonr\u00e9sszel b\u00edr.<\/strong><\/li>\n\n\n\n<li><strong>\ud83c\udfe2 A Microsoft ~27%-ot birtokol az OpenAI-ban,<\/strong> a marad\u00e9k ~47% a jelenlegi \u00e9s kor\u00e1bbi munkav\u00e1llal\u00f3k\u00e9, valamint a befektet\u0151k\u00e9.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"573\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-tulajdonosi-szerkezet-1024x573.jpg.webp\" alt=\"az OpenAI tulajdonosi szerkezete\" class=\"wp-image-11856 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-tulajdonosi-szerkezet-1024x573.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-tulajdonosi-szerkezet-414x232.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-tulajdonosi-szerkezet-768x430.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-tulajdonosi-szerkezet-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/573;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: ChatGPT, az OpenAI tulajdonosi szerkezete<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A legut\u00f3bbi z\u00e1rtk\u00f6r\u0171 \u00e9rt\u00e9kelts\u00e9g ~852 milli\u00e1rd USD volt a 2026 m\u00e1rcius\u00e1ban z\u00e1rult, <\/strong>~122 milli\u00e1rd USD-s t\u0151kebevon\u00e1s alapj\u00e1n. Vagyis az OpenAI-t m\u00e1r ma is egy t\u0151zsdei \u00f3ri\u00e1sv\u00e1llalatk\u00e9nt \u00e1razz\u00e1k, csak \u00e9pp a nyilv\u00e1nos piac folyamatos \u00e1raz\u00e1sa \u00e9s likvidit\u00e1sa n\u00e9lk\u00fcl. Ez egy\u00e9bk\u00e9nt nem meglep\u0151, a SpaceX nemr\u00e9g l\u00e9pett a t\u0151zsd\u00e9re 1700 milli\u00e1rd USD-s \u00e1raz\u00e1ssal, de m\u00e1r az IPO el\u0151tt is lehetett tudni, hogy nagyj\u00e1b\u00f3l ilyen \u00e9rt\u00e9kelts\u00e9gen fog forogni.<\/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=\"jJlzbfD0km\"><a href=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/\">Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/embed\/#?secret=Ni3pENWLL0#?secret=jJlzbfD0km\" data-secret=\"jJlzbfD0km\" 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 class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a fenti OpenAI tulajdonosi strukt\u00far\u00e1r\u00f3l t\u00f6bb dolog is eszembe jutott. Ha az IPO \u00e1r 1700 milli\u00e1rd USD lesz, akkor nagyj\u00e1b\u00f3l 100%-kal elsz magasabb, mint a 2026 m\u00e1rciusi \u00e9rt\u00e9kelts\u00e9g. A m\u00e1sik, ami eszembe jutott, hogy a t\u0151zsd\u00e9n lebeg\u0151 r\u00e9szv\u00e9nyeket ki fogja szolg\u00e1ltatni. Val\u00f3sz\u00edn\u0171leg a kock\u00e1zati t\u0151ke sz\u00e1l majd ki, teh\u00e1t a korai f\u00e1zisban \u00e9s 2024-2025-ben befektet\u0151 kock\u00e1zati t\u0151kealapok, amik 18%-\u00e1t birtokolj\u00e1k a c\u00e9gnek. Amit mindenk\u00e9ppen \u00e9rdemes figyelni, hogy h\u00e1rom csoport, a jelenlegi munkat\u00e1rsak, a Microsoft \u00e9s az OpenAI alap\u00edtv\u00e1ny megtartja-e a r\u00e9szesed\u00e9s\u00e9t, vagy kiugrik az OpenAI IPO-ja alatt a v\u00e1llalatb\u00f3l.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Mikor j\u00f6het az OpenAI IPO?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az OpenAI 2026 k\u00f6zep\u00e9n megtette az els\u0151 hivatalos l\u00e9p\u00e9st a t\u0151zsd\u00e9re l\u00e9p\u00e9s fel\u00e9: bizalmasan beny\u00fajtotta az S-1 tervezet\u00e9t a SEC-hez. A jegyz\u00e9st vezet\u0151 bankok a h\u00edrek szerint a Goldman Sachs, a Morgan Stanley \u00e9s a JPMorgan lehetnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ami az id\u0151z\u00edt\u00e9st illeti, egyel\u0151re konkr\u00e9t d\u00e1tum nincsen, de t\u00f6bb id\u0151pontr\u00f3l is lehet hallani:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u23f3kor\u00e1bban 2026 negyedik negyed\u00e9ve is sz\u00f3ba ker\u00fclt list\u00e1z\u00e1si id\u0151pontk\u00e9nt,<\/li>\n\n\n\n<li>\u231a2026 nyar\u00e1ra viszont a hangs\u00faly ink\u00e1bb 2027-re tol\u00f3dott, nagyr\u00e9szt az\u00e9rt, mert Sam Altman \u00e1ll\u00edt\u00f3lag 1000 milli\u00e1rd USD alatti \u00e9rt\u00e9kelts\u00e9get &#8222;non-starternek&#8221; tekint,<\/li>\n\n\n\n<li><strong>\u23f0a c\u00e9l \u00edgy egy 1000 milli\u00e1rd USD-t is meghalad\u00f3 IPO-\u00e9rt\u00e9kelts\u00e9g lenne,<\/strong> ami a t\u00f6rt\u00e9nelem egyik legnagyobb t\u0151zsdei bevezet\u00e9se lehet.<\/li>\n<\/ul>\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=\"4UFpjCD4uR\"><a href=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/\">SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/embed\/#?secret=DBCFb1yVNm#?secret=4UFpjCD4uR\" data-secret=\"4UFpjCD4uR\" 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 class=\"wp-block-paragraph\">Fontos figyelmeztet\u00e9s: <strong>a bizalmas S-1 beny\u00fajt\u00e1sa nem egyenl\u0151 az IPO elk\u00f6telez\u0151d\u00e9s\u00e9vel.<\/strong> A c\u00e9g b\u00e1rmikor halaszthat vagy visszal\u00e9phet, a piac \u00e1llapot\u00e1t\u00f3l \u00e9s a saj\u00e1t d\u00f6nt\u00e9seit\u0151l f\u00fcgg\u0151en. Vagyis \u201ehamarosan&#8221;, de garancia nincs r\u00e1. Viszont a SpaceX IPO-ja t\u00e1mpontot adhat ahhoz, hogy nagyj\u00e1b\u00f3l mi t\u00f6rt\u00e9ni egy rettenetesen t\u00fal\u00e1razott IPO-val: visszakorrig\u00e1l a felpattan\u00e1s ut\u00e1n oda, ahol a piacra l\u00e9pett vagy ak\u00e1r al\u00e1 is esik az \u00e1rfolyam. Nem v\u00e9letlen\u00fcl illetik gy\u00fanosan az IPO-kat az al\u00e1bbi n\u00e9vvel: <strong>It is Probably Overpriced.<\/strong><\/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\">A SpaceX \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:SPCX|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\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan lehet k\u00f6zvetetten OpenAI-kitetts\u00e9get szerezni?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Am\u00edg az IPO meg nem t\u00f6rt\u00e9nik, a gyakorlatban ezek az &#8222;OpenAI r\u00e9szv\u00e9ny alternat\u00edv\u00e1k&#8221; l\u00e9teznek:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfe2 <strong>Microsoft (MSFT):<\/strong> a legnagyobb ismert k\u00fcls\u0151 tulajdonos ~27%-kal, \u00e9s a technol\u00f3gia m\u00e9lyen be\u00e9p\u00fcl a Copilotba, az Azure-ba \u00e9s a v\u00e1llalati szoftverekbe. A legk\u00f6zelebbi t\u0151zsdei proxy, de ez csak annyit jelent, hogy nagyj\u00e1b\u00f3l 1\/4 ar\u00e1nyban birtokolja a v\u00e1llalat az OpenAI j\u00f6v\u0151beni r\u00e9szv\u00e9ny\u00e9t.<\/li>\n\n\n\n<li>\ud83c\udfae <strong>Nvidia (NVDA):<\/strong> egyszerre ~30 milli\u00e1rd USD-s befektet\u0151 \u00e9s az OpenAI els\u0151dleges GPU-besz\u00e1ll\u00edt\u00f3ja: kitetts\u00e9g az AI m\u00f6g\u00f6tti sz\u00e1m\u00edt\u00e1si feldolgoz\u00e1si r\u00e9teghez.<\/li>\n\n\n\n<li>\ud83d\udcca <strong>ARK ETF-ek (ARKK, ARKW, ARKF):<\/strong> 2026-ban kis k\u00f6zvetlen OpenAI-poz\u00edci\u00f3t \u00e9p\u00edtettek (alaponk\u00e9nt nagyj\u00e1b\u00f3l 3%). Ez az els\u0151, akkredit\u00e1ci\u00f3 n\u00e9lk\u00fcl is el\u00e9rhet\u0151 k\u00f6zvetett \u00fat, de figyelem, ez a teljes ARK-portf\u00f3li\u00f3 teljes\u00edtm\u00e9ny\u00e9t hozza, nem tiszt\u00e1n az OpenAI-t (\u00e9s EU-s el\u00e9rhet\u0151s\u00e9ge korl\u00e1tozott, err\u0151l lentebb).<\/li>\n\n\n\n<li>\ud83c\udfd7\ufe0f <strong>\u00d6kosziszt\u00e9ma-nevek:<\/strong> Amazon, Oracle, SoftBank (a Stargate infrastrukt\u00fara-projekt k\u00f6r\u00fcl), illetve a Broadcom (OpenAI-nak fejlesztett egyedi AI-chip), \u00e1tt\u00e9teles, h\u00edg\u00edtott kitetts\u00e9g.<\/li>\n\n\n\n<li>\ud83d\udd12 <strong>Pre-IPO m\u00e1sodpiac (pl. Forge, EquityZen):<\/strong> val\u00f3di OpenAI-r\u00e9szv\u00e9ny, de kiz\u00e1r\u00f3lag akkredit\u00e1lt befektet\u0151knek, magas bel\u00e9p\u00e9si k\u00fcsz\u00f6bbel, illikvid m\u00f3don.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00f6z\u00f6s nevez\u0151: mindegyik \u00fat felh\u00edg\u00edtja az OpenAI-kitetts\u00e9get a m\u00f6g\u00f6ttes \u00fczlettel. Tiszt\u00e1n, 100%-ban OpenAI kitetts\u00e9get nyilv\u00e1nos piacon egyszer\u0171en nem lehet ma venni.<\/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=\"IBKR banner\" 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\">OpenAI vagy Microsoft: melyik \u00fat re\u00e1lisabb a befektet\u0151knek?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Egy magyar lakoss\u00e1gi befektet\u0151 sz\u00e1m\u00e1ra a v\u00e1laszt\u00e1s j\u00f3r\u00e9szt eld\u0151lt: az OpenAI k\u00f6zvetlen\u00fcl nem el\u00e9rhet\u0151, teh\u00e1t a re\u00e1lis k\u00e9rd\u00e9s az \u201eOpenAI kitetts\u00e9g Microsofton kereszt\u00fcl&#8221;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Microsoft mellett sz\u00f3l, hogy t\u0151zsd\u00e9n jegyzett, likvid, megtakar\u00edt\u00e1si sz\u00e1ml\u00e1kon, mint TBSZ, ISA, tarthat\u00f3, \u00e9s b\u00e1rmely amerikai r\u00e9szv\u00e9nyt k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl megvehet\u0151. Ellene sz\u00f3l viszont a h\u00edgul\u00e1s: a Microsoft egy ~2900 milli\u00e1rd USD-s \u00f3ri\u00e1s, amelyben az OpenAI-r\u00e9szesed\u00e9s (a 852 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9gn\u00e9l ~228 milli\u00e1rd USD) a piaci kapitaliz\u00e1ci\u00f3 nagyj\u00e1b\u00f3l 8%-\u00e1t teszi ki, jelenleg. Vagyis amikor Microsoftot veszel, els\u0151sorban az Azure-t, az Office-t \u00e9s a Windowst veszed meg, az OpenAI csak egy (b\u00e1r egyre \u00e9rt\u00e9kesebb) szelet. Cser\u00e9be a kock\u00e1zatot is porlasztja: ha \u00f6sszeomlik az OpenAI \u00e1rfolyama, mint ahogyan eddig a SpaceX j\u00e1rt, akkor a Microsoft t\u00f6bb \u00fczlet\u00e1ga kompenz\u00e1lni fogja az es\u00e9st.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-arfolyam-1024x726.jpg.webp\" alt=\"a Microsoft, amelyik az OpenAI egyik legnagyobb tulajdonosa, \u00e1rfolyammozg\u00e1sa\" class=\"wp-image-11860 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-arfolyam-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-arfolyam-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-arfolyam-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-arfolyam-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-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:<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,&nbsp;a Microsoft, amelyik az OpenAI egyik legnagyobb tulajdonosa, \u00e1rfolyammozg\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rdemes tudni a kontextust: a Microsoft 2026-ban a &#8222;Magnificent Seven&#8221; leggyeng\u00e9bb teljes\u00edt\u0151je volt. A h\u00e1tt\u00e9r\u00fczlet ugyanakkor er\u0151s: a legut\u00f3bbi negyed\u00e9vben a bev\u00e9tel 18%-kal n\u0151tt, az Azure pedig 40%-kal. A gyenge \u00e1rfolyam oka f\u0151k\u00e9nt a hatalmas, ~190 milli\u00e1rd USD-s \u00e9ves beruh\u00e1z\u00e1si (capex) teher. A nagy k\u00e9rd\u00e9s, hogy a Microsoft alul\u00e9rt\u00e9kelt-e? A v\u00e1lasz az, hogy a NOPAT \u00e9s az FCF yield alapj\u00e1n az. Mivel id\u00e9n volt m\u00e1r 350 USD is, az egy eg\u00e9sz j\u00f3 besz\u00e1ll\u00f3nak t\u0171nik.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft_Corporation_MSFT-NOPAT-Yield-1024x726.jpg.webp\" alt=\"a Microsoft NOPAT yieldje\" class=\"wp-image-11862 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft_Corporation_MSFT-NOPAT-Yield-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft_Corporation_MSFT-NOPAT-Yield-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft_Corporation_MSFT-NOPAT-Yield-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft_Corporation_MSFT-NOPAT-Yield-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft_Corporation_MSFT-NOPAT-Yield-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:<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,&nbsp;a Microsoft NOPAT yieldje<\/figcaption><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udc46<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">A l\u00e9nyeg: a Microsoft a legk\u00e9nyelmesebb \u00e9s legel\u00e9rhet\u0151bb OpenAI-proxy, de els\u0151sorban a Microsoftra, m\u00e1sodsorban az OpenAI-ra fogadsz vele.<\/mark><\/strong><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-drawdown-1024x726.jpg.webp\" alt=\"a Microsoft legnagyobb visszaes\u00e9se 1 \u00e9v alatt\" class=\"wp-image-11861 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-drawdown-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-drawdown-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-drawdown-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-drawdown-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-Microsoft-drawdown-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:<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,&nbsp;a Microsoft legnagyobb visszaes\u00e9se 1 \u00e9v alatt<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> A Microsoft tulajdonk\u00e9ppen a legjobb megold\u00e1s a kitetts\u00e9g megszerz\u00e9s\u00e9re. Mi\u00e9rt? Mert a r\u00e9szv\u00e9ny egy ideje esik, az 500+ USD-s tartom\u00e1nyb\u00f3l 350 USD-ig esett, ez durv\u00e1n 35%-os es\u00e9s. Mivel 1 \u00e9ve m\u00e9g csak k\u00f6rvonalaz\u00f3dott az OpenAI t\u0151zsd\u00e9re l\u00e9p\u00e9se, teh\u00e1t nagyon val\u00f3sz\u00edn\u0171tlen, hogy a Microsoft ~3000 milli\u00e1rd USD-s piaci kapitaliz\u00e1ci\u00f3ja tartalmazza az OpenAI r\u00e9szesed\u00e9s \u00e9rt\u00e9k\u00e9t is. Tegy\u00fck fel, hogy a Sam Altman \u00e1ltal prefer\u00e1lt 1000 milli\u00e1rd USD-s \u00e1ron l\u00e9p piacra a v\u00e1llalat, akkor az a Microsoftnak 270 milli\u00e1rd USD-s \u00e9rt\u00e9ket jelent. Ha 1700 milli\u00e1rd USD val\u00f3sul meg, akkor az ~460 milli\u00e1rd USD piaci kapitaliz\u00e1ci\u00f3 emelked\u00e9st kellene eredm\u00e9nyeznie. <strong>Vagyis, 10-15%-os \u00e1rfolyammozg\u00e1snak kell bek\u00f6vetkeznie, ha az \u00e9rt\u00e9ke val\u00f3ban be\u00e9p\u00fcl a Microsoftba.<\/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=\"Wise banner\" 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\">\u00c9rt\u00e9kelts\u00e9g: mi lehet m\u00e1r be\u00e1razva?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A ~852 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9g a ~25 milli\u00e1rd USD-s \u00e9ves bev\u00e9tel mellett nagys\u00e1grendileg <strong>~34-szeres \u00e1rbev\u00e9tel-szorz\u00f3t<\/strong> jelent, ami extr\u00e9m magas, m\u00e9g AI-m\u00e9rc\u00e9vel is. Mi\u00e9rt nincs P\/E? Mert a v\u00e1llalat nem nyeres\u00e9ges, ez\u00e9rt is van sz\u00fcks\u00e9g \u00fajabb \u00e9s \u00fajabb kock\u00e1zatit\u0151ke bevon\u00e1si k\u00f6r\u00f6kre, hiszen az OpenAI jelenleg p\u00e9nzt \u00e9get.<\/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=\"k3klEtWr0F\"><a href=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/\">Amazon (AMZN): n\u00f6veked\u00e9si g\u00e9pezet avagy a t\u0151kefal\u00f3 \u00f3ri\u00e1s<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Amazon (AMZN): n\u00f6veked\u00e9si g\u00e9pezet avagy a t\u0151kefal\u00f3 \u00f3ri\u00e1s&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/embed\/#?secret=Bm2pXRTPAA#?secret=k3klEtWr0F\" data-secret=\"k3klEtWr0F\" 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 class=\"wp-block-paragraph\">A vita k\u00e9t t\u00e1bora:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udc02 <strong>Bika (pl. a16z, Martin Casado):<\/strong> az \u00e1raz\u00e1s val\u00f3j\u00e1ban a 2028-as, ~125 milli\u00e1rd USD-s bev\u00e9teli el\u0151rejelz\u00e9sre \u00e9p\u00fcl, ami mellett a szorz\u00f3 \u201ecsak&#8221; ~6.8-szoros lenne, az Nvidia alatt, a Microsofttal egy szinten. Csakhogy ez m\u00e9g mindig \u00e1rbev\u00e9tel \u00e9s nem nyeres\u00e9gszorz\u00f3!<\/li>\n\n\n\n<li>\ud83d\udc3b <strong>Medve (pl. Bridgewater, Greg Jensen):<\/strong> ez a 2028-as sz\u00e1m felt\u00e9telezi, hogy az OpenAI megtartja a piaci r\u00e9szesed\u00e9s\u00e9t az Anthropic, a Google, a Meta, a DeepSeek \u00e9s az xAI ellen\u00e9ben. A \u201efrontier-modellek el\u00e9rt\u00e9ktelened\u00e9se (commoditization)&#8221; a befektet\u00e9si k\u00f6r legnagyobb be nem \u00e1razott kock\u00e1zata.<\/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\/07\/OpenAI-opponents-1024x576.jpg.webp\" alt=\"az OpenAI ellenfelek univerzuma\" class=\"wp-image-11863 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\/07\/OpenAI-opponents-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-opponents-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-opponents-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-opponents-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/OpenAI-opponents-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: ChatGPT, az OpenAI ellenfelek univerzuma<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A versenyre egy besz\u00e9des adat: az Similarweb szerint a ChatGPT webes r\u00e9szesed\u00e9se 12 h\u00f3nap alatt ~86.7%-r\u00f3l ~64.5%-ra esett, mik\u00f6zben a Google Gemini\u00e9 ~5.7%-r\u00f3l ~21.5%-ra n\u0151tt, \u00e9s a Google \u00e9s az Amazon \u00e1ltal t\u00e1mogatott, Anthropic f\u00e9le Claude-ot sem szabad elfelejteni. Egy 1000 milli\u00e1rd USD-s IPO-n\u00e1l a szorz\u00f3 teh\u00e1t m\u00e9g feszesebb lenne, vagyis a j\u00f6v\u0151beli n\u00f6veked\u00e9s jelent\u0151s r\u00e9sze m\u00e1r be van \u00e1razva az OpenAI IPO-ba.<\/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=\"f89zYpmkKU\"><a href=\"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/\">Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/embed\/#?secret=OcpPBclQfs#?secret=f89zYpmkKU\" data-secret=\"f89zYpmkKU\" 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 class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> kb. 1-2 \u00e9ve kezdtem el le\u00edrni a ChatGPT-t, mert a Gemini NanoBanana modellje romm\u00e1 verte k\u00e9pgener\u00e1l\u00e1sban, az Anthropic Claude-ja meg sz\u00f6veggener\u00e1l\u00e1sban \u00e9s \u00e9rvel\u00e9sben. Azt\u00e1n p\u00e1r napja visszan\u00e9ztem az OpenAI \u00fcdv\u00f6sk\u00e9j\u00e9re, \u00e9s m\u00e1r jobb \u00e9s szebb k\u00e9peket gener\u00e1lt mint a NanoBanana, meg is lepett. Vagyis a verseny brut\u00e1lisan \u00e9les, egym\u00e1st el\u0151zgetik az \u00f3ri\u00e1sc\u00e9gek tud\u00e1sban, nagyon neh\u00e9z megmondani, ki fogja megnyerni a versenyt. Sim\u00e1n lehet, hogy senki, hiszen a piac hatalmas, \u00edgy t\u00f6bb nagy szerepl\u0151 is elf\u00e9rhet egy oligopolisztikus 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=\"LightYear 2. banner\" 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\">Legnagyobb kock\u00e1zatok: AI-verseny, szab\u00e1lyoz\u00e1s, likvidit\u00e1s \u00e9s magas \u00e9rt\u00e9kelts\u00e9g<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83e\udd4a <strong>AI-verseny \u00e9s el\u00e9rt\u00e9ktelened\u00e9s:<\/strong> az Anthropic (~965 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9g, saj\u00e1t IPO-tervekkel), a Google Gemini, az xAI \u00e9s a Meta mind gyorsan z\u00e1rk\u00f3zik fel tud\u00e1sban. A frontier-modellek egyre ink\u00e1bb \u00e1rualap\u00fa term\u00e9kk\u00e9 v\u00e1lhatnak (komoditiz\u00e1l\u00f3d\u00e1s, hogy egy cs\u00fanyabb kifejez\u00e9ssel \u00e9ljek).<\/li>\n\n\n\n<li>\u2696\ufe0f <strong>Szab\u00e1lyoz\u00e1s \u00e9s v\u00e1llalatir\u00e1ny\u00edt\u00e1s:<\/strong> az AI-szab\u00e1lyoz\u00e1s bizonytalan, a nonprofit-kontroll \u00e9s a k\u00f6zhaszn\u00fa r\u00e9szv\u00e9nyt\u00e1rsas\u00e1g strukt\u00fara (PBC) pedig szokatlan; a nyilv\u00e1nos piac az ilyen ir\u00e1ny\u00edt\u00e1si modellt jellemz\u0151en nem szereti (a h\u00edrek szerint Altman k\u00f6zvetlen tulajdonr\u00e9szt sem kap).<\/li>\n\n\n\n<li>\ud83d\udcb8 <strong>K\u00e9szp\u00e9nz\u00e9get\u00e9s \u00e9s t\u0151keig\u00e9ny:<\/strong> az OpenAI t\u00f6bb mint 1400 milli\u00e1rd USD-nyi sz\u00e1m\u00edt\u00e1si\/adatk\u00f6zponti elk\u00f6telezetts\u00e9get v\u00e1llalt, 2026-ban is jelent\u0151s vesztes\u00e9get v\u00e1r, \u00e9s egyes becsl\u00e9sek szerint csak ~2030-ra fordulhat nyeres\u00e9gbe az \u00fczletmenet, addig tov\u00e1bbi t\u0151kebevon\u00e1sok val\u00f3sz\u00edn\u0171ek.<\/li>\n\n\n\n<li>\ud83d\udcc8 <strong>Magas \u00e9rt\u00e9kelts\u00e9g:<\/strong> ~34-szeres (egyes m\u00e9rc\u00e9n j\u00f3val magasabb) \u00e1rbev\u00e9tel-szorz\u00f3, teh\u00e1t a hib\u00e1z\u00e1s \u00e1ra nagy.<\/li>\n\n\n\n<li>\ud83d\udd12 <strong>Likvidit\u00e1s:<\/strong> mag\u00e1nc\u00e9gk\u00e9nt nincs nyilv\u00e1nos r\u00e9szv\u00e9ny; \u00e9s m\u00e9g az IPO ut\u00e1n is sz\u00e1molni kell z\u00e1rol\u00e1si (lock-up) id\u0151szakokkal \u00e9s volatilit\u00e1ssal.<\/li>\n\n\n\n<li>\u2753 <strong>Az IPO nem garant\u00e1lt:<\/strong> a bizalmas beadv\u00e1ny nem elk\u00f6telez\u0151d\u00e9s, a list\u00e1z\u00e1s cs\u00faszhat vagy elmaradhat.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban: <\/strong>t\u00f6bbsz\u00f6r \u00edrtam m\u00e1r az iO Charts cikkekben az asszimetrikus kock\u00e1zatokr\u00f3l. Vannak helyzetek, amikor a kock\u00e1zat\/nyeres\u00e9g ar\u00e1ny a nyeres\u00e9g fel\u00e9 tol\u00f3dik el, p\u00e9ld\u00e1ul egy r\u00e9szv\u00e9ny agyonvert \u00e9rt\u00e9kelts\u00e9gen forog, de a bev\u00e9telei \u00e9s a nyeres\u00e9ge sem cs\u00f6kken. Ilyenkor az felt\u00e9telezhet\u0151, hogy a lefele mutat\u00f3 kock\u00e1zatok j\u00f3val alacsonyabbak, mint amennyit a nyomott \u00e9rt\u00e9kelts\u00e9gr\u0151l emelkedni tud a r\u00e9szv\u00e9ny. Erre remek p\u00e9lda mondjuk az Adobe r\u00e9szv\u00e9nye 200 USD \u00e1rfolyam k\u00f6r\u00fcl.<\/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=\"WuVdKTybUV\"><a href=\"https:\/\/iocharts.io\/blog\/adobe-inc-reszvenyelemzese-nyse-adbe\/\">Adobe (ADBE) r\u00e9szv\u00e9ny elemz\u00e9s: AI-verseny \u00e9s \u00e9rt\u00e9kelts\u00e9g<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Adobe (ADBE) r\u00e9szv\u00e9ny elemz\u00e9s: AI-verseny \u00e9s \u00e9rt\u00e9kelts\u00e9g&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/adobe-inc-reszvenyelemzese-nyse-adbe\/embed\/#?secret=FgvjELSqo8#?secret=WuVdKTybUV\" data-secret=\"WuVdKTybUV\" 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 class=\"wp-block-paragraph\">Az OpenAI ennek pontosan az ellenkez\u0151je. Nagyon sok az ismeretlen v\u00e1ltoz\u00f3, nem tiszta, hogyan fog nyeres\u00e9get termelni az OpenAI, gyilkos a verseny, hiszen a tech c\u00e9gek 100 milli\u00e1rd USD-s nagys\u00e1grendben inveszt\u00e1lnak a technol\u00f3gi\u00e1ba, ami r\u00e1ad\u00e1sul iszonyatosan gyorsan v\u00e1ltozik. Szint\u00e9n nagy k\u00e9rd\u00e9s, hogy egy 1700 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9gr\u0151l hova tud n\u0151ni egy v\u00e1llalat? Ne felejts\u00e9tek el, hogy a vil\u00e1g leg\u00e9rt\u00e9kesebb c\u00e9ge az Nvidia, ami jelenleg k\u00f6zel 5000 milli\u00e1rd USD-t \u00e9r!<\/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=\"sqnjCyW2AA\"><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=NOsTTL3hB0#?secret=sqnjCyW2AA\" data-secret=\"sqnjCyW2AA\" 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<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=\"IBKR 2. banner\" 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 hide-in-translation\">Magyar befektet\u0151i szempontok: TBSZ, USD \u00e9s br\u00f3kerhozz\u00e1f\u00e9r\u00e9s<\/h2>\n\n\n\n<p class=\"hide-in-translation wp-block-paragraph\">N\u00e9h\u00e1ny gyakorlati pont, ami kifejezetten az \u201eOpenAI r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1s magyar befektet\u0151knek&#8221; k\u00e9rd\u00e9sre ad v\u00e1laszt: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"hide-in-translation\">\ud83e\uddfe <strong>TBSZ:<\/strong> jelenleg az OpenAI-t nem lehet TBSZ-re venni, mert nincs nyilv\u00e1nos r\u00e9szv\u00e9nye. A k\u00f6zvetett nevek (MSFT, NVDA) viszont amerikai t\u0151zsdei r\u00e9szv\u00e9nyek, \u00edgy egy amerikai piacot k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl TBSZ-en is tarthat\u00f3k, az 5 \u00e9ves tart\u00e1s v\u00e9g\u00e9n ak\u00e1r 0%-os ad\u00f3val.<\/li>\n\n\n\n<li class=\"hide-in-translation\">\ud83d\udcb5 <strong>USD- \u00e9s \u00e1rfolyamkock\u00e1zat:<\/strong> amerikai r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1sakor HUF\/USD \u00e1rfolyamkitetts\u00e9get is v\u00e1llalsz. A TBSZ tarthat USD-eszk\u00f6zt, de az \u00e1rfolyammozg\u00e1s a hozamodat \u00e9rdemben befoly\u00e1solja.<\/li>\n\n\n\n<li class=\"hide-in-translation\">\ud83d\udeab <strong>ARK ETF-ek buktat\u00f3ja:<\/strong> az ARK-alapok amerikai bejegyz\u00e9s\u0171ek, \u00e9s az EU PRIIPs-szab\u00e1lyoz\u00e1s miatt a magyar lakoss\u00e1gi befektet\u0151k jellemz\u0151en nem tudj\u00e1k k\u00f6zvetlen\u00fcl megvenni \u0151ket (hi\u00e1nyzik a KID-dokumentum, nincs UCITS verzi\u00f3). Ez fontos korl\u00e1t, az egyedi r\u00e9szv\u00e9nyek (MSFT, NVDA) viszont tov\u00e1bbra is el\u00e9rhet\u0151k.<\/li>\n\n\n\n<li class=\"hide-in-translation\">\ud83c\udfe6 <strong>Br\u00f3kerhozz\u00e1f\u00e9r\u00e9s:<\/strong> amerikai r\u00e9szv\u00e9nyekhez amerikai piacot k\u00edn\u00e1l\u00f3 br\u00f3ker kell (a magyar lakoss\u00e1g k\u00f6r\u00e9ben n\u00e9pszer\u0171 pl. az <a href=\"https:\/\/iocharts.io\/blog\/interactive-brokers-broker-szamla-elemzes-profiknak-profi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Interactive Brokers<\/a>, a <a href=\"https:\/\/iocharts.io\/blog\/lightyear-a-legjobb-olcso-broker-2026-ban-arak-szolgaltatasok\/\" target=\"_blank\" rel=\"noreferrer noopener\">LightYear<\/a>, illetve t\u00f6bb hazai szolg\u00e1ltat\u00f3 is el\u00e9rhet\u0151v\u00e9 teszi az amerikai pap\u00edrokat, pl. Erste \u00e9s K&amp;H, de ezeket nem aj\u00e1nlom, m\u00edg az els\u0151 kett\u0151t igen).<\/li>\n\n\n\n<li class=\"hide-in-translation\">\u23f3 <strong>Az IPO ut\u00e1n:<\/strong> ha az OpenAI amerikai t\u0151zsd\u00e9re l\u00e9p, a r\u00e9szv\u00e9ny ugyan\u00fagy el\u00e9rhet\u0151 lesz egy amerikai piacot k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl, \u00e9s TBSZ-en is tarthat\u00f3.<\/li>\n<\/ul>\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=\"Wise 2. banner\" 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\">\ud83d\udccc Gyakorlatban: OpenAI-kitetts\u00e9g elemz\u00e9se iO Charts seg\u00edts\u00e9g\u00e9vel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mivel az OpenAI m\u00e9g nem nyilv\u00e1nos, k\u00f6zvetlen\u00fcl nem szerepel az iO Charts-on. A gyakorlati megk\u00f6zel\u00edt\u00e9s teh\u00e1t a <strong>proxy-nevek elemz\u00e9se<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udd0e <strong>Microsoft (MSFT):<\/strong> k\u00f6vesd az Azure n\u00f6veked\u00e9s\u00e9t, a marzsokat, a capex-terhet \u00e9s az \u00e9rt\u00e9kelts\u00e9get \u2013 \u00e9s becs\u00fcld meg, mennyit nyom a latba a Microsoft \u00e9rt\u00e9k\u00e9b\u0151l az OpenAI-r\u00e9szesed\u00e9s. <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/MSFT\" target=\"_blank\" rel=\"noreferrer noopener\">A Microfotot az iO Charts-on itt \u00e9red el.<\/a><\/li>\n\n\n\n<li>\ud83d\udd0e <strong>Nvidia (NVDA):<\/strong> vizsg\u00e1ld a compute-r\u00e9teget, a marzsokat \u00e9s a besz\u00e1ll\u00edt\u00f3i kitetts\u00e9get az AI-\u00f6kosziszt\u00e9ma fel\u00e9. <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/NVDA\" target=\"_blank\" rel=\"noreferrer noopener\">Az Nvidiat az iO Charts-on itt \u00e9red el.<\/a><\/li>\n\n\n\n<li>\u2696\ufe0f <strong>\u00d6sszehasonl\u00edt\u00e1s:<\/strong> az iO Charts-on egym\u00e1s mell\u00e9 teheted a proxy-neveket (MSFT, NVDA), \u00f6sszevetheted az \u00e9rt\u00e9kelts\u00e9get, a n\u00f6veked\u00e9st \u00e9s a t\u0151kehat\u00e9konys\u00e1got, \u00e9s eld\u00f6ntheted, hol a legkedvez\u0151bb a kock\u00e1zat\/hozam ar\u00e1ny.<\/li>\n\n\n\n<li>\ud83d\udccb <strong>Figyel\u0151lista:<\/strong> vedd fel a proxy-neveket a figyel\u0151list\u00e1dra, \u00e9s amint az OpenAI t\u00e9nylegesen t\u0151zsd\u00e9re l\u00e9p, k\u00f6zvetlen\u00fcl is k\u00f6vethet\u0151v\u00e9 v\u00e1lik, \u00e9rdemes lesz azonnal az iO Charts-on elemezni a fundamentumait.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"664\" height=\"510\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Stock-chart-NVDA.jpg.webp\" alt=\" az Nvidia \u00e1rfolyammozg\u00e1sa\" class=\"wp-image-11867 lazyload\" style=\"--smush-placeholder-width: 664px; --smush-placeholder-aspect-ratio: 664\/510;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Stock-chart-NVDA.jpg.webp 664w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Stock-chart-NVDA-414x318.jpg.webp 414w\" data-sizes=\"(max-width: 664px) 100vw, 664px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/NVDA\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>, az Nvidia \u00e1rfolyammozg\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00cdgy az \u201eOpenAI r\u00e9szv\u00e9ny elemz\u00e9s&#8221; gyakorlatban ma a k\u00f6r\u00fcl\u00f6tte l\u00e9v\u0151, m\u00e1r jegyzett c\u00e9gek t\u00e1rgyilagos elemz\u00e9s\u00e9t jelenti, az adatok \u00e9s az \u00e9rt\u00e9kelts\u00e9g alapj\u00e1n, nem a k\u00f6r\u00fcl\u00f6tte l\u00e9v\u0151 m\u00e1nia ment\u00e9n.<\/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\">\u00d6sszegz\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lehet OpenAI r\u00e9szv\u00e9nyt venni? K\u00f6zvetlen\u00fcl egyel\u0151re nem, hiszen a c\u00e9g mag\u00e1nv\u00e1llalat, ~852 milli\u00e1rd USD-s z\u00e1rtk\u00f6r\u0171 \u00e9rt\u00e9kelts\u00e9ggel, \u00e9s az IPO egyre ink\u00e1bb 2027 fel\u00e9 cs\u00faszik, 1000 milli\u00e1rd USD-t is meghalad\u00f3 \u00e9rt\u00e9kelts\u00e9ggel. Am\u00edg a piacra l\u00e9p\u00e9s nem t\u00f6rt\u00e9nik meg, a re\u00e1lis \u00fat a befektet\u0151 sz\u00e1m\u00e1ra a k\u00f6zvetett kitetts\u00e9g: els\u0151sorban a Microsoft (a legk\u00f6zelebbi proxy), m\u00e1sodsorban az Nvidia (a compute-r\u00e9teg fel\u00e9) seg\u00edts\u00e9g\u00e9vel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A d\u00f6nt\u00e9s el\u0151tt \u00e9rdemes tiszt\u00e1n l\u00e1tni a kock\u00e1zatokat is: <strong>a magas \u00e9rt\u00e9kelts\u00e9get, az \u00e9lez\u0151d\u0151 AI-versenyt, a hatalmas k\u00e9szp\u00e9nz\u00e9get\u00e9st, a szokatlan v\u00e1llalatir\u00e1ny\u00edt\u00e1st \u00e9s a likvidit\u00e1s hi\u00e1ny\u00e1t.<\/strong> Az IPO lesz az a pillanat, amikor a k\u00f6zvetlen hozz\u00e1f\u00e9r\u00e9s megny\u00edlik, addig marad a proxy-nevek elemz\u00e9se, hideg fejjel, az adatok alapj\u00e1n.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udca1<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\u00e9ny- \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:\/\/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<!-- ============================================================\n     GY\u00cdK ACCORDION - iO Charts (OpenAI cikk)\n     ============================================================ -->\n\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f; 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}\n.io-faq__intro p:last-child { margin-bottom: 0; }\n\n\/* ---- nyitogathat\u00f3 sorok ---- *\/\n.io-faq__item {\n  border-bottom: 1px solid var(--faq-line);\n}\n\n.io-faq__item:first-of-type {\n  border-top: 1px solid var(--faq-line);\n}\n\n.io-faq__q {\n  display: block;\n  padding: 18px 44px 18px 4px;\n  margin: 0;\n  cursor: pointer;\n  position: relative;\n  list-style: none;\n  transition: background .15s ease;\n}\n\n.io-faq__q::-webkit-details-marker { display: none; }\n.io-faq__q::marker { content: \"\"; }\n\n.io-faq__q:hover { background: var(--faq-hover); }\n\n\/* a k\u00e9rd\u00e9s H3, de a sor st\u00edlus\u00e1t veszi fel *\/\n.io-faq__q h3 {\n  margin: 0;\n  padding: 0;\n  font-size: 1.08em;\n  font-weight: 700;\n  line-height: 1.45;\n  color: var(--faq-navy);\n  font-family: inherit;\n  border: 0;\n}\n\n\/* chevron jobb oldalon *\/\n.io-faq__q::after {\n  content: \"\";\n  position: absolute;\n  right: 14px;\n  top: 50%;\n  width: 9px;\n  height: 9px;\n  border-right: 2px solid var(--faq-navy);\n  border-bottom: 2px solid var(--faq-navy);\n  transform: translateY(-70%) rotate(45deg);\n  transition: transform .25s ease;\n}\n\n.io-faq__item[open] .io-faq__q h3 { color: var(--faq-accent); }\n\n.io-faq__item[open] .io-faq__q::after {\n  border-color: var(--faq-accent);\n  transform: translateY(-25%) rotate(-135deg);\n}\n\n\/* ---- v\u00e1lasz: norm\u00e1l bekezd\u00e9s ---- *\/\n.io-faq__a {\n  padding: 0 44px 20px 4px;\n  color: var(--faq-text);\n  line-height: 1.7;\n}\n\n.io-faq__a p { margin: 0 0 .8em 0; }\n.io-faq__a p:last-child { margin-bottom: 0; }\n\n\/* ---- disclaimer a GY\u00cdK v\u00e9g\u00e9n ---- *\/\n.io-faq__disclaimer {\n  margin: 2em 0 0 0;\n  padding: 16px 18px;\n  border-left: 3px solid var(--faq-accent);\n  background: rgba(255, 255, 255, .55);\n  border-radius: 6px;\n  color: var(--faq-text);\n  font-size: .85em;\n  font-style: italic;\n  line-height: 1.6;\n  opacity: .9;\n}\n\n.io-faq__disclaimer strong {\n  font-style: normal;\n  color: var(--faq-navy);\n}\n\n\/* ---- mobil ---- *\/\n@media (max-width: 600px) {\n  .io-faq { padding: 1.5em 1.2em 1em 1.2em; }\n  .io-faq__q { padding: 15px 38px 15px 2px; }\n  .io-faq__q h3 { font-size: 1em; }\n  .io-faq__a { padding: 0 10px 16px 2px; }\n  .io-faq__disclaimer { padding: 14px; }\n}\n\n@media (max-width: 480px) {\n  .io-faq__subtitle { gap: .6em; font-size: .85em; }\n}\n<\/style>\n\n\n<div class=\"io-faq\">\n\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek az OpenAI r\u00e9szv\u00e9nyr\u0151l<\/h2>\n  <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p>\n\n  <div class=\"io-faq__intro\">\n    <p>OpenAI r\u00e9szv\u00e9nyt venn\u00e9l, vagy csak tiszt\u00e1n akarsz l\u00e1tni a helyzetben? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: hogy <strong>lehet-e egy\u00e1ltal\u00e1n venni<\/strong>, <strong>t\u0151zsd\u00e9n van-e a c\u00e9g<\/strong>, <strong>hogyan juthatsz hozz\u00e1 magyar befektet\u0151k\u00e9nt<\/strong>, <strong>mennyit \u00e9r most az OpenAI<\/strong>, \u00e9s <strong>milyen alternat\u00edv\u00e1k l\u00e9teznek<\/strong>.<\/p>\n    <p>Kattints b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, a cikk megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: az OpenAI helyzete gyorsan v\u00e1ltozik, az adatok a cikk \u00edr\u00e1s\u00e1nak id\u0151pontj\u00e1t t\u00fckr\u00f6zik.<\/p>\n  <\/div>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Lehet most OpenAI r\u00e9szv\u00e9nyt venni?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>K\u00f6zvetlen\u00fcl nem. Az OpenAI mag\u00e1nc\u00e9g, nincs t\u0151zsdei tickere, \u00edgy nyilv\u00e1nos piacon nem v\u00e1s\u00e1rolhat\u00f3. Kiz\u00e1r\u00f3lag k\u00f6zvetett kitetts\u00e9g (pl. Microsoft, Nvidia) \u00e9rhet\u0151 el, vagy akkredit\u00e1lt befektet\u0151knek a pre-IPO m\u00e1sodpiac.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Az OpenAI t\u0151zsd\u00e9n van?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Nem, 2026 k\u00f6zep\u00e9n az OpenAI m\u00e9g mag\u00e1nc\u00e9g. Bizalmas S-1-et ny\u00fajtott be a SEC-hez, de a t\u00e9nyleges t\u0151zsdei bevezet\u00e9s d\u00e1tuma bizonytalan, ink\u00e1bb 2027 fel\u00e9 mutat.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Hogyan lehet OpenAI r\u00e9szv\u00e9nyt venni magyar befektet\u0151k\u00e9nt?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Az OpenAI r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1s magyar befektet\u0151knek ma a gyakorlatban k\u00f6zvetett utat jelent: amerikai r\u00e9szv\u00e9nyt k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl Microsoft- vagy Nvidia-r\u00e9szv\u00e9nyt v\u00e1s\u00e1rolhatsz, ak\u00e1r TBSZ-en is. A k\u00f6zvetlen OpenAI-v\u00e1s\u00e1rl\u00e1s csak az IPO-val ny\u00edlik meg.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mennyit \u00e9r most az OpenAI?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A legut\u00f3bbi z\u00e1rtk\u00f6r\u0171 \u00e9rt\u00e9kelts\u00e9g ~852 milli\u00e1rd USD (a 2026 m\u00e1rciusi t\u0151kebevon\u00e1s alapj\u00e1n). Az IPO-n\u00e1l a c\u00e9l 1 billi\u00f3 USD vagy ann\u00e1l is t\u00f6bb lehet, ez a v\u00e9gleges nyilv\u00e1nos \u00e1r azonban csak a t\u00e9nyleges bevezet\u00e9skor d\u0151l el.<\/p>\n    <\/div>\n  <\/details>\n\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Melyik a legjobb OpenAI r\u00e9szv\u00e9ny alternat\u00edva?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A legk\u00e9zenfekv\u0151bb OpenAI kitetts\u00e9g Microsofton kereszt\u00fcl \u00e9rhet\u0151 el, mivel a Microsoft ~27%-ot birtokol a c\u00e9gb\u0151l, \u00e9s t\u0151zsd\u00e9n, TBSZ-en is el\u00e9rhet\u0151. Aki ink\u00e1bb a sz\u00e1m\u00edt\u00e1si r\u00e9tegre fogadna, az Nvidi\u00e1t is megvizsg\u00e1lhatja. Mindkett\u0151 h\u00edg\u00edtott kitetts\u00e9g: els\u0151sorban az adott c\u00e9gre, m\u00e1sodsorban az OpenAI-ra fogadsz.<\/p>\n    <\/div>\n  <\/details>\n\n  <p class=\"io-faq__disclaimer\">\n    <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> 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. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM 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. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban NEM tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.\n  <\/p>\n\n<\/div>\n\n\n<!-- FAQPage schema - a sz\u00f6vegnek egyeznie kell a fentivel! -->\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Lehet most OpenAI r\u00e9szv\u00e9nyt venni?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"K\u00f6zvetlen\u00fcl nem. Az OpenAI mag\u00e1nc\u00e9g, nincs t\u0151zsdei tickere, \u00edgy nyilv\u00e1nos piacon nem v\u00e1s\u00e1rolhat\u00f3. 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Bizalmas S-1-et ny\u00fajtott be a SEC-hez, de a t\u00e9nyleges t\u0151zsdei bevezet\u00e9s d\u00e1tuma bizonytalan, ink\u00e1bb 2027 fel\u00e9 mutat.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Hogyan lehet OpenAI r\u00e9szv\u00e9nyt venni magyar befektet\u0151k\u00e9nt?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Az OpenAI r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1s magyar befektet\u0151knek ma a gyakorlatban k\u00f6zvetett utat jelent: amerikai r\u00e9szv\u00e9nyt k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl Microsoft- vagy Nvidia-r\u00e9szv\u00e9nyt v\u00e1s\u00e1rolhatsz, ak\u00e1r TBSZ-en is. A k\u00f6zvetlen OpenAI-v\u00e1s\u00e1rl\u00e1s csak az IPO-val ny\u00edlik meg.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Mennyit \u00e9r most az OpenAI?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"A legut\u00f3bbi z\u00e1rtk\u00f6r\u0171 \u00e9rt\u00e9kelts\u00e9g ~852 milli\u00e1rd USD (a 2026 m\u00e1rciusi t\u0151kebevon\u00e1s alapj\u00e1n). 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Mindkett\u0151 h\u00edg\u00edtott kitetts\u00e9g: els\u0151sorban az adott c\u00e9gre, m\u00e1sodsorban az OpenAI-ra fogadsz.\"\n      }\n    }\n  ]\n}\n<\/script>\n\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/lehet-openai-reszvenyt-venni\/#article\",\n      \"about\": {\n        \"@type\": \"Corporation\",\n        \"name\": \"OpenAI Group PBC\",\n        \"alternateName\": \"OpenAI\",\n        \"url\": \"https:\/\/openai.com\/\",\n        \"foundingDate\": \"2015\",\n        \"parentOrganization\": {\n          \"@type\": \"Organization\",\n          \"name\": \"OpenAI Foundation\",\n          \"description\": \"A nonprofit alap\u00edtv\u00e1ny, amely kontrollt gyakorol az OpenAI felett: kinevezi a test\u00fclet minden tagj\u00e1t, \u00e9s ~26%-os tulajdonr\u00e9sszel b\u00edr.\"\n        },\n        \"description\": \"Amerikai mesters\u00e9ges intelligencia v\u00e1llalat, a ChatGPT fejleszt\u0151je. 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Ezek mag\u00e1nv\u00e1llalatok: m\u00e9g nincsenek t\u0151zsd\u00e9n, \u00edgy egy h\u00e9tk\u00f6znapi befektet\u0151 nem tud benn\u00fck \u00fagy tulajdont szerezni, ahogyan egy Apple- vagy egy [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/lehet-openai-reszvenyt-venni\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":12105,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[272,426,31],"tags":[411,423,26,425,273,276,424,74],"class_list":["post-11849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-impulse","category-on-the-sidelines","category-reszvenyelemzes","tag-ai","tag-chatgpt","tag-ipo","tag-mesterseges-intelligencia","tag-microsoft","tag-nvidia","tag-openai","tag-portfolioblogger"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lehet OpenAI r\u00e9szv\u00e9nyt venni? IPO, Microsoft-kitetts\u00e9g \u00e9s kock\u00e1zatok<\/title>\n<meta name=\"description\" content=\"OpenAI r\u00e9szv\u00e9ny magyar befektet\u0151knek: lehet-e venni, mikor j\u00f6het IPO, hogyan m\u0171k\u00f6dik a Microsoft-kitetts\u00e9g, \u00e9s milyen kock\u00e1zatok vannak.\" \/>\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\/lehet-openai-reszvenyt-venni\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lehet OpenAI r\u00e9szv\u00e9nyt venni? 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