{"id":9098,"date":"2026-02-22T09:01:00","date_gmt":"2026-02-22T09:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=9098"},"modified":"2026-06-05T09:23:39","modified_gmt":"2026-06-05T09:23:39","slug":"alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/","title":{"rendered":"Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat","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>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 Alphabet (GOOGL) 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>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 az Alphabet (GOOGL) 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>A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/GOOGL\" target=\"_blank\" rel=\"noreferrer noopener\">GOOGL r\u00e9szv\u00e9ny oldal<\/a><\/p>\n\n\n\n<p>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\">A GOOGL r\u00e9szv\u00e9ny\u00e1rfolyama<\/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:GOOGL|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>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\udfa2 Mit csin\u00e1l az Alphabet (GOOGL)?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83d\udcb5 Az Alphabet (GOOGL) jelenlegi helyzete \u00e9s vet\u00e9lyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83e\udd35 Alphabet (GOOGL) metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705 Alphabet (GOOGL): megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">\ud83d\udcdd A 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\">\u2753 Mit csin\u00e1l az Alphabet (GOOGL)? \u2753<\/h2>\n\n\n\n<p><strong>Az Alphabet (GOOGL) a vil\u00e1g legl\u00e1togatottabb internetes keres\u0151je \u00e9s egyben az egyik legj\u00f6vedelmez\u0151bb rekl\u00e1mg\u00e9pezet, amit valaha fel\u00e9p\u00edtettek.<\/strong> A Google keres\u0151t naponta k\u00f6zel 14 milli\u00e1rd lek\u00e9rdez\u00e9sre haszn\u00e1lj\u00e1k, a YouTube a vil\u00e1g m\u00e1sodik legnagyobb keres\u0151j\u00e9v\u00e9 n\u0151tte ki mag\u00e1t, a Gmail \u00e9s a Chrome pedig olyan m\u00e9lyen be\u00e9p\u00fcltek a mindennapi digit\u00e1lis \u00e9letbe, hogy a legt\u00f6bb felhaszn\u00e1l\u00f3 \u00e9szre sem veszi, hol \u00e9r v\u00e9get a Google \u00e9s hol kezd\u0151dik az internet. Kinek NEM Gmail-es email c\u00edme van? \u00c9s h\u00e1nyan haszn\u00e1ltok Chrome-ot vagy Chrome alap\u00fa b\u00f6ng\u00e9sz\u0151t? Na ugye.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1000\" height=\"503\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Googl-Alphabet-okoszisztema.png.webp\" alt=\"Alphabet (GOOGL) \u00f6kosziszt\u00e9ma\" class=\"wp-image-9145 lazyload\" style=\"--smush-placeholder-width: 1000px; --smush-placeholder-aspect-ratio: 1000\/503;width:1055px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Googl-Alphabet-okoszisztema.png.webp 1000w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Googl-Alphabet-okoszisztema-414x208.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Googl-Alphabet-okoszisztema-768x386.png.webp 768w\" data-sizes=\"(max-width: 1000px) 100vw, 1000px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/mark-kalin.com\/the-alphabet-inc-ecosystem\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mark Kalin<\/a>, Alphabet (GOOGL) \u00f6kosziszt\u00e9ma<\/figcaption><\/figure>\n\n\n\n<p>Az \u00fczleti modell h\u00e1rom l\u00e1bra t\u00e1maszkodik. <strong>Az els\u0151 \u00e9s messze a legnagyobb a Google Services:<\/strong> a Search, a YouTube \u00e9s az egy\u00e9b hirdet\u00e9si fel\u00fcletek, amelyek a bev\u00e9tel k\u00f6zel 75-77%-\u00e1t termelik. <strong>A m\u00e1sodik a Google Cloud, amely az egyik leggyorsabban n\u00f6vekv\u0151 \u00e9s egyre profit\u00e1bilisabb szegmens:<\/strong> 2025-ben \u00e9ves szinten m\u00e1r 70 milli\u00e1rd USD-s bev\u00e9telt termelt, \u00e9s a negyed\u00e9v v\u00e9g\u00e9n 240 milli\u00e1rd USD-s szerz\u0151d\u00e9s\u00e1llom\u00e1nnyal z\u00e1rt. <strong>A harmadik az Other Bets<\/strong> \u2013 ide tartozik a Waymo \u00f6nvezet\u0151 aut\u00f3s div\u00edzi\u00f3, a Verily \u00e9lettudom\u00e1nyi r\u00e9szleg \u00e9s a t\u00f6bbi hossz\u00fa t\u00e1v\u00fa k\u00eds\u00e9rlet, amelyek egyel\u0151re j\u00f3val t\u00f6bb p\u00e9nzt \u00e9getnek, mint amennyit termelnek. Az Alphabet az egyik legismertebb spawner, m\u00e1s n\u00e9ven ikr\u00e1z\u00f3 v\u00e1llalat, ami folyamatosan \u00fajabb, bev\u00e9telt termel\u0151 l\u00e1bat n\u00f6veszt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"610\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-4-1024x610.png.webp\" alt=\"a Morningstar szerint ezek a legnagyobb konkurensek\" class=\"wp-image-9148 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-4-1024x610.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-4-414x247.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-4-768x457.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/image-4.png.webp 1268w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/610;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Morningstar, a Morningstar szerint ezek a legnagyobb konkurensek<\/figcaption><\/figure>\n\n\n\n<p>Az Alphabetet 2004-es t\u0151zsdei bevezet\u00e9se \u00f3ta a keres\u00e9si monop\u00f3lium tette azz\u00e1, ami ma. Az a k\u00e9rd\u00e9s, amellyel most minden befektet\u0151nek szembe kell n\u00e9znie: <strong>a mesters\u00e9ges intelligencia kieg\u00e9sz\u00edti ezt a monop\u00f3liumot, vagy lassan kikezdi azt?<\/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\udfc6 Az Alphabet (GOOGL) jelenlegi helyzete \u00e9s vet\u00e9lyt\u00e1rsai \ud83c\udfc6<\/h2>\n\n\n\n<p>Az Alphabet versenyk\u00e9pes poz\u00edci\u00f3ja egyszerre t\u0171nik bebetonozottnak \u00e9s meglep\u0151en s\u00e9r\u00fcl\u00e9kenynek \u2013 att\u00f3l f\u00fcgg\u0151en, hogy melyik szegmenst n\u00e9zitek. T\u00f6bbsz\u00f6r hallottam az Alphabet kapcs\u00e1n, hogy egy olyan hegy, amit elmozd\u00edtani nem, csak megm\u00e1szni lehet.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"470\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-US-Market-Share-1024x470.jpg.webp\" alt=\"igen durva Alphabet (GOOGL) dominancia\" class=\"wp-image-9151 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-US-Market-Share-1024x470.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-US-Market-Share-414x190.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-US-Market-Share-768x353.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-US-Market-Share-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/470;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Visal Capitalist, igen durva Alphabet (GOOGL) dominancia<\/figcaption><\/figure>\n\n\n\n<p><strong>A keres\u00e9sn\u00e9l a piac k\u00f6zel 90%-a a Google kez\u00e9ben van.<\/strong> Ez \u00e9vtizedek alatt fel\u00e9p\u00edtett, szinte megism\u00e9telhetetlen infrastrukt\u00fara: az indexelt adatok volumene, a rangsorol\u00f3 algoritmusok finomhangolts\u00e1ga \u00e9s a felhaszn\u00e1l\u00f3i szok\u00e1sok tehetetlens\u00e9ge egy\u00fctt adnak akkora moatot, hogy a Microsoft Bingnek az OpenAI-integr\u00e1ci\u00f3val sem siker\u00fclt \u00e9rdemben bet\u00f6rni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"512\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet-Google-Cloud-piac-megoszlasa-1024x512.jpg.webp\" alt=\"A felh\u0151piaci versenyben jelenleg \u00edgy \u00e1llnak a felek\" class=\"wp-image-9152 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet-Google-Cloud-piac-megoszlasa-1024x512.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet-Google-Cloud-piac-megoszlasa-414x207.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet-Google-Cloud-piac-megoszlasa-768x384.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet-Google-Cloud-piac-megoszlasa-1536x768.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet-Google-Cloud-piac-megoszlasa-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/512;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Statista, A felh\u0151piaci versenyben jelenleg \u00edgy \u00e1llnak a felek<\/figcaption><\/figure>\n\n\n\n<p><strong>A felh\u0151piacon a Google Cloud a harmadik helyen \u00e1ll az Amazon AWS \u00e9s a Microsoft Azure m\u00f6g\u00f6tt, de 2025-ben 48%-os \u00e9ves bev\u00e9teln\u00f6veked\u00e9ssel \u00e9s 30%-os operat\u00edv marginnal z\u00e1rt a Q4-ben<\/strong> \u2013 ez ut\u00f3bbi egy \u00e9vvel kor\u00e1bban m\u00e9g csak 17.5% volt. A Google Cloud backlogja 240 milli\u00e1rd doll\u00e1rra ugrott, ami azt jelenti, hogy az \u00fcgyfelek m\u00e1r most lefoglalt\u00e1k a k\u00f6vetkez\u0151 \u00e9vek kapacit\u00e1sait. Ez a szegmens egy\u00e9rtelm\u0171en gyorsul.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"907\" height=\"1024\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-907x1024.webp\" alt=\"a hirdet\u00e9si piac megoszl\u00e1sa\" class=\"wp-image-9153 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-907x1024.webp 907w, https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-367x414.webp 367w, https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-768x867.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-1361x1536.webp 1361w, https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-1815x2048.webp 1815w, https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/02\/Googl-Alphabet-hirdetesi-lab-scaled.webp 984w\" data-sizes=\"(max-width: 907px) 100vw, 907px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 907px; --smush-placeholder-aspect-ratio: 907\/1024;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/quartr.com\/insights\/company-research\/the-rise-of-google-meta-amazon-and-youtube-in-advertising\" target=\"_blank\" rel=\"noreferrer noopener\">Quartr<\/a>, a hirdet\u00e9si piac megoszl\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p><strong>A hirdet\u00e9si piacon az Amazon, a TikTok\/ByteDance \u00e9s a Meta egyre komolyabb fenyeget\u00e9s.<\/strong> Az Amazon k\u00fcl\u00f6n\u00f6sen figyelemre m\u00e9lt\u00f3: a v\u00e1s\u00e1rl\u00f3i sz\u00e1nd\u00e9kot (purchase intent) m\u00e1r k\u00f6zvetlen\u00fcl az Amazon platformj\u00e1n lehet el\u00e9rni, ami az egyik leger\u0151sebb hirdet\u00e9si kontextus, \u00e9s ez a Google Search-b\u0151l szippant el forgalmat.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Nvidia-NVDA-concurrents-spending.jpg.webp\" alt=\"A nagy AI c\u00e9gek beruh\u00e1z\u00e1sai a mesters\u00e9ges intelligencia kapcs\u00e1n. K\u00e9pen a Meta, az Amazon, a Google stb.\" 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><strong>Az AI-versenyben az Alphabet (GOOGL) szerencs\u00e9s helyzetben van: a Google DeepMind a vil\u00e1g egyik leger\u0151sebb AI-kutat\u00f3csoportja, a Gemini modellek 2025-ben komoly piaci visszhangot kaptak \u2013 a Gemini App havi akt\u00edv felhaszn\u00e1l\u00f3inak sz\u00e1ma 750 milli\u00f3ra n\u0151tt \u2013, \u00e9s a Google Cloud az egyetlen felh\u0151szolg\u00e1ltat\u00f3, amelyik saj\u00e1t fejleszt\u00e9s\u0171 AI-chipeket (TPU) k\u00edn\u00e1l az Nvidia GPU-k mellett.<\/strong> Ez komoly differenci\u00e1l\u00f3 t\u00e9nyez\u0151, k\u00fcl\u00f6n\u00f6sen \u00e1r\u00e9rz\u00e9keny enterprise \u00fcgyfeleknek. <strong>Viszont az Anthropic f\u00e9le Claude \u00e9s Sonnet modellek el\u00e9g durv\u00e1n felj\u00f6ttek a nyakukra, s\u0151t, megkock\u00e1ztatom, hogy jelenleg jobbak is mint a Gemini.<\/strong> Viszont, k\u00e9pgener\u00e1l\u00e1sban a Gemini f\u00e9le Nanobanana m\u00e9g mindig nagyon \u00fct\u0151s, sz\u00f3val a verseny \u00e9lesedik, de a Google a k\u00f6zvetlen \u00e9lvonalban van.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/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\udfa2 Az Alphabet (GOOGL) metrik\u00e1i \ud83c\udfa2<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udcca \u00c1rfolyam \u00e9s a CAPEX-sokk<\/h3>\n\n\n\n<p>Az Alphabet \u00e1rfolyama a 2025 v\u00e9gi cs\u00facsokhoz k\u00e9pest 10-12%-ot korrig\u00e1lt, \u00e9s a 2026. febru\u00e1ri negyed\u00e9ves jelent\u00e9s ut\u00e1n is esett, annak ellen\u00e9re, hogy az Alphabet minden fontos mutat\u00f3n verte az elemz\u0151i konszenzust. Az ok? A 2026-os CAPEX-el\u0151rejelz\u00e9s brut\u00e1lis lett: <strong>175-185 milli\u00e1rd USD, ami k\u00f6zel k\u00e9tszerese a 2025-\u00f6s 91.4 milli\u00e1rd USD-s t\u0151keberuh\u00e1z\u00e1snak.<\/strong> A piac erre \u2013 ahogyan a Meta eset\u00e9ben is l\u00e1ttuk \u2013 azonnal b\u00fcntet.<\/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\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-1024x576.jpg.webp\" alt=\"az Alphabetnek (GOOGL) nem kell szer\u00e9nykednie a bev\u00e9teln\u00f6veked\u00e9se miatt\" class=\"wp-image-9157 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\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-es-bevetelvaltozas-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 Alphabetnek (GOOGL) nem kell szer\u00e9nykednie a bev\u00e9teln\u00f6veked\u00e9se miatt<\/figcaption><\/figure>\n\n\n\n<p>\u00c9rdemes azonban perspekt\u00edv\u00e1ba helyezni a mostani es\u00e9st: az Alphabet \u00e1rfolyama 2022-ben k\u00f6zel 44%-ot esett, r\u00e9szben a rekl\u00e1mpiac lassul\u00e1sa, r\u00e9szben a ChatGPT megjelen\u00e9s\u00e9t\u0151l val\u00f3 f\u00e9lelem miatt. Aki akkor nem adta el, az 2023-2024-ben az egyik legjobb hozamot realiz\u00e1lta a nagy tech r\u00e9szv\u00e9nyek k\u00f6z\u00f6tt. A CAPEX-p\u00e1nik teh\u00e1t nem \u00faj kelet\u0171 jelens\u00e9g az Alphabetn\u00e9l \u2013 a k\u00e9rd\u00e9s ugyanaz, mint mindig: megt\u00e9r\u00fcl-e a befektet\u00e9s? Pontosan ugyan\u00fagy, ahogy azt a kor\u00e1bbi 3 techc\u00e9g kapcs\u00e1n is \u00edrtam:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><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><\/li>\n\n\n\n<li><a href=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/\">Amazon (AMZN): a digit\u00e1lis gazdas\u00e1g sv\u00e1jci bicsk\u00e1ja<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/iocharts.io\/blog\/meta-platforms-meta-mennyibe-kerul-zuckerberg-ai-fogadasa\/\">Meta Platforms (META) \u2013 Mennyibe ker\u00fcl Zuckerberg AI-fogad\u00e1sa?<\/a><\/li>\n<\/ul>\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>Az Alphabet jelenleg 26x el\u0151retekint\u0151 P\/E szorz\u00f3n forog, ami a historikus \u00e1tlag k\u00f6r\u00fcl van. Enn\u00e9l figyelemre m\u00e9lt\u00f3bb, hogy a bev\u00e9tel n\u00f6veked\u00e9si \u00fcteme hasonl\u00f3 a Meta-Microsoft p\u00e1roshoz, a felh\u0151szolg\u00e1ltat\u00e1sok szegmense gyorsabban n\u0151, \u00e9s a cash-gener\u00e1l\u00f3 k\u00e9pess\u00e9ge az ipar\u00e1gban az egyik leger\u0151sebb. \u00c9s ez egy nagyon j\u00f3 p\u00e9lda arra, hogyan t\u00e9veszti meg a befektet\u0151ket a P\/E mutat\u00f3, mert az Alphabet (GOOGL) historikusan egy\u00e1ltal\u00e1n nem olcs\u00f3, ha b\u00e1rmilyen m\u00e1s metrik\u00e1t vesztek alapul. El\u00e9g, ha az EV\/EBITDA \u00e9rt\u00e9ket megn\u00e9zitek, m\u00e1r azon is l\u00e1tszik, hogy itt bizony nincs diszkontr\u00f3l sz\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\/Alphabet_Inc_GOOGL-EV-ebitda-1024x576.jpg.webp\" alt=\"az Alphabet, a Meta \u00e9s a Microsoft EV\/EBITDA \u00e1rfolyama egym\u00e1smellett\" class=\"wp-image-9158 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\/Alphabet_Inc_GOOGL-EV-ebitda-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-EV-ebitda-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-EV-ebitda-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-EV-ebitda-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-EV-ebitda-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-EV-ebitda-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 Alphabet, a Meta \u00e9s a Microsoft EV\/EBITDA \u00e1rfolyama egym\u00e1s mellett<\/figcaption><\/figure>\n\n\n\n<p>Teljesen m\u00e1st mutat a szok\u00e1sos NOPAT yield, f\u0151leg \u00fagy, hogy 2023-ban 85, m\u00edg 2025 \u00e1prilis\u00e1ban 150 USD k\u00f6r\u00fcl forgott az Alphabet (GOOGL) r\u00e9szv\u00e9nye, 6.7 \u00e9s 5.5%-os, extr\u00e9m magas \u00e9rt\u00e9k mellett. 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: ~2.9%<\/strong><\/li>\n\n\n\n<li>\ud83d\udd52NOPAT yield 3 \u00e9ves \u00e1tlag: 4.83%<\/li>\n\n\n\n<li>\ud83d\udccaNOPAT yield 5 \u00e9ves \u00e1tlag: 4.28%<\/li>\n\n\n\n<li>\ud83d\uddd3\ufe0fNOPAT yield 10 \u00e9ves \u00e1tlag: 3.85%<\/li>\n\n\n\n<li>\ud83d\udcdcNOPAT yield 20 \u00e9ves \u00e1tlag: 3.92%<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-1024x576.jpg.webp\" alt=\"az Alphabet (GOOGL) \u00e9rt\u00e9kelts\u00e9ge\" class=\"wp-image-9159 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-NOPAT-yield-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Alphabet (GOOGL) \u00e9rt\u00e9kelts\u00e9ge<\/figcaption><\/figure>\n\n\n\n<p>A NOPAT yield (az EV\/NOPAT-b\u00f3l sz\u00e1molva) jelenleg 2.8-2.9% k\u00f6r\u00fcl mozog, ami az elm\u00falt 5-7 \u00e9v \u00e1tlag\u00e1n\u00e1l sokkal magasabb \u00e9rt\u00e9kelts\u00e9get mutat. Vagyis a piac hisz abban, hogy az Alphabet (GOOGL) sz\u00e1rnyalni fog \u00e9s hogy a hatalmas k\u00f6lts\u00e9gek sem fogj\u00e1k f\u00f6ldbe \u00e1ll\u00edtani a vil\u00e1g 3. legnagyobb piaci kapitaliz\u00e1ci\u00f3j\u00fa v\u00e1llalat\u00e1t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udef0 Bev\u00e9telek \u00e9s profitabilit\u00e1s<\/h3>\n\n\n\n<p>A sz\u00e1mok \u00f6nmaguk\u00e9rt besz\u00e9lnek: <strong>az Alphabet 2025-ben el\u0151sz\u00f6r l\u00e9pte \u00e1t a 400 milli\u00e1rd doll\u00e1ros \u00e9ves bev\u00e9teli hat\u00e1rt, ami 15-16%-os \u00e9ves n\u00f6veked\u00e9s.<\/strong> A Q4 2025-\u00f6s negyed\u00e9v 113.83 milli\u00e1rd doll\u00e1ros bev\u00e9telt hozott, ami k\u00f6zel 18%-os \u00e9ves n\u00f6veked\u00e9s. A nett\u00f3 nyeres\u00e9g 30%-kal n\u0151tt az el\u0151z\u0151 \u00e9v azonos id\u0151szak\u00e1hoz k\u00e9pest.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-1024x576.jpg.webp\" alt=\"az Alphabet (GOOGL) bev\u00e9tele, profitja \u00e9s k\u00e9szp\u00e9nze\" class=\"wp-image-9160 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-profit-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Alphabet (GOOGL) bev\u00e9tele, profitja \u00e9s k\u00e9szp\u00e9nze<\/figcaption><\/figure>\n\n\n\n<p>A szegmensek k\u00f6z\u00fcl a Google Cloud a legizgalmasabb sztori: nemcsak a 48%-os bev\u00e9teln\u00f6veked\u00e9s, hanem a profitabilit\u00e1s meredek javul\u00e1sa is figyelemre m\u00e9lt\u00f3. A Cloud operat\u00edv marzsa egyetlen \u00e9v alatt 17.5%-r\u00f3l 30.1%-ra ugrott Q4-ben, ez azt jelzi, hogy a sk\u00e1l\u00e1z\u00f3d\u00e1s beindul\u00f3 f\u00e9lben van, \u00e9s a kor\u00e1bban kapacit\u00e1s\u00e9p\u00edt\u00e9sbe \u00f6lt t\u0151ke kezd megt\u00e9r\u00fclni. \u00c9s a piac azt gondolja, hogy a hatalmas CAPEX sem fog ezen v\u00e1ltoztatni, hiszen ez eddig nagyon is bej\u00f6tt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-1024x576.jpg.webp\" alt=\"az Alphabet (GOOGL) bev\u00e9tele forr\u00e1sonk\u00e9nt\" class=\"wp-image-9161 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-bevetel-megoszlasa-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Alphabet bev\u00e9telmegoszl\u00e1sa a k\u00fcl\u00f6nb\u00f6z\u0151 l\u00e1bak k\u00f6z\u00f6tt<\/figcaption><\/figure>\n\n\n\n<p>A Google Services (Search + YouTube + egy\u00e9b) operat\u00edv marginja 41.9% volt Q4-ben, ami kiv\u00e1l\u00f3 sz\u00e1m, de ez az a szegmens, amelyiket az AI a legink\u00e1bb fenyegeti struktur\u00e1lisan. A YouTube \u00e9ves bev\u00e9tele 2025-ben \u00e1tl\u00e9pte a 60 milli\u00e1rd USD-s hat\u00e1rt hirdet\u00e9sekb\u0151l \u00e9s el\u0151fizet\u00e9sekb\u0151l egy\u00fctt, ez \u00f6nmag\u00e1ban akkora \u00fczlet, ami az S&amp;P 500 legt\u00f6bb v\u00e1llalat\u00e1nak el\u00e9rhetetlen messzes\u00e9gben van. Ami m\u00e9g durv\u00e1bb, az a backlog m\u00e9rete: <strong>a lenti k\u00e9pen l\u00e1thatj\u00e1tok, hogy 242 milli\u00e1rd USD-nyi, a v\u00e1llalat \u00e1ltal m\u00e1r leszerz\u0151d\u00f6tt, de p\u00e9nz\u00fcgyileg m\u00e9g nem teljes\u00edtett (\u00e9s \u00edgy a k\u00f6nyvel\u00e9sben bev\u00e9telk\u00e9nt m\u00e9g el nem ismert) munka halmoz\u00f3dott fel.<\/strong> Teh\u00e1t hegynyi megrendel\u00e9se van az Alphabetnek (GOOGL) el\u0151re, ami \u00e1ltal\u00e1ban nagyon j\u00f3 jel.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-1024x576.jpg.webp\" alt=\"Az Alphabet bev\u00e9tel &quot;h\u00e1tral\u00e9ka&quot;, ami m\u00e9g nem sz\u00e1ml\u00e1ztak ki\" class=\"wp-image-9162 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-backlog-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Alphabet (GOOGL) bev\u00e9tel &#8222;h\u00e1tral\u00e9ka&#8221;, amit m\u00e9g nem sz\u00e1ml\u00e1ztak ki<\/figcaption><\/figure>\n\n\n\n<p>Az Other Bets szegmens egyel\u0151re er\u0151sen vesztes\u00e9ges: 370 milli\u00f3 USD-s bev\u00e9tel mellett 3.6 milli\u00e1rd USD-s operat\u00edv vesztes\u00e9get termelt Q4-ben, amiben benne van egy 2.1 milli\u00e1rd USD-s Waymo-kompenz\u00e1ci\u00f3s t\u00e9tel is. A Waymo 2025 v\u00e9g\u00e9n 15 milli\u00f3 megtett utat z\u00e1rt \u00f6t amerikai nagyv\u00e1rosban \u2013 ez az egyetlen \u00f6nvezet\u0151 taxiszolg\u00e1ltat\u00e1s, amelyik val\u00f3di, folyamatos kereskedelmi m\u0171k\u00f6d\u00e9st k\u00e9pes felmutatni. De a Tesla \u00f6nvezet\u0151 rendszere is elindult taxiszolg\u00e1ltat\u00e1sk\u00e9nt a kor\u00e1bban csak a Waymo \u00e1ltal kiszolg\u00e1lt ter\u00fcleteken 2025-ben \u00e9s k\u00e9rd\u00e9ses, hogy a Waymo tov\u00e1bbra is tudja-e tartani a piacvezet\u0151 szerep\u00e9t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udd1e Hat\u00e9konys\u00e1g: szabad cash flow \u00e9s ROIC<\/h3>\n\n\n\n<p>Az Alphabet szabad cash flow-ja 2025-ben 73.3 milli\u00e1rd USD volt \u2013 ez az eg\u00e9sz ipar\u00e1gban kiemelked\u0151 sz\u00e1m, \u00e9s azt jelzi, hogy az \u00fczleti motor annyi k\u00e9szp\u00e9nzt termel, hogy a massz\u00edv beruh\u00e1z\u00e1sok mellett is b\u0151ven marad t\u0151kealok\u00e1ci\u00f3s mozg\u00e1st\u00e9r. A v\u00e1llalat 126.8 milli\u00e1rd USD-s k\u00e9szp\u00e9nz- \u00e9s \u00e9rt\u00e9kpap\u00edr-\u00e1llom\u00e1nnyal (\u00e1ltal\u00e1ban r\u00f6vidlej\u00e1rat\u00fa \u00e1llamk\u00f6tv\u00e9nnyel), \u00e9s csup\u00e1n 46.5 milli\u00e1rd USD-s hossz\u00fa lej\u00e1rat\u00fa ad\u00f3ss\u00e1ggal z\u00e1rta 2025-\u00f6t \u2013 a nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3 teh\u00e1t k\u00f6zel 60 milli\u00e1rd doll\u00e1r.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-1024x576.jpg.webp\" alt=\"az Alphabet (GOOGL) szabad k\u00e9szp\u00e9nz\u00e1rama, t\u0151kek\u00f6lt\u00e9se \u00e9s hossz\u00fa lej\u00e1rat\u00fa ad\u00f3ss\u00e1ga\" class=\"wp-image-9165 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-FCF-debt-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Alphabet (GOOGL) szabad k\u00e9szp\u00e9nz\u00e1rama, t\u0151kek\u00f6lt\u00e9se \u00e9s hossz\u00fa lej\u00e1rat\u00fa ad\u00f3ss\u00e1ga<\/figcaption><\/figure>\n\n\n\n<p>A ROIC (befektetett t\u0151ke megt\u00e9r\u00fcl\u00e9se) az elm\u00falt \u00f6t \u00e9vben stabilan 30-35% k\u00f6z\u00f6tt mozgott, ami az ipar\u00e1gban a legjobb 25%-ba sorolja az Alphabetet. 2026-ban a CAPEX megdupl\u00e1z\u00f3d\u00e1sa nyom\u00e1st fog gyakorolni erre a mutat\u00f3ra, de ha a Cloud \u00e9s az AI-alap\u00fa hirdet\u00e9si bev\u00e9telek el\u00e9g gyorsan n\u0151nek, a visszaes\u00e9s \u00e1tmeneti lesz.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-9167 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-ROIC-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, sz\u00e9p ROIC \u00e9rt\u00e9kek a sok beruh\u00e1z\u00e1s ellen\u00e9re is<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83c\udfb2 Kock\u00e1zati t\u00e9nyez\u0151k: ad\u00f3ss\u00e1g, SBC, regul\u00e1ci\u00f3<\/h3>\n\n\n\n<p>Az Alphabet (GOOGL) 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> 126.8 milli\u00e1rd USD<\/li>\n\n\n\n<li><strong>\ud83d\udc5bnett\u00f3 ad\u00f3ss\u00e1g:<\/strong> -60 milli\u00e1rd USD (ad\u00f3ss\u00e1g-k\u00e9szp\u00e9nz)<\/li>\n\n\n\n<li><strong>\ud83d\udcb5nett\u00f3 profit: <\/strong>132 milli\u00e1rd USD<\/li>\n<\/ul>\n\n\n\n<p>Az ad\u00f3ss\u00e1g k\u00e9rd\u00e9se az Alphabetn\u00e9l nem egy komoly probl\u00e9ma: a 80 milli\u00e1rd USD-s negat\u00edv ad\u00f3ss\u00e1g (vagyis nett\u00f3 k\u00e9szp\u00e9nz poz\u00edci\u00f3) \u00f6nmag\u00e1ban elegend\u0151 biztons\u00e1gi h\u00e1l\u00f3t jelent, \u00e9s a v\u00e1llalat b\u0151ven ki tudja fizetni \u00e9ves ad\u00f3ss\u00e1gszolg\u00e1lat\u00e1t az operat\u00edv cash flow t\u00f6red\u00e9k\u00e9b\u0151l. <strong>Figyelemre m\u00e9lt\u00f3 azonban, hogy az Alphabet 2025-ben k\u00f6zel 37 milli\u00e1rd doll\u00e1rnyi k\u00f6tv\u00e9nyt bocs\u00e1tott ki (ebb\u0151l 24.8 milli\u00e1rd egyetlen negyed\u00e9vben) \u2013 ahogyan a Meta, az Alphabet is egyre ink\u00e1bb a k\u00f6tv\u00e9nypiachoz ny\u00fal az AI-infrastrukt\u00fara finansz\u00edroz\u00e1s\u00e1hoz.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-9168 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Alphabet_Inc_GOOGL-SBC-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, massz\u00edv r\u00e9szv\u00e9nykompenz\u00e1ci\u00f3<\/figcaption><\/figure>\n\n\n\n<p>A r\u00e9szv\u00e9nyalap\u00fa kompenz\u00e1ci\u00f3 (SBC) szint\u00e9n nem elhanyagolhat\u00f3, k\u00fcl\u00f6n\u00f6sen a Waymo-szegmensben, ahol a Q4-es 2.1 milli\u00e1rd USD-s egyszeri t\u00e9tel a finansz\u00edroz\u00e1si k\u00f6r kapcs\u00e1n jelent meg. Az SBC-t a rendszeres r\u00e9szv\u00e9ny-visszav\u00e1s\u00e1rl\u00e1si program ellens\u00falyozza: Q4-ben 5.5 milli\u00e1rd USD-s visszav\u00e1s\u00e1rl\u00e1s t\u00f6rt\u00e9nt. Viszont a sztori itt is ugyanaz, mint a Meta vagy a Microsoft est\u00e9ben: a nagy tehets\u00e9ges megtart\u00e1sa csak ilyen m\u00f3don megy, ez a technol\u00f3giai v\u00e1llalatok saj\u00e1toss\u00e1ga, cser\u00e9be hatalmas a n\u00f6veked\u00e9s.<\/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\/Google-justice-1024x576.png.webp\" alt=\"vajon feldarabolj\u00e1k majd a Google-t k\u00fcl\u00f6n szolg\u00e1ltat\u00e1sokra?\" class=\"wp-image-9170 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\/Google-justice-1024x576.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-justice-414x233.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-justice-768x432.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Google-justice.png.webp 1153w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.linkedin.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a>, vajon feldarabolj\u00e1k majd a Google-t k\u00fcl\u00f6n szolg\u00e1ltat\u00e1sokra?<\/figcaption><\/figure>\n\n\n\n<p><strong>A regul\u00e1ci\u00f3s kock\u00e1zat az Alphabet eset\u00e9ben a legkomolyabb az \u00f6sszes nagy tech v\u00e1llalat k\u00f6z\u00fcl.<\/strong> Az Eur\u00f3pai Bizotts\u00e1g 2025 Q3-ban 3.5 milli\u00e1rd USD-s b\u00edrs\u00e1got szabott ki versenyjogi \u00fcgyben. Az Egyes\u00fclt \u00c1llamokban az igazs\u00e1g\u00fcgyi miniszt\u00e9rium keres\u0151monop\u00f3lium-\u00fcgye m\u00e9g folyamatban van, \u00e9s a legrosszabb forgat\u00f3k\u00f6nyv \u2013 a Chrome vagy az Android k\u00f6telez\u0151 sz\u00e9tv\u00e1laszt\u00e1sa kis val\u00f3sz\u00edn\u0171s\u00e9g\u0171, de nem nulla. Ezeket a kock\u00e1zatokat a piaci szorz\u00f3k szerintem nem igaz\u00e1n t\u00fckr\u00f6zik, sokkal ink\u00e1bb hurr\u00e1optimizmus van a v\u00e1llalat k\u00f6r\u00fcl.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcb5 Alphabet (GOOGL): megszoksz vagy megsz\u00f6ksz? \ud83d\udcb5<\/h2>\n\n\n\n<p>Mint minden c\u00e9g eset\u00e9ben, \u00edgy az Alpahbetn\u00e9l 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 az Alphabet (GOOGL) eset\u00e9ben is:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udc02 Bik\u00e1k mondj\u00e1k (Optimista szcen\u00e1ri\u00f3):<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83e\ude90 A Search nem hal meg az AI-t\u00f3l \u2013 \u00e9ppen ellenkez\u0151leg:<\/strong> a Google keres\u00e9si forgalma 2025 Q4-ben minden kor\u00e1bbit meghalad\u00f3 szinten volt, annak ellen\u00e9re, hogy az AI Overviews m\u00e1r az \u00f6sszes f\u0151bb lek\u00e9rdez\u00e9sn\u00e9l megjelenik. Az AI Mode napi 75 milli\u00f3 akt\u00edv felhaszn\u00e1l\u00f3t \u00e9rt el, \u00e9s a keres\u00e9si lek\u00e9rdez\u00e9sek sz\u00e1ma dupl\u00e1z\u00f3dott a szegmensben. \u00dagy t\u0171nik, az AI nem elveszi, hanem kiterjeszti a Search-\u00f6t.<\/li>\n\n\n\n<li><strong>\ud83c\udf10 A Cloud-szegmens a k\u00f6vetkez\u0151 n\u00f6veked\u00e9si motor:<\/strong> 48%-os \u00e9ves bev\u00e9teln\u00f6veked\u00e9s, 30%-os operat\u00edv margin \u00e9s 240 milli\u00e1rd USD-s szerz\u0151d\u00e9s\u00e1llom\u00e1ny, ami nem egy \u00edg\u00e9ret, hanem majdnem garant\u00e1lt n\u00f6veked\u00e9s. Ha a Google Cloud a k\u00f6vetkez\u0151 h\u00e1rom \u00e9vben el\u00e9ri az AWS jelenlegi profitabilit\u00e1si szintj\u00e9t, az \u00f6nmag\u00e1ban is indokolhatja az Alphabet jelenlegi \u00e9rt\u00e9kelts\u00e9g\u00e9t.<\/li>\n\n\n\n<li><strong>\ud83e\ude99 A 80 milli\u00e1rd USD-s nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3 \u00f3ri\u00e1si rugalmass\u00e1got ad:<\/strong> visszav\u00e1s\u00e1rl\u00e1sok, felv\u00e1s\u00e1rl\u00e1sok, osztal\u00e9k \u2013 az Alphabet mozg\u00e1stere szinte korl\u00e1tlan, ami a bizonytalan makrok\u00f6rnyezetben biztons\u00e1gi h\u00e1l\u00f3t jelent a r\u00e9szv\u00e9nyeseknek.<\/li>\n<\/ul>\n\n\n\n<p><strong>\ud83d\udcccGyakorlatban:<\/strong> a saj\u00e1t tapasztalatom, hogy a SEO eszk\u00f6z\u00f6k is kezdik AI pontsz\u00e1mokkal ell\u00e1tni a weboldalakat, \u00e9s a mesters\u00e9ges intelligencia is egyre ink\u00e1bb hagyatkozik a weboldalak GY\u00cdK szekci\u00f3j\u00e1ra, emel ki defin\u00edci\u00f3kat \u00e9s \u00edgy tov\u00e1bb. Teh\u00e1t a dolog m\u0171k\u00f6dik, a k\u00e9rd\u00e9s az, hogy ez hosszabb t\u00e1von is t\u00f6bblet bev\u00e9tellel j\u00e1r-e.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udc3b Medv\u00e9k mondj\u00e1k (Pesszimista szcen\u00e1ri\u00f3):<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udf34 A Search struktur\u00e1lis er\u00f3zi\u00f3ja lass\u00fa, de val\u00f3s:<\/strong> a GenAI chatbotok \u2013 az OpenAI ChatGPT, az Anthropic Claude, a Perplexity \u2013 pontosan azt a lek\u00e9rdez\u00e9si t\u00edpust szippantj\u00e1k el, amelyik a Google sz\u00e1m\u00e1ra a legj\u00f6vedelmez\u0151bb: az informat\u00edv, nem tranzakcion\u00e1lis keres\u00e9st. Ha az egy keres\u00e9sre jut\u00f3 \u00e1tlagos hirdet\u00e9si bev\u00e9tel cs\u00f6kkenni kezd, az egy 150+ milli\u00e1rd USD-s bev\u00e9teli b\u00e1zist \u00e9rint.<\/li>\n\n\n\n<li><strong>\ud83e\ude79 A 175-185 milli\u00e1rd doll\u00e1ros CAPEX szabad cash flow-t nyel el:<\/strong> a 2025-\u00f6s 73.3 milli\u00e1rd USD-s szabad cash flow 2026-ban v\u00e1rhat\u00f3an 40-50 milli\u00e1rd USD-re m\u00e9rs\u00e9kl\u0151dik. Ez m\u00e9g mindig komoly sz\u00e1m, de a szorz\u00f3kon alapul\u00f3 \u00e9rt\u00e9kel\u00e9si modellekbe ez a cs\u00f6kken\u00e9s be\u00e1raz\u00f3dik.<\/li>\n\n\n\n<li><strong>\ud83d\udd0d A regul\u00e1ci\u00f3s kock\u00e1zat aszimmetrikus:<\/strong> a legjobb eset az, hogy minden marad ahogy van. A legrosszabb eset viszont a Chrome \u00e9s az Android k\u00f6telez\u0151 sz\u00e9tv\u00e1laszt\u00e1sa vagy az Apple-szerz\u0151d\u00e9s elveszt\u00e9se. Ezek nem val\u00f3sz\u00edn\u0171, de nem is lehetetlen forgat\u00f3k\u00f6nyvek, \u00e9s a r\u00e9szv\u00e9ny\u00e1rfolyamban nincsenek teljesen be\u00e1razva.<\/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\udcdd Az Alphabet (GOOGL) helyzet\u00e9nek \u00f6sszegz\u00e9se \ud83d\udcdd<\/h2>\n\n\n\n<p>Az Alphabet ma egyszerre a legstabilabb \u00e9s a leg\u00e9rdekesebb r\u00e9szv\u00e9ny a tech szektorban. <strong>Egy 400 milli\u00e1rd USD-s \u00e9ves bev\u00e9telt termel\u0151, k\u00f6zel 80 milli\u00e1rd USD-s, nett\u00f3 k\u00e9szp\u00e9nzzel rendelkez\u0151, 73 milli\u00e1rd USD-s szabad cash flow-t gener\u00e1l\u00f3 v\u00e1llalat forog 26x el\u0151retekint\u0151 P\/E szorz\u00f3n \u2013 ez \u00f6nmag\u00e1ban figyelemre m\u00e9lt\u00f3.<\/strong> Min\u00e9l t\u00f6bbsz\u00f6r \u00edrom le, ann\u00e1l brut\u00e1lisabbnak t\u0171nik. A piac k\u00e9t dolgot \u00e1raz be egyszerre: a 175-185 milli\u00e1rd USD-s CAPEX szabad cash flow-cs\u00f6kkent\u0151 hat\u00e1s\u00e1t, \u00e9s a Search hossz\u00fa t\u00e1v\u00fa er\u00f3zi\u00f3j\u00e1nak halv\u00e1ny, de val\u00f3s lehet\u0151s\u00e9g\u00e9t, amit egyel\u0151re nagyban ellent\u00e9telez a brut\u00e1lis n\u00f6veked\u00e9s \u00e9s a hatalmas backlog. Ez \u00edgy ink\u00e1bb teszi jelenleg dr\u00e1ga r\u00e9szv\u00e9nny\u00e9, mint nem.<\/p>\n\n\n\n<p>Ha a Google Cloud folytatja a 2025-\u00f6s lend\u00fcletet, \u00e9s a Search AI-integr\u00e1ci\u00f3ja val\u00f3ban a lek\u00e9rdez\u00e9sek n\u00f6veked\u00e9s\u00e9be fordul \u00e1t, akkor a jelenlegi szorz\u00f3 retrospekt\u00edve olcs\u00f3nak fog t\u0171nni. Ha viszont a CAPEX nem hozza meg a v\u00e1rt Cloud-megt\u00e9r\u00fcl\u00e9st, \u00e9s a keres\u00e9si l\u00e1b fokozatosan vesz\u00edt a piaci r\u00e9szesed\u00e9s\u00e9b\u0151l, akkor a jelenlegi \u00e9rt\u00e9kelts\u00e9g meredeken esni kezdhet. <strong>Mindenesetre az Alphabet azok k\u00f6z\u00e9 a r\u00e9szv\u00e9nyek k\u00f6z\u00e9 tartozik, amelyeket \u00e9rdemes a figyel\u0151list\u00e1n tartani.<\/strong><\/p>\n\n\n\n<p>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 az Alphabet (GOOGL) m\u00e9lyelemz\u00e9s\u00e9re sz\u00e1nnotok, vagy elegend\u0151 csak a figyel\u0151list\u00e1tokon tartani a pap\u00edrt.<\/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<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/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 az Alphabet (GOOGL) kapcs\u00e1n<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Az AI t\u00e9nyleg vesz\u00e9lyezteti a Google Search-\u00f6t?<\/h3>\n\n\n\n<p>R\u00f6vid t\u00e1von nem \u2013 a 2025-\u00f6s adatok \u00e9ppen azt mutatj\u00e1k, hogy az AI Overviews \u00e9s az AI Mode bevezet\u00e9se n\u00f6velte a lek\u00e9rdez\u00e9sek sz\u00e1m\u00e1t, nem cs\u00f6kkentette azt. A val\u00f3di k\u00e9rd\u00e9s k\u00f6z\u00e9pt\u00e1von j\u00f6n el\u0151: ha a felhaszn\u00e1l\u00f3k egyre ink\u00e1bb AI-chatbotokban keresik az informat\u00edv v\u00e1laszokat, a Google hirdet\u00e9si konverzi\u00f3s r\u00e1t\u00e1ja cs\u00f6kkenhet. A tranzakcion\u00e1lis keres\u00e9sek (pl. \u201ecip\u0151bolt Budapest&#8221;) viszont nehezebben v\u00e1lthat\u00f3k ki chatbotokkal \u2013 \u00e9s ezek a legj\u00f6vedelmez\u0151bb lek\u00e9rdez\u00e9sek.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi az a TPU, \u00e9s mi\u00e9rt fontos a Google-nek?<\/h3>\n\n\n\n<p>A TPU (Tensor Processing Unit) a Google saj\u00e1t fejleszt\u00e9s\u0171 AI-chipje, amelyet kimondottan g\u00e9pi tanul\u00e1si feladatokra terveztek. A hetedik gener\u00e1ci\u00f3s Ironwood TPU 2025-ben jelent meg. Az\u00e9rt strat\u00e9giailag fontos, mert az egyetlen felh\u0151szolg\u00e1ltat\u00f3, amelyik nem kiz\u00e1r\u00f3lag az Nvidia GPU-kt\u00f3l f\u00fcgg \u2013 ez mind \u00e1raz\u00e1si rugalmass\u00e1got, mind ell\u00e1t\u00e1sbiztons\u00e1gi el\u0151nyt jelent, k\u00fcl\u00f6n\u00f6sen akkor, amikor az Nvidia chipekre akkora a kereslet, hogy az allok\u00e1ci\u00f3 maga is strat\u00e9giai fegyver. A mobil Tensor SoC-ket a Google Pixel telefonokb\u00f3l is ismerhetitek kor\u00e1bbr\u00f3l.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi a Waymo, \u00e9s mikor lesz profit\u00e1bilis?<\/h3>\n\n\n\n<p>A Waymo az Alphabet \u00f6nvezet\u0151 taxi-div\u00edzi\u00f3ja, amelyik 2025 v\u00e9g\u00e9n 15 milli\u00f3 megtett utat z\u00e1rt le \u00f6t amerikai nagyv\u00e1rosban. A Waymo jelenleg az egyetlen teljes m\u00e9rt\u00e9kben kereskedelmi robotaxi-szolg\u00e1ltat\u00e1s az Egyes\u00fclt \u00c1llamokban, de 2025-ben elindult a Tesla \u00f6nvezet\u0151 taxi programja is. A profitabilit\u00e1s id\u0151horizontja bizonytalan \u2013 a 2025 eleji 16 milli\u00e1rd USD-s finansz\u00edroz\u00e1si k\u00f6r\u00e9nek nagy r\u00e9sz\u00e9t az Alphabet finansz\u00edrozta, ami azt jelzi, hogy a c\u00e9g hossz\u00fa t\u00e1v\u00fa opci\u00f3k\u00e9nt kezeli a Waymo-t, nem r\u00f6vid t\u00e1v\u00fa bev\u00e9teli forr\u00e1sk\u00e9nt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt bocs\u00e1t ki k\u00f6tv\u00e9nyt egy 80 milli\u00e1rd USD-s k\u00e9szp\u00e9nz\u00e1llom\u00e1nnyal rendelkez\u0151 c\u00e9g?<\/h3>\n\n\n\n<p>Ez egy racion\u00e1lis t\u0151kealok\u00e1ci\u00f3s d\u00f6nt\u00e9s: az Alphabet k\u00f6tv\u00e9nykibocs\u00e1t\u00e1ssal olcs\u00f3, ad\u00f3optimaliz\u00e1lt forr\u00e1st szerez a CAPEX-hez, mik\u00f6zben a k\u00e9szp\u00e9nzt visszav\u00e1s\u00e1rl\u00e1sokra, felv\u00e1s\u00e1rl\u00e1sokra \u00e9s osztal\u00e9kra tartja fenn. A mai kamatk\u00f6rnyezetben egy AAA-k\u00f6zeli min\u0151s\u00edt\u00e9s\u0171 \u00f3ri\u00e1sv\u00e1llalat sz\u00e1m\u00e1ra a k\u00f6tv\u00e9nykibocs\u00e1t\u00e1s finansz\u00edroz\u00e1si k\u00f6lts\u00e9ge sokszor alacsonyabb, mint a visszatartott t\u0151ke alternat\u00edv hozamvesztes\u00e9ge.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi az Other Bets szegmens, \u00e9s mi\u00e9rt nem adja el az Alphabet?<\/h3>\n\n\n\n<p>Az Other Bets olyan k\u00eds\u00e9rleti v\u00e1llalkoz\u00e1sokat tartalmaz, mint a Waymo (\u00f6nvezet\u0151 aut\u00f3), a Verily (\u00e9lettudom\u00e1nyok), az Isomorphic Labs (AI-alap\u00fa gy\u00f3gyszerfejleszt\u00e9s) \u00e9s m\u00e1sok. \u00c9vente t\u00f6bb milli\u00e1rd USD-s vesztes\u00e9get termelnek \u00f6sszes\u00e9g\u00fckben. Az Alphabet az\u00e9rt tartja \u0151ket, mert mindegyik egy-egy potenci\u00e1lisan gigantikus piac kapuj\u00e1t nyithatja meg \u2013 a Waymo p\u00e9ld\u00e1ul a teljes szem\u00e9lysz\u00e1ll\u00edt\u00e1si piacot, amelynek glob\u00e1lis \u00e9rt\u00e9k\u00e9t billi\u00f3 doll\u00e1ros nagys\u00e1grendben m\u00e9rik. Kor\u00e1bban a Fitbit okos\u00f3ra gy\u00e1rt\u00f3t is ez\u00e9rt v\u00e1s\u00e1rolt\u00e1k meg 2021-ben.<\/p>\n\n\n\n<p><em><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/mark><\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban NEM tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.<\/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\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":9138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[144,272,31,401],"tags":[288,289,129,275,74,4,115],"class_list":["post-9098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amerikai-reszvenyek","category-market-impulse","category-reszvenyelemzes","category-tech-szektor","tag-alphabet","tag-googl","tag-iocharts","tag-market-impulse","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat -<\/title>\n<meta name=\"description\" content=\"Alphabet (GOOGL) r\u00e9szv\u00e9ny: 400+ mrd USD bev\u00e9tel mellett 175\u2013185 mrd USD CAPEX j\u00f6n 2026-ra. 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