Intel, CEO Lip-Bu Tan y\u00f6netiminde bir toparlanma (yeniden yap\u0131lanma) s\u00fcreci y\u00fcr\u00fct\u00fcyor. \u0130lerleme, 18A \u00fcretim s\u00fcrecine (daha k\u00fc\u00e7\u00fck \u00f6l\u00e7ekte, daha verimli ve daha g\u00fc\u00e7l\u00fc \u00e7ip \u00fcretmeyi hedefleyen yeni nesil \u00fcretim teknolojisi) ve yapay zek\u00e2 altyap\u0131s\u0131 ile \u00fcretim hizmetlerine (ba\u015fka \u015firketler i\u00e7in \u00e7ip \u00fcretme) y\u00f6nelime dayan\u0131yor. Piyasa, Intel\u2019i sadece \u201ceski nesil\u201d bir \u00e7ip \u00fcreticisi olarak de\u011fil, daha geni\u015f bir hik\u00e2ye olarak yeniden de\u011ferlendirirken hisse fiyat\u0131 y\u00fckseldi.<\/p>\n
K\u0131sa vadeli itici g\u00fc\u00e7ler taraf\u0131nda, 18A ile \u00fcretilen Panther Lake istemci \u00e7iplerinin (PC ve diz\u00fcst\u00fc gibi son kullan\u0131c\u0131 cihazlar\u0131na giden i\u015flemciler) sevkiyat\u0131na ba\u015fland\u0131\u011f\u0131 belirtiliyor. Sunucu i\u015flemcisi (veri merkezlerinde kullan\u0131lan CPU) talebinin ise yapay zek\u00e2 i\u015f y\u00fckleri (AI uygulamalar\u0131n\u0131n bilgi i\u015flem ihtiyac\u0131) b\u00fcy\u00fcd\u00fck\u00e7e iyile\u015fti\u011fi ifade ediliyor. Baz\u0131 analistlere g\u00f6re Intel, 2026 teslimatlar\u0131 i\u00e7in sunucu CPU\u2019lar\u0131nda kapasitesinin neredeyse tamam\u0131n\u0131 satm\u0131\u015f durumda.<\/p>\n
Intel ayr\u0131ca Nvidia\u2019n\u0131n 5 milyar dolarl\u0131k yat\u0131r\u0131m\u0131, Google\u2019\u0131n Xeon CPU\u2019lar ve \u00f6zel IPU\u2019lar (IPU: belirli veri i\u015fleme g\u00f6revleri i\u00e7in tasarlanm\u0131\u015f \u00f6zel i\u015flemciler) etraf\u0131nda \u00e7ok y\u0131ll\u0131 geni\u015flemesi ve Terafab\u2019\u0131n yapay zek\u00e2 \u00e7ipi giri\u015fimine kat\u0131l\u0131m\u0131 gibi ortakl\u0131k ve i\u015f birlikleri a\u00e7\u0131klad\u0131. Intel, \u0130rlanda\u2019daki fabrikas\u0131ndaki (fab: \u00e7ip \u00fcretim tesisi) Apollo pay\u0131n\u0131 geri almak i\u00e7in de ad\u0131m att\u0131.<\/p>\n
Riskler aras\u0131nda de\u011ferleme (hissenin fiyat\u0131n\u0131n k\u00e2ra g\u00f6re pahal\u0131\/ucuz g\u00f6r\u00fcnmesi) ve yakla\u015fan finansal sonu\u00e7lar \u00f6ne \u00e7\u0131k\u0131yor. Intel, 2027 tahmini k\u00e2r\u0131na g\u00f6re yakla\u015f\u0131k 63 fiyat\/kazan\u00e7 (F\/K: hisse fiyat\u0131n\u0131n hisse ba\u015f\u0131 k\u00e2ra oran\u0131) ile i\u015flem g\u00f6r\u00fcyor; bu, Nvidia\u2019n\u0131n ileriye d\u00f6n\u00fck F\/K\u2019s\u0131n\u0131n yakla\u015f\u0131k \u00fc\u00e7 kat\u0131. Intel, 2026 ilk \u00e7eyrek sonu\u00e7lar\u0131n\u0131 23 Nisan\u2019da a\u00e7\u0131klayacak; yakla\u015f\u0131k 12,2 milyar dolar gelir ve hisse ba\u015f\u0131na k\u00e2r\u0131n (EPS: \u015firket k\u00e2r\u0131n\u0131n hisse adedine b\u00f6l\u00fcnmesi) ba\u015fa ba\u015fa yak\u0131n olmas\u0131 bekleniyor.<\/p>\n
Intel Foundry (Intel\u2019in ba\u015fkalar\u0131 i\u00e7in \u00e7ip \u00fcretme kolu) b\u00fcy\u00fck \u00f6l\u00e7ekte kendini hen\u00fcz kan\u0131tlam\u0131\u015f de\u011fil. AMD, Nvidia ve TSMC rekabeti, gecikmelere kar\u015f\u0131 tolerans\u0131 azalt\u0131yor. Hisse, dokuz seansta %50\u2019den fazla y\u00fckselerek tarihindeki en h\u0131zl\u0131 ralliye imza att\u0131; RSI (g\u00f6reli g\u00fc\u00e7 endeksi: k\u0131sa vadede a\u015f\u0131r\u0131 al\u0131m\/a\u015f\u0131r\u0131 sat\u0131m sinyali veren teknik g\u00f6sterge) a\u015f\u0131r\u0131 al\u0131m ko\u015fullar\u0131na i\u015faret ediyor.<\/p>\n
23 Nisan\u2019daki bilan\u00e7o a\u00e7\u0131klamas\u0131na sadece dokuz g\u00fcn kalm\u0131\u015fken tablo s\u0131ra d\u0131\u015f\u0131 bi\u00e7imde \u201cya olur ya olmaz\u201d (sonuca ba\u011fl\u0131 sert tepki) g\u00f6r\u00fcn\u00fcyor. Hisse birka\u00e7 seansta %50\u2019den fazla s\u0131\u00e7rad\u0131; bu da a\u00e7\u0131klanacak rakamlar\u0131n \u00f6nemini ciddi bi\u00e7imde art\u0131r\u0131yor. Bu art\u0131k yava\u015f ilerleyen bir \u201cde\u011fer hissesi\u201d hik\u00e2yesi de\u011fil; ilk b\u00fcy\u00fck s\u0131nav\u0131na girecek bir \u201cmomentum\u201d (fiyat ivmesiyle y\u00fckselen) hik\u00e2ye.<\/p>\n
Opsiyon piyasas\u0131 da bu gerilimi yans\u0131t\u0131yor: Z\u0131mni oynakl\u0131k (opsiyon fiyatlar\u0131na g\u00f6m\u00fcl\u00fc beklenen dalgalanma), a\u00e7\u0131klama sonras\u0131 hissenin iki y\u00f6nde de %10\u2019dan fazla hareket edebilece\u011fine i\u015faret ediyor. Bu, opsiyonu do\u011frudan almay\u0131 pahal\u0131la\u015ft\u0131r\u0131yor; ancak piyasan\u0131n sonu\u00e7lar ve beklentiler (guidance: y\u00f6netimin ileri d\u00f6nem gelir\/k\u00e2rl\u0131l\u0131k \u00f6ng\u00f6r\u00fcs\u00fc) sonras\u0131 g\u00fc\u00e7l\u00fc bir reaksiyon bekledi\u011fini de do\u011fruluyor. Burada kritik olan, tek bir y\u00f6nden ziyade beklenen oynakl\u0131\u011fa g\u00f6re pozisyon almak.<\/p>\n
Y\u00fckseli\u015f bekleyenler i\u00e7in, \u201czarar yazd\u0131rmayacak kadar ucuz\u201d (out-of-the-money: kullan\u0131m fiyat\u0131 mevcut fiyat\u0131n d\u0131\u015f\u0131nda kald\u0131\u011f\u0131 i\u00e7in \u015fu an k\u00e2ra ge\u00e7meyen) al\u0131m opsiyonlar\u0131 (call) veya May\u0131s vadeli call spread (bir call al\u0131p daha yukar\u0131 kullan\u0131m fiyatl\u0131 bir call satmak; maliyeti d\u00fc\u015f\u00fcr\u00fcr, kazanc\u0131 s\u0131n\u0131rlar) g\u00fc\u00e7l\u00fc bir bilan\u00e7o ve yukar\u0131 y\u00f6nl\u00fc revizyon senaryosuna oynama imk\u00e2n\u0131 verebilir. Bu senaryo, y\u00f6netimin g\u00fc\u00e7l\u00fc sunucu CPU talebini teyit etmesine ve foundry i\u015fi i\u00e7in somut gelir hedefleri payla\u015fmas\u0131na ba\u011fl\u0131.<\/p>\n
Di\u011fer yandan, \u201chaberi sat\u201d (sell the news: beklentiyle y\u00fckselen hissenin haber sonras\u0131 k\u00e2r sat\u0131\u015f\u0131yla d\u00fc\u015fmesi) riski y\u00fcksek; \u00f6zellikle de ileriye d\u00f6n\u00fck F\/K\u2019n\u0131n 63\u2019e yakla\u015fmas\u0131 nedeniyle. 2025\u2019in 3. \u00e7eyre\u011finde benzer bir durum g\u00f6r\u00fclm\u00fc\u015f; bilan\u00e7o \u00f6ncesi g\u00fc\u00e7l\u00fc ralli, iyi ama \u00e7ok parlak olmayan sonu\u00e7larla %10 geri \u00e7ekilmeyle kar\u015f\u0131lanm\u0131\u015ft\u0131. Benzer bir tekrar bekleyenler, sat\u0131m opsiyonu (put) ya da put spread (bir put al\u0131p daha a\u015fa\u011f\u0131 kullan\u0131m fiyatl\u0131 bir put satmak; maliyeti d\u00fc\u015f\u00fcr\u00fcr, korumay\u0131 s\u0131n\u0131rlar) ile \u201cyeniden de\u011ferleme a\u015fa\u011f\u0131\u201ds\u0131na (de-rating: piyasan\u0131n daha d\u00fc\u015f\u00fck \u00e7arpan vermesi) kar\u015f\u0131 korunmay\u0131 d\u00fc\u015f\u00fcnebilir.<\/p>\n
Opsiyonlar\u0131n pahal\u0131 olmas\u0131 nedeniyle, oynakl\u0131k odakl\u0131 daha n\u00f6tr bir strateji olan \u201cuzun straddle\u201d veya \u201cstrangle\u201d tercih edilebilir. Straddle (ayn\u0131 kullan\u0131m fiyatl\u0131 call ve put almak) ve strangle (farkl\u0131 kullan\u0131m fiyatl\u0131 call ve put almak), fiyat\u0131n iki y\u00f6nde de sert hareketinden fayda sa\u011flar. Bu yakla\u015f\u0131m, piyasan\u0131n fiyatlad\u0131\u011f\u0131 %10\u2019luk hareketin ger\u00e7ekte d\u00fc\u015f\u00fck kalaca\u011f\u0131na dair bir bahis anlam\u0131na gelir; bu da 23 Nisan raporunun toparlanma hik\u00e2yesi a\u00e7\u0131s\u0131ndan \u201cikili sonu\u00e7\u201d (binary) olay oldu\u011fu g\u00f6r\u00fc\u015f\u00fcyle uyumlu.<\/p>\n
Son ralliyle hisse ta\u015f\u0131y\u0131p k\u00e2ra ge\u00e7enler i\u00e7in ise bu d\u00f6nem, korunmay\u0131 (hedging: olas\u0131 d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 sigorta) de\u011ferlendirmek ad\u0131na kritik. \u201cKoruyucu put\u201d (protective put: eldeki hisseyi d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 put alarak koruma) almak, son kazan\u00e7lar\u0131 kilitleyebilir ve bilan\u00e7o a\u00e7\u0131klamas\u0131na kadar a\u015fa\u011f\u0131 y\u00f6nl\u00fc koruma sa\u011flayabilir. Bu sayede olas\u0131 y\u00fckseli\u015fe kat\u0131l\u0131m s\u00fcrerken, rapor hissenin son y\u00fckseli\u015fini do\u011frulamazsa pozisyon i\u00e7in net bir taban olu\u015fturulur.<\/p>\n","protected":false},"excerpt":{"rendered":"
Intel\u2019de hik\u00e2ye de\u011fi\u015fiyor: 18A\/Panther Lake sevkiyat\u0131 ve AI ortakl\u0131klar\u0131 hisseyi 9 seansta %50 ko\u015fturdu. Ancak 23 Nisan bilan\u00e7o \u00f6ncesi F\/K 63, a\u015f\u0131r\u0131 al\u0131m ve opsiyonda \u00b1%10 \u201cbinary\u201d risk masada.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-44549","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=44549"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44549\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}