{"id":11890,"date":"2026-07-18T13:53:36","date_gmt":"2026-07-18T13:53:36","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11890"},"modified":"2026-08-20T10:52:03","modified_gmt":"2026-08-20T10:52:03","slug":"tsmc-vagy-nvidia","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/tsmc-vagy-nvidia\/","title":{"rendered":"TSMC vagy Nvidia: melyik AI-chip r\u00e9szv\u00e9ny lehet jobb befektet\u00e9s?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Az AI-boom k\u00e9t legnagyobb nyertese egym\u00e1s n\u00e9lk\u00fcl nem l\u00e9tezne: az Nvidia tervezi a vil\u00e1g legkeresettebb chipjeit, a TSMC pedig legy\u00e1rtja \u0151ket. S\u0151t, 2026-ban az Nvidia lett a TSMC legnagyobb \u00fcgyfele, letasz\u00edtva az Apple-t a tr\u00f3nr\u00f3l egy \u00e9vtized ut\u00e1n. A befektet\u0151k egyik leggyakoribb k\u00e9rd\u00e9se m\u00e9gis az, hogy TSMC vagy Nvidia: <strong>melyik a jobb v\u00e9tel? <\/strong>Ebben a cikkben v\u00e9gigvessz\u00fck a k\u00e9t \u00fczleti modellt, az \u00e9rt\u00e9kelts\u00e9get, a kock\u00e1zatokat, \u00e9s azt is, hogy befektet\u0151k\u00e9nt mire \u00e9rdemes figyelni.<\/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\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\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 l\u00e1tj\u00e1tok, ott a gyakorlati tapasztalataimat osztom meg veletek, mert ez sokkal \u00e9letszer\u0171bb\u00e9 teszi a cikkeket.<\/mark><\/mark><\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9nyek aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/TSMC\" target=\"_blank\" rel=\"noreferrer noopener\">TSMC r\u00e9szv\u00e9ny oldal<\/a><br>A r\u00e9szv\u00e9nyek aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/NVDA\" target=\"_blank\" rel=\"noreferrer noopener\">NVDA 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\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/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: TSMC vagy Nvidia?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nincs egy\u00e9rtelm\u0171 gy\u0151ztes, mert a k\u00e9t r\u00e9szv\u00e9ny k\u00e9t k\u00fcl\u00f6nb\u00f6z\u0151 fogad\u00e1s egy ipar\u00e1gon bel\u00fcl:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udfae Az Nvidia az AI-forradalomb\u00f3l legtiszt\u00e1bban profit\u00e1l\u00f3 v\u00e1llalat: <\/strong>robban\u00e1sszer\u0171 n\u00f6veked\u00e9s (a legut\u00f3bbi negyed\u00e9vben +85% bev\u00e9tel), ~75%-os brutt\u00f3 marzs, szinte megt\u00e1madhatatlan szoftveres versenyel\u0151ny (CUDA), de a hib\u00e1z\u00e1s \u00e1ra \u00f3ri\u00e1si, hiszen az \u00e9rt\u00e9kelts\u00e9ge teljes m\u00e9rt\u00e9kben t\u00fckr\u00f6zi a brut\u00e1lis bev\u00e9teltermel\u0151 k\u00e9pess\u00e9g\u00e9t \u00c9S a v\u00e1rakoz\u00e1sokat is.<\/li>\n\n\n\n<li><strong>\ud83c\udfed A TSMC az AI-infrastrukt\u00fara &#8222;v\u00e1mszed\u0151je&#8221;: <\/strong>b\u00e1rmelyik chiptervez\u0151 nyer, \u0151 gy\u00e1rtja le a term\u00e9ket. Lassabb n\u00f6veked\u00e9s (+33.7%), de sz\u00e9lesebb, diverzifik\u00e1ltabb \u00fcgyf\u00e9lk\u00f6r \u00e9s alacsonyabb geopolitikai profil\u00fa \u00fcgyf\u00e9lkock\u00e1zat. <\/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\/07\/TSMC-vagy-Nvidia-okoszisztema.jpg.webp\" alt=\"\" class=\"wp-image-11900 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\/07\/TSMC-vagy-Nvidia-okoszisztema.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-okoszisztema-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-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, a TSMC vagy Nvidia vit\u00e1t seg\u00edt eld\u00f6nteni a chipgy\u00e1rt\u00f3 \u00f6kosziszt\u00e9ma t\u00f6bbi neve is. Vajon kinek er\u0151sebb a versenyel\u0151nye?<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A k\u00e9t c\u00e9g szinte azonos szorz\u00f3kon forog, trailing P\/E-n az Nvidia ~31x, a TSMC ~30x; forward P\/E-n mindkett\u0151 ~20x.<\/strong> Vagyis a piac az Nvidia j\u00f3val gyorsabb n\u00f6veked\u00e9s\u00e9t nagyj\u00e1b\u00f3l kiegyenl\u00edti a TSMC alacsonyabb kock\u00e1zat\u00e1val, az \u00e1r nem d\u00f6nti el azt a k\u00e9rd\u00e9st, hogy melyiket \u00e9rdemes v\u00e1lasztani a kett\u0151 k\u00f6z\u00fcl. \u00d6sszefoglalva, aki a maxim\u00e1lis AI kitetts\u00e9g\u00e9ben hisz \u00e9s elviseli a volatilit\u00e1st, annak az Nvidia; aki sz\u00e9lesebb, kev\u00e9sb\u00e9 egy technol\u00f3gi\u00e1ra sz\u0171k\u00edtett f\u00e9lvezet\u0151-kitetts\u00e9get keres, annak a TSMC lesz a j\u00f3 v\u00e1laszt\u00e1s.<strong> A tajvani geopolitikai kock\u00e1zat viszont a TSMC-n\u00e9l jelent\u0151s \u00e9s nehezen kisz\u00e1m\u00edthat\u00f3 kock\u00e1zatot jelent.<\/strong><\/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=\"QpQkMxzpWv\"><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=mLMgkpFNOy#?secret=QpQkMxzpWv\" data-secret=\"QpQkMxzpWv\" 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> lassan 5 \u00e9ve vagyok a Taiwan Semiconductors r\u00e9szv\u00e9nyese. Ez egy klasszikus &#8222;toll-bridge&#8221; v\u00e1llalat, ami a fenti \u00f6kosziszt\u00e9ma c\u00e9gek v\u00e1mszed\u0151je. Teljesen mindegy, ki tervezi meg \u00e9s milyen szoftverrel a szil\u00edcium lapk\u00e1t, k\u00e9t c\u00e9g mindenk\u00e9ppen beleker\u00fcl a gy\u00e1rt\u00e1si t\u00f6lcs\u00e9rbe: az ASML \u00e9s a TSMC. Az el\u0151bbi gy\u00e1rtja le a fotolitogr\u00e1fi\u00e1s g\u00e9peket, amelyekkel a chipek elk\u00e9sz\u00edthet\u0151k, m\u00edg a TSMC-n\u00e9l van a m\u00e9rn\u00f6ki tud\u00e1s, amivel v\u00e9g\u00fcl a piacra dobhat\u00f3 az adott term\u00e9k. Ez\u00e9rt ez a k\u00e9t c\u00e9g a piac\u00e1n l\u00e9nyeg\u00e9ben egyeduralkod\u00f3. R\u00e1ad\u00e1sul ahhoz, hogy valaki reproduk\u00e1lja a tud\u00e1sukat iszonyatosan nagy t\u0151ke \u00e9s szaktud\u00e1s sz\u00fcks\u00e9ges, ami jelenleg a vil\u00e1gon sehol m\u00e1shol nem \u00e1ll rendelkez\u00e9sre. K\u00edna z\u00e1rk\u00f3zik fel, de a technol\u00f3giai el\u0151nyt nem annyira egyszer\u0171 behozni.<\/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 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\">Kinek lehet jobb v\u00e1laszt\u00e1s az Nvidia, \u00e9s kinek a TSMC?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az Nvidia ink\u00e1bb annak val\u00f3, aki:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\ude80 hisz abban, hogy az AI-infrastrukt\u00fara ki\u00e9p\u00edt\u00e9se m\u00e9g \u00e9vekig gyorsul,<\/li>\n\n\n\n<li>\ud83d\udcbb \u00e9rt\u00e9keli a szoftveres v\u00e1r\u00e1rkot (CUDA), ami val\u00f3di v\u00e1lt\u00e1si k\u00f6lts\u00e9get teremt,<\/li>\n\n\n\n<li>\ud83c\udfa2 elviseli a heves ingadoz\u00e1st \u2014 a pap\u00edr 30 nap alatt ~12%-ot esett, \u00e9s a cs\u00facs\u00e1t\u00f3l ~14%-kal van lejjebb,<\/li>\n\n\n\n<li>\ud83c\uddfa\ud83c\uddf8 amerikai c\u00e9get akar, tajvani gy\u00e1rt\u00e1si kock\u00e1zat n\u00e9lk\u00fcl (k\u00f6zvetlen\u00fcl).<\/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=\"6gaVBmFINe\"><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=jX1x9Wuzwy#?secret=6gaVBmFINe\" data-secret=\"6gaVBmFINe\" 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>A TSMC ink\u00e1bb annak val\u00f3, aki:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u2696\ufe0f nem akarja megtippelni, melyik chiptervez\u0151 nyer (Nvidia, AMD, Broadcom, Apple, mind a TSMC \u00fcgyfele);<\/li>\n\n\n\n<li>\ud83d\udcb0 fontosnak tartja a stabilabb, diverzifik\u00e1ltabb profilt \u00e9s az osztal\u00e9kot;<\/li>\n\n\n\n<li>\ud83c\udfd7\ufe0f hisz a fizikai gy\u00e1rt\u00e1si monop\u00f3liumban (fejlett node-ok, CoWoS-tokoz\u00e1s);<\/li>\n\n\n\n<li>\ud83c\udf0f v\u00e1llalja a tajvani geopolitikai kock\u00e1zatot cser\u00e9be az alacsonyabb \u00e1raz\u00e1s\u00e9rt.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Fontos tudni: <strong>egyik sem goly\u00f3\u00e1ll\u00f3 befektet\u00e9s.<\/strong> Mindkett\u0151 ciklikus ipar\u00e1gban m\u0171k\u00f6dik, mindkett\u0151ben jelent\u0151s AI-elv\u00e1r\u00e1s van be\u00e1razva, \u00e9s mindkett\u0151 \u00e9rz\u00e9keny a hyperscalerek beruh\u00e1z\u00e1si \u00e9tv\u00e1gy\u00e1ra, de ezek egyel\u0151re felfele mutat\u00f3 p\u00e1ly\u00e1n mozognak.<\/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\/02\/Nvidia-NVDA-concurrents-spending.jpg.webp\" alt=\"A nagy AI c\u00e9gek beruh\u00e1z\u00e1sai a mesters\u00e9ges intelligencia kapcs\u00e1n\" class=\"wp-image-8702 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\/02\/Nvidia-NVDA-concurrents-spending.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-concurrents-spending-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-concurrents-spending-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 nagy AI c\u00e9gek beruh\u00e1z\u00e1sai a mesters\u00e9ges intelligencia kapcs\u00e1n<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> mivel a chipek tervez\u00e9se, amit az Nvidia csin\u00e1l, egy egyszer\u0171bb folyamat a gy\u00e1rt\u00e1sn\u00e1l, viszont magasabb marzs\u00fa, ez\u00e9rt a nagy tech c\u00e9gek sorra jelentik be, hogy h\u00e1zon bel\u00fcl fognak saj\u00e1t chipeket tervezni. A Google a Tensor, az Amazon a Trainium, a Microsoft a Maia&nbsp;gener\u00e1ci\u00f3val akar a piacra l\u00e9pni, ezekr\u0151l b\u0151vebben a fent linkelt Nvidia cikkben \u00edrtam.<\/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=\"niVHJYgH2h\"><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=erBpyZg7Nr#?secret=niVHJYgH2h\" data-secret=\"niVHJYgH2h\" 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 TSMC szaktud\u00e1s\u00e1t ezzel szemben nem tudja senki kiv\u00e1ltani. Jelenleg a 2 nm-es node megold\u00e1sok vannak a piacon, de a TSMC m\u00e1r az 1,6 nanom\u00e9teres \u00e1t\u00e1ll\u00e1st tervezi. <strong>Az Intel a v\u00e9grehajt\u00e1sban maradt le, kb 1-2 gener\u00e1ci\u00f3val, nem is annyira abban, hogy k\u00e9pesek-e legy\u00e1rtani a kisebb lapkam\u00e9retet. <\/strong>A Samsung is legal\u00e1bb 1 gener\u00e1ci\u00f3val van lemaradva, mindezt tet\u00e9zi az is, hogy ezt mennyi\u00e9rt k\u00e9pesek legy\u00e1rtani, vagyis hogy egy szil\u00edciumkorongnak mekkora r\u00e9sze haszn\u00e1lhat\u00f3 (angolul ez a yield). Mivel a TSMC hat\u00e9konys\u00e1ga okkal jobb, mint az ellenl\u00e1basok eset\u00e9ben (kb. 65% a felhaszn\u00e1lhat\u00f3 fel\u00fclet, szemben az Intel 55, illetve a Samsung 45%-\u00e1val szemben), ez\u00e9rt sokkal alacsonyabb \u00e1ron kin\u00e1lhatja a term\u00e9keit. A k\u00ednai SMIC pedig m\u00e9g csak 7 nm-n\u00e9l tart \u00e9s 5 nm-rel pr\u00f3b\u00e1lkozik, \u0151ket els\u0151sorban a technol\u00f3giai embarg\u00f3 fojtja meg.<\/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\">Miben k\u00fcl\u00f6nb\u00f6zik a k\u00e9t \u00fczleti modell?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A TSMC vagy Nvidia k\u00e9rd\u00e9s kapcs\u00e1n tal\u00e1n a legfontosabb meg\u00e1llap\u00edt\u00e1s az, hogy a k\u00e9t c\u00e9g nem versenyt\u00e1rs, hanem besz\u00e1ll\u00edt\u00f3 \u00e9s vev\u0151 kapcsolatban van egym\u00e1ssal:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Nvidia = fabless tervez\u0151. Megtervezi a chipet, meg\u00edrja hozz\u00e1 a szoftvert, majd kiszervezi a gy\u00e1rt\u00e1st, j\u00f3r\u00e9szt \u00e9ppen a TSMC-nek.<\/strong> Nincsenek gy\u00e1rai, \u00edgy a t\u0151keig\u00e9nye viszonylag alacsony, a marzsa pedig extr\u00e9m magas (~75% brutt\u00f3). Cser\u00e9be f\u00fcgg a besz\u00e1ll\u00edt\u00f3j\u00e1t\u00f3l.<\/li>\n\n\n\n<li><strong>TSMC = pure-play foundry.<\/strong> Nem tervez saj\u00e1t m\u00e1rk\u00e1s chipet, kiz\u00e1r\u00f3lag m\u00e1sok terveit gy\u00e1rtja. Ez egy bizalmi poz\u00edci\u00f3: pont az\u00e9rt b\u00edzik benne mindenki, mert nem versenyez az \u00fcgyfeleivel. <strong>A modell viszont brut\u00e1lisan t\u0151keig\u00e9nyes, a c\u00e9g 2026-ra 60\u201364 milli\u00e1rd USD-ra emelte a beruh\u00e1z\u00e1si keret\u00e9t.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A gyakorlati k\u00fcl\u00f6nbs\u00e9g sz\u00e1mokban:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th>Nvidia<\/th><th>TSMC<\/th><\/tr><\/thead><tbody><tr><td>Modell<\/td><td>fabless tervez\u0151<\/td><td>b\u00e9rgy\u00e1rt\u00f3 (foundry)<\/td><\/tr><tr><td>Brutt\u00f3 marzs<\/td><td>~74.9%<\/td><td>67.7%<\/td><\/tr><tr><td>\u00dczemi marzs<\/td><td>~66%<\/td><td>60.3%<\/td><\/tr><tr><td>T\u0151keig\u00e9ny<\/td><td>alacsony<\/td><td>extr\u00e9m magas (60\u201364 mrd USD\/\u00e9v capex)<\/td><\/tr><tr><td>F\u0151 kock\u00e1zat<\/td><td>verseny, egyedi chipek<\/td><td>geopolitika, ciklikuss\u00e1g<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"531\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-TSMC-gyar-1024x531.jpg.webp\" alt=\"a TSMC arizonai gy\u00e1rai\" class=\"wp-image-11906 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/531;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-TSMC-gyar-1024x531.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-TSMC-gyar-414x215.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-TSMC-gyar-768x398.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-TSMC-gyar-1536x796.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/TSMC-vagy-Nvidia-TSMC-gyar-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:\/\/www.phoenix.gov\/newsroom\/\" target=\"_blank\" rel=\"noreferrer noopener\">Phoenix.gov<\/a>, a TSMC arizonai gy\u00e1rai<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban: ha az Nvidia vesz\u00edt piaci r\u00e9szesed\u00e9st az AMD-vel vagy a hyperscalerek saj\u00e1t chipjeivel szemben, a TSMC akkor is gy\u00e1rtani fog, csak \u00e9pp m\u00e1snak.<\/strong> Ez\u00e9rt h\u00edvj\u00e1k a TSMC-t &#8222;v\u00e1mszed\u0151nek&#8221;: a chiph\u00e1bor\u00fa kimenetel\u00e9t\u0151l f\u00fcggetlen\u00fcl szedi a s\u00e1pot. Ez a TSMC leger\u0151sebb \u00e9rve: l\u00e9nyeg\u00e9ben nincs kivel versenyeznie, viszont van egy nagyon jelent\u0151s geopolitikai kock\u00e1zata, amit azzal pr\u00f3b\u00e1l meg ellent\u00e9telezni, hogy az USA-ban, Arizon\u00e1ban is \u00e9p\u00edt gy\u00e1rakat: <a href=\"https:\/\/www.phoenix.gov\/newsroom\/ced-news\/tsmc-announces-additional--100-billion-investment-in-arizona.html\" target=\"_blank\" rel=\"noreferrer noopener\">TSMC Announces Additional 100 billion USD Investment In Arizona<\/a>.<\/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\">Nvidia: AI-gyors\u00edt\u00f3k, szoftver\u00f6kosziszt\u00e9ma \u00e9s pr\u00e9mium \u00e9rt\u00e9kelts\u00e9g<\/h2>\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 Nvidia 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:NVDA|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<p class=\"wp-block-paragraph\">Az Nvidia jelenleg a vil\u00e1g leg\u00e9rt\u00e9kesebb v\u00e1llalata, ~4910 milli\u00e1rd USD piaci kapitaliz\u00e1ci\u00f3val. A legut\u00f3bbi negyed\u00e9v (FY2027 Q1, 2026. \u00e1prilis 26-i z\u00e1r\u00e1s) sz\u00e1mai megd\u00f6bbent\u0151ek:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc8 Q1 bev\u00e9tel: <strong>81.6 milli\u00e1rd USD<\/strong>, +85% \u00e9v\/\u00e9v, +20% az el\u0151z\u0151 negyed\u00e9vhez k\u00e9pest (LTM: ~253 milli\u00e1rd USD).<\/li>\n\n\n\n<li>\ud83d\udda5\ufe0f Adatk\u00f6zponti szegmens: <strong>75.2 milli\u00e1rd USD<\/strong>, +92% \u2014 vagyis a bev\u00e9tel t\u00falnyom\u00f3 r\u00e9sze (LTM-en ~91%) innen j\u00f6n.<\/li>\n\n\n\n<li>\ud83d\udcb5 GAAP nett\u00f3 eredm\u00e9ny: 58.3 milli\u00e1rd USD | Szabad cash flow: <strong>48.6 milli\u00e1rd USD<\/strong>.<\/li>\n\n\n\n<li>\ud83d\udcca Brutt\u00f3 marzs: 74.9% (LTM: 74.1%) | H\u00edg\u00edtott non-GAAP EPS: 1.87 USD, +140%.<\/li>\n\n\n\n<li>\ud83c\udfe6 Ad\u00f3ss\u00e1g \u00e9s k\u00e9szp\u00e9nz: ~<strong>40 milli\u00e1rd USD nett\u00f3 k\u00e9szp\u00e9nz<\/strong>, 0.1-es ad\u00f3ss\u00e1g\/saj\u00e1t t\u0151ke ar\u00e1ny, EBIT\/kamatfedezet 543x.<\/li>\n\n\n\n<li>\ud83d\udd2e Q2 el\u0151rejelz\u00e9s: <strong>91 milli\u00e1rd USD<\/strong> bev\u00e9tel.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-revenue-profit-1024x725.jpg.webp\" alt=\"az Nvidia bev\u00e9tele, brutt\u00f3 profitja, nett\u00f3 profitja\" class=\"wp-image-11908 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-revenue-profit-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-revenue-profit-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-revenue-profit-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-revenue-profit-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-revenue-profit-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>, az Nvidia bev\u00e9tele, brutt\u00f3 profitja, nett\u00f3 profitja<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u00e9zis h\u00e1rom l\u00e1bon \u00e1ll:<strong> a CUDA szoftver\u00f6kosziszt\u00e9ma v\u00e1lt\u00e1si k\u00f6lts\u00e9get teremt, amit a versenyt\u00e1rsak nehezen t\u00f6rnek meg, a hyperscalerek beruh\u00e1z\u00e1si \u00e9tv\u00e1gya nem lassul \u00e9s a term\u00e9k-\u00fctemterv (Blackwell \u2192 Vera Rubin) pedig tartja a teljes\u00edtm\u00e9nybeli el\u0151ny\u00e9t.<\/strong> Egy er\u0151s jelz\u00e9s a menedzsment magabiztoss\u00e1g\u00e1r\u00f3l: <strong>2026 m\u00e1jus\u00e1ban az igazgat\u00f3s\u00e1g a negyed\u00e9ves osztal\u00e9kot 0.01 USD-r\u00f3l 0.25 USD-ra emelte, \u00e9s tov\u00e1bbi 80 milli\u00e1rd USD-t hagyott j\u00f3v\u00e1 r\u00e9szv\u00e9ny-visszav\u00e1s\u00e1rl\u00e1sra.<\/strong> Ez viszont azt is jelenti, hogya k\u00e9szp\u00e9nzt ink\u00e1bb kifizetik, sem mint beforgatn\u00e1k az \u00fczletmenetbe. Val\u00f3sz\u00edn\u0171leg ezt eredm\u00e9nyesen m\u00e1r nem lehetne megtenni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-cash-debt-1024x725.jpg.webp\" alt=\"az Nvidia ad\u00f3ss\u00e1ga \u00e9s k\u00e9szp\u00e9nz \u00e1llom\u00e1nya\" class=\"wp-image-11909 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-cash-debt-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-cash-debt-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-cash-debt-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-cash-debt-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/NVIDIA_Corporation_NVDA-cash-debt-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>, az Nvidia ad\u00f3ss\u00e1ga \u00e9s k\u00e9szp\u00e9nz \u00e1llom\u00e1nya<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udca1Amire figyelni kell: <\/strong>a k\u00ednai adatk\u00f6zponti bev\u00e9telt az Nvidia nulla felt\u00e9telez\u00e9ssel tervezi az el\u0151rejelz\u00e9seiben (egy \u00e9ve ez m\u00e9g 4.6 milli\u00e1rd USD volt egyetlen negyed\u00e9vben). <strong>A m\u0171k\u00f6d\u00e9si k\u00f6lts\u00e9gek 52%-kal n\u0151ttek \u00e9v\/\u00e9v, a rakt\u00e1rk\u00e9szlet 25.8 milli\u00e1rd USD-ra, a besz\u00e1ll\u00edt\u00f3i elk\u00f6telez\u0151d\u00e9sek pedig 119 milli\u00e1rd USD-ra h\u00edztak, ekkora el\u0151rev\u00e1s\u00e1rl\u00e1s egy keresleti lassul\u00e1sn\u00e1l f\u00e1jna.<\/strong> A fenti sz\u00e1mok nem \u00f6sszekeverend\u0151k a backloggal: egyik a k\u00e9szleten vagy m\u00e1r gy\u00e1rt\u00e1s alatt \u00e1ll\u00f3 term\u00e9kek \u00e9rt\u00e9k\u00e9t jelenti, a m\u00e1sodik sz\u00e1m pedig azt, hogy ennyi k\u00f6telezetts\u00e9get v\u00e1llalt az Nvidia arra, hogy a partnereit\u0151l term\u00e9keket vagy szolg\u00e1ltat\u00e1sokat v\u00e1s\u00e1rol, amib\u0151l a legnagyobb t\u00e9tel pont a TSMC waferkapacit\u00e1s\u00e1t jelenti.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Nvidia: k\u00e9szlet, besz\u00e1ll\u00edt\u00f3i elk\u00f6telez\u0151d\u00e9s<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>T\u00e9tel (milli\u00e1rd USD)<\/th><th>FY2025 (2025. jan.)<\/th><th>FY2026 (2026. jan.)<\/th><th>Q1 FY2027 (2026. \u00e1pr.)<\/th><\/tr><\/thead><tbody><tr><td>\ud83d\udce6 K\u00e9szlet (inventory)<\/td><td>10.1<\/td><td>21.4<\/td><td>25.8<\/td><\/tr><tr><td>\ud83c\udfed Besz\u00e1ll\u00edt\u00f3i elk\u00f6telez\u0151d\u00e9s<\/td><td>30.8<\/td><td>95.2<\/td><td>119.0<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Viszont a besz\u00e1ll\u00edt\u00f3i elk\u00f6telez\u0151d\u00e9s egyben azt is kifejezi, hogy az Nvidia arra sz\u00e1m\u00edt, hogy a k\u00f6vetkez\u0151 negyed\u00e9vekre el\u0151re rengeteg megrendel\u00e9st fognak kapni. A trend folyamatosan n\u00f6vekv\u0151, ami j\u00f3 jel annak, aki v\u00e9g\u00fcl az Nvidia-ra teszi a voks\u00e1t.<\/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\">TSMC: gy\u00e1rt\u00e1si sk\u00e1la, fejlett node-ok \u00e9s \u00fcgyf\u00e9lkoncentr\u00e1ci\u00f3<\/h2>\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 TSMC 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      \"NYSE:TSM|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<p class=\"wp-block-paragraph\"><strong>A TSMC a vil\u00e1g 6. leg\u00e9rt\u00e9kesebb c\u00e9ge, ~2090 milli\u00e1rd USD kapitaliz\u00e1ci\u00f3val, vagyis kevesebb mint az Nvidia fele, pedig \u0151 gy\u00e1rtja az Nvidia \u00f6sszes chipj\u00e9t.<\/strong> Ez a kapcsolat persze nagyon sok m\u00e1sik c\u00e9ggel is fenn\u00e1ll. Egy kis j\u00e1t\u00e9kra invit\u00e1llak benneteket: nyiss\u00e1tok meg a telefonotok hardverjellemz\u0151it \u00e9s n\u00e9zz\u00e9tek meg, hogy milyen SoC van a mobilotokban. Alapvet\u0151en k\u00e9tf\u00e9le lehet:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\ude80Qualcomm Snapdragon: a TSMC gy\u00e1rtja, <\/strong><\/li>\n\n\n\n<li><strong>\u2699\ufe0fMediaTek: ezt is a TSMC gy\u00e1rtja.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanezt a j\u00e1t\u00e9kot elj\u00e1tszhatj\u00e1tok a PC-tekben l\u00e9v\u0151 processzorokkal &#8211; ha AMD akkor TSMC gy\u00e1rtja, ha Intel, akkor az Intel &#8211; vagy a vide\u00f3k\u00e1rty\u00e1tokon l\u00e9v\u0151 chipekkel &#8211; ha Nvidia akkor TSMC, ha AMD Radeon, akkor megint csak TSMC -, s\u0151t az \u00fajabb AI-gyors\u00edt\u00f3kat is a Taiwan Semi \u00e1ll\u00edtja el\u0151.<strong> A versenyel\u0151ny\u00fck brut\u00e1lis, az egyik leger\u0151sebb gazdas\u00e1gi v\u00e1r\u00e1rok az eg\u00e9sz vil\u00e1gon.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-megoszlas-1024x725.jpg.webp\" alt=\"a TSMC bev\u00e9teli megoszl\u00e1sa\" class=\"wp-image-11912 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-megoszlas-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-megoszlas-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-megoszlas-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-megoszlas-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-megoszlas-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>, a TSMC bev\u00e9teli megoszl\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A 2026. j\u00falius 16-\u00e1n jelentett Q2-es sz\u00e1mok rekordot hoztak:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc8 Q2 bev\u00e9tel: <strong>40.20 milli\u00e1rd USD<\/strong>, +33.7% \u00e9v\/\u00e9v, +12% negyed\u00e9v\/negyed\u00e9v.<\/li>\n\n\n\n<li>\ud83d\udcb0 Q2 brutt\u00f3 marzs: <strong>67.7%<\/strong> | \u00dczemi marzs: 60.3% | Nett\u00f3 marzs: 55.6% (\u00e9ves\/TTM szinten: ~64.2% \/ 56.1% \/ 50.4%).<\/li>\n\n\n\n<li>\ud83d\udcca Q2 nett\u00f3 eredm\u00e9ny: NT$706.56 milli\u00e1rd, <strong>+77.4%<\/strong> \u00e9v\/\u00e9v | EPS: NT$27.25 (4.31 USD \/ ADR).<\/li>\n\n\n\n<li>\ud83c\udfc6 ROE: ~37.7% | ROIC: <strong>~52.1%<\/strong> (LTM) \u2014 ezek kiemelked\u0151 t\u0151kemegt\u00e9r\u00fcl\u00e9si sz\u00e1mok.<\/li>\n\n\n\n<li>\ud83c\udfe6 Ad\u00f3ss\u00e1g \u00e9s k\u00e9szp\u00e9nz: ~<strong>72 milli\u00e1rd USD nett\u00f3 k\u00e9szp\u00e9nz<\/strong>, 0.1-es ad\u00f3ss\u00e1g\/saj\u00e1t t\u0151ke ar\u00e1ny, EBIT\/kamatfedezet 176x.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-TSMC-territorialis-megoszlas-1024x725.jpg.webp\" alt=\"a TSMC ter\u00fcleti bev\u00e9teli megoszl\u00e1sa\" class=\"wp-image-11913 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-TSMC-territorialis-megoszlas-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-TSMC-territorialis-megoszlas-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-TSMC-territorialis-megoszlas-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-TSMC-territorialis-megoszlas-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-TSMC-territorialis-megoszlas-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>, a TSMC ter\u00fcleti bev\u00e9teli megoszl\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A bev\u00e9tel node-onk\u00e9nti bont\u00e1sa mutatja, hol a gazdas\u00e1gi v\u00e1r\u00e1rok: az \u00e9ves adatok szerint a 7nm 14%, az 5nm 36%, a 3nm 24%, vagyis a legfejlettebb csom\u00f3pontok (3nm + 5nm) egy\u00fctt a bev\u00e9tel ~60%-\u00e1t adj\u00e1k, ahol a TSMC-nek gyakorlatilag nincs \u00e9rdemi versenyt\u00e1rsa (a 2nm \u00e9pp felfut). A HPC-szegmens (ide tartoznak az AI-chipek) a bev\u00e9tel ~58%-\u00e1t adja, szemben a 2022-es ~40%-kal. A mostani cs\u00facsmobilokban, mint a <a href=\"https:\/\/rendeljkinait.hu\/tesztek\/telefon\/okostelefon\/xiaomi-17-ultra-okostelefon-teszt\/\" target=\"_blank\" rel=\"noreferrer noopener\">Xiaomi 17 Ultra<\/a>, m\u00e1r a 3 nanom\u00e9teres SoC-k dolgoznak.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-wafer-revenue-1024x725.jpg.webp\" alt=\"a TSMC node alap\u00fa bev\u00e9teli megoszl\u00e1sa\" class=\"wp-image-11914 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-wafer-revenue-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-wafer-revenue-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-wafer-revenue-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-wafer-revenue-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-wafer-revenue-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>, a TSMC node alap\u00fa bev\u00e9teli megoszl\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az \u00fcgyf\u00e9lkoncentr\u00e1ci\u00f3 viszont k\u00e9t\u00e9l\u0171 kard.<\/strong> 2026-ban az Nvidia \u00e1tvette az Apple hely\u00e9t a legnagyobb \u00fcgyf\u00e9l poz\u00edci\u00f3j\u00e1ban: a becsl\u00e9sek szerint az Nvidia a TSMC bev\u00e9tel\u00e9nek nagyj\u00e1b\u00f3l 19\u201322%-\u00e1t adja, az Apple pedig ~17\u201318%-\u00e1t. Az AI-chipek 2026-ban meghaladhatj\u00e1k a 40 milli\u00e1rd USD-s bev\u00e9telt, ami a teljes forgalom ~25%-a.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83e\udd14Ez egyszerre er\u0151ss\u00e9g \u00e9s kock\u00e1zat: a diverzifik\u00e1ci\u00f3 (Nvidia, Apple, AMD, Broadcom, Qualcomm, MediaTek) v\u00e9d az egyedi buk\u00e1sok ellen, de az AI-koncentr\u00e1ci\u00f3 n\u00f6vekszik.<\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">Persze ez egy \u00e1ltal\u00e1nos meg\u00e1llap\u00edt\u00e1s, hiszen ha az \u00fcgyfeleknek nincs hova menni\u00fck, akkor tulajdonk\u00e9ppen teljesen mindegy, milyen ar\u00e1nyban oszlik meg a bev\u00e9tel, a gazdas\u00e1gi v\u00e1ls\u00e1gokat, \u00e9s term\u00e9szetesen a K\u00edna lerohanja Tajvan probl\u00e9m\u00e1t, sokkal nagyobb kock\u00e1zatnak l\u00e1tom.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-cogs-1024x725.jpg.webp\" alt=\"a TSMC bev\u00e9tele az elad\u00e1shoz sz\u00fcks\u00e9ges k\u00f6ts\u00e9gekhez k\u00e9pest\" class=\"wp-image-11915 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-cogs-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-cogs-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-cogs-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-cogs-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Taiwan_Semiconductor_Manufacturing_Company_Limited_2330-bevetel-cogs-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>, a TSMC bev\u00e9tele az elad\u00e1shoz sz\u00fcks\u00e9ges k\u00f6ts\u00e9gekhez k\u00e9pest<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a piac nem szereti a TSMC t\u0151keig\u00e9ny\u00e9t. A rekord Q2 \u00e9s a megemelt \u00e9ves kil\u00e1t\u00e1s ellen\u00e9re a r\u00e9szv\u00e9ny k\u00f6zel 7%-ot esett a jelent\u00e9s napj\u00e1n, mert a befektet\u0151k a 60\u201364 milli\u00e1rd USD-s capexet \u00e9s a marzsnyom\u00e1st n\u00e9zt\u00e9k. A Q3-as marzs-el\u0151rejelz\u00e9s (65\u201367% brutt\u00f3) enyhe cs\u00f6kken\u00e9st vet\u00edt el\u0151re a mostani 67.7%-r\u00f3l. Viszont, a nagy t\u0151keberuh\u00e1z\u00e1s egyfajta \u00f6ner\u0151s\u00edt\u0151 gazdas\u00e1gi v\u00e1r\u00e1rokk\u00e9nt m\u0171k\u00f6dik: min\u00e9l t\u00f6bbet k\u00f6ltenek kutat\u00e1s-fejleszt\u00e9sre, ann\u00e1l nehezebb lesz m\u00e1s c\u00e9geknek ezt a versenyel\u0151nyt reproduk\u00e1lniuk. Ez tulajdonk\u00e9ppen a &#8222;perpetual compounder&#8221; <\/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 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\">TSMC vagy Nvidia \u00e9rt\u00e9kelts\u00e9g: melyikben van t\u00f6bb elv\u00e1r\u00e1s be\u00e1razva?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u00e1ssuk a TSMC vagy Nvidia k\u00e9rd\u00e9shez tartoz\u00f3 f\u0151bb mutat\u00f3kat, ami alapj\u00e1n rengetegen d\u00f6ntenek majd, hogy melyik r\u00e9szv\u00e9nyt vegy\u00e9k:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>Nvidia<\/th><th>TSMC<\/th><\/tr><\/thead><tbody><tr><td>Piaci kapitaliz\u00e1ci\u00f3<\/td><td>~4910 milli\u00e1rd USD<\/td><td>~2090 milli\u00e1rd USD<\/td><\/tr><tr><td>Trailing P\/E<\/td><td>~31.1x<\/td><td>~29.8x<\/td><\/tr><tr><td>Forward P\/E (NTM)<\/td><td>~20.3x<\/td><td>~20.8x<\/td><\/tr><tr><td>P\/B<\/td><td>25.1x<\/td><td>10.4x<\/td><\/tr><tr><td>ROE (5 \u00e9ves \u00e1tlag)<\/td><td>~75%<\/td><td>~32.1%<\/td><\/tr><tr><td>ROIC (5 \u00e9ves \u00e1tlag)<\/td><td>~100.3%<\/td><td>~32.8%<\/td><\/tr><tr><td>Nett\u00f3 k\u00e9szp\u00e9nz<\/td><td>~40 milli\u00e1rd USD<\/td><td>~72 milli\u00e1rd USD<\/td><\/tr><tr><td>Bev\u00e9tel 5 \u00e9ves CAGR<\/td><td>+59.9%<\/td><td>+22.8%<\/td><\/tr><tr><td>Osztal\u00e9khozam<\/td><td>~0%<\/td><td>~0.8%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A nagy meglepet\u00e9s: a k\u00e9t c\u00e9g szinte azonos szorz\u00f3kon forog.<\/strong> Trailing P\/E-n az Nvidia ~31.1x, a TSMC ~29.8x, gyakorlatilag egyforma. Forward P\/E-n (NTM) 20.3x vs 20.8x, szint\u00e9n hajsz\u00e1lnyi k\u00fcl\u00f6nbs\u00e9g. <strong>Ez az\u00e9rt megh\u00f6kkent\u0151, mert a k\u00e9t c\u00e9g teljesen m\u00e1s lig\u00e1ban j\u00e1tszik n\u00f6veked\u00e9sben \u00e9s t\u0151kehat\u00e9konys\u00e1gban:<\/strong> az Nvidia 5 \u00e9ves bev\u00e9tel-CAGR-je ~60%, a ROIC-ja ~100%, m\u00edg a TSMC-\u00e9 ~23%, illetve ~33%. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83d\udca1Csakhogy, a versenyhelyzet\u00fck is m\u00e1s: az Nvidia megold\u00e1sai kiv\u00e1lthat\u00f3k bels\u0151 tervez\u00e9ssel, ezen dolgozik a Google, az Amazon, a Meta \u00e9s m\u00e9g sokan m\u00e1sok. A TSMC viszont l\u00e9nyeg\u00e9ben lecser\u00e9lhetetlen: a megrendel\u0151k nem tudnak m\u00e1s gy\u00e1rt\u00f3hoz \u00e1tp\u00e1rtolni, mert nem nagyon van kihez.<\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mit \u00fczen ez?<\/strong> A piac az Nvidia sokkal gyorsabb n\u00f6veked\u00e9s\u00e9t \u00e9s magasabb t\u0151kemegt\u00e9r\u00fcl\u00e9s\u00e9t nagyj\u00e1b\u00f3l kiegyenl\u00edti a TSMC alacsonyabb kock\u00e1zat\u00e1val, diverzifik\u00e1ltabb \u00fcgyf\u00e9lk\u00f6r\u00e9vel \u00e9s stabilabb, \u201ev\u00e1mszed\u0151&#8221; modellj\u00e9vel. Vagyis az \u00e9rt\u00e9kelts\u00e9g itt nem d\u00f6nt\u0151 t\u00e9nyez\u0151: <strong>nem az a k\u00e9rd\u00e9s, melyik olcs\u00f3bb (mert nagyj\u00e1b\u00f3l egyform\u00e1k), hanem hogy melyik kock\u00e1zat\/n\u00f6veked\u00e9s-profilt akarod a portf\u00f3li\u00f3dban tudni.<\/strong><\/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=\"3c173tbLkc\"><a href=\"https:\/\/iocharts.io\/blog\/amd-reszveny-a-chipgyartas-masodik-felvonasa-2026-ban\/\">AMD r\u00e9szv\u00e9ny: a chipgy\u00e1rt\u00e1s m\u00e1sodik felvon\u00e1sa 2026-ban?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;AMD r\u00e9szv\u00e9ny: a chipgy\u00e1rt\u00e1s m\u00e1sodik felvon\u00e1sa 2026-ban?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/amd-reszveny-a-chipgyartas-masodik-felvonasa-2026-ban\/embed\/#?secret=63uiH2pm3i#?secret=3c173tbLkc\" data-secret=\"3c173tbLkc\" 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>A csapda mindkett\u0151n\u00e9l ugyanaz.<\/strong> Ezek a ~20x-os el\u0151remutat\u00f3 szorz\u00f3k csak akkor elfogadhat\u00f3k, ha a n\u00f6veked\u00e9si becsl\u00e9sek teljes\u00fclnek. Az Nvidi\u00e1n\u00e1l ez az FY2027-es, ~343 milli\u00e1rd USD-s adatk\u00f6zponti konszenzuson nyugszik, vagyis brut\u00e1lis az elv\u00e1r\u00e1s a c\u00e9ggel szemben. Ha a hyperscaler c\u00e9gek t\u0151keberuh\u00e1z\u00e1sa lassul vagy a verseny er\u0151s\u00f6dik, a szorz\u00f3 pillanatok alatt \u00e1t\u00e1raz\u00f3dik, \u00e9s mivel a k\u00e9t pap\u00edr egy\u00fctt mozog, j\u00f3 es\u00e9llyel egyszerre.<\/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=\"HZlwtIKKYy\"><a href=\"https:\/\/iocharts.io\/blog\/reszvenyek-ertekeltsege\/\">R\u00e9szv\u00e9nyek \u00e9rt\u00e9kelts\u00e9ge 2025: \u00fatmutat\u00f3 kezd\u0151knek<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;R\u00e9szv\u00e9nyek \u00e9rt\u00e9kelts\u00e9ge 2025: \u00fatmutat\u00f3 kezd\u0151knek&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/reszvenyek-ertekeltsege\/embed\/#?secret=kcfNTVmMBb#?secret=HZlwtIKKYy\" data-secret=\"HZlwtIKKYy\" 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 \u00e1t\u00e1raz\u00f3d\u00e1s csak arra vonatkozik, ha egy gazdas\u00e1gi lefordul\u00e1s k\u00f6vetkezik be vagy a t\u0151keberuh\u00e1z\u00e1s egy\u00f6ntet\u0171en minden c\u00e9gn\u00e9l beesik, viszont v\u00e9lem\u00e9nyem szerint nem ez fog t\u00f6rt\u00e9nni. <strong>Kiindulva a t\u00f6bbi v\u00e1llalat negyed\u00e9ves jelent\u00e9seib\u0151l, az l\u00e1tszik, hogy a legt\u00f6bb nagy tech-v\u00e1llalat megpr\u00f3b\u00e1lja cs\u00f6kkenteni az Nvidia kitetts\u00e9g\u00e9t, ami els\u0151sorban az AI adatk\u00f6zpontok beker\u00fcl\u00e9si k\u00f6lts\u00e9g\u00e9nek optimaliz\u00e1l\u00e1sa miatt van.<\/strong> A h\u00e1zon bel\u00fcli chiptervez\u00e9st pedig a legt\u00f6bb megac\u00e9g el tudja v\u00e9gezni, a gy\u00e1rt\u00e1st viszont nem. Teh\u00e1t, ha k\u00f6lts\u00e9gcs\u00f6kkent\u00e9sre ker\u00fcl sor, azt els\u0151sorban az Nvidia \u00e9rzi majd meg.<\/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 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\">Kock\u00e1zatok: Tajvan, exportkorl\u00e1toz\u00e1sok, ciklikuss\u00e1g \u00e9s t\u00fal\u00e9rt\u00e9kelts\u00e9g<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udf0f Tajvan-kock\u00e1zat (TSMC):<\/strong> a c\u00e9g kapacit\u00e1s\u00e1nak t\u00falnyom\u00f3 r\u00e9sze Tajvanon van, egy geopolitikailag fesz\u00fclt szigeten. Egy konfliktus vagy blok\u00e1d nemcsak a TSMC-t, hanem a teljes glob\u00e1lis chipell\u00e1t\u00e1st, \u00edgy az Nvidi\u00e1t is, megb\u00e9n\u00edtan\u00e1. A c\u00e9g ezt amerikai (arizonai) gy\u00e1rakkal enyh\u00edti, ahov\u00e1 tov\u00e1bbi 100 milli\u00e1rd USD-s beruh\u00e1z\u00e1st jelentett be, de a fejlett kapacit\u00e1s z\u00f6me k\u00f6z\u00e9pt\u00e1von Tajvanon marad. <strong>Ez a TSMC-r\u00e9szv\u00e9ny legnagyobb, be nem \u00e1razhat\u00f3 kock\u00e1zata.<\/strong><\/li>\n\n\n\n<li><strong>\ud83d\udeab Exportkorl\u00e1toz\u00e1sok:<\/strong> az Nvidia m\u00e1r null\u00e1ra tervezi a k\u00ednai adatk\u00f6zponti bev\u00e9telt (kor\u00e1bban negyed\u00e9vente milli\u00e1rdokr\u00f3l volt sz\u00f3). A szab\u00e1lyoz\u00e1s mindk\u00e9t c\u00e9get \u00e9rinti, \u00e9s politikai d\u00f6nt\u00e9sekt\u0151l f\u00fcgg.<\/li>\n\n\n\n<li><strong>\ud83d\udcc9 Ciklikuss\u00e1g:<\/strong> a f\u00e9lvezet\u0151ipar t\u00f6rt\u00e9nelmileg ciklikus. Az AI-boom most elfedi ezt, de a kereslet lassul\u00e1sa mindk\u00e9t pap\u00edrt kem\u00e9nyen \u00e9rinten\u00e9, a TSMC-t a kihaszn\u00e1latlan gy\u00e1rkapacit\u00e1s miatt, az Nvidi\u00e1t a felhalmozott k\u00e9szlet (25.8 mrd USD) \u00e9s a besz\u00e1ll\u00edt\u00f3i elk\u00f6telez\u0151d\u00e9sek (119 mrd USD) miatt.<\/li>\n\n\n\n<li><strong>\ud83d\udcb8 T\u0151keintenzit\u00e1s (TSMC):<\/strong> a 60-64 milli\u00e1rd USD-s \u00e9ves capex a szabad cash flow-t cs\u00f6kkenti.<\/li>\n\n\n\n<li><strong>\ud83e\udd4a Verseny (Nvidia):<\/strong> AMD, a hyperscalerek saj\u00e1t chipjei (Google TPU, Amazon Trainium), \u00e9s a Broadcom-f\u00e9le egyedi AI-chipek. \u00c9rdekes: a Broadcom felfut\u00e1sa a TSMC-nek j\u00f3, az Nvidi\u00e1nak rossz, ez a k\u00fcl\u00f6nbs\u00e9g a versenyel\u0151nyben.<\/li>\n\n\n\n<li><strong>\ud83d\udcca Magas elv\u00e1r\u00e1sok (mindkett\u0151):<\/strong> a TSMC 52 h\u00e9t alatt +72.9%-ot ment. Az Nvidia a cs\u00facs\u00e1r\u00f3l ~14%-ot esett, de m\u00e9g mindig ~4 910 milli\u00e1rd USD-t \u00e9r. Nincs be\u00e1razva hibalehet\u0151s\u00e9g.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban: \u00f6k\u00f6lszab\u00e1ly, hogy magas \u00e9rt\u00e9kelts\u00e9g\u0171 v\u00e1llalatokba nem fektet\u00fcnk, mert nincs benn\u00fck margin of safety. <\/strong>Vagyis, ha a fenti kock\u00e1zatok nem lenn\u00e9nek elegek, m\u00e9g akkor is ott van az a probl\u00e9ma, hogy mi lenne a besz\u00e1ll\u00f3 \u00e1rszint? \u00c9letem egyik legnagyobb hib\u00e1ja, hogy 2022 v\u00e9g\u00e9n centizgettem az Nvidia kapcs\u00e1n az \u00e1ron \u00e9s 120 USD-n\u00e9l azt mondtam, na majd 110 USD-n\u00e9l veszek, azt\u00e1n elsz\u00e1llt az \u00e1rfolyam. nagyj\u00e1b\u00f3l a h\u00faszszoros\u00e1ra. A mostani helyzet nagyon nem ilyen, \u00e9s a TSMC sem t\u0171nik olcs\u00f3nak. A fenti kock\u00e1zatok pedig tov\u00e1bbi biztons\u00e1gi r\u00e1hagy\u00e1sokat ig\u00e9nyeln\u00e9nek, teh\u00e1t szerintem a kock\u00e1zat\/nyers\u00e9g ar\u00e1ny jelenleg nem a legjobb. Ez egyben sz\u00e1momra el is d\u00f6nti a k\u00e9rd\u00e9st: TSMC vagy Nvidia? Egyel\u0151re egyik sem.<\/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\">Portf\u00f3li\u00f3hat\u00e1s: \u00e9rdemes mindkett\u0151t tartani?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A k\u00e9t c\u00e9g r\u00e9szben \u00e1tfedi egym\u00e1st, hiszen ugyanabban a piaci szegmensben versenyeznek, viszont egym\u00e1st\u00f3l is r\u00e9szben f\u00fcgg\u0151 viszonyban vannak. Ha Nvidi\u00e1t \u00e9s TSMC-t is tartasz, k\u00e9tszer fogadsz ugyanarra a hajt\u00f3er\u0151re:<\/strong> az AI-adatk\u00f6zpontok ki\u00e9p\u00edt\u00e9s\u00e9re. Az Nvidia adja a TSMC bev\u00e9tel\u00e9nek ~19\u201322%-\u00e1t, az AI-chipek pedig a forgalma ~25%-\u00e1t. Ha az AI-beruh\u00e1z\u00e1s lassul, mindkett\u0151 esik.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"440\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-1-1024x440.png.webp\" alt=\"az iO Charts portf\u00f3li\u00f3 kezel\u0151j\u00e9be is felvehet\u0151k a TSCMC \u00e9s az Nvidia r\u00e9szv\u00e9nyei\" class=\"wp-image-11924 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/440;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-1-1024x440.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-1-414x178.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-1-768x330.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-1.png.webp 1274w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: iO Charts, az iO Charts portf\u00f3li\u00f3 kezel\u0151j\u00e9be is felvehet\u0151k a TSCMC \u00e9s az Nvidia r\u00e9szv\u00e9nyei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>De van val\u00f3di k\u00fcl\u00f6nbs\u00e9g is:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd00 A TSMC v\u00e9d az ellen, ha az Nvidia vesz\u00edt a versenyben:<\/strong> ha az AMD, a Broadcom vagy egy m\u00e1sik hyperscaler saj\u00e1t chipje nyer teret, a TSMC gy\u00e1rtja azt is.<\/li>\n\n\n\n<li><strong>\ud83d\udee1\ufe0f Az Nvidia v\u00e9d az ellen, ha Tajvannal t\u00f6rt\u00e9nik valami: <\/strong>b\u00e1r egy ilyen forgat\u00f3k\u00f6nyvben az Nvidia is s\u00falyosan s\u00e9r\u00fclne, hiszen a chipjeit a TSMC gy\u00e1rtja. Ez a v\u00e9delem teh\u00e1t csak r\u00e9szleges.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Az Nvidia \u00e9s TSMC kombin\u00e1ci\u00f3 m\u00e9rs\u00e9kelt diverzifik\u00e1ci\u00f3t ad, ink\u00e1bb a chiph\u00e1bor\u00fa kimenetele ellen v\u00e9d, mint az AI-ciklus ellen. Aki viszont azt hiszi, hogy a k\u00e9t pap\u00edr ad n\u00e9mi diverzifik\u00e1ci\u00f3t, az f\u00e9lre\u00e9rti a kock\u00e1zatot: a k\u00e9t pap\u00edr egy\u00fcttmozg\u00e1sa magas, vagyis viszonylag nagy a korrel\u00e1ci\u00f3juk.<\/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\">\ud83d\udccc Gyakorlatban: f\u00e9lvezet\u0151-kitetts\u00e9g m\u00e9r\u00e9se iO Charts seg\u00edts\u00e9g\u00e9vel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00f6sszehasonl\u00edt\u00e1st \u00e9rdemes adatokon \u00e9s nem h\u00edrek seg\u00edts\u00e9g\u00e9vel elv\u00e9gezni. N\u00e9h\u00e1ny gyakorlati l\u00e9p\u00e9s:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd0e Tedd egym\u00e1s mell\u00e9 a k\u00e9t nevet<\/strong> (NVDA, TSM), \u00e9s vesd \u00f6ssze a bev\u00e9teln\u00f6veked\u00e9st, a marzsokat, a ROIC-ot \u00e9s az \u00e9rt\u00e9kelts\u00e9get, a trailing \u00e9s a forward mutat\u00f3kat egyar\u00e1nt.<\/li>\n\n\n\n<li><strong>\ud83d\udcd0 N\u00e9zd a t\u0151kehat\u00e9konys\u00e1got: <\/strong>a TSMC ~52.1%-os ROIC-ja az\u00e9rt leny\u0171g\u00f6z\u0151, mert extr\u00e9m t\u0151keig\u00e9nyes modellben \u00e9ri el. Vesd \u00f6ssze a capex\/bev\u00e9tel ar\u00e1nnyal.<\/li>\n\n\n\n<li><strong>\ud83e\uddee Ellen\u0151rizd a szegmenseket: <\/strong>az Nvidi\u00e1n\u00e1l az adatk\u00f6zpont s\u00faly\u00e1t (~91%), a TSMC-n\u00e9l a High Performance Computing-ar\u00e1nyt (~58%), ami az adatk\u00f6zpontokban haszn\u00e1lt chipekre vonatkozik \u00e9s a node-bont\u00e1st, vagyis hogy h\u00e1ny nanom\u00e9teres eszk\u00f6z\u00f6k adj\u00e1k a bev\u00e9tel d\u00f6nt\u0151 t\u00f6bbs\u00e9g\u00e9t.<\/li>\n\n\n\n<li><strong>\ud83d\udccb Figyel\u0151lista:<\/strong> vedd fel mindkett\u0151t, \u00e9s k\u00f6vesd a szegmens t\u00f6bbi c\u00e9g\u00e9nek negyed\u00e9ves jelent\u00e9s\u00e9t, k\u00fcl\u00f6n\u00f6sen az AI-beruh\u00e1z\u00e1sokban \u00e9rdekelt c\u00e9gek, mint a Google, az Amazon, a Microsoft, a Meta komment\u00e1rjait, mert ezek mozgatj\u00e1k mindk\u00e9t r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t.<\/li>\n\n\n\n<li><strong>\u2696\ufe0f N\u00e9zz \u00e1t a teljes szektort:<\/strong> a f\u00e9lvezet\u0151-kitetts\u00e9ghez az ASML (litogr\u00e1fia), a Broadcom (egyedi AI-chipek) \u00e9s az AMD is hozz\u00e1tartozik, \u00e9rdemes ezeket is \u00f6sszevetni, miel\u0151tt d\u00f6ntesz.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83e\ude90<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Az iO Charts az \u00f6sszes f\u00e9lvezet\u0151 c\u00e9get k\u00e9pes list\u00e1zni, ezt itt \u00e9ritek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/screener\/top-semiconductor-stocks\" target=\"_blank\" rel=\"noreferrer noopener\">f\u00e9lvezet\u0151 szektor<\/a>.<\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> ahhoz, hogy ezt a k\u00e9t c\u00e9get meg\u00e9rts\u00e9tek, a teljes ipar\u00e1gat meg kell. Sok elemz\u0151h\u00e1z ez\u00e9rt a t\u00f6bbi konkurenst vagy kapcsol\u00f3d\u00f3 szolg\u00e1ltat\u00e1st ny\u00fajt\u00f3 v\u00e1llalatot is leelemzi. Ez el\u00e9g id\u0151- \u00e9s tud\u00e1sig\u00e9nyes feladat, de m\u00e9g mindig t\u00f6bb \u00e9rtelme van, mint vakt\u00e1ban kiv\u00e1logatni egyedi r\u00e9szv\u00e9nyeket. Amit viszont megtehettek, hogy egy ipar\u00e1gi ETF-fel feditek le az Nvidia \u00e9s a TSMC r\u00e9szv\u00e9nyeit, ez viszont m\u00e1s f\u00e9lvezet\u0151 c\u00e9gekben is kitetts\u00e9get jelent majd.<\/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 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\">TSMC vagy Nvidia? \u00d6sszegz\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">TSMC vagy Nvidia? <strong>A k\u00e9rd\u00e9s val\u00f3j\u00e1ban az, hogy mire akarsz fogadni.<\/strong> Az Nvidia egy direkt fogad\u00e1s az AI felfut\u00e1s\u00e1ra: hihetetlen n\u00f6veked\u00e9s (+85%), extr\u00e9m marzsok (~75%), szoftveres v\u00e1r\u00e1rok, cser\u00e9be egy 4 910 milli\u00e1rd USD-s c\u00e9gt\u0151l kell tov\u00e1bbi gyorsul\u00e1st v\u00e1rni. A TSMC a &#8222;v\u00e1mszed\u0151&#8221;: lassabb (+33.7%), de mindenki chipjeit gy\u00e1rtja, magas (LTM ~52%-os) ROIC-kal, nagyj\u00e1b\u00f3l azonos \u00e9rt\u00e9kelts\u00e9gen, cser\u00e9be a tajvani kock\u00e1zatot \u00e9s a brut\u00e1lis t\u0151keig\u00e9nyt kell elviselni.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>\ud83d\udca1Van viszont egy angol mond\u00e1s: \"During a gold rush, sell picks and shovels.\" A k\u00e9t c\u00e9g konstell\u00e1ci\u00f3j\u00e1ban a TSMC \u00e1rulja a cs\u00e1k\u00e1nyt \u00e9s az \u00e1s\u00f3t, a t\u00f6bbi v\u00e1llalat pedig az aranyb\u00e1ny\u00e1sz. A historikus tapasztalatok alapj\u00e1n ink\u00e1bb az els\u0151re \u00e9rdemes fogadni, mert akkor nem kell megtippelni az aranyl\u00e1z nyertes\u00e9t.<\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">A kor\u00e1bban t\u00e1rgyalt \u00e9rt\u00e9kelts\u00e9gi paradoxon j\u00f3l \u00f6sszefoglalja a helyzetet:<strong> l\u00e1tsz\u00f3lag a TSMC az olcs\u00f3bb, el\u0151remutat\u00f3 alapon az Nvidia. Vagyis mindk\u00e9t r\u00e9szv\u00e9nyben komoly elv\u00e1r\u00e1st \u00e1raztak be a piacok, csak m\u00e1shogy. <\/strong>A befektet\u0151nek mindkett\u0151 el\u00e9rhet\u0151 amerikai piacot k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl, magyar befektet\u0151knek ak\u00e1r TBSZ sz\u00e1ml\u00e1n is, de \u00e9rdemes tudatos\u00edtani magatokban, hogy a k\u00e9t r\u00e9szv\u00e9nyt egy\u00fctt tartva nem kapsz val\u00f3di diverzifik\u00e1ci\u00f3t, csak a chiph\u00e1bor\u00fa kimenetele ellen v\u00e9ded magad valamennyire.<\/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>\ud83e\ude90Ha 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:\/\/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<!-- ============================================================\n     GY\u00cdK ACCORDION - iO Charts (TSMC vs Nvidia cikk)\n     ============================================================ -->\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f;\n  --faq-accent:    #e2662c;\n  --faq-text:      #333333;\n  --faq-line:      #dfe5ec;\n  --faq-hover:     #eef4fa;\n  --faq-bg:        #f4f8fc;\n\n  background: var(--faq-bg);\n  padding: 2em 2em 1.5em 2em;\n  border-radius: 10px;\n  max-width: 100%;\n  margin: 2.5em 0;\n}\n\n.io-faq__title {\n  text-align: center;\n  color: var(--faq-navy);\n  margin: 0 0 1.5em 0;\n}\n\n.io-faq__subtitle {\n  display: flex;\n  align-items: center;\n  gap: 1.1em;\n  color: var(--faq-accent);\n  margin: 0 0 1.8em 0;\n  font-size: .95em;\n  white-space: nowrap;\n}\n\n.io-faq__subtitle::before,\n.io-faq__subtitle::after {\n  content: \"\";\n  flex: 1;\n  height: 1px;\n  opacity: .45;\n}\n\n.io-faq__subtitle::before {\n  background: linear-gradient(to right, transparent, var(--faq-accent));\n}\n\n.io-faq__subtitle::after {\n  background: linear-gradient(to left, transparent, var(--faq-accent));\n}\n\n.io-faq__intro {\n  text-align: left;\n  color: var(--faq-text);\n  line-height: 1.7;\n  margin: 0 0 2em 0;\n}\n\n.io-faq__intro p { margin: 0 0 .9em 0; 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font-size: .85em; }\n}\n<\/style>\n<div class=\"io-faq\">\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a TSMC \u00e9s az Nvidia r\u00e9szv\u00e9nyr\u0151l<\/h2>\n  <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p>\n  <div class=\"io-faq__intro\">\n    <p>TSMC vagy Nvidia? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: hogy melyik lehet a jobb befektet\u00e9s, miben k\u00fcl\u00f6nb\u00f6zik a k\u00e9t \u00fczleti modell, hogyan profit\u00e1l a TSMC az AI-boomb\u00f3l, mekkora a tajvani kock\u00e1zat, van-e \u00e9rtelme mindkett\u0151t tartani, hogyan j\u00f6n a k\u00e9pbe az ASML, \u00e9s mekkora f\u00e9lvezet\u0151-kitetts\u00e9g lehet \u00e9sszer\u0171 egy portf\u00f3li\u00f3ban.<\/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.<\/p>\n  <\/div>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>TSMC vagy Nvidia: melyik lehet jobb befektet\u00e9s?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Nincs egy\u00e9rtelm\u0171 gy\u0151ztes \u2013 a k\u00e9t r\u00e9szv\u00e9ny m\u00e1s-m\u00e1s dologra fogad\u00e1s. Az Nvidia az AI tiszta j\u00e1t\u00e9ka: gyorsabb n\u00f6veked\u00e9s (+85% bev\u00e9tel) \u00e9s magasabb marzs (~75%), de nagyobb versenykock\u00e1zat. A TSMC az AI-aranyl\u00e1z \u201ecs\u00e1k\u00e1ny- \u00e9s lap\u00e1t\u00e1rusa&#8221;: b\u00e1rmelyik chiptervez\u0151 nyer, \u0151 gy\u00e1rtja a szil\u00edciumot, stabilabb, diverzifik\u00e1ltabb modellben, cser\u00e9be a tajvani kock\u00e1zat\u00e9rt. \u00c9rdekess\u00e9g, hogy a piac ma szinte azonos szorz\u00f3kon \u00e1razza a kett\u0151t (trailing ~30x, forward ~20x).<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Miben k\u00fcl\u00f6nb\u00f6zik a TSMC \u00e9s a Nvidia \u00fczleti modellje?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Nem versenyt\u00e1rsak, hanem besz\u00e1ll\u00edt\u00f3 \u00e9s vev\u0151: az Nvidia fabless diz\u00e1jner, aki megtervezi a chipet \u00e9s a szoftvert, de a gy\u00e1rt\u00e1st kiszervezi \u2013 j\u00f3r\u00e9szt \u00e9ppen a TSMC-nek. A TSMC pure-play b\u00e9rgy\u00e1rt\u00f3, amely nem tervez saj\u00e1t m\u00e1rk\u00e1s chipet, csak m\u00e1sok terveit gy\u00e1rtja. Ez\u00e9rt az Nvidia t\u0151keig\u00e9nye alacsony \u00e9s a marzsa extr\u00e9m magas, a TSMC modellje viszont brut\u00e1lisan t\u0151keig\u00e9nyes (2026-ban 60\u201364 milli\u00e1rd USD capex).<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Hogyan profit\u00e1l a TSMC az AI-boomb\u00f3l?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A TSMC gy\u00e1rtja szinte minden nagy AI-chiptervez\u0151 (Nvidia, AMD, Broadcom) szil\u00edcium\u00e1t, \u00edgy nem kell megtippelnie, ki nyer a versenyben. A HPC-szegmens (ide tartoznak az AI-chipek) m\u00e1r a bev\u00e9tel ~58%-\u00e1t adja, szemben a 2022-es ~40%-kal. R\u00e1ad\u00e1sul az AI-gyors\u00edt\u00f3khoz n\u00e9lk\u00fcl\u00f6zhetetlen fejlett CoWoS-tokoz\u00e1sban a TSMC gyakorlatilag monopolhelyzetben van, ami tov\u00e1bb er\u0151s\u00edti a poz\u00edci\u00f3j\u00e1t.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mekkora kock\u00e1zatot jelent Tajvan a TSMC r\u00e9szv\u00e9nyre?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Ez a TSMC legnagyobb, j\u00f3r\u00e9szt be nem \u00e1razhat\u00f3 kock\u00e1zata: a fejlett gy\u00e1rt\u00f3kapacit\u00e1s t\u00falnyom\u00f3 r\u00e9sze Tajvanon van, egy geopolitikailag fesz\u00fclt szigeten. Egy konfliktus vagy blok\u00e1d a teljes glob\u00e1lis chipell\u00e1t\u00e1st megb\u00e9n\u00edtan\u00e1 \u2013 \u00edgy k\u00f6zvetve az Nvidi\u00e1t is, hiszen a chipjeit a TSMC gy\u00e1rtja. A c\u00e9g amerikai (arizonai) gy\u00e1rakkal enyh\u00edti ezt (tov\u00e1bbi 100 milli\u00e1rd USD-s beruh\u00e1z\u00e1ssal), de a fejlett kapacit\u00e1s z\u00f6me k\u00f6z\u00e9pt\u00e1von Tajvanon marad.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>\u00c9rdemes egyszerre TSMC-t \u00e9s Nvidia-t tartani?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Csak m\u00e9rs\u00e9kelt diverzifik\u00e1ci\u00f3t ad, mert az \u00e1tfed\u00e9s val\u00f3s: mindkett\u0151 ugyanarra a hajt\u00f3er\u0151re, az AI-adatk\u00f6zpontok ki\u00e9p\u00edt\u00e9s\u00e9re fogad, \u00e9s az Nvidia adja a TSMC bev\u00e9tel\u00e9nek ~19\u201322%-\u00e1t. Ha az AI-capex lassul, mindkett\u0151 esik. Val\u00f3di k\u00fcl\u00f6nbs\u00e9g viszont, hogy a TSMC v\u00e9d az ellen, ha az Nvidia vesz\u00edt a versenyben (az AMD vagy a Broadcom chipjeit is \u0151 gy\u00e1rtja), az Nvidia pedig r\u00e9szlegesen v\u00e9d a tajvani kock\u00e1zat ellen.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>TSMC vagy ASML: melyik fontosabb az AI-chipgy\u00e1rt\u00e1sban?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Mindkett\u0151 p\u00f3tolhatatlan sz\u0171k keresztmetszet, csak a l\u00e1nc m\u00e1s pontj\u00e1n. Az ASML az egyetlen c\u00e9g a vil\u00e1gon, amely a fejlett chipekhez n\u00e9lk\u00fcl\u00f6zhetetlen EUV-litogr\u00e1fiai g\u00e9peket gy\u00e1rtja \u2013 vagyis \u0151 adja el a \u201ecs\u00e1k\u00e1nyt \u00e9s lap\u00e1tot&#8221; mag\u00e1nak a TSMC-nek, a Samsungnak \u00e9s az Intelnek is. A TSMC ezekkel a g\u00e9pekkel \u00f6nti ki a t\u00e9nyleges chipeket. Az ASML monop\u00f3liuma \u00edgy m\u00e9g \u201etiszt\u00e1bb&#8221; (egyetlen besz\u00e1ll\u00edt\u00f3 minden gy\u00e1rt\u00f3nak), a TSMC viszont k\u00f6zelebb \u00e1ll a v\u00e9gterm\u00e9khez \u00e9s a val\u00f3s gy\u00e1rt\u00e1si volumenhez. Nem az a k\u00e9rd\u00e9s, melyik fontosabb, hanem hogy a l\u00e1nc melyik pontj\u00e1ra szeretn\u00e9l kitetts\u00e9get.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mekkora f\u00e9lvezet\u0151-kitetts\u00e9g lehet \u00e9sszer\u0171 egy portf\u00f3li\u00f3ban?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Erre nincs egy helyes sz\u00e1m \u2013 az egy\u00e9ni kock\u00e1zatt\u0171r\u00e9st\u0151l, id\u0151t\u00e1vt\u00f3l \u00e9s a portf\u00f3li\u00f3 t\u00f6bbi r\u00e9sz\u00e9t\u0151l f\u00fcgg. Fontos viszont tudatos\u00edtani, hogy a f\u00e9lvezet\u0151r\u00e9szv\u00e9nyek er\u0151sen ciklikusak, magas volatilit\u00e1s\u00faak, \u00e9s egym\u00e1ssal szorosan egy\u00fctt mozognak (az Nvidia, a TSMC \u00e9s az ASML nagyr\u00e9szt ugyanarra az AI-capexre fogad). Emiatt t\u00f6bb f\u00e9lvezet\u0151n\u00e9v egy\u00fctt nem felt\u00e9tlen\u00fcl jelent val\u00f3di diverzifik\u00e1ci\u00f3t, \u00e9s a poz\u00edci\u00f3m\u00e9retez\u00e9sn\u00e9l \u00e9rdemes ezt a koncentr\u00e1ci\u00f3t figyelembe venni. Ez nem befektet\u00e9si tan\u00e1cs \u2013 a konkr\u00e9t ar\u00e1nyt mindenkinek a saj\u00e1t helyzet\u00e9re szabva kell eld\u00f6ntenie.<\/p>\n    <\/div>\n  <\/details>\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<\/div>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"TSMC vagy Nvidia: melyik lehet jobb befektet\u00e9s?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Nincs egy\u00e9rtelm\u0171 gy\u0151ztes \u2013 a k\u00e9t r\u00e9szv\u00e9ny m\u00e1s-m\u00e1s dologra fogad\u00e1s. Az Nvidia az AI tiszta j\u00e1t\u00e9ka: gyorsabb n\u00f6veked\u00e9s (+85% bev\u00e9tel) \u00e9s magasabb marzs (~75%), de nagyobb versenykock\u00e1zat. A TSMC az AI-aranyl\u00e1z cs\u00e1k\u00e1ny- \u00e9s lap\u00e1t\u00e1rusa: b\u00e1rmelyik chiptervez\u0151 nyer, \u0151 gy\u00e1rtja a szil\u00edciumot, stabilabb, diverzifik\u00e1ltabb modellben, cser\u00e9be a tajvani kock\u00e1zat\u00e9rt. \u00c9rdekess\u00e9g, hogy a piac ma szinte azonos szorz\u00f3kon \u00e1razza a kett\u0151t (trailing ~30x, forward ~20x).\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Miben k\u00fcl\u00f6nb\u00f6zik a TSMC \u00e9s a Nvidia \u00fczleti modellje?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Nem versenyt\u00e1rsak, hanem besz\u00e1ll\u00edt\u00f3 \u00e9s vev\u0151: az Nvidia fabless tervez\u0151, aki megtervezi a chipet \u00e9s a szoftvert, de a gy\u00e1rt\u00e1st kiszervezi \u2013 j\u00f3r\u00e9szt \u00e9ppen a TSMC-nek. A TSMC pure-play b\u00e9rgy\u00e1rt\u00f3, amely nem tervez saj\u00e1t m\u00e1rk\u00e1s chipet, csak m\u00e1sok terveit gy\u00e1rtja. Ez\u00e9rt az Nvidia t\u0151keig\u00e9nye alacsony \u00e9s a marzsa extr\u00e9m magas, a TSMC modellje viszont brut\u00e1lisan t\u0151keig\u00e9nyes (2026-ban 60\u201364 milli\u00e1rd USD capex).\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Hogyan profit\u00e1l a TSMC az AI-boomb\u00f3l?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"A TSMC gy\u00e1rtja szinte minden nagy AI-chiptervez\u0151 (Nvidia, AMD, Broadcom) szil\u00edcium\u00e1t, \u00edgy nem kell megtippelnie, ki nyer a versenyben. A HPC-szegmens (ide tartoznak az AI-chipek) m\u00e1r a bev\u00e9tel ~58%-\u00e1t adja, szemben a 2022-es ~40%-kal. R\u00e1ad\u00e1sul az AI-gyors\u00edt\u00f3khoz n\u00e9lk\u00fcl\u00f6zhetetlen fejlett CoWoS-tokoz\u00e1sban a TSMC gyakorlatilag monopolhelyzetben van, ami tov\u00e1bb er\u0151s\u00edti a poz\u00edci\u00f3j\u00e1t.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Mekkora kock\u00e1zatot jelent Tajvan a TSMC r\u00e9szv\u00e9nyre?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Ez a TSMC legnagyobb, j\u00f3r\u00e9szt be nem \u00e1razhat\u00f3 kock\u00e1zata: a fejlett gy\u00e1rt\u00f3kapacit\u00e1s t\u00falnyom\u00f3 r\u00e9sze Tajvanon van, egy geopolitikailag fesz\u00fclt szigeten. Egy konfliktus vagy blok\u00e1d a teljes glob\u00e1lis chipell\u00e1t\u00e1st megb\u00e9n\u00edtan\u00e1 \u2013 \u00edgy k\u00f6zvetve az Nvidi\u00e1t is, hiszen a chipjeit a TSMC gy\u00e1rtja. A c\u00e9g amerikai (arizonai) gy\u00e1rakkal enyh\u00edti ezt (tov\u00e1bbi 100 milli\u00e1rd USD-s beruh\u00e1z\u00e1ssal), de a fejlett kapacit\u00e1s z\u00f6me k\u00f6z\u00e9pt\u00e1von Tajvanon marad.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"\u00c9rdemes egyszerre TSMC-t \u00e9s Nvidia-t tartani?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Csak m\u00e9rs\u00e9kelt diverzifik\u00e1ci\u00f3t ad, mert az \u00e1tfed\u00e9s val\u00f3s: mindkett\u0151 ugyanarra a hajt\u00f3er\u0151re, az AI-adatk\u00f6zpontok ki\u00e9p\u00edt\u00e9s\u00e9re fogad, \u00e9s az Nvidia adja a TSMC bev\u00e9tel\u00e9nek ~19\u201322%-\u00e1t. Ha az AI-capex lassul, mindkett\u0151 esik. Val\u00f3di k\u00fcl\u00f6nbs\u00e9g viszont, hogy a TSMC v\u00e9d az ellen, ha az Nvidia vesz\u00edt a versenyben (az AMD vagy a Broadcom chipjeit is \u0151 gy\u00e1rtja), az Nvidia pedig r\u00e9szlegesen v\u00e9d a tajvani kock\u00e1zat ellen.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"TSMC vagy ASML: melyik fontosabb az AI-chipgy\u00e1rt\u00e1sban?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Mindkett\u0151 p\u00f3tolhatatlan sz\u0171k keresztmetszet, csak a l\u00e1nc m\u00e1s pontj\u00e1n. Az ASML az egyetlen c\u00e9g a vil\u00e1gon, amely a fejlett chipekhez n\u00e9lk\u00fcl\u00f6zhetetlen EUV-litogr\u00e1fiai g\u00e9peket gy\u00e1rtja \u2013 vagyis \u0151 adja el a cs\u00e1k\u00e1nyt \u00e9s lap\u00e1tot mag\u00e1nak a TSMC-nek, a Samsungnak \u00e9s az Intelnek is. A TSMC ezekkel a g\u00e9pekkel \u00f6nti ki a t\u00e9nyleges chipeket. Az ASML monop\u00f3liuma \u00edgy m\u00e9g tiszt\u00e1bb (egyetlen besz\u00e1ll\u00edt\u00f3 minden gy\u00e1rt\u00f3nak), a TSMC viszont k\u00f6zelebb \u00e1ll a v\u00e9gterm\u00e9khez \u00e9s a val\u00f3s gy\u00e1rt\u00e1si volumenhez. Nem az a k\u00e9rd\u00e9s, melyik fontosabb, hanem hogy a l\u00e1nc melyik pontj\u00e1ra szeretn\u00e9l kitetts\u00e9get.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Mekkora f\u00e9lvezet\u0151-kitetts\u00e9g lehet \u00e9sszer\u0171 egy portf\u00f3li\u00f3ban?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Erre nincs egy helyes sz\u00e1m \u2013 az egy\u00e9ni kock\u00e1zatt\u0171r\u00e9st\u0151l, id\u0151t\u00e1vt\u00f3l \u00e9s a portf\u00f3li\u00f3 t\u00f6bbi r\u00e9sz\u00e9t\u0151l f\u00fcgg. Fontos viszont tudatos\u00edtani, hogy a f\u00e9lvezet\u0151r\u00e9szv\u00e9nyek er\u0151sen ciklikusak, magas volatilit\u00e1s\u00faak, \u00e9s egym\u00e1ssal szorosan egy\u00fctt mozognak (az Nvidia, a TSMC \u00e9s az ASML nagyr\u00e9szt ugyanarra az AI-capexre fogad). Emiatt t\u00f6bb f\u00e9lvezet\u0151n\u00e9v egy\u00fctt nem felt\u00e9tlen\u00fcl jelent val\u00f3di diverzifik\u00e1ci\u00f3t, \u00e9s a poz\u00edci\u00f3m\u00e9retez\u00e9sn\u00e9l \u00e9rdemes ezt a koncentr\u00e1ci\u00f3t figyelembe venni. Ez nem befektet\u00e9si tan\u00e1cs \u2013 a konkr\u00e9t ar\u00e1nyt mindenkinek a saj\u00e1t helyzet\u00e9re szabva kell eld\u00f6ntenie.\"\n      }\n    }\n  ]\n}\n<\/script>\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\/tsmc-vagy-nvidia\/#article\",\n      \"about\": [\n        {\n          \"@type\": \"Corporation\",\n          \"name\": \"Taiwan Semiconductor Manufacturing Company Limited\",\n          \"alternateName\": [\"TSMC\", \"Taiwan Semi\"],\n          \"tickerSymbol\": \"TSM\",\n          \"url\": \"https:\/\/www.tsmc.com\/\",\n          \"foundingDate\": \"1987\",\n          \"description\": \"Tajvani pure-play f\u00e9lvezet\u0151 b\u00e9rgy\u00e1rt\u00f3 (foundry), amely nem tervez saj\u00e1t m\u00e1rk\u00e1s chipet, kiz\u00e1r\u00f3lag m\u00e1sok terveit gy\u00e1rtja. 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A TSMC pure-play b\u00e9rgy\u00e1rt\u00f3, amely nem tervez saj\u00e1t m\u00e1rk\u00e1s chipet, csak m\u00e1sok terveit gy\u00e1rtja. Ez\u00e9rt az Nvidia t\u0151keig\u00e9nye alacsony \u00e9s a marzsa extr\u00e9m magas, a TSMC modellje viszont brut\u00e1lisan t\u0151keig\u00e9nyes (2026-ban 60\u201364 milli\u00e1rd USD capex).\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Hogyan profit\u00e1l a TSMC az AI-boomb\u00f3l?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A TSMC gy\u00e1rtja szinte minden nagy AI-chiptervez\u0151 (Nvidia, AMD, Broadcom) szil\u00edcium\u00e1t, \u00edgy nem kell megtippelnie, ki nyer a versenyben. A HPC-szegmens (ide tartoznak az AI-chipek) m\u00e1r a bev\u00e9tel ~58%-\u00e1t adja, szemben a 2022-es ~40%-kal. R\u00e1ad\u00e1sul az AI-gyors\u00edt\u00f3khoz n\u00e9lk\u00fcl\u00f6zhetetlen fejlett CoWoS-tokoz\u00e1sban a TSMC gyakorlatilag monopolhelyzetben van, ami tov\u00e1bb er\u0151s\u00edti a poz\u00edci\u00f3j\u00e1t.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mekkora kock\u00e1zatot jelent Tajvan a TSMC r\u00e9szv\u00e9nyre?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Ez a TSMC legnagyobb, j\u00f3r\u00e9szt be nem \u00e1razhat\u00f3 kock\u00e1zata: a fejlett gy\u00e1rt\u00f3kapacit\u00e1s t\u00falnyom\u00f3 r\u00e9sze Tajvanon van, egy geopolitikailag fesz\u00fclt szigeten. Egy konfliktus vagy blok\u00e1d a teljes glob\u00e1lis chipell\u00e1t\u00e1st megb\u00e9n\u00edtan\u00e1 \u2013 \u00edgy k\u00f6zvetve az Nvidi\u00e1t is, hiszen a chipjeit a TSMC gy\u00e1rtja. A c\u00e9g amerikai (arizonai) gy\u00e1rakkal enyh\u00edti ezt (tov\u00e1bbi 100 milli\u00e1rd USD-s beruh\u00e1z\u00e1ssal), de a fejlett kapacit\u00e1s z\u00f6me k\u00f6z\u00e9pt\u00e1von Tajvanon marad.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"\u00c9rdemes egyszerre TSMC-t \u00e9s Nvidia-t tartani?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Csak m\u00e9rs\u00e9kelt diverzifik\u00e1ci\u00f3t ad, mert az \u00e1tfed\u00e9s val\u00f3s: mindkett\u0151 ugyanarra a hajt\u00f3er\u0151re, az AI-adatk\u00f6zpontok ki\u00e9p\u00edt\u00e9s\u00e9re fogad, \u00e9s az Nvidia adja a TSMC bev\u00e9tel\u00e9nek ~19\u201322%-\u00e1t. Ha az AI-capex lassul, mindkett\u0151 esik. Val\u00f3di k\u00fcl\u00f6nbs\u00e9g viszont, hogy a TSMC v\u00e9d az ellen, ha az Nvidia vesz\u00edt a versenyben (az AMD vagy a Broadcom chipjeit is \u0151 gy\u00e1rtja), az Nvidia pedig r\u00e9szlegesen v\u00e9d a tajvani kock\u00e1zat ellen.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"TSMC vagy ASML: melyik fontosabb az AI-chipgy\u00e1rt\u00e1sban?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Mindkett\u0151 p\u00f3tolhatatlan sz\u0171k keresztmetszet, csak a l\u00e1nc m\u00e1s pontj\u00e1n. Az ASML az egyetlen c\u00e9g a vil\u00e1gon, amely a fejlett chipekhez n\u00e9lk\u00fcl\u00f6zhetetlen EUV-litogr\u00e1fiai g\u00e9peket gy\u00e1rtja \u2013 vagyis \u0151 adja el a cs\u00e1k\u00e1nyt \u00e9s lap\u00e1tot mag\u00e1nak a TSMC-nek, a Samsungnak \u00e9s az Intelnek is. A TSMC ezekkel a g\u00e9pekkel \u00f6nti ki a t\u00e9nyleges chipeket. Az ASML monop\u00f3liuma \u00edgy m\u00e9g tiszt\u00e1bb (egyetlen besz\u00e1ll\u00edt\u00f3 minden gy\u00e1rt\u00f3nak), a TSMC viszont k\u00f6zelebb \u00e1ll a v\u00e9gterm\u00e9khez \u00e9s a val\u00f3s gy\u00e1rt\u00e1si volumenhez. Nem az a k\u00e9rd\u00e9s, melyik fontosabb, hanem hogy a l\u00e1nc melyik pontj\u00e1ra szeretn\u00e9l kitetts\u00e9get.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mekkora f\u00e9lvezet\u0151-kitetts\u00e9g lehet \u00e9sszer\u0171 egy portf\u00f3li\u00f3ban?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Erre nincs egy helyes sz\u00e1m \u2013 az egy\u00e9ni kock\u00e1zatt\u0171r\u00e9st\u0151l, id\u0151t\u00e1vt\u00f3l \u00e9s a portf\u00f3li\u00f3 t\u00f6bbi r\u00e9sz\u00e9t\u0151l f\u00fcgg. Fontos viszont tudatos\u00edtani, hogy a f\u00e9lvezet\u0151r\u00e9szv\u00e9nyek er\u0151sen ciklikusak, magas volatilit\u00e1s\u00faak, \u00e9s egym\u00e1ssal szorosan egy\u00fctt mozognak (az Nvidia, a TSMC \u00e9s az ASML nagyr\u00e9szt ugyanarra az AI-capexre fogad). Emiatt t\u00f6bb f\u00e9lvezet\u0151n\u00e9v egy\u00fctt nem felt\u00e9tlen\u00fcl jelent val\u00f3di diverzifik\u00e1ci\u00f3t, \u00e9s a poz\u00edci\u00f3m\u00e9retez\u00e9sn\u00e9l \u00e9rdemes ezt a koncentr\u00e1ci\u00f3t figyelembe venni. Ez nem befektet\u00e9si tan\u00e1cs \u2013 a konkr\u00e9t ar\u00e1nyt mindenkinek a saj\u00e1t helyzet\u00e9re szabva kell eld\u00f6ntenie.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Az AI-boom k\u00e9t legnagyobb nyertese egym\u00e1s n\u00e9lk\u00fcl nem l\u00e9tezne: az Nvidia tervezi a vil\u00e1g legkeresettebb chipjeit, a TSMC pedig legy\u00e1rtja \u0151ket. S\u0151t, 2026-ban az Nvidia lett a TSMC legnagyobb \u00fcgyfele, letasz\u00edtva az Apple-t a tr\u00f3nr\u00f3l egy \u00e9vtized ut\u00e1n. A befektet\u0151k egyik leggyakoribb k\u00e9rd\u00e9se m\u00e9gis az, hogy TSMC vagy Nvidia: melyik a jobb v\u00e9tel? Ebben a [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/tsmc-vagy-nvidia\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11901,"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":[31],"tags":[129,277,276,74,4,115,428,427],"class_list":["post-11890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reszvenyelemzes","tag-iocharts","tag-nvda","tag-nvidia","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes","tag-taiwan-semiconductors","tag-tsmc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TSMC vagy Nvidia: melyik a jobb AI-chip r\u00e9szv\u00e9ny?<\/title>\n<meta name=\"description\" content=\"TSMC vagy Nvidia? Magyar befektet\u0151i \u00f6sszehasonl\u00edt\u00e1s \u00fczleti modellr\u0151l, AI-chip l\u00e1ncr\u00f3l, \u00e9rt\u00e9kelts\u00e9gr\u0151l, Tajvan-kock\u00e1zatr\u00f3l \u00e9s portf\u00f3li\u00f3hat\u00e1sr\u00f3l.\" \/>\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\/tsmc-vagy-nvidia\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TSMC vagy Nvidia: melyik a jobb AI-chip r\u00e9szv\u00e9ny?\" \/>\n<meta property=\"og:description\" content=\"TSMC vagy Nvidia? 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