{"id":45205,"date":"2026-04-22T11:25:25","date_gmt":"2026-04-22T11:25:25","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/yatirimcilar-artan-sermaye-harcamalari-ortaminda-buyuk-teknolojinin-big-tech-yuksek-yapay-zeka-yatirimlarini-hizlanan-kar-artisina-donusturup-donusturemeyecegini-mercek-altina-aliyor\/"},"modified":"2026-04-22T11:25:25","modified_gmt":"2026-04-22T11:25:25","slug":"yatirimcilar-artan-sermaye-harcamalari-ortaminda-buyuk-teknolojinin-big-tech-yuksek-yapay-zeka-yatirimlarini-hizlanan-kar-artisina-donusturup-donusturemeyecegini-mercek-altina-aliyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/yatirimcilar-artan-sermaye-harcamalari-ortaminda-buyuk-teknolojinin-big-tech-yuksek-yapay-zeka-yatirimlarini-hizlanan-kar-artisina-donusturup-donusturemeyecegini-mercek-altina-aliyor\/","title":{"rendered":"Yat\u0131r\u0131mc\u0131lar, artan sermaye harcamalar\u0131 ortam\u0131nda B\u00fcy\u00fck Teknoloji\u2019nin (Big Tech) y\u00fcksek yapay zek\u00e2 yat\u0131r\u0131mlar\u0131n\u0131 h\u0131zlanan k\u00e2r art\u0131\u015f\u0131na d\u00f6n\u00fc\u015ft\u00fcr\u00fcp d\u00f6n\u00fc\u015ft\u00fcremeyece\u011fini mercek alt\u0131na al\u0131yor."},"content":{"rendered":"<p>\u201cMuhte\u015fem 7\u201dden be\u015fi iki g\u00fcn i\u00e7inde bilan\u00e7o a\u00e7\u0131kl\u0131yor: 29 Nisan 2026\u2019da Microsoft, Alphabet, Meta ve Amazon; 30 Nisan 2026\u2019da Apple. Odak, \u201cYapay zek\u00e2 (AI) veri merkezi\u201d yat\u0131r\u0131mlar\u0131n\u0131n fazla oldu\u011fu endi\u015fesinden, bu harcamalar\u0131n art\u0131k gelirleri, k\u00e2r marjlar\u0131n\u0131 ve gelir yaratmay\u0131 (monetisation: kullan\u0131c\u0131dan gelir \u00fcretme) art\u0131r\u0131p art\u0131rmad\u0131\u011f\u0131na kayd\u0131.<\/p>\n<p>D\u00f6rt \u201chiperskal\u0131r\u201d\u0131n (hyperscalers: k\u00fcresel \u00f6l\u00e7ekte \u00e7ok b\u00fcy\u00fck bulut altyap\u0131s\u0131 i\u015fleten dev teknoloji \u015firketleri) 2026\u2019da yakla\u015f\u0131k 645 milyar dolar harcamas\u0131 bekleniyor; bu da y\u0131ll\u0131k bazda yakla\u015f\u0131k %56 art\u0131\u015f demek. Piyasalar genel planlardan \u00e7ok, yat\u0131r\u0131m\u0131n geri d\u00f6n\u00fc\u015f\u00fcne (ROI: harcanan paran\u0131n ne kadar kazan\u00e7 getirdi\u011fi) dair daha net kan\u0131t ar\u0131yor.<\/p>\n<h3>\u015eirket Beklentileri Ve Harcamalar<\/h3>\n<p>Microsoft\u2019un hisse ba\u015f\u0131na k\u00e2r\u0131n\u0131n (EPS: \u015firketin her bir hisse i\u00e7in k\u00e2r\u0131) yakla\u015f\u0131k 4,04 dolar (yakla\u015f\u0131k %17 art\u0131\u015f) ve gelirinin yakla\u015f\u0131k 81,4 milyar dolar (yakla\u015f\u0131k %16 art\u0131\u015f) olmas\u0131 bekleniyor. Sermaye harcamas\u0131 (capex: fabrika, veri merkezi, donan\u0131m gibi uzun vadeli yat\u0131r\u0131mlar) mali 2026\u2019da 146 milyar dolar civar\u0131nda; mali 2027 beklentisi 170 milyar dolara yak\u0131n. Intelligent Cloud gelirinin yakla\u015f\u0131k 34,2 milyar dolar ( %28 art\u0131\u015f) olmas\u0131, Azure b\u00fcy\u00fcmesinin %38 civar\u0131nda gelmesi, AI katk\u0131s\u0131n\u0131n yakla\u015f\u0131k %21,4 olmas\u0131 ve bulut br\u00fct k\u00e2r marj\u0131n\u0131n (gross margin: sat\u0131\u015ftan sonra do\u011frudan maliyetler \u00e7\u0131kar\u0131l\u0131nca kalan k\u00e2rl\u0131l\u0131k) %66,23 seviyesinde olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Alphabet\u2019in d\u00fczeltilmi\u015f (tek seferlik kalemlerden ar\u0131nd\u0131r\u0131lm\u0131\u015f) EPS\u2019sinin yakla\u015f\u0131k 2,83 dolar ve gelirinin yakla\u015f\u0131k 107 milyar dolar (yakla\u015f\u0131k %11 art\u0131\u015f) olmas\u0131 bekleniyor. Capex\u2019in 2026 mali y\u0131l\u0131nda 175\u2013185 milyar dolar aral\u0131\u011f\u0131nda olmas\u0131, 2027\u2019de 200 milyar dolara yakla\u015fmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor. Arama (Search) gelirinin yakla\u015f\u0131k 59 milyar dolar ( %16 art\u0131\u015f), YouTube\u2019un yakla\u015f\u0131k 10 milyar dolar ( %12 art\u0131\u015f) ve Bulut (Cloud) b\u00fcy\u00fcmesinin %50 band\u0131na \u00e7\u0131kma potansiyeli oldu\u011fu belirtiliyor.<\/p>\n<p>Meta\u2019n\u0131n d\u00fczeltilmi\u015f EPS\u2019sinin yakla\u015f\u0131k 7,51 dolar ve gelirinin yakla\u015f\u0131k 55,5 milyar dolar (yakla\u015f\u0131k %31 art\u0131\u015f) olmas\u0131 bekleniyor. 2026 i\u00e7in capex y\u00f6nlendirmesi 115\u2013135 milyar dolar; 2027 beklentisi yakla\u015f\u0131k 142 milyar dolar. Reklam geliri yakla\u015f\u0131k 54 milyar dolar ( %30 art\u0131\u015f), g\u00f6sterim say\u0131s\u0131 (impressions: reklam\u0131n ka\u00e7 kez g\u00f6r\u00fcnt\u00fclendi\u011fi) %16 art\u0131\u015f ve reklam ba\u015f\u0131na ortalama fiyat %12 art\u0131\u015f g\u00f6steriyor.<\/p>\n<p>Amazon\u2019un d\u00fczeltilmi\u015f EPS\u2019sinin yakla\u015f\u0131k 2,11 dolar ve gelirinin yakla\u015f\u0131k 177,2 milyar dolar (yakla\u015f\u0131k %14 art\u0131\u015f) olmas\u0131 bekleniyor. 2026 i\u00e7in capex 200 milyar dolar olarak i\u015faret ediliyor; piyasa beklentisi 195,9 milyar dolar ve 2027 Bloomberg beklentisi yakla\u015f\u0131k 209 milyar dolar. AWS\u2019nin yakla\u015f\u0131k 36,6 milyar dolar ( %25 art\u0131\u015f), Reklam Hizmetleri\u2019nin yakla\u015f\u0131k 16,9 milyar dolar ( %20,8 art\u0131\u015f) olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor. Ayr\u0131ca Anthropic\u2019e 5 milyar dolar daha ekledi; ileride 20 milyar dolar daha yat\u0131r\u0131m ihtimali var.<\/p>\n<h3>Apple Beklentileri Ve Harcamalar<\/h3>\n<p>Apple\u2019\u0131n EPS\u2019sinin yakla\u015f\u0131k 1,96 dolar (yakla\u015f\u0131k %18 art\u0131\u015f) ve gelirinin yakla\u015f\u0131k 109,3 milyar dolar (yakla\u015f\u0131k %15 art\u0131\u015f) olmas\u0131 bekleniyor. Capex\u2019in mali 2026\u2019da yakla\u015f\u0131k 13,5 milyar dolar ve mali 2027\u2019de 15,4 milyar dolar olmas\u0131; Hizmetler (Services) gelirinin yakla\u015f\u0131k 30,4 milyar dolar ( %14 art\u0131\u015f) gelmesi bekleniyor.<\/p>\n<p>\u00d6zetle piyasa, sadece AI i\u00e7in \u201charcama i\u015ftah\u0131n\u0131\u201d de\u011fil, somut geri d\u00f6n\u00fc\u015f\u00fc fiyatl\u0131yor. Bu \u015firketlerde planlanan \u00e7ok y\u00fcksek sermaye harcamalar\u0131 hem ana risk hem de ana f\u0131rsat olarak \u00f6ne \u00e7\u0131k\u0131yor. Bu durum, sadece tekil hisselerde de\u011fil, daha geni\u015f endeks oynakl\u0131\u011f\u0131nda da g\u00f6r\u00fcl\u00fcyor; bilan\u00e7o sonu\u00e7lar\u0131 \u00f6n\u00fcm\u00fczdeki haftalarda teknoloji sekt\u00f6r\u00fcn\u00fcn genel y\u00f6n\u00fcn\u00fc belirleyebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Muhte\u015fem 7\u2019den be\u015fi bilan\u00e7o a\u00e7\u0131kl\u0131yor; piyasa AI veri merkezi capex furyas\u0131nda art\u0131k \u201cROI nerede?\u201d diye soruyor. Hiperskal\u0131rlar 2026\u2019da 645 milyar $ harcarken, b\u00fcy\u00fcme-marg\u0131n ve monetizasyon sinyalleri izlenecek.<\/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-45205","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\/45205","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=45205"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45205\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}