{"id":8690,"date":"2026-02-09T16:30:26","date_gmt":"2026-02-09T16:30:26","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=8690"},"modified":"2026-06-05T12:47:50","modified_gmt":"2026-06-05T12:47:50","slug":"microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/","title":{"rendered":"Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\ud83e\udd14Mir\u0151l sz\u00f3l a Piaci Impulzus rovat?\ud83e\udd14<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40-50 \u00f3r\u00e1t is ig\u00e9nybe vehet. Befektet\u0151k\u00e9nt ennyi energi\u00e1t minden egyes c\u00e9g elemz\u00e9s\u00e9be lehetetlen beletenni, ha kell\u0151en hossz\u00fa figyel\u0151list\u00e1t szeretn\u00e9tek hat\u00e9konyan kezelni. <strong>Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot, amely betekint\u00e9st enged pillanatk\u00e9p gyan\u00e1nt egy-egy r\u00e9szv\u00e9nybe, most \u00e9ppen a Microsoft dolgaiba, \u00e9s nagyj\u00e1b\u00f3l felv\u00e1zolja az aktualit\u00e1sokat.<\/strong> Nem m\u00e9lyelemz\u00e9s, ink\u00e1bb csak gondolat\u00e9breszt\u0151 a pillanatnyi \u00e1llapot alapj\u00e1n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9lom nem napi keresked\u00e9si tippek osztogat\u00e1sa vagy technikai alakzatok elemz\u00e9se. Helyette gyors, l\u00e9nyegre t\u00f6r\u0151 fundament\u00e1lis minielemz\u00e9seket adok k\u00f6zre, amik seg\u00edtenek az el\u0151sz\u0171r\u00e9sben. Ezek az impulzusok seg\u00edtenek \u00e9szben tartani, hogy a Microsoft (MSFT) vagy m\u00e1s piaci szerepl\u0151 aktu\u00e1lis \u00e1rfolyammozg\u00e1sa \u00e9rdemel-e m\u00e9lyebb vizsg\u00e1latot, vagy csak egy fut\u00f3 piaci jelens\u00e9gr\u0151l van sz\u00f3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/MSFT\" target=\"_blank\" rel=\"noreferrer noopener\">MSFT r\u00e9szv\u00e9ny oldal<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">KNSL quotes by TradingView<\/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:MSFT|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd2Tartalomjegyz\u00e9k\ud83d\udcd2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u00e9trehoztam egy tartalomjegyz\u00e9ket, hogy k\u00f6nnyebben tudjatok navig\u00e1lni a tartalmakban:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">\ud83c\udfa2Mit csin\u00e1l a Microsoft (MSFT)?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83d\udcb5A Microsoft (MSFT) jelenlegi helyzete \u00e9s vet\u00e9lyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83e\udd35Microsoft (MSFT) metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705Microsoft (MSFT): megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li id=\"osszegzese\"><a href=\"#osszegzese\">\ud83d\udcddA t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">\u2753Mit csin\u00e1l a Microsoft (MSFT)\u2753<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Microsoft (MSFT) a glob\u00e1lis technol\u00f3giai szektor egyik legtiszt\u00e1bb p\u00e9ld\u00e1ja a horizont\u00e1lis szoftverv\u00e1llalatra.<\/strong> M\u00edg a vertik\u00e1lis szoftverek egy-egy konkr\u00e9t ipar\u00e1g speci\u00e1lis ig\u00e9nyeit szolg\u00e1lj\u00e1k ki (mint p\u00e9ld\u00e1ul a Constellation Software portf\u00f3li\u00f3j\u00e1ba tartoz\u00f3 egyedi megold\u00e1sok), addig a horizont\u00e1lis szoftverek szinte minden ipar\u00e1gban, minden asztalon ott vannak. <strong>Legyen sz\u00f3 a Windows-r\u00f3l, az Office-r\u00f3l vagy a Teams-r\u0151l, a Microsoft (MSFT) olyan eszk\u00f6z\u00f6ket gy\u00e1rt, amelyekre egy k\u00f3rh\u00e1znak ugyan\u00fagy sz\u00fcks\u00e9ge van, mint egy aut\u00f3gy\u00e1rnak vagy egy banknak.<\/strong><\/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\/Microsoft-MSFT-szoftverei.jpg.webp\" alt=\"a Microsoft (MSFT) \u00f6kosziszt\u00e9m\u00e1ja, legener\u00e1lva az egyik legnagyobb konkurens szoftver\u00e9vel\" class=\"wp-image-8628 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\/Microsoft-MSFT-szoftverei.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-szoftverei-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-szoftverei-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 Microsoft (MSFT) \u00f6kosziszt\u00e9m\u00e1ja, legener\u00e1lva az egyik legnagyobb konkurens szoftver\u00e9vel \ud83d\ude00<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a horizont\u00e1lis jelleg adja a c\u00e9g hatalmas m\u00e9ret\u00e9t: az 1975-\u00f6s alap\u00edt\u00e1s \u00f3ta m\u00e1ra egy 220000 embert foglalkoztat\u00f3 mammutv\u00e1llalatt\u00e1 n\u0151tte ki mag\u00e1t. A bev\u00e9telei h\u00e1rom f\u0151 oszlopon nyugszanak: <strong>az Azure felh\u0151szolg\u00e1ltat\u00e1sokon, a produktivit\u00e1si szoftvereken (SaaS modellben) \u00e9s a szem\u00e9lyi sz\u00e1m\u00edt\u00e1stechnik\u00e1n.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83c\udfc6A Microsoft (MSFT) jelenlegi helyzete \u00e9s vet\u00e9lyt\u00e1rsai\ud83c\udfc6<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Microsoft (MSFT) helyzete ma egyszerre domin\u00e1ns \u00e9s t\u00e1madhat\u00f3. A legnagyobb harcot a felh\u0151alap\u00fa infrastrukt\u00fara ter\u00fclet\u00e9n v\u00edvja, ahol az Amazon (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/AMZN\" target=\"_blank\" rel=\"noreferrer noopener\">AMZN<\/a>) AWS szolg\u00e1ltat\u00e1sa a f\u0151 riv\u00e1lisa, de a Google (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/GOOGL\" target=\"_blank\" rel=\"noreferrer noopener\">GOOGL<\/a>) Cloud is jelent\u0151s er\u0151forr\u00e1sokat mozg\u00f3s\u00edt.<\/strong> A lenti k\u00e9pen a Morningstar elemz\u00e9s\u00e9ben tal\u00e1lhat\u00f3, legk\u00f6zelebbi versenyt\u00e1rsakat l\u00e1thatj\u00e1tok.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1012\" height=\"583\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image.png.webp\" alt=\"Morningstar: a Microsoft (MSFT) konkurensei\" class=\"wp-image-8521 lazyload\" style=\"--smush-placeholder-width: 1012px; --smush-placeholder-aspect-ratio: 1012\/583;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image.png.webp 1012w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-414x239.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-768x442.png.webp 768w\" data-sizes=\"(max-width: 1012px) 100vw, 1012px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Morningstar, a Microsoft (MSFT) konkurensei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rdemes azonban t\u00e1volabbra is tekintenetek: a glob\u00e1lis piacon, k\u00fcl\u00f6n\u00f6sen az \u00e1zsiai r\u00e9gi\u00f3ban \u00e9s a felh\u0151alap\u00fa szolg\u00e1ltat\u00e1sok bizonyos szegmenseiben olyan \u00f3ri\u00e1sokkal is sz\u00e1molni kell, mint az Alibaba (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/BABA\">BABA<\/a>) vagy a Tencent (TCEHY). B\u00e1r a Microsoft (MSFT) el\u0151nye a v\u00e1llalati szoftverek integr\u00e1ci\u00f3j\u00e1ban m\u00e9g jelent\u0151s, a keleti konkurensek technol\u00f3giai \u00e9retts\u00e9ge \u00e9s agressz\u00edv \u00e1raz\u00e1sa hossz\u00fa t\u00e1von limit\u00e1lhatja az Azure expanzi\u00f3j\u00e1t bizonyos piacokon.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"559\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-AI-fejlesztok.jpg.webp\" alt=\"Az AI men\u0151 c\u00e9gek\" class=\"wp-image-8527 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/559;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-AI-fejlesztok.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-AI-fejlesztok-414x226.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-AI-fejlesztok-768x419.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 Microsoft (MSFT) ellenfelei az AI szegmensben<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A mesters\u00e9ges intelligencia ter\u00fclet\u00e9n a Microsoft (MSFT) az OpenAI-jal val\u00f3 partners\u00e9g r\u00e9v\u00e9n pr\u00f3b\u00e1lja bebetonozni horizont\u00e1lis f\u00f6l\u00e9ny\u00e9t, rem\u00e9lve, hogy a Copilot minden l\u00e9tez\u0151 munkafolyamat elker\u00fclhetetlen r\u00e9sz\u00e9v\u00e9 v\u00e1lik.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">\ud83c\udfa2A Microsoft metrik\u00e1i\ud83c\udfa2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rajzoltattam az \u00e1ltalam haszn\u00e1lt fiscal.ai adatforr\u00e1ssal n\u00e9h\u00e1ny grafikont, ami seg\u00edt meg\u00e9rteni a Microsoft (<a href=\"http:\/\/iocharts.io\/stocks\/MSFT\">MSFT<\/a>) adatait. Nem mindent tartalmaz a Piaci Impulzusba sz\u00e1nt cikk, csak a l\u00e9nyeget, amire figyelnetek kell. Viszont, ha egyszer lesz r\u00f3la m\u00e9lyelemz\u00e9s, akkor az apr\u00f3s\u00e1gokra is sort ker\u00edtek.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udcca\u00c1rfolyam \u00e9s korrekci\u00f3<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az elm\u00falt id\u0151szakban az \u00e1rfolyam \u00e9rezhet\u0151en elt\u00e1volodott a cs\u00facsokt\u00f3l. Fundament\u00e1lis szempontb\u00f3l ez akkor \u00e9rdekes, ha a v\u00e1llalat bels\u0151 \u00e9rt\u00e9ke \u00e9s a piaci \u00e1r k\u00f6z\u00f6tti r\u00e9s t\u00e1gulni kezd. Mit jelent ez a gyakorlatban? Hogy a mostani maximumhoz, szakmaibban all time high-hoz, k\u00e9pest 23.6%-ot esett az \u00e1rfolyam, de a lenti k\u00e9pen l\u00e1that\u00f3, hogy az\u00e9rt ez nem egy ritka eset a Microsoft (MSFT) eset\u00e9ben<strong>. Sokkal ink\u00e1bb egy teljesen \u00e1tlagos piaci reakci\u00f3, ami n\u00e9h\u00e1ny \u00e9vente bek\u00f6vetkezik.<\/strong> A legnagyobb es\u00e9s az elm\u00falt 20 \u00e9vben ~58% volt, de ez a ~25% k\u00f6r\u00fcli zutty j\u00f3 p\u00e1r alkalommal megism\u00e9tl\u0151d\u00f6tt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-1024x576.jpg.webp\" alt=\"a Microsoft (MSFT) legnagyobb piaci es\u00e9sei\" class=\"wp-image-8507 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-eses-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 Microsoft (MSFT) legnagyobb piaci es\u00e9sei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9rd\u00e9s, hogy a fundamentumok v\u00e1ltoztak-e. Mit lehet ilyenkor tenni? <strong>Meg kell n\u00e9zni, hogy a Microsoft (MSFT) m\u00f6g\u00f6ttes metrik\u00e1i milyen viszonyban vannak az \u00e1rral. <\/strong>Az es\u00e9s ugyanis jelenthet m\u00f6g\u00f6ttes \u00e9rt\u00e9kbeli hanyatl\u00e1st, piaci p\u00e1nikot vagy valamilyen m\u00e9g be nem k\u00f6vetkezett esem\u00e9nyt \u00e1raztak be a befektet\u0151k. A dolog persze ford\u00edtva is igaz, vannak esem\u00e9nyek, amiket el\u0151re lehet tudni, m\u00e9gsem jelenik meg az \u00e1rfolyamban, ilyen volt p\u00e9ld\u00e1ul a Novo Nordisk (NVO) Wegovy \u00e9s Ozempic szabadalm\u00e1nak a 2026 eleji lej\u00e1rata, \u00e9s az ebb\u0151l sz\u00e1rmaz\u00f3 -20%-os \u00e1rfolyames\u00e9s. Ennek a t\u00e9ny\u00e9t az elemz\u00e9semben eml\u00edtettem is, de a piac m\u00e9gis csak most reag\u00e1lta le: <a href=\"https:\/\/iocharts.io\/blog\/novo-nordisk-reszveny-elemzese-nvo-gyorsabban-fogy-mint-fogyaszt\/\">Novo Nordisk r\u00e9szv\u00e9nyelemz\u00e9se (NVO) \u2013 Gyorsan fogy \u00e9s fogyaszt<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\ude99\u00c9rt\u00e9kelts\u00e9g: EV\/NOPAT szemben az \u00e1rfolyammal<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">P\/E r\u00e1t\u00e1n\u00e1l sokszor t\u00f6bbet mond az NOPAT yield (v\u00e1llalati \u00e9rt\u00e9k az ad\u00f3zott \u00fczemi eredm\u00e9nyhez k\u00e9pest). <strong>Ha azt l\u00e1tj\u00e1tok, hogy az \u00e1rfolyam esik, de a NOPAT yield emelkedik, akkor a v\u00e1llalat relat\u00edve olcs\u00f3bb lett. <\/strong>Term\u00e9szetesen az is el\u0151fordulhat, hogy mindk\u00e9t mutat\u00f3 emelkedik, de az \u00e1rfolyam lassabban, emiatt m\u00e9g egy folyamatosan magasabb \u00e1rfolyamon forg\u00f3 c\u00e9g is lehet olcs\u00f3bb. De mi a NOPAT yield? Az EV\/NOPAT azt mondja meg, h\u00e1ny \u00e9vnyi \u00fczemi eredm\u00e9ny\u00e9rt v\u00e1s\u00e1rolj\u00e1tok meg a c\u00e9get, a NOPAT yield sz\u00e1zal\u00e9kos form\u00e1ban fejezi ki, mekkora &#8222;\u00fczemi hozamot&#8221; kaptok a p\u00e9nzetek\u00e9rt. <strong>Visszat\u00e9rve az els\u0151 bekezd\u00e9sre, a Microsoft (MSFT) eset\u00e9ben az els\u0151 eset az igaz, az \u00e1rfolyam esik, a NOPAT yield emelkedik, ahogyan a k\u00e9pen is l\u00e1tszik.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-1024x576.jpg.webp\" alt=\"a Microsoft (MSFT) NOPAT yieldje \u00e9s \u00e1rfolyama\" class=\"wp-image-8614 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-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 Microsoft (MSFT) NOPAT yieldje \u00e9s \u00e1rfolyama<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ez viszont kev\u00e9s ahhoz, hogy meg\u00e1llap\u00edts\u00e1tok, olcs\u00f3-e a r\u00e9szv\u00e9ny, hiszen nem tudj\u00e1tok, hogy mennyi volt a historikus \u00e1tlag, de ezt kisz\u00e1moltam nektek:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udfafNOPAT yield (jelenleg, 416.5 USD-s \u00e1rfolyam mellett): 4.01%<\/strong><\/li>\n\n\n\n<li>\ud83d\udcdcNOPAT yield 20 \u00e9ves \u00e1tlag: 5.76%<\/li>\n\n\n\n<li>\ud83d\uddd3\ufe0fNOPAT yield 10 \u00e9ves \u00e1tlag: 3.6%<\/li>\n\n\n\n<li>\ud83d\udccaNOPAT yield 5 \u00e9ves \u00e1tlag: 3.1%<\/li>\n\n\n\n<li>\ud83d\udd52NOPAT yield 3 \u00e9ves \u00e1tlag: 2.83%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Vagyis, a c\u00e9g jelenleg egy picit olcs\u00f3bb, mint a 10, az 5 \u00e9s a 3 \u00e9ves \u00e1tlag. Innent\u0151l kezdve nektek kell eld\u00f6ntenetek, hogy ez olcs\u00f3nak sz\u00e1m\u00edt-e, de azt az\u00e9rt nem \u00e1ll\u00edtan\u00e1m, hogy a Microsoft (MSFT) \u00e9rt\u00e9kelts\u00e9g\u00e9t agyonvert\u00e9k. Viszont azon \u00e9rdemes elgondolkodnotok, hogy mennyire re\u00e1lis a 20 \u00e9ves \u00e1tlag, amiben a 2008-as v\u00e1ls\u00e1g \u00e9vei is benne vannak.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udef0Bev\u00e9telek \u00e9s profitabilit\u00e1s<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A bev\u00e9teleket \u00e9s az operat\u00edv nyeres\u00e9get l\u00e1thatj\u00e1tok a lenti k\u00e9pen, aminek m\u00e9rt\u00e9ke nemcsak az\u00e9rt fontos, mert ez j\u00f3l mutatja, hogy a v\u00e1llalat sikeres-e, hanem az\u00e9rt is, mert az ebb\u0151l keletkez\u0151 k\u00e9szp\u00e9nzb\u0151l tudja a Microsoft (MSFT) a brut\u00e1lis AI-beruh\u00e1z\u00e1sokat \u00e9s az egy\u00e9b fejleszt\u00e9seket finansz\u00edrozni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-1024x576.jpg.webp\" alt=\" a Microsoft (MSFT) bev\u00e9tele \u00e9s m\u0171k\u00f6d\u00e9si k\u00f6lts\u00e9ge \u00e9s ezek v\u00e1ltoz\u00e1sa\" class=\"wp-image-8512 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft-MSFT-bevetel-operating-margin-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 Microsoft (MSFT) bev\u00e9tele \u00e9s m\u0171k\u00f6d\u00e9si k\u00f6lts\u00e9ge \u00e9s ezek v\u00e1ltoz\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A bev\u00e9telek n\u00f6veked\u00e9se tov\u00e1bbra is stabil, azonban figyelmet \u00e9rdemel a profitmarzsok alakul\u00e1sa. <strong>Az AI-infrastrukt\u00fara ki\u00e9p\u00edt\u00e9se (CAPEX) jelent\u0151s t\u0151k\u00e9t von el, amit a bev\u00e9teli oldalnak el\u0151bb-ut\u00f3bb kompenz\u00e1lnia kell.<\/strong> A lenti k\u00e9pen azt l\u00e1tj\u00e1tok, hogy l\u00e9nyeg\u00e9ben a k\u00f6lts\u00e9gek lek\u00f6vetik a bev\u00e9tel \u00e9s a m\u0171k\u00f6d\u00e9si profit n\u00f6veked\u00e9s\u00e9t. Vagyis, el\u0151bb vagy ut\u00f3bb a Microsoft (MSFT) \u00e1ltal az AI-ba, konkr\u00e9tabban a Copilotba \u00e9s az OpenAI-ba, \u00f6nt\u00f6tt t\u0151k\u00e9nek meg kell t\u00e9r\u00fclnie. De baj az egyel\u0151re nincs, a c\u00e9g bev\u00e9teli \u00e9s kiad\u00e1si oldala ar\u00e1nyban van egym\u00e1ssal.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-1024x576.png.webp\" alt=\"a Microsoft (MSFT) bev\u00e9tele k\u00f6lts\u00e9gszerkezete \u00e9s annak v\u00e1ltoz\u00e1sa\" class=\"wp-image-8515 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-1024x576.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-414x233.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-768x432.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-1536x864.png.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-2048x1152.png.webp 2048w\" 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 Microsoft (MSFT) k\u00f6lts\u00e9gszerkezete<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ha k\u00fcl\u00f6n csak a CAPEX-et, vagyis a t\u0151keberuh\u00e1z\u00e1st rakom ki egy grafikonra, akkor sokkal l\u00e1tv\u00e1nyosabb a dolog: az AI-fejleszt\u00e9s nyeli a p\u00e9nzt rendesen, ahogyan ez a lenti \u00e1br\u00e1n is l\u00e1that\u00f3.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-capex-to-ocf-1024x576.png.webp\" alt=\" a Microsoft (MSFT) beruh\u00e1z\u00e1si k\u00f6lts\u00e9geinek n\u00f6veked\u00e9se\" class=\"wp-image-8523 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-capex-to-ocf-1024x576.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-capex-to-ocf-414x233.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-capex-to-ocf-768x432.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-capex-to-ocf-1536x864.png.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-capex-to-ocf-2048x1152.png.webp 2048w\" 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 Microsoft (MSFT) beruh\u00e1z\u00e1si k\u00f6lts\u00e9geinek n\u00f6veked\u00e9se<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udd1eHat\u00e9konys\u00e1g: ROIC \u00e9s ROCE<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Itt l\u00e1tszik a c\u00e9g val\u00f3di ereje: a ROIC \u00e9s ROCE mutat\u00f3k tart\u00f3san 25-30% felett mozognak.<strong> Ez leegyszer\u0171s\u00edtve azt jelzi, hogy a menedzsment kiv\u00e9teles hat\u00e9konys\u00e1ggal forgatja vissza a t\u0151k\u00e9t. <\/strong>Ha ezek a sz\u00e1mok romlani kezden\u00e9nek, az komolyabb struktur\u00e1lis probl\u00e9m\u00e1ra utalna, de egyel\u0151re stabilit\u00e1st mutatnak. Itt is \u00e9rdemes a sok\u00e9ves \u00e1tlagokat n\u00e9zni, az, hogy vannak benne hull\u00e1mz\u00e1sok, egy teljesen norm\u00e1lis jelens\u00e9g, f\u0151leg akkor, amikor a t\u0151ke egy m\u00e9g nem j\u00f6vedelmez\u0151 technol\u00f3gi\u00e1ba \u00e1ramlik.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-8517 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-ROIC-ROcE-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 Microsoft (MSFT) ROIC \u00e9s ROCE \u00e9rt\u00e9kei<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83c\udfb2Kock\u00e1zati t\u00e9nyez\u0151k: ad\u00f3ss\u00e1g, javadalmaz\u00e1s \u00e9s r\u00e9szv\u00e9nyhig\u00edt\u00e1s<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A Microsoft (MSFT) ad\u00f3ss\u00e1g\u00e1nak k\u00e9rd\u00e9s\u00e9t viszonylag egyszer\u0171en el lehet int\u00e9zni:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udcb5k\u00e9szp\u00e9nz:<\/strong> 89.5 milli\u00e1rd USD<\/li>\n\n\n\n<li><strong>\ud83d\udc5bnett\u00f3 ad\u00f3ss\u00e1g:<\/strong> 33 milli\u00e1rd USD (ad\u00f3ss\u00e1g-k\u00e9szp\u00e9nz)<\/li>\n\n\n\n<li><strong>\ud83d\udcb5nett\u00f3 profit: <\/strong>~120 milli\u00e1rd USD<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Az ad\u00f3ss\u00e1g margin\u00e1lis, az \u00e9ves profit t\u00f6bb mint h\u00e1romszor el\u00e9g lenne ahhoz, hogy a Microsoft (MSFT) kifizesse, teh\u00e1t ezen nem nagyon kell agg\u00f3dni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A horizont\u00e1lis \u00f3ri\u00e1sokn\u00e1l gyakori jelens\u00e9g a magas r\u00e9szv\u00e9nyalap\u00fa javadalmaz\u00e1s (SBC). <\/strong>\u00c9rdemes nyomon k\u00f6vetnetek, hogy a c\u00e9g mennyi r\u00e9szv\u00e9nyt ad a dolgoz\u00f3knak, \u00e9s ez mekkora nyom\u00e1st gyakorol a szabad cash-flow-ra. Ez viszont az olyan v\u00e1llalatokn\u00e1l, mint a Microsoft (MSFT) egy norm\u00e1lis jelens\u00e9g, hiszen valahogyan meg kell tartani a tehets\u00e9geket, ez pedig csak \u00fagy megy, ha \u00e9rdekeltt\u00e9 teszik \u0151ket a v\u00e1llalat siker\u00e9ben. A r\u00e9szv\u00e9nyalap\u00fa juttat\u00e1st, ami \u00e1ltal\u00e1ban a bev\u00e9tel ~4%-a, elfedik a r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1sok, amik ezt fel\u00fclm\u00falj\u00e1k, igaz nem sokkal. Mivel a Microsoft (MSFT) osztal\u00e9kot is fizet, ez\u00e9rt itt is t\u00f6rt\u00e9nik tov\u00e1bbi tulajdonosi \u00e9rt\u00e9kteremt\u00e9s, de ez nem egy klasszikus osztal\u00e9kr\u00e9szv\u00e9ny, sokkal ink\u00e1bb a n\u00f6veked\u00e9s miatt \u00e9rdemes a v\u00e1llalatban poz\u00edci\u00f3t felvenni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-repurchase-1024x576.png.webp\" alt=\"a Microsoft (MSFT) r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1sai \u00e9s r\u00e9szv\u00e9nykompenz\u00e1ci\u00f3ja\" class=\"wp-image-8519 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1139px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-repurchase-1024x576.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-repurchase-414x233.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-repurchase-768x432.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-repurchase-1536x864.png.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Microsoft_Corporation_MSFT-repurchase-2048x1152.png.webp 2048w\" 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 Microsoft (MSFT) r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1sai \u00e9s r\u00e9szv\u00e9nykompenz\u00e1ci\u00f3ja<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">\ud83d\udcb5Microsoft(MSFT): megszoksz vagy megsz\u00f6ksz?\ud83d\udcb5<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mint minden c\u00e9g eset\u00e9ben, \u00edgy a Microsoftn\u00e1l is mindig k\u00e9t narrat\u00edva szokott lenni, amit a bik\u00e1k \u00e9s a medv\u00e9k csat\u00e1j\u00e1nak szoktak h\u00edvni. Az optimist\u00e1k \u00e9s a pesszimist\u00e1k v\u00edvj\u00e1k \u00f6r\u00f6kk\u00e9 tart\u00f3 harcukat, de hogy kinek lesz igaza, azt el\u0151re senki nem tudja. Viszont, mindk\u00e9t oldalt meg lehet t\u00e1mogatni n\u00e9h\u00e1ny \u00f6tlettel a Microsoft (MSFT) eset\u00e9ben is:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udc02Bik\u00e1k mondj\u00e1k (Optimista szcen\u00e1ri\u00f3):<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83e\ude90\u00d6kosziszt\u00e9ma z\u00e1rv\u00e1ny:<\/strong> ha egy v\u00e1llalat egyszer bevezette a Microsoft 365-\u00f6t \u00e9s az Azure-t, a v\u00e1lt\u00e1s k\u00f6lts\u00e9gei olyan magasak, hogy szinte &#8222;foglyul ejti&#8221; az \u00fcgyfeleket. Ezt h\u00edvj\u00e1k magas kapcsol\u00e1si k\u00f6lts\u00e9gnek szaknyelven, ami a v\u00e1llalat egyik versenyel\u0151nye.<\/li>\n\n\n\n<li><strong>\ud83c\udf10AI felsk\u00e1l\u00e1z\u00e1s:<\/strong> a megl\u00e9v\u0151 horizont\u00e1lis felhaszn\u00e1l\u00f3i b\u00e1zisra (t\u00f6bb sz\u00e1zmilli\u00f3 felhaszn\u00e1l\u00f3) az AI funkci\u00f3k r\u00e1kapcsol\u00e1sa minim\u00e1lis plusz k\u00f6lts\u00e9ggel hatalmas margin-t\u00e1gul\u00e1st eredm\u00e9nyezhet. Ebben a Google j\u00e1r az \u00e9len, de a Microsoftnak is kell\u0151en sok platformja van ahhoz, hogy ezt megtegye, gondoljatok csak a Windows-ra, a Microsoft Office-ra vagy a szerver szoftvereikre.<\/li>\n\n\n\n<li><strong>\ud83e\ude99T\u0151keallok\u00e1ci\u00f3:<\/strong> a c\u00e9g tov\u00e1bbra is a vil\u00e1g egyik legjobb cash-flow gener\u00e1tora, ami biztons\u00e1gi h\u00e1l\u00f3t ny\u00fajt a r\u00e9szv\u00e9nyeseknek, ezt l\u00e1thatt\u00e1tok feljebb.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"506\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/bikak-vs-medvek.jpg.webp\" alt=\"Ki gy\u0151z, a medv\u00e9k vagy a bik\u00e1k?\" class=\"wp-image-8630 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/506;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/bikak-vs-medvek.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/bikak-vs-medvek-414x205.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/bikak-vs-medvek-768x380.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, Ki gy\u0151z, a medv\u00e9k vagy a bik\u00e1k?<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udc3bMedv\u00e9k mondj\u00e1k (Pesszimista szcen\u00e1ri\u00f3):<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udf34N\u00f6veked\u00e9si korl\u00e1tok:<\/strong> ekkora m\u00e9ret mellett a 15-20%-os n\u00f6veked\u00e9s fenntart\u00e1sa \u00e9vr\u0151l \u00e9vre egyre nehezebb, a piac pedig azonnal b\u00fcntet, ha a sz\u00e1mok elmaradnak a v\u00e1rtt\u00f3l. 3150 milli\u00e1rd USD-s piaci kapitaliz\u00e1ci\u00f3val a vil\u00e1g 4. legnagyobb v\u00e1llalata, m\u00e9g a jelent\u0151s r\u00e9szv\u00e9ny\u00e1rfolyames\u00e9s ellen\u00e9re is.<\/li>\n\n\n\n<li><strong>\ud83e\ude79Horizont\u00e1lis sebezhet\u0151s\u00e9g:<\/strong> az AI forradalom legnagyobb vesz\u00e9lye, hogy a horizont\u00e1lis, \u00e1ltal\u00e1nos c\u00e9l\u00fa szoftvereket k\u00f6nnyebb &#8222;kiv\u00e1ltani&#8221; specifikus AI-\u00e1gensekkel, mint a m\u00e9lyen integr\u00e1lt, vertik\u00e1lis ipar\u00e1gi szoftvereket. Ebben a tekintetben p\u00e9ld\u00e1ul a Constellation Software (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/CSU.TO\" target=\"_blank\" rel=\"noreferrer noopener\">CSU.TO<\/a>) vagy a Topicus (TSX:TOI) sokkal v\u00e9dettebb szoftverv\u00e1llalatok.<\/li>\n\n\n\n<li><strong>\ud83d\udd0dMargin nyom\u00e1s:<\/strong> az Nvidia-t\u00f3l (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/NVDA\" target=\"_blank\" rel=\"noreferrer noopener\">NVDA<\/a>) v\u00e1s\u00e1rolt chipek \u00e9s az elk\u00e9peszt\u0151 energiaig\u00e9ny\u0171 adatk\u00f6zpontok miatt a felh\u0151szolg\u00e1ltat\u00e1sok profitabilit\u00e1sa sz\u0171k\u00fclhet.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzese\">\ud83d\udcddA Microsoft (MSFT) helyzet\u00e9nek \u00f6sszegz\u00e9se\ud83d\udcdd<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00dagy l\u00e1tom, a Microsoft (MSFT) jelenlegi gyeng\u00e9lked\u00e9se egy fontos eml\u00e9keztet\u0151: <strong>m\u00e9g a legjobb fundamentumokkal rendelkez\u0151 c\u00e9gek sem immunisak az \u00e9rt\u00e9kelts\u00e9gi korrekci\u00f3kra, f\u0151leg ha a piac a mesters\u00e9ges intelligencia mindent els\u00f6pr\u0151 ereje miatt p\u00e1nikol. <\/strong>A ROIC \u00e9s az \u00fczemi eredm\u00e9ny tov\u00e1bbra is meggy\u0151z\u0151, de a horizont\u00e1lis szoftverpiacon megjelen\u0151 AI-kih\u00edv\u00f3k miatt szorosabban kell k\u00f6vetni a c\u00e9get. Persze \u00e9rdemes feltenni magatoknak azt a k\u00e9rd\u00e9st, hogy mely v\u00e1llalatoknak van a legt\u00f6bb p\u00e9nze arra, hogy azokat az AI szolg\u00e1ltat\u00e1sokat magukba integr\u00e1lj\u00e1k majd, amelyek val\u00f3s profitot fognak termelni? <strong>Minden bizonnyal az olyan mammutoknak, mint a Microsoft (MSFT), j\u00f3 es\u00e9lye van erre.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ne feledj\u00e9tek, ez a mini-elemz\u00e9s nem helyettes\u00edti a saj\u00e1t kutat\u00e1sotokat, de abban seg\u00edt, hogy eld\u00f6nts\u00e9tek: \u00e9rdemes-e sok tucat \u00f3r\u00e1t a Microsoft (MSFT) m\u00e9lyelemz\u00e9s\u00e9re sz\u00e1nnotok vagy elegend\u0151 csak a figyel\u0151list\u00e1tokon tartani a pap\u00edrt. <strong>Mindenesetre ez az \u00e1rfolyamkorrekci\u00f3 m\u00e1r \u00e9rdemess\u00e9 teszi a c\u00e9get arra, hogy felker\u00fclj\u00f6n a list\u00e1ra, azt\u00e1n megl\u00e1tjuk, merre megy tov\u00e1bb az \u00e1rfolyam.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>\ud83e\udd11<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Ha pedig az \u00e9rdekel, hogy mi milyen br\u00f3kereket haszn\u00e1lunk, akkor olvasd el az al\u00e1bbi \u00edr\u00e1sainkat:<\/mark><\/strong><br>\ud83d\udcc9<a href=\"https:\/\/iocharts.io\/blog\/interactive-brokers-broker-szamla-elemzes-profiknak-profi\/\">Interactive Brokers br\u00f3ker sz\u00e1mla elemz\u00e9s \u2013 Profiknak profi<\/a><br>\ud83d\udcc8<a href=\"https:\/\/iocharts.io\/blog\/lightyear-broker-szamla-elemzes-egyszeruseg-es-olcsosag-kez-a-kezben\/\">LightYear br\u00f3ker sz\u00e1mla elemz\u00e9s - Egyszer\u0171s\u00e9g \u00e9s olcs\u00f3s\u00e1g k\u00e9z a k\u00e9zben<\/a><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek: Szakmai k\u00e9rd\u00e9sek a Microsoft (MSFT) kapcs\u00e1n<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mikor v\u00e1lik esed\u00e9kess\u00e9 a k\u00f6vetkez\u0151 osztal\u00e9k \u00e9s mekkora az \u00f6sszege?<\/strong> <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A Microsoft (MSFT) legut\u00f3bb 2024 v\u00e9g\u00e9n emelte az osztal\u00e9kot 0.83 doll\u00e1rra r\u00e9szv\u00e9nyenk\u00e9nt. Az ex-dividend d\u00e1tumok \u00e1ltal\u00e1ban febru\u00e1r, m\u00e1jus, augusztus \u00e9s november k\u00f6zep\u00e9re esnek. \u00c9ves szinten ez jelenleg k\u00f6r\u00fclbel\u00fcl 0.7-0.8%-os hozamot jelent a jelenlegi \u00e1rfolyamon. Nem tipikus osztal\u00e9kfizet\u0151 r\u00e9szv\u00e9ny a Microsoft, de lehet, hogy ez is sz\u00e1m\u00edt valakinek.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mi a k\u00fcl\u00f6nbs\u00e9g az Azure IaaS \u00e9s PaaS szolg\u00e1ltat\u00e1sai k\u00f6z\u00f6tt?<\/strong> <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A Cloud vil\u00e1g\u00e1ban az IaaS (Infrastructure as a Service) olyan, mintha csak az &#8222;\u00fcres szervert&#8221; b\u00e9reln\u00e9tek. A PaaS (Platform as a Service) eset\u00e9ben a Microsoft (MSFT) m\u00e1r a szoftverfejleszt\u00e9shez sz\u00fcks\u00e9ges k\u00f6rnyezetet is biztos\u00edtja. Ez ut\u00f3bbi magasabb hozz\u00e1adott \u00e9rt\u00e9ket \u00e9s jobb profitmarzsot jelent a c\u00e9gnek.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mi\u00e9rt vesz\u00e9lyesebb az AI a horizont\u00e1lis szoftverekre?<\/strong> <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Mivel a horizont\u00e1lis szoftverek (pl. egy egyszer\u0171 sz\u00f6vegszerkeszt\u0151) \u00e1ltal\u00e1nos feladatokat l\u00e1tnak el, az AI-modellek k\u00f6nnyebben megtanulj\u00e1k ezeket kiv\u00e1ltani. Ezzel szemben egy vertik\u00e1lis szoftver (pl. egy gy\u00f3gyszergy\u00e1ri min\u0151s\u00e9gbiztos\u00edt\u00e1si rendszer) olyan egyedi szab\u00e1lyoz\u00e1si \u00e9s folyamatbeli tud\u00e1st tartalmaz, amit egy \u00e1ltal\u00e1nos AI nehezebben h\u00f3d\u00edt meg.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mit takar pontosan a CAPEX n\u00f6veked\u00e9s a jelent\u00e9sekben?<\/strong> <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a t\u0151keberuh\u00e1z\u00e1sokat jelenti. A Microsoft (MSFT) eset\u00e9ben ez most els\u0151sorban az AI-hoz sz\u00fcks\u00e9ges szupersz\u00e1m\u00edt\u00f3g\u00e9pek \u00e9s adatk\u00f6zpontok \u00e9p\u00edt\u00e9s\u00e9t takarja. Befektet\u0151k\u00e9nt azt kell figyelnetek, hogy ez a kiad\u00e1s k\u00e9s\u0151bb megjelenik-e a bev\u00e9telek n\u00f6veked\u00e9s\u00e9ben (ROI).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hogyan befoly\u00e1solja a doll\u00e1r \u00e1rfolyama a Microsoft (MSFT) bev\u00e9teleit?<\/strong> <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Mivel a bev\u00e9telek t\u00f6bb mint 50%-a az USA-n k\u00edv\u00fclr\u0151l sz\u00e1rmazik, az er\u0151s doll\u00e1r rontja az eredm\u00e9nyt a deviza\u00e1tv\u00e1lt\u00e1sok miatt. Ha a doll\u00e1r gyeng\u00fcl, az export\u00e1lt szoftverek\u00e9rt kapott k\u00fclf\u00f6ldi deviza t\u00f6bbet \u00e9r, ami jav\u00edtja a m\u00e9rleget.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozata (aka. disclaimer)<\/mark>:<\/em><\/strong><em> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket.&nbsp;Az&nbsp;itt megjelen\u0151 cikkek semmilyen form\u00e1ban&nbsp;NEM&nbsp;mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni.&nbsp;Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s&nbsp;NEM&nbsp;\u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban&nbsp;NEM&nbsp;tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra.&nbsp;A meghozott d\u00f6nt\u00e9seitek\u00e9rt&nbsp;KIZ\u00c1R\u00d3LAG TI&nbsp;vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.<\/em><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\ud83e\udd14Mir\u0151l sz\u00f3l a Piaci Impulzus rovat?\ud83e\udd14 Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40-50 \u00f3r\u00e1t is ig\u00e9nybe vehet. Befektet\u0151k\u00e9nt ennyi energi\u00e1t minden egyes c\u00e9g elemz\u00e9s\u00e9be lehetetlen beletenni, ha kell\u0151en hossz\u00fa figyel\u0151list\u00e1t szeretn\u00e9tek hat\u00e9konyan kezelni. Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot, amely betekint\u00e9st enged pillanatk\u00e9p gyan\u00e1nt egy-egy r\u00e9szv\u00e9nybe, most \u00e9ppen a [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":8505,"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":[144,272,31,401],"tags":[129,275,273,274,74,4,115],"class_list":["post-8690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amerikai-reszvenyek","category-market-impulse","category-reszvenyelemzes","category-tech-szektor","tag-iocharts","tag-market-impulse","tag-microsoft","tag-msft","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?<\/title>\n<meta name=\"description\" content=\"Microsoft (MSFT) \u00e1rfolyama gyeng\u00fclt, a piac a h\u00edrekre reag\u00e1lt. 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When he isn't analyzing financial statements, he is a passionate table soccer player.","url":"https:\/\/iocharts.io\/blog\/author\/marton-bulla\/"}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/piaci-impulzus.png","gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts\/8690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/comments?post=8690"}],"version-history":[{"count":15,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts\/8690\/revisions"}],"predecessor-version":[{"id":10250,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts\/8690\/revisions\/10250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/media\/8505"}],"wp:attachment":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/media?parent=8690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/categories?post=8690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/tags?post=8690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}