{"id":3472,"date":"2026-05-11T15:33:08","date_gmt":"2026-05-11T15:33:08","guid":{"rendered":"https:\/\/blog.spbinvest.hu\/?p=3472"},"modified":"2026-05-11T15:33:08","modified_gmt":"2026-05-11T15:33:08","slug":"ai-energia-es-geopolitika-uj-ipari-ciklus-epul-a-vilagban","status":"publish","type":"post","link":"https:\/\/blog.spbinvest.hu\/?p=3472","title":{"rendered":"AI, energia \u00e9s geopolitika: \u00faj ipari ciklus \u00e9p\u00fcl a vil\u00e1gban"},"content":{"rendered":"<p style=\"font-weight: 400;\">Az elm\u00falt hetek piaci mozg\u00e1sai m\u00f6g\u00f6tt egyre vil\u00e1gosabban kirajzol\u00f3dik egy \u00faj glob\u00e1lis gazdas\u00e1gi narrat\u00edva. A befektet\u0151k figyelme tov\u00e1bbra is a k\u00f6zel-keleti geopolitikai esem\u00e9nyekre \u00e9s az energia\u00e1rakra f\u00f3kusz\u00e1l, azonban a m\u00e9lyebb makrogazdas\u00e1gi folyamatok enn\u00e9l j\u00f3val fontosabb v\u00e1ltoz\u00e1sra utalnak. A vil\u00e1ggazdas\u00e1g fokozatosan egy \u00faj, beruh\u00e1z\u00e1svez\u00e9relt ipari ciklusba l\u00e9phet \u00e1t.<\/p>\n<p style=\"font-weight: 400;\">A jelenlegi k\u00f6rnyezetet egyszerre form\u00e1lja:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az AI-infrastrukt\u00fara robban\u00e1sszer\u0171 ki\u00e9p\u00fcl\u00e9se,<\/li>\n<li>az energiaell\u00e1t\u00e1s strat\u00e9giai jelent\u0151s\u00e9g\u00e9nek n\u00f6veked\u00e9se,<\/li>\n<li>a geopolitikai blokkosod\u00e1s,<\/li>\n<li>valamint az ipari \u00e9s ell\u00e1t\u00e1si l\u00e1ncok \u00fajraszervez\u00e9se.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A piac r\u00f6vid t\u00e1von m\u00e9g els\u0151sorban az olaj\u00e1rakra \u00e9s a geopolitikai h\u00edrekre reag\u00e1l, azonban a h\u00e1tt\u00e9rben egy sokkal hosszabb t\u00e1v\u00fa szerkezeti \u00e1talakul\u00e1s zajlik.<\/p>\n<p><strong><u>1. Eur\u00f3pa: stagfl\u00e1ci\u00f3s nyom\u00e1s \u00e9s ipari szerkezetv\u00e1lt\u00e1s<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">Az eur\u00f3z\u00f3na gazdas\u00e1ga egyre mark\u00e1nsabb lassul\u00e1si jeleket mutat. A szolg\u00e1ltat\u00e1si szektor gyeng\u00fcl\u00e9se, az emelked\u0151 energia\u00e1rak \u00e9s a roml\u00f3 \u00fczleti v\u00e1rakoz\u00e1sok egy\u00e9rtelm\u0171en arra utalnak, hogy a kontinens n\u00f6veked\u00e9si modellje nyom\u00e1s al\u00e1 ker\u00fclt. A PMI adatok k\u00fcl\u00f6n\u00f6sen aggaszt\u00f3 k\u00e9pet festenek:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a szolg\u00e1ltat\u00e1si aktivit\u00e1s t\u00f6bb \u00e9ves m\u00e9lypontra s\u00fcllyedt,<\/li>\n<li>az \u00faj megrendel\u00e9sek gyorsan cs\u00f6kkennek,<\/li>\n<li>a v\u00e1llalati bizalom meredeken romlik,<\/li>\n<li>mik\u00f6zben az inputk\u00f6lts\u00e9gek \u00e9s az output\u00e1rak ism\u00e9t gyorsulnak.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Ez klasszikus stagfl\u00e1ci\u00f3s k\u00f6rnyezetet vet\u00edt el\u0151re, vagyis gyenge n\u00f6veked\u00e9s p\u00e1rosul tart\u00f3san magas infl\u00e1ci\u00f3val. A n\u00e9met gazdas\u00e1g k\u00fcl\u00f6n\u00f6sen \u00e9rdekes helyzetben van. R\u00f6vid t\u00e1von a gy\u00e1ripari megrendel\u00e9sek \u00e9s a feldolgoz\u00f3ipari aktivit\u00e1s javul\u00e1sa pozit\u00edv meglepet\u00e9st okozott, azonban ennek jelent\u0151s r\u00e9sze el\u0151rehozott beszerz\u00e9sekb\u0151l \u00e9s k\u00e9szletfelhalmoz\u00e1sb\u00f3l fakad. Ugyanakkor a h\u00e1tt\u00e9rben m\u00e1r egy m\u00e9lyebb szerkezeti \u00e1talakul\u00e1s l\u00e1that\u00f3:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az olcs\u00f3 orosz energi\u00e1ra \u00e9p\u00fcl\u0151 modell v\u00e9get \u00e9rt,<\/li>\n<li>az aut\u00f3ipari dominancia gyeng\u00fcl,<\/li>\n<li>mik\u00f6zben az automatiz\u00e1ci\u00f3, az elektromos infrastrukt\u00fara \u00e9s az AI-vez\u00e9relt ipari moderniz\u00e1ci\u00f3 ker\u00fcl el\u0151t\u00e9rbe.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A k\u00f6vetkez\u0151 \u00e9vek eur\u00f3pai nyertesei val\u00f3sz\u00edn\u0171leg nem a klasszikus export\u00f3ri\u00e1sok lesznek, hanem azok a v\u00e1llalatok, amelyek kapcsol\u00f3dnak:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az energiah\u00e1l\u00f3zat-fejleszt\u00e9shez,<\/li>\n<li>az ipari automatiz\u00e1ci\u00f3hoz,<\/li>\n<li>a prec\u00edzi\u00f3s gy\u00e1rt\u00e1shoz,<\/li>\n<li>valamint az AI infrastrukt\u00far\u00e1hoz.<\/li>\n<\/ul>\n<p><strong><u><br \/>\n2. USA: az AI m\u00e1r nem sztori, hanem gazdas\u00e1gi ciklus<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">Az amerikai gazdas\u00e1g tov\u00e1bbra is meglep\u0151en ellen\u00e1ll\u00f3, azonban a n\u00f6veked\u00e9s szerkezete radik\u00e1lisan megv\u00e1ltozott. A jelenlegi ciklust m\u00e1r nem a lakoss\u00e1gi fogyaszt\u00e1s vagy az ingatlanpiac hajtja, hanem:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az AI-infrastrukt\u00fara,<\/li>\n<li>az adatk\u00f6zpont-\u00e9p\u00edt\u00e9sek,<\/li>\n<li>az ipari automatiz\u00e1ci\u00f3,<\/li>\n<li>valamint a reshoring.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A gy\u00e1ripari \u00e9s tart\u00f3s fogyaszt\u00e1si cikk rendel\u00e9s\u00e1llom\u00e1nyok alapj\u00e1n az amerikai v\u00e1llalatok t\u00f6rt\u00e9nelmi l\u00e9pt\u00e9k\u0171 beruh\u00e1z\u00e1si hull\u00e1mba kezdtek. K\u00fcl\u00f6n\u00f6sen er\u0151s:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a f\u00e9lvezet\u0151ipar,<\/li>\n<li>az adatk\u00f6zponti infrastrukt\u00fara,<\/li>\n<li>az ipari automatiz\u00e1ci\u00f3,<\/li>\n<li>valamint a v\u00e9delmi ipar.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A hadiipari megrendel\u00e9sek robban\u00e1sszer\u0171 emelked\u00e9se j\u00f3l mutatja, hogy a geopolitikai blokkosod\u00e1s m\u00e1r k\u00f6zvetlen\u00fcl form\u00e1lja az ipari ciklust. A piac jelenleg m\u00e9g els\u0151sorban a mega-cap technol\u00f3giai v\u00e1llalatokat \u00e1razza, azonban az adatok alapj\u00e1n az AI m\u00e1sodik hull\u00e1ma m\u00e1r sokkal sz\u00e9lesebb gazdas\u00e1gi ter\u00fcletekre terjed:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>elektromos h\u00e1l\u00f3zatok,<\/li>\n<li>ipari infrastrukt\u00fara,<\/li>\n<li>energiaell\u00e1t\u00e1s,<\/li>\n<li>logisztika,<\/li>\n<li>automatiz\u00e1ci\u00f3.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Ez m\u00e1r nem egyszer\u0171 technol\u00f3giai rali, hanem egy \u00faj CAPEX-ciklus kezdete.<\/p>\n<p style=\"font-weight: 400;\"><strong>US-i munkaer\u0151piac: a gazdas\u00e1g motorja \u00e1talakul<\/strong><\/p>\n<p style=\"font-weight: 400;\">Az amerikai munkaer\u0151piac stabil maradt, azonban a foglalkoztat\u00e1s szerkezete jelent\u0151sen megv\u00e1ltozott. Mik\u00f6zben a technol\u00f3giai szektorban tov\u00e1bb folytat\u00f3dnak a le\u00e9p\u00edt\u00e9sek, addig:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a logisztika,<\/li>\n<li>a sz\u00e1ll\u00edtm\u00e1nyoz\u00e1s,<\/li>\n<li>a rakt\u00e1roz\u00e1s,<\/li>\n<li>valamint az ipari infrastrukt\u00far\u00e1hoz kapcsol\u00f3d\u00f3 ter\u00fcletek er\u0151s\u00f6dnek.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Ez arra utal, hogy az AI r\u00f6vid t\u00e1von ink\u00e1bb hat\u00e9konys\u00e1gjav\u00edt\u00f3 \u00e9s beruh\u00e1z\u00e1svez\u00e9relt folyamatk\u00e9nt jelenik meg, nem pedig klasszikus munkahelyteremt\u0151 hull\u00e1mk\u00e9nt.<\/p>\n<p><strong><u>3. Devizapiac: geopolitika mozgatja a t\u0151k\u00e9t<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">A devizapiacokon tov\u00e1bbra is az energia\u00e1rak \u00e9s a geopolitikai h\u00edrek domin\u00e1lnak. A doll\u00e1r egyszerre profit\u00e1l:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a glob\u00e1lis tartal\u00e9kdeviza szerepb\u0151l,<\/li>\n<li>az AI-vez\u00e9relt amerikai beruh\u00e1z\u00e1si ciklusb\u00f3l,<\/li>\n<li>valamint az energiaexport n\u00f6veked\u00e9s\u00e9b\u0151l.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Ugyanakkor a doll\u00e1r er\u0151s\u00f6d\u00e9si potenci\u00e1lja m\u00e1r nem korl\u00e1tlan:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a befektet\u0151k egy r\u00e9sze fedezi USD-kitetts\u00e9g\u00e9t,<\/li>\n<li>az eur\u00f3 ir\u00e1nti struktur\u00e1lis kereslet lassan n\u00f6vekszik,<\/li>\n<li>mik\u00f6zben a geopolitikai enyh\u00fcl\u00e9s id\u0151szakosan cs\u00f6kkenti a mened\u00e9kdeviza keresletet.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A\u00a0<strong>forint<\/strong>\u00a0r\u00f6vid t\u00e1von kifejezetten er\u0151s maradt, amit:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a javul\u00f3 hazai makroadatok,<\/li>\n<li>a pozit\u00edv nemzetk\u00f6zi hangulat,<\/li>\n<li>valamint az energia\u00e1rak korrekci\u00f3ja t\u00e1mogatott.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A forint azonban tov\u00e1bbra is rendk\u00edv\u00fcl \u00e9rz\u00e9keny az energia\u00e1rakra, az EU-forr\u00e1sokra, valamint a glob\u00e1lis risk-on\/risk-off hangulatra.<\/p>\n<p style=\"font-weight: 400;\"><strong><u>4. K\u00f6tv\u00e9nypiac: k\u00e9t vil\u00e1g k\u00f6z\u00f6tt<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">A k\u00f6tv\u00e9nypiac jelenleg egyszerre \u00e1raz:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>lassul\u00f3 n\u00f6veked\u00e9st,<\/li>\n<li>\u00e9s tart\u00f3s infl\u00e1ci\u00f3s kock\u00e1zatokat.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Ez rendk\u00edv\u00fcl instabil kombin\u00e1ci\u00f3. R\u00f6vid t\u00e1von a geopolitikai enyh\u00fcl\u00e9s \u00e9s az olaj\u00e1rak korrekci\u00f3ja hozamcs\u00f6kken\u00e9st hozott, ugyanakkor:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az infl\u00e1ci\u00f3s v\u00e1rakoz\u00e1sok tov\u00e1bbra is magasak,<\/li>\n<li>az infl\u00e1ci\u00f3k\u00f6vet\u0151 k\u00f6tv\u00e9nyek ir\u00e1nt er\u0151s a kereslet,<\/li>\n<li>a hossz\u00fa hozamok pedig s\u00e9r\u00fcl\u00e9kenyek maradnak.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A piac egyre ink\u00e1bb arra k\u00e9sz\u00fcl, hogy a k\u00f6vetkez\u0151 \u00e9vekben:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>magasabb infl\u00e1ci\u00f3,<\/li>\n<li>nagyobb fisk\u00e1lis k\u00f6ltekez\u00e9s,<\/li>\n<li>\u00e9s tart\u00f3sabb beruh\u00e1z\u00e1si ciklus alakulhat ki.<\/li>\n<\/ul>\n<p><strong><u>5. R\u00e9szv\u00e9nypiac: sz\u0171k rally vagy \u00faj szuperciklus?<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">A r\u00e9szv\u00e9nypiacokon tov\u00e1bbra is er\u0151s a kock\u00e1zatv\u00e1llal\u00e1si hajland\u00f3s\u00e1g. Az\u00a0<strong>amerikai<\/strong>\u00a0indexek t\u00f6rt\u00e9nelmi cs\u00facs k\u00f6zel\u00e9ben mozognak, amit els\u0151sorban:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az AI,<\/li>\n<li>a f\u00e9lvezet\u0151ipar,<\/li>\n<li>valamint az adatk\u00f6zponti beruh\u00e1z\u00e1sok hajtanak.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A piac ugyanakkor rendk\u00edv\u00fcl koncentr\u00e1lt, n\u00e9h\u00e1ny technol\u00f3giai \u00e9s energiaipari v\u00e1llalat domin\u00e1lja az emelked\u00e9st.<\/p>\n<p style=\"font-weight: 400;\"><strong>Eur\u00f3p\u00e1ban<\/strong>\u00a0j\u00f3val vegyesebb a k\u00e9p:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az energia- \u00e9s nyersanyagc\u00e9gek profit\u00e1lnak,<\/li>\n<li>mik\u00f6zben az aut\u00f3ipar, luxus \u00e9s fogyaszt\u00e1si szektor gyeng\u00e9lkedik.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A k\u00f6vetkez\u0151 id\u0151szak kulcsk\u00e9rd\u00e9se az lesz, hogy az AI-vez\u00e9relt beruh\u00e1z\u00e1si boom k\u00e9pes-e sz\u00e9lesebb gazdas\u00e1gi \u00e9s v\u00e1llalati profitn\u00f6veked\u00e9ss\u00e9 alakulni.<\/p>\n<p><strong><u>6. Mire \u00e9rdemes figyelni befektet\u0151k\u00e9nt?<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">A jelenlegi k\u00f6rnyezetben tov\u00e1bbra is indokoltnak t\u0171nik:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az amerikai technol\u00f3giai \u00e9s AI-infrastrukt\u00far\u00e1hoz kapcsol\u00f3d\u00f3 szektorok fel\u00fcls\u00falyoz\u00e1sa,<\/li>\n<li>az ipari automatiz\u00e1ci\u00f3s \u00e9s elektromos infrastrukt\u00fara v\u00e1llalatok fokozatos \u00e9p\u00edt\u00e9se,<\/li>\n<li>valamint az energiaipari kitetts\u00e9g megtart\u00e1sa geopolitikai hedge-k\u00e9nt.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Eur\u00f3p\u00e1ban els\u0151sorban:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>az energiahat\u00e9konys\u00e1gi,<\/li>\n<li>h\u00e1l\u00f3zatfejleszt\u00e9si,<\/li>\n<li>\u00e9s ipari moderniz\u00e1ci\u00f3s sztorik lehetnek \u00e9rdekesek.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A devizapiacon r\u00f6vid t\u00e1von tov\u00e1bbra is magas volatilit\u00e1s v\u00e1rhat\u00f3:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>geopolitikai enyh\u00fcl\u00e9s eset\u00e9n EUR \u00e9s EM-deviza er\u0151s\u00f6d\u00e9s,<\/li>\n<li>\u00fajabb fesz\u00fclts\u00e9g eset\u00e9n gyors USD-visszaer\u0151s\u00f6d\u00e9s val\u00f3sz\u00edn\u0171.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A k\u00f6tv\u00e9nypiacon tov\u00e1bbra is:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>a r\u00f6videbb duration,<\/li>\n<li>az infl\u00e1ci\u00f3k\u00f6vet\u0151 k\u00f6tv\u00e9nyek,<\/li>\n<li>valamint a szelekt\u00edv v\u00e1llalati k\u00f6tv\u00e9nykitetts\u00e9g t\u0171nik kedvez\u0151bbnek.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A jelenlegi piaci k\u00f6rnyezet j\u00f3val t\u00f6bbr\u0151l sz\u00f3l, mint egy geopolitikai konfliktusr\u00f3l vagy egy \u00e1tmeneti olaj\u00e1rsokkr\u00f3l. A h\u00e1tt\u00e9rben egy \u00faj glob\u00e1lis gazdas\u00e1gi rezsim kezd kialakulni:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>AI-vez\u00e9relt beruh\u00e1z\u00e1si boom,<\/li>\n<li>energetikai \u00e1trendez\u0151d\u00e9s,<\/li>\n<li>geopolitikai blokkosod\u00e1s,<\/li>\n<li>ipari reshoring,<\/li>\n<li>valamint infrastrukt\u00fara-moderniz\u00e1ci\u00f3.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Ez a folyamat hosszabb t\u00e1von teljesen \u00faj nyerteseket \u00e9s veszteseket hozhat l\u00e9tre a glob\u00e1lis piacokon. A jelen k\u00f6rnyezetben a klasszikus passz\u00edv befektet\u00e9si megk\u00f6zel\u00edt\u00e9s egyre kev\u00e9sb\u00e9 elegend\u0151. A gyorsan v\u00e1ltoz\u00f3 geopolitikai helyzet, az AI-forradalom \u00e9s az \u00faj ipari ciklus egyszerre alak\u00edtj\u00e1k \u00e1t a t\u0151kepiacokat.<\/p>\n<p style=\"font-weight: 400;\"><strong>\u00a0<\/strong><strong>Az SPB megk\u00f6zel\u00edt\u00e9se \u00e9ppen ezekre a struktur\u00e1lis v\u00e1ltoz\u00e1sokra \u00e9p\u00edt:<\/strong><\/p>\n<ul style=\"font-weight: 400;\">\n<li><strong>makrovez\u00e9relt gondolkod\u00e1s,<\/strong><\/li>\n<li><strong>akt\u00edv eszk\u00f6zallok\u00e1ci\u00f3,<\/strong><\/li>\n<li><strong>dinamikus kock\u00e1zatkezel\u00e9s,<\/strong><\/li>\n<li><strong>\u00e9s konkr\u00e9t, lekereskedhet\u0151 befektet\u00e9si \u00f6tletek.<\/strong><\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">A k\u00f6vetkez\u0151 \u00e9vek egyik legfontosabb k\u00e9rd\u00e9se m\u00e1r nem az lesz, hogy lesz-e n\u00f6veked\u00e9s, hanem az, hogy mely szektorok \u00e9s r\u00e9gi\u00f3k profit\u00e1lnak legink\u00e1bb az \u00faj glob\u00e1lis beruh\u00e1z\u00e1si ciklusb\u00f3l.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Az elm\u00falt hetek piaci mozg\u00e1sai m\u00f6g\u00f6tt egyre vil\u00e1gosabban kirajzol\u00f3dik egy \u00faj glob\u00e1lis gazdas\u00e1gi narrat\u00edva. A befektet\u0151k figyelme tov\u00e1bbra is a k\u00f6zel-keleti geopolitikai esem\u00e9nyekre \u00e9s az energia\u00e1rakra f\u00f3kusz\u00e1l, azonban a m\u00e9lyebb makrogazdas\u00e1gi folyamatok enn\u00e9l j\u00f3val fontosabb v\u00e1ltoz\u00e1sra utalnak. A vil\u00e1ggazdas\u00e1g fokozatosan egy \u00faj, beruh\u00e1z\u00e1svez\u00e9relt ipari ciklusba l\u00e9phet \u00e1t. A jelenlegi k\u00f6rnyezetet egyszerre form\u00e1lja: az AI-infrastrukt\u00fara robban\u00e1sszer\u0171&#8230;<\/p>\n","protected":false},"author":9,"featured_media":3473,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-3472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AI, energia \u00e9s geopolitika: \u00faj ipari ciklus \u00e9p\u00fcl a vil\u00e1gban - SPB Blog<\/title>\n<meta name=\"description\" content=\"Az elm\u00falt hetek piaci mozg\u00e1sai m\u00f6g\u00f6tt egyre vil\u00e1gosabban kirajzol\u00f3dik egy \u00faj glob\u00e1lis gazdas\u00e1gi narrat\u00edva. 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