{"id":8696,"date":"2026-02-12T09:01:00","date_gmt":"2026-02-12T09:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=8696"},"modified":"2026-07-27T17:51:37","modified_gmt":"2026-07-27T17:51:37","slug":"nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/","title":{"rendered":"Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi","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 az Nvidia (NVDA) 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. <strong>Ezek az impulzusok seg\u00edtenek \u00e9szben tartani, hogy a Nvidia (NVDA) 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.<\/strong><\/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\/NVDA\" target=\"_blank\" rel=\"noreferrer noopener\">NVDA 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\">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<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 az Nvidia (NVDA)?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83d\udcb5Az Nvidia (NVDA) jelenlegi helyzete \u00e9s vet\u00e9lyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83e\udd35Az Nvidia (NVDA) metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705Az Nvidia (NVDA): 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 az Nvidia (NVDA)\u2753<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az Nvidia (NVDA) ma m\u00e1r sokkal t\u00f6bb, mint egy vide\u00f3k\u00e1rtya-gy\u00e1rt\u00f3. <strong>B\u00e1r 1993-as alap\u00edt\u00e1sakor a PC-s j\u00e1t\u00e9kosokat c\u00e9lozt\u00e1k meg, m\u00e1ra a mesters\u00e9ges intelligencia \u00e9s az adatk\u00f6zpontok megker\u00fclhetetlen alapk\u00f6v\u00e9v\u00e9 v\u00e1ltak. <\/strong>A c\u00e9g \u00fagynevezett \u201efabless\u201d modellben m\u0171k\u00f6dik: \u0151k tervezik a vil\u00e1g legfejlettebb chipjeit, de a gy\u00e1rt\u00e1st k\u00fcls\u0151 partnerekre b\u00edzz\u00e1k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az Nvidia (NVDA) ereje nemcsak mag\u00e1ban a hardverben, hanem a CUDA nev\u0171 szoftveres \u00f6kosziszt\u00e9m\u00e1ban rejlik.<\/strong> Ez az a platform, amelyen a fejleszt\u0151k az AI-modelleket futtatj\u00e1k, \u00e9s ez az, ami rendk\u00edv\u00fcl neh\u00e9zz\u00e9 teszi a konkurensek sz\u00e1m\u00e1ra a v\u00e1lt\u00e1st. Ezt szoktuk &#8222;ragad\u00f3s&#8221; \u00fczleti modellnek h\u00edvni, ami a felhaszn\u00e1l\u00f3kat vagy a partnerc\u00e9geket bez\u00e1rja egy rendszerbe, ahonnan nagyon nehezen szabadulhatnak. Legyen sz\u00f3 \u00f6nvezet\u0151 aut\u00f3kr\u00f3l, komplex szimul\u00e1ci\u00f3kr\u00f3l vagy a ChatGPT-hez hasonl\u00f3 nyelvi modellekr\u0151l, szinte mindenhol egy Nvidia-f\u00e9le microchip duruzsol a h\u00e1tt\u00e9rben.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">\ud83c\udfc6Az Nvidia (NVDA) jelenlegi helyzete \u00e9s vet\u00e9lyt\u00e1rsai<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az Nvidia (NVDA) jelenleg vitathatatlanul uralja az AI-chipek piac\u00e1t, r\u00e9szesed\u00e9se egyes becsl\u00e9sek szerint a 80%-ot is meghaladja. <\/strong>Ez a dominancia azonban nem jelenti azt, hogy egyed\u00fcl vannak a p\u00e1ly\u00e1n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fontos meg\u00e9rtenetek, hogy az Nvidia (NVDA) egy chiptervez\u0151 v\u00e1llalat.<\/strong> Ez azt jelenti, hogy a szellemi term\u00e9ket (a chip architekt\u00far\u00e1j\u00e1t \u00e9s a szoftvert) \u0151k adj\u00e1k, de a fizikai megval\u00f3s\u00edt\u00e1shoz kulcsfontoss\u00e1g\u00fa partnerekre van sz\u00fcks\u00e9g\u00fck. A gy\u00e1rt\u00e1si l\u00e1nc k\u00e9t m\u00e1sik megker\u00fclhetetlen szerepl\u0151je:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ASML (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/ASML\">ASML<\/a>):<\/strong> a holland v\u00e1llalat, amely azokat a t\u00f6bb sz\u00e1zmilli\u00f3 doll\u00e1ros litogr\u00e1fiai g\u00e9peket gy\u00e1rtja, amelyek n\u00e9lk\u00fcl lehetetlen lenne a legmodernebb chipek el\u0151\u00e1ll\u00edt\u00e1sa. Viszont a k\u00ednai \u00f6nt\u00f6d\u00e9k &#8211; p\u00e9ld\u00e1ul a Huawei \u00e9s az SMIC &#8211; m\u00e1r dolgoznak azon, hogy utol\u00e9rj\u00e9k az ASML-t az EUV technol\u00f3gi\u00e1ban \u00e9s ne legyenek kiszolg\u00e1ltatva a hollandoknak, \u00e1tt\u00e9telesen pedig az amerikaiaknak. Ennek azonban m\u00e9g vannak akad\u00e1lyai, els\u0151sorban az ell\u00e1t\u00e1si l\u00e1nc oldal\u00e1n, hiszen p\u00e9ld\u00e1ul a t\u00fckr\u00f6ket a Zeiss, a l\u00e9zereket a Trumpf sz\u00e1ll\u00edtja az ASML-nek.<\/li>\n\n\n\n<li><strong>TSMC (<a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/TSM\">TSM<\/a>):<\/strong> a tajvani \u00f6nt\u00f6de, amely az ASML g\u00e9peivel fizikailag legy\u00e1rtja az Nvidia \u00e1ltal megtervezett chipeket. Azt viszont fontos tudni, hogy kor\u00e1bban a Samsung is b\u00e9rgy\u00e1rtott az Nvidi\u00e1nak, p\u00e9ld\u00e1ul az RTX 30-as vide\u00f3k\u00e1rtya-sorozatot. A leg\u00fajabb h\u00edrek szerint fognak mem\u00f3riachipeket is sz\u00e1ll\u00edtani a Vera Rubin platformhoz.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a h\u00e1rmas (Nvidia-ASML-TSMC) alkotja jelenleg az AI-hardverek gerinc\u00e9t. Az al\u00e1bbi \u00e1bra szeml\u00e9lteti ezt a folyamatot:<\/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\/Nvidia-NVDA-steps-of-producing-chips.jpg.webp\" alt=\"A chipgy\u00e1rt\u00e1s l\u00e9p\u00e9sei\" class=\"wp-image-8698 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/559;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-steps-of-producing-chips.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-steps-of-producing-chips-414x226.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-steps-of-producing-chips-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 chipgy\u00e1rt\u00e1s l\u00e9p\u00e9sei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Term\u00e9szetesen nem szabad kihagyni a chipgy\u00e1rt\u00f3 c\u00e9gek \u00e1ltal haszn\u00e1lt chiptervez\u0151 szoftvereket, amelyeket olyan v\u00e1llalatok alkottak meg, mint a Synopsys (SNPS), a Cadence Design Systems (CDNS) vagy a Siemens EDA (SIE), illetve van m\u00e9g p\u00e1r hasonl\u00f3 szerepl\u0151 a piacon.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"610\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-1-1024x610.png.webp\" alt=\"Morningstar elemz\u00e9s, az Nvidia (NVDA) ellenfelei a Morningstar szerint\" class=\"wp-image-8707 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/610;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-1-1024x610.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-1-414x247.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-1-768x458.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-1.png.webp 1344w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: fiscal.ai, Morningstar elemz\u00e9s, az Nvidia (NVDA) ellenfelei a Morningstar szerint<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az Nvidi\u00e1ra (NVDA) a legnagyobb vesz\u00e9ly: a saj\u00e1t chipeket fejleszt\u0151 \u00f3ri\u00e1sok.<\/strong> A vet\u00e9lyt\u00e1rsak k\u00f6z\u00f6tt nemcsak az AMD-t vagy az Intelt kell figyelnetek, hanem az IT megav\u00e1llalatokat is. A legnagyobb fenyeget\u00e9st maguk a Microsoft, a Google \u00e9s az Amazon jelentik, akik elk\u00e9peszt\u0151 \u00f6sszegeket \u00f6lnek abba, hogy saj\u00e1t AI-gyors\u00edt\u00f3kat fejlesszenek, cs\u00f6kkentve ezzel a kiszolg\u00e1ltatotts\u00e1gukat:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udf10Google (GOOGL):<\/strong> m\u00e1r \u00e9vek \u00f3ta haszn\u00e1lj\u00e1k a saj\u00e1t fejleszt\u00e9s\u0171 TPU (Tensor Processing Unit) chipjeiket az AI-feladatokhoz, leg\u00fajabban pedig bemutatt\u00e1k az Axion nev\u0171, ARM-alap\u00fa CPU-jukat is.<\/li>\n\n\n\n<li><strong>\ud83d\uded2Amazon (AMZN):<\/strong> az AWS felh\u0151j\u00e9ben m\u00e1r el\u00e9rhet\u0151ek a Trainium (modelltan\u00edt\u00e1sra) \u00e9s az Inferentia (k\u00f6vetkeztet\u00e9sre optimaliz\u00e1lt) chipek, valamint a saj\u00e1t Graviton processzoraik.<\/li>\n\n\n\n<li><strong>\ud83d\udcbbMicrosoft (MSFT):<\/strong> nemr\u00e9g deb\u00fct\u00e1lt a Maia 100 AI-gyors\u00edt\u00f3 \u00e9s a Cobalt 100 CPU, amiket kifejezetten az Azure felh\u0151h\u00f6z \u00e9s az AI-munkafolyamatokhoz terveztek.<\/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\/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:1055px;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\">A fenti h\u00e1rom c\u00e9gben k\u00f6z\u00f6s az, hogy mindegyik er\u0151teljesen \u00e9rdekelt a felh\u0151szolg\u00e1ltat\u00e1s-szegmensben is. Hatalmas szerverparkjaik vannak, teh\u00e1t rengeteg Nvidia (NVDA) term\u00e9ket v\u00e1s\u00e1rolnak. \u00cdgy \u00e9rdek\u00fck valamilyen h\u00e1zon bel\u00fcli megold\u00e1ssal el\u0151\u00e1llni az\u00e9rt, hogy az Nvidia eszk\u00f6zeit kiv\u00e1lts\u00e1k, igaz, ez eddig nem siker\u00fclt.<\/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\udfa2Az Nvidia (NVDA) metrik\u00e1i\ud83c\udfa2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az NVDA eset\u00e9ben a sz\u00e1mok gyakran irre\u00e1lisnak t\u0171nhetnek, ez\u00e9rt \u00e9rdemes a m\u00e9ly\u00fckre n\u00e9zni, hogy l\u00e1ss\u00e1tok: a n\u00f6veked\u00e9s vagy az \u00e1raz\u00e1s a domin\u00e1nsabb. Lel\u00f6v\u00f6m a po\u00e9nt: nem teljesen f\u00f6ldt\u0151l elrugaszkodott a r\u00e9szv\u00e9ny\u00e1rfolyam, l\u00e1ssuk, mi\u00e9rt.<\/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 \u00e1rfolyamg\u00f6rbe az elm\u00falt k\u00e9t \u00e9vben meredeken emelkedett. Ha megn\u00e9zitek a 2022 okt\u00f3beri \u00e1rfolyamot, itt m\u00e9g csak 11.5 USD k\u00f6r\u00fcl volt az \u00e1rfolyam, m\u00edg jelenleg ~192 USD-n forog a pap\u00edr, m\u00edg a maximum ~207 USD k\u00f6r\u00fcl volt. Ami m\u00e9g megd\u00f6bbent\u0151bb, hogy az elm\u00falt 5 \u00e9vben \u00e1tlagosan \u00e9s 68.71%-ot emelkedett a pap\u00edr \u00e1ra, ami brut\u00e1lis, 16x emelked\u00e9st jelent. A Tesla (TSLA) \u00e1rfolyama volt m\u00e9g hasonl\u00f3 2019 \u00e9s 2021 k\u00f6z\u00f6tt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"580\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/nvidia-NVDA-arfolyam-1024x580.png.webp\" alt=\"Az Nvidia (NVDA) \u00e1rfolyama\" class=\"wp-image-8704 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/580;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/nvidia-NVDA-arfolyam-1024x580.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/nvidia-NVDA-arfolyam-414x234.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/nvidia-NVDA-arfolyam-768x435.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/nvidia-NVDA-arfolyam.png.webp 1217w\" 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 (NVDA) \u00e1rfolyama<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9rd\u00e9s az, hogy a fenti emelked\u00e9s m\u00f6g\u00f6tt csak az AI hype van vagy pedig val\u00f3s bev\u00e9teln\u00f6veked\u00e9s \u00e9s \u00e9rt\u00e9kteremt\u00e9s.<\/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\">Nagyon sokan haszn\u00e1lj\u00e1k a P\/E, az EV\/EBITDA, a P\/FCF mutat\u00f3kat az \u00e9rt\u00e9kelts\u00e9g bemutat\u00e1s\u00e1ra. Hiszen a l\u00e9nyeg az, hogy az \u00e1rfolyam elv\u00e1lt-e a v\u00e1llalat m\u00f6g\u00f6ttes \u00e9rt\u00e9k\u00e9t\u0151l vagy sem. Szem\u00e9ly szerint jobban hiszek a NOPAT yield \u00e1rfolyamhoz viszony\u00edtott ar\u00e1ny\u00e1ban, ha az \u00e9rt\u00e9kelts\u00e9get akarom meg\u00e1llap\u00edtani, ennek els\u0151sorban sz\u00e1mviteli okai vannak. A NOPAT yield (az ad\u00f3zott \u00fczemi eredm\u00e9ny \u00e9s a v\u00e1llalati \u00e9rt\u00e9k ar\u00e1nya) az NVDA eset\u00e9ben sokszor alacsonynak t\u0171nhet a historikus \u00e1tlagokhoz k\u00e9pest. Ez azt jelenti, hogy a piac hatalmas j\u00f6v\u0151beli n\u00f6veked\u00e9st \u00e1raz be.<\/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\/NVIDIA_Corporation_NVDA-nopat-yield-1024x576.jpg.webp\" alt=\"Az Nvidia (NVDA) NOPAT yieldje \u00e9s \u00e1rfolyama\" class=\"wp-image-8709 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-nopat-yield-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-nopat-yield-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-nopat-yield-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-nopat-yield-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-nopat-yield-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-nopat-yield-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Nvidia (NVDA) NOPAT yieldje \u00e9s \u00e1rfolyama<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ebben az esetben viszont nem ez t\u00f6rt\u00e9nt, hanem az, hogy az Nvidia (NVDA) elk\u00e9peszt\u0151en brut\u00e1lis n\u00f6veked\u00e9sen van t\u00fal \u00e9s az \u00e1rfolyamot lehagyva sz\u00e1rnyalt tov\u00e1bb. A legmegd\u00f6bbent\u0151bb az, hogy m\u00e9g csak nem is t\u0171nik dr\u00e1g\u00e1nak, valahol a fair \u00e9rt\u00e9ke k\u00f6r\u00fcl forog, m\u00e1r amennyiben elhiszitek, hogy az 50-100%-os n\u00f6veked\u00e9s a tov\u00e1bbiakban is fent marad. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A fenti grafikonon l\u00e1that\u00f3 2.05% NOPAT yield \u00f6nmag\u00e1ban 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: 2.05%<\/strong><\/li>\n\n\n\n<li>\ud83d\udd52NOPAT yield 3 \u00e9ves \u00e1tlag: 2.00%<\/li>\n\n\n\n<li>\ud83d\udccaNOPAT yield 5 \u00e9ves \u00e1tlag: 2.00%<\/li>\n\n\n\n<li>\ud83d\uddd3\ufe0fNOPAT yield 10 \u00e9ves \u00e1tlag: 2.00%<\/li>\n\n\n\n<li>\ud83d\udcdcNOPAT yield 20 \u00e9ves \u00e1tlag: 6.67%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rdekes, hogy az \u00e1tlagok pont 2% k\u00f6r\u00fcl adj\u00e1k ki a 3, az 5 \u00e9s  10 \u00e9ves \u00e1tlagot is, de ez jelenleg sem t\u0171nik dr\u00e1g\u00e1nak. A probl\u00e9ma az, hogy a f\u00e1k nem n\u0151nek az \u00e9gig, a k\u00e9rd\u00e9s az, hogy vajon meddig tudnak. Ugyanis a piac egyik alapszab\u00e1lya, hogy ahol rengeteg a bev\u00e9tel \u00e9s magasak a marzsok, ott sz\u00fcks\u00e9gszer\u0171en meg fognak jelenni a versenyt\u00e1rsak. De, jelenleg ez m\u00e9g nem k\u00f6vetkezett be, amit t\u00f6k\u00e9letesen bemutat a k\u00f6vetkez\u0151 fejezet.<\/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 lenti k\u00e9pen l\u00e1that\u00f3 sz\u00e1mok d\u00f6bbenetesen brut\u00e1lisak, nagyj\u00e1b\u00f3l \u00f6sszek\u00f6thet\u0151k az AI m\u00e1nia 2022 okt\u00f3beri felfut\u00e1s\u00e1val. A lenti k\u00e9pen l\u00e1that\u00f3, hogy a bev\u00e9tel ~27 milli\u00e1rd USD-r\u0151l ~187 milli\u00e1rdra ugrott fel, de ami enn\u00e9l is durv\u00e1bb, hogy ennek a nagy r\u00e9sze m\u0171k\u00f6d\u00e9si profitban csap\u00f3dott le. Nem tudom, hogy l\u00e1ttam-e valaha 680%-os n\u00f6veked\u00e9st egyetlen \u00e9v alatt, val\u00f3sz\u00edn\u0171leg nem. A leg\u00e9rdekesebb, hogy a k\u00f6vetkez\u0151 \u00e9vi 147%-os emelked\u00e9s szinte nem is l\u00e1tszik a k\u00e9peken.<\/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\/Nvidia-NVDA-revenue-profit-change-1024x576.jpg.webp\" alt=\"Az Nvidia (NVDA) bev\u00e9teln\u00f6veked\u00e9se, profitmarzsa \u00e9s az \u00e9rt\u00e9kek v\u00e1ltoz\u00e1sa\" class=\"wp-image-8712 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-revenue-profit-change-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-revenue-profit-change-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-revenue-profit-change-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-revenue-profit-change-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-revenue-profit-change-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-revenue-profit-change-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 (NVDA) bev\u00e9teln\u00f6veked\u00e9se, profitmarzsa \u00e9s az \u00e9rt\u00e9kek v\u00e1ltoz\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A bev\u00e9telek robban\u00e1sszer\u0171 n\u00f6veked\u00e9se m\u00f6g\u00f6tt szinte kiz\u00e1r\u00f3lag az adatk\u00f6zpont-szegmens \u00e1ll, amit els\u0151sorban a mesters\u00e9ges intelligencia felfut\u00e1s\u00e1hoz haszn\u00e1lt szerverfarmokba \u00e9p\u00edtett chipek elad\u00e1sa okozta. A profitmarzsok elk\u00e9peszt\u0151ek: a c\u00e9g olyan \u00e1raz\u00e1si er\u0151vel rendelkezik, amivel jelenleg senki m\u00e1s a piacon. Szerintem a pillanatnyi \u00e1llapot szerint kimondhat\u00f3, hogy az Nvidia (NVDA) a vil\u00e1g legprofit\u00e1bilisabb v\u00e1llalata.<\/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\/Nvidia-NVDA-cogs-sga-rand-1024x576.jpg.webp\" alt=\"az Nvidia (NVDA) k\u00f6lts\u00e9gszerkezete\" class=\"wp-image-8714 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-cogs-sga-rand-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-cogs-sga-rand-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-cogs-sga-rand-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-cogs-sga-rand-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-cogs-sga-rand-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-cogs-sga-rand-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 (NVDA) k\u00f6lts\u00e9gszerkezete<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6nmag\u00e1ban azonban ez nem mond el semmit, ha nem l\u00e1tj\u00e1k a bev\u00e9tel \u00e9s a profitmarzs m\u00f6g\u00f6tti k\u00f6lts\u00e9gszerkezetet. Hiszen, ha ezekkel ar\u00e1nyosan emelkedik a k\u00f6lts\u00e9g is, akkor a kett\u0151 \u00f6sszege l\u00e9nyeg\u00e9ben nulla. De err\u0151l sz\u00f3 sincsen, a k\u00f6lts\u00e9gek messze elmaradnak a bev\u00e9telekt\u0151l, amit legink\u00e1bb az Nvidia (NVDA) a megtermelt szabad k\u00e9szp\u00e9nz\u00e1ram\u00e1n \u00e9s a NOPAT-j\u00e1n, vagyis az ad\u00f3z\u00e1s ut\u00e1ni \u00fczemi eredm\u00e9ny\u00e9n, l\u00e1tszik. 2023 janu\u00e1rja \u00e9s 2025 janu\u00e1rja k\u00f6z\u00f6tt tizen\u00f6tsz\u00f6r\u00f6s\u00e9re n\u0151tt a free cash, ami hihetetlen magas n\u00f6veked\u00e9snek sz\u00e1m\u00edt.<\/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\/NVIDIA_Corporation_NVDA-FCF-NOPAT-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-8715 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-FCF-NOPAT-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-FCF-NOPAT-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-FCF-NOPAT-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-FCF-NOPAT-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-FCF-NOPAT-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-FCF-NOPAT-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 (NVDA) FCF \u00e9s NOPART termel\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00e9gezet\u00fcl egy utols\u00f3 k\u00e9p a fentiek nyomat\u00e9kos\u00edt\u00e1s\u00e1ra: ha k\u00fcl\u00f6n kirakom egy grafikonra a t\u0151keberuh\u00e1z\u00e9st, a CAPEX-et, a dolog \u00e9rdemben akkor sem v\u00e1ltozik: a bev\u00e9tel mellett a k\u00f6lts\u00e9gek elt\u00f6rp\u00fclnek.<\/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\/Nvidia-NVDA-capex-to-ocf-1024x576.jpg.webp\" alt=\"NVDA Capex\" class=\"wp-image-8716 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-capex-to-ocf-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-capex-to-ocf-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-capex-to-ocf-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-capex-to-ocf-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-capex-to-ocf-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-capex-to-ocf-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 (NVDA) capex \u00e9rt\u00e9ke<\/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\">\u00c1ltal\u00e1ban a ROIC \u00e9s a ROCE \u00e9rt\u00e9kekkel szokt\u00e1k kifejezni egy v\u00e1llalat t\u0151kek\u00f6lts\u00e9g\u00e9n el\u00e9rt eredm\u00e9nyeit, ahol ha a ROIC&gt;WACC, vagyis az \u00e1tlagos s\u00falyozott t\u0151kek\u00f6lts\u00e9ge alacsonyabb, akkor \u00e9rt\u00e9kteremt\u00e9s t\u00f6rt\u00e9nik. Ha nem tudj\u00e1tok, mennyi a WACC, akkor \u00e9rdemes 10%-kal sz\u00e1molnotok. Erre nagyon sokf\u00e9le metrika l\u00e9tezik, de az eml\u00edtett kett\u0151t haszn\u00e1lj\u00e1k a leggyakrabban, de az \u00e9rdekess\u00e9g kedv\u00e9\u00e9rt betettem a ROA \u00e9s a ROE \u00e9rt\u00e9keket is. N\u00e9zz\u00fck, hogy ez az Nvidia (NVDA) eset\u00e9ben hogyan n\u00e9z ki:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-roic-roce-1024x576.jpg.webp\" alt=\"az Nvidia (NVDA) ROIC, ROCE, ROA \u00e9s ROE \u00e9rt\u00e9kei\" class=\"wp-image-8728 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-roic-roce-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-roic-roce-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-roic-roce-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-roic-roce-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-roic-roce-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/NVIDIA_Corporation_NVDA-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>, az Nvidia (NVDA) ROIC, ROCE, ROA \u00e9s ROE \u00e9rt\u00e9kei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Mint l\u00e1that\u00f3, szab\u00e1lyosan felrobbantak a sz\u00e1mok 2023 ut\u00e1n. Mennyi az \u00e1tlag? AZ S&amp;P500 eset\u00e9ben 10-12% k\u00f6r\u00fcl van ez az \u00e9rt\u00e9k, itt pedig 100% felett. Szerm\u00e9ly szerint m\u00e9g soha nem l\u00e1ttam ilyen brut\u00e1lis sz\u00e1mokat, de aki szeretn\u00e9 m\u00e1s c\u00e9gekkel ezt \u00f6sszehasonl\u00edtani, annak aj\u00e1nlom a kor\u00e1bbi cikket, amelyben a Microsoftr\u00f3l (MSFT) volt sz\u00f3: <a href=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/\">Microsoft (MSFT) \u2013 Esik a pap\u00edr, ki tudja hol \u00e1ll meg?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rdemes azt megjegyezni, hogy a Microsoft a vil\u00e1g legjobb v\u00e1llalatai k\u00f6z\u00e9 tartozik, \u00e9s a ROIC\/ROCE \u00e9rt\u00e9kei jellemz\u0151en 25-30% k\u00f6r\u00fcl mozognak, ezt m\u00falja fel\u00fcl az Nvidia (NVDA)  nagyon sokkal.<\/p>\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\">Az Nvidia (NVDA) 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> 60.61 milli\u00e1rd USD<\/li>\n\n\n\n<li><strong>\ud83d\udc5bnett\u00f3 ad\u00f3ss\u00e1g:<\/strong> -~50 milli\u00e1rd USD (ad\u00f3ss\u00e1g-k\u00e9szp\u00e9nz)<\/li>\n\n\n\n<li><strong>\ud83e\udef0nett\u00f3 profit: <\/strong>~99 milli\u00e1rd USD<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r a fenti sz\u00e1mok \u00f6nmaguk\u00e9rt besz\u00e9lnek, az Nvidia (NVDA) egy szab\u00e1lyos p\u00e9nzhegyen \u00fcl, \u00edgy lehet az ad\u00f3ss\u00e1ga negat\u00edv, hiszen azt nagyon sokkal meghaladja a k\u00e9szp\u00e9nz\u00e1llom\u00e1ny. Ez egyben azt is jelenti, hogyha az Nvidia akarna, t\u00f6bb p\u00e9nzt is visszaforgathatna az \u00fczletmenetbe, de val\u00f3sz\u00edn\u0171leg nincs \u00e9rtelme. V\u00e1s\u00e1rolnak vissza jelenleg r\u00e9szv\u00e9nyeket? Igen, hiszen a rengeteg k\u00e9szp\u00e9nznek egyel\u0151re nincsen jobb helye, m\u00edg egy jelz\u00e9s\u00e9rt\u00e9k\u0171 osztal\u00e9kot ugyan kapnak a befektet\u0151k, ami kevesebb, mint 1 milli\u00e1rd USD, de szerintem enn\u00e9l nem is lesz sokkal t\u00f6bb a k\u00f6zelj\u00f6v\u0151ben.<\/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\/Nvidia-NVDA-dividens-repurchase-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-8730 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-dividens-repurchase-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-dividens-repurchase-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-dividens-repurchase-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-dividens-repurchase-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-dividens-repurchase-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-dividens-repurchase-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>, egy k\u00e9pen az eg\u00e9sz sztori: r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1s, osztal\u00e9k \u00e9s bev\u00e9tel<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A fenti k\u00e9pen a bev\u00e9telhez viszony\u00edtott r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1si ar\u00e1ny (z\u00f6ld), az osztal\u00e9k (lila) \u00e9s a r\u00e9szv\u00e9nyalap\u00fa kompenz\u00e1ci\u00f3 m\u00e9rt\u00e9ke l\u00e1tszik sz\u00e1zal\u00e9kos ar\u00e1nyban. Ami nagyon l\u00e9nyeges, hogy ekkora bev\u00e9tel mellett l\u00e9nyeg\u00e9ben minden sz\u00e1m elt\u00f6rp\u00fcl, de ami brut\u00e1lis, az a 44 milli\u00e1rd USD-s visszav\u00e1s\u00e1rl\u00e1s, ami majdnem a dupl\u00e1ja a 2022-es bev\u00e9telnek. A v\u00e1llalat szab\u00e1lyosan f\u00fcrdik a p\u00e9nzben, ami \u00f3ri\u00e1si mozg\u00e1steret biztos\u00edt szinte b\u00e1rmilyen strat\u00e9gia v\u00e9grehajt\u00e1s\u00e1ra, am\u00edg a n\u00f6veked\u00e9se fenn\u00e1ll.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">\ud83d\udcb5Nvidia (NVDA): megszoksz vagy megsz\u00f6ksz?\ud83d\udcb5<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ahogyan minden c\u00e9g eset\u00e9ben, az Nvidia (NVDA) kapcs\u00e1n is k\u00e9t narrat\u00edva van. Egyet az optimist\u00e1k, egyet pedig a pesszimist\u00e1k t\u00e1mogatnak, erre hoztam p\u00e1r p\u00e9ld\u00e1t.<\/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>Technol\u00f3giai monop\u00f3lium:<\/strong> a mesters\u00e9ges intelligencia hardveres piac\u00e1n az Nvidia (NVDA) piaci r\u00e9szesed\u00e9se 80% feletti, \u00e9s a szoftveres (CUDA) monop\u00f3lium miatt ez nem is fog gyorsan v\u00e1ltozni. Ez a tendencia a videok\u00e1rty\u00e1k piac\u00e1n egy ideje m\u00e1r tart, az AMD-t, kor\u00e1bban ATI-t \u00e9vek \u00f3ta veri az Nvidia (NVDA).<\/li>\n\n\n\n<li><strong>\u00daj piaci szegmensek:<\/strong> az \u00f6nvezet\u0151 aut\u00f3k \u00e9s a humanoid robotok korszaka m\u00e9g csak most kezd\u0151dik, ami \u00fajabb \u00e9vtizedes n\u00f6veked\u00e9si p\u00e1ly\u00e1t jelenthet. \u00c9rdekess\u00e9g, hogy a g\u00e9pj\u00e1rm\u0171vekben l\u00e9v\u0151 chipek sz\u00e1ma megsokszoroz\u00f3dott az elm\u00falt p\u00e1r \u00e9vben \u00e9s ez a tendencia nem val\u00f3sz\u00edn\u0171, hogy v\u00e1ltozni fog, m\u00edg a robotikai ipar l\u00e9nyeg\u00e9ben csak az els\u0151 l\u00e9p\u00e9seit teszi meg.<\/li>\n\n\n\n<li><strong>Szuver\u00e9n AI:<\/strong> egyre t\u00f6bb orsz\u00e1g (pl. Sza\u00fad-Ar\u00e1bia, Egyes\u00fclt Arab Em\u00edrs\u00e9gek) saj\u00e1t szupersz\u00e1m\u00edt\u00f3g\u00e9peket \u00e9p\u00edt, ami \u00e1llami szint\u0171, stabil keresletet teremt. Nagyon sok szervezetnek van sz\u00fcks\u00e9ge az internetr\u0151l lev\u00e1lasztott mesters\u00e9ges intelligenci\u00e1ra, adatbiztons\u00e1gi okokb\u00f3l, \u00edgy val\u00f3sz\u00edn\u0171leg az ilyen jelleg\u0171 infrastrukt\u00far\u00e1t t\u00f6bbsz\u00f6r\u00f6zni fogj\u00e1k az \u00e1llamok.<\/li>\n<\/ul>\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>Ciklikuss\u00e1g:<\/strong> a f\u00e9lvezet\u0151ipar (microchip szektor) t\u00f6rt\u00e9nelmileg ciklikus. Ha az AI beruh\u00e1z\u00e1sok megt\u00e9r\u00fcl\u00e9se elmarad a v\u00e1rakoz\u00e1st\u00f3l, a kereslet hirtelen beszakadhat. Szint\u00e9n \u00e9rdemes lenne megvizsg\u00e1lni az Nvidia (NVDA) backlogj\u00e1t, vagyis azt az \u00e9rt\u00e9ket, ami megmutatja, mennyi m\u00e9g ki nem sz\u00e1ll\u00edtott megrendel\u00e9st kell teljes\u00edtenie a v\u00e1llalatnak.<\/li>\n\n\n\n<li><strong>Konkurencia \u00e9s saj\u00e1t chipek:<\/strong> ahogy fentebb eml\u00edtettem, a Microsoft, a Google \u00e9s az Amazon saj\u00e1t chipjei (Maia, TPU, Trainium) id\u0151vel elsz\u00edvhatj\u00e1k a keresletet az Nvidia el\u0151l.<\/li>\n\n\n\n<li><strong>Geopolitikai kock\u00e1zat:<\/strong> mivel a gy\u00e1rt\u00e1s Tajvanon koncentr\u00e1l\u00f3dik, b\u00e1rmilyen k\u00ednai-amerikai fesz\u00fclts\u00e9g v\u00e9gzetes hat\u00e1ssal lehet az ell\u00e1t\u00e1si l\u00e1ncra. Mivel K\u00edna folyamatosan k\u00e9sz\u00fcl Tajvan elfoglal\u00e1s\u00e1ra, ez a helyzet nem val\u00f3sz\u00edn\u0171, hogy r\u00f6vidt\u00e1von megold\u00f3dik. A TSMC, mint a legnagyobb gy\u00e1rt\u00f3 elkezdte k\u00fclf\u00f6ldre telep\u00edteni a gy\u00e1rait, p\u00e9ld\u00e1ul az USA-ban a Fab 21-nek h\u00edvott telepre, de van nekik Jap\u00e1nban is. Ez azonban a teljes kapacit\u00e1s 5-8%-\u00e1t teszi majd csak ki, \u00e9s hosszabb t\u00e1von sem akar 20%-n\u00e1l t\u00f6bbet k\u00fclf\u00f6ldre telep\u00edteni.<\/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\udcddAz Nvidia (NVDA) helyzet\u00e9nek \u00f6sszegz\u00e9se\ud83d\udcdd<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az Nvidia (NVDA) jelenleg a vil\u00e1g legfontosabb v\u00e1llalata az innov\u00e1ci\u00f3 szempontj\u00e1b\u00f3l, de befektet\u0151k\u00e9nt ez a legnehezebb terep is.<\/strong> A fundamentumok, k\u00fcl\u00f6n\u00f6sen a ROIC \u00e9s a profitabilit\u00e1s, hib\u00e1tlanok, de az \u00e1raz\u00e1sba \u00e9p\u00edtett v\u00e1rakoz\u00e1sok nem hagynak helyet a hib\u00e1z\u00e1snak. <strong>Ennek ellen\u00e9re t\u00f6bb helyen olvastam, hogy az Nvidia (NVDA) fair \u00e9rt\u00e9k k\u00f6r\u00fcl forog vagy egy kicsit alul\u00e9rt\u00e9kelt is, de ebbe m\u00e1r benne van a j\u00f6v\u0151beni hatalmas v\u00e1rakoz\u00e1s is.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ne feledj\u00e9tek, ez a mini-elemz\u00e9s seg\u00edt az el\u0151sz\u0171r\u00e9sben, de nem helyettes\u00edti a m\u00e9lyebb kutat\u00e1st. Ha az \u00e1rfolyam jelent\u0151sen korrig\u00e1l, de a fundamentumok (p\u00e9ld\u00e1ul az adatk\u00f6zponti bev\u00e9telek) nem s\u00e9r\u00fclnek, az egy j\u00f3 bel\u00e9p\u00e9si pontot jelezhet a figyel\u0151list\u00e1tokon. Term\u00e9szetesen a t\u00f6rt\u00e9net ford\u00edtva is igaz: ha bezuhan a bev\u00e9tel vagy megjelenik egy komolyabb konkurens a piacon, akkor el kell gondolkodni azon, hogy megmarad-e az Nvidia (NVDA) versenyel\u0151nye.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<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><a href=\"https:\/\/iocharts.io\/blog\/interactive-brokers-broker-szamla-elemzes-profiknak-profi\/\">\ud83d\udcc9Interactive Brokers br\u00f3ker sz\u00e1mla elemz\u00e9s \u2013 Profiknak profi<\/a><br><a href=\"https:\/\/iocharts.io\/blog\/lightyear-broker-szamla-elemzes-egyszeruseg-es-olcsosag-kez-a-kezben\/\">\ud83d\udcc8LightYear 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<h3 class=\"wp-block-heading\">GY\u00cdK: Szakmai k\u00e9rd\u00e9sek az Nvidia (NVDA) kapcs\u00e1n<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Mit takar a Blackwell architekt\u00fara \u00e9s mi\u00e9rt fontos?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ez az Nvidia (NVDA) leg\u00fajabb chip-gener\u00e1ci\u00f3ja, amely t\u00f6bbsz\u00f6r\u00f6s teljes\u00edtm\u00e9nyt \u00edg\u00e9r az el\u0151z\u0151 H100-as sz\u00e9ri\u00e1hoz k\u00e9pest. Ez a term\u00e9kvonal fogja eld\u00f6nteni, hogy tarthat\u00f3-e a c\u00e9g n\u00f6veked\u00e9si \u00fcteme 2026-ban is.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Mi\u00e9rt h\u00edvj\u00e1k az Nvidia-t &#8222;fabless&#8221; c\u00e9gnek?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Mert nincs saj\u00e1t gy\u00e1ruk (fab). \u0150k csak a szellemi term\u00e9ket (terveket) hozz\u00e1k l\u00e9tre, a fizikai gy\u00e1rt\u00e1st a TSMC v\u00e9gzi. Ez teszi lehet\u0151v\u00e9 a magas profitmarzsot, de egyben f\u00fcgg\u0151s\u00e9get is jelent a gy\u00e1rt\u00f3kapacit\u00e1sokt\u00f3l.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Mi az a CUDA, \u00e9s mi\u00e9rt ez a c\u00e9g legnagyobb versenyel\u0151nye?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A CUDA egy programoz\u00e1si platform, ami lehet\u0151v\u00e9 teszi, hogy a szoftverfejleszt\u0151k k\u00f6zvetlen\u00fcl az Nvidia GPU-k erej\u00e9t haszn\u00e1lj\u00e1k. Mivel az elm\u00falt 15 \u00e9vben szinte minden AI-kutat\u00e1s ezen futott, a v\u00e1lt\u00e1s egy konkurensre (pl. AMD) hatalmas szoftveres \u00e1t\u00edr\u00e1si k\u00f6lts\u00e9ggel j\u00e1rna.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Mekkora osztal\u00e9kot fizet az Nvidia (NVDA)?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9g fizet osztal\u00e9kot, de a m\u00e9rt\u00e9ke elhanyagolhat\u00f3 (0.1% alatti hozam). Az Nvidia (NVDA) nem osztal\u00e9kr\u00e9szv\u00e9ny, hanem tiszt\u00e1n n\u00f6veked\u00e9si pap\u00edr, ahol a profitot ink\u00e1bb fejleszt\u00e9sre k\u00f6ltik.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>5. Hogyan befoly\u00e1solja az amerikai exportkorl\u00e1toz\u00e1s a c\u00e9get?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az USA korl\u00e1tozza a legfejlettebb microchip technol\u00f3gi\u00e1k elad\u00e1s\u00e1t K\u00edn\u00e1nak. Ez jelent\u0151s bev\u00e9telkies\u00e9st okozott, de az Nvidia (NVDA) eddig k\u00e9pes volt ezt a kies\u00e9st m\u00e1s piacokon (USA, Eur\u00f3pa, K\u00f6zel-Kelet) b\u0151s\u00e9gesen kompenz\u00e1lni.<\/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;it 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 az [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":8735,"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":[144,398,272,31,401],"tags":[129,275,277,276,74,4,115],"class_list":["post-8696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amerikai-reszvenyek","category-chip-gyartok","category-market-impulse","category-reszvenyelemzes","category-tech-szektor","tag-iocharts","tag-market-impulse","tag-nvda","tag-nvidia","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>Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi<\/title>\n<meta name=\"description\" content=\"Nvidia (NVDA) profitrobban\u00e1s az AI-kereslet miatt, de egyre er\u0151sebb verseny j\u00f6n. Indokolt az \u00e9rt\u00e9kelts\u00e9g 2026-ban? N\u00e9zd meg az adatokat egy helyen.\" \/>\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\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi\" \/>\n<meta property=\"og:description\" content=\"Nvidia (NVDA) profitrobban\u00e1s az AI-kereslet miatt, de egyre er\u0151sebb verseny j\u00f6n. Indokolt az \u00e9rt\u00e9kelts\u00e9g 2026-ban? 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