{"id":46335,"date":"2026-05-07T03:21:19","date_gmt":"2026-05-07T03:21:19","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/amd-hissesi-yapay-zeka-buyumesi-degerleme-testiyle-karsi-karsiya\/"},"modified":"2026-05-07T03:21:19","modified_gmt":"2026-05-07T03:21:19","slug":"amd-hissesi-yapay-zeka-buyumesi-degerleme-testiyle-karsi-karsiya","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/opinion\/amd-hissesi-yapay-zeka-buyumesi-degerleme-testiyle-karsi-karsiya\/","title":{"rendered":"AMD Hissesi: Yapay Zeka B\u00fcy\u00fcmesi De\u011ferleme Testiyle Kar\u015f\u0131 Kar\u015f\u0131ya"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/05\/2_image-1024x573.webp\" alt=\"\" class=\"wp-image-49684\"\/><\/figure>\n\n\n\n<p><strong>\u00d6ne \u00c7\u0131kan Noktalar<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>AMD hissesi, 2026 ilk \u00e7eyrek (Q1) bilan\u00e7osunun beklentileri a\u015fmas\u0131 ve ikinci \u00e7eyrek (Q2) i\u00e7in g\u00fc\u00e7l\u00fc \u00f6ng\u00f6r\u00fc (guidance: \u015firketin ileriye d\u00f6n\u00fck sat\u0131\u015f\/k\u00e2rl\u0131l\u0131k tahmini) vermesiyle yeniden ivme kazand\u0131.<\/li>\n\n\n\n<li>Veri merkezi geliri ana b\u00fcy\u00fcme kayna\u011f\u0131 oldu; EPYC (sunucu i\u015flemcisi\/CPU) ve Instinct GPU (grafik i\u015flemci; yapay zek\u00e2 hesaplamas\u0131nda kullan\u0131lan h\u0131zland\u0131r\u0131c\u0131 \u00e7ip) talebi bunu destekliyor.<\/li>\n\n\n\n<li>OpenAI ve Meta ile yapay zek\u00e2 i\u015f birlikleri, AMD\u2019nin ciddi bir altyap\u0131 tedarik\u00e7isi oldu\u011funu g\u00fc\u00e7lendiriyor.<\/li>\n\n\n\n<li>S\u0131radaki s\u0131nav: de\u011ferleme (hissenin pahal\u0131\/ucuz olu\u015fu), marjlar\u0131n g\u00fcc\u00fc ve AMD\u2019nin NVIDIA ile fark\u0131 kapatmay\u0131 s\u00fcrd\u00fcr\u00fcp s\u00fcrd\u00fcremeyece\u011fi.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">AMD Hissesi Y\u00fckseli\u015fte: Yapay Zek\u00e2 Talebi Rakamlarla G\u00f6r\u00fcn\u00fcr Hale Geldi<\/h2>\n\n\n\n<p>AMD zor k\u0131sm\u0131 geride b\u0131rakt\u0131. Beklentileri a\u015fan bilan\u00e7o, veri merkezinde h\u0131zlanan b\u00fcy\u00fcme, OpenAI ve Meta anla\u015fmalar\u0131\u2026 Piyasan\u0131n uzun s\u00fcredir istedi\u011fi unsurlar art\u0131k somutla\u015ft\u0131. Hisse de buna tepki verdi.<\/p>\n\n\n\n<p>As\u0131l zor k\u0131s\u0131m \u015fimdi ba\u015fl\u0131yor. AMD\u2019nin yapay zek\u00e2 gelirinin marjlar\u0131 da ta\u015f\u0131yabildi\u011fini, y\u00fcksek profilli i\u015f birliklerinin tekrarlayan sipari\u015fe d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ve veri merkezi i\u015finin y\u0131ll\u0131k %57 b\u00fcy\u00fcrken bu tempoyu koruyabildi\u011fini g\u00f6stermesi gerekiyor. Ayr\u0131ca \u201cde\u011ferleme primi\u201d (piyasan\u0131n gelecekteki b\u00fcy\u00fcme i\u00e7in hisseye daha y\u00fcksek fiyat bi\u00e7mesi) geri verilmeden bu b\u00fcy\u00fcmenin s\u00fcrmesi izlenecek. Bunun net cevab\u0131 i\u00e7in zamana ihtiya\u00e7 var.<\/p>\n\n\n\n<p>AMD hissesi \u015fu anda bu belirsizlik alan\u0131nda fiyatlan\u0131yor.<\/p>\n\n\n\n<p>AMD, 2026 Q1\u2019de geliri <strong>10,3 milyar dolar<\/strong> a\u00e7\u0131klad\u0131; y\u0131ll\u0131k bazda (year on year: ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re) <strong>%38<\/strong> art\u0131\u015f. GAAP d\u0131\u015f\u0131 (non-GAAP: muhasebe standartlar\u0131n\u0131n baz\u0131 kalemlerini \u00e7\u0131kar\u0131p \u201cd\u00fczeltilmi\u015f\u201d k\u00e2r g\u00f6stergesi) hisse ba\u015f\u0131na k\u00e2r <strong>1,37 dolar<\/strong> oldu. Veri merkezi geliri <strong>5,8 milyar dolar<\/strong> ile y\u0131ll\u0131k <strong>%57<\/strong> artt\u0131; art\u0131\u015fta EPYC i\u015flemcilerine g\u00fc\u00e7l\u00fc talep ve Instinct GPU sevkiyatlar\u0131ndaki (shipments: m\u00fc\u015fterilere yap\u0131lan teslimatlar) b\u00fcy\u00fcme etkili oldu.<\/p>\n\n\n\n<p>Bu tablo AMD i\u00e7in \u00f6nemli \u00e7\u00fcnk\u00fc b\u00fcy\u00fcmenin motoru de\u011fi\u015fti. \u015eirket art\u0131k sadece PC toparlanmas\u0131 ya da d\u00f6ng\u00fcsel (ekonomik dalgalanmalara duyarl\u0131) yar\u0131 iletken hik\u00e2yesi olarak g\u00f6r\u00fclm\u00fcyor. Piyasa AMD\u2019yi veri merkezi ve yapay zek\u00e2 altyap\u0131s\u0131 oyuncusu olarak fiyatl\u0131yor; bu hem f\u0131rsat\u0131 hem de bask\u0131y\u0131 art\u0131r\u0131yor.<\/p>\n\n\n\n<p>\u015eirket Q2 geliri i\u00e7in yakla\u015f\u0131k <strong>11,2 milyar dolar<\/strong> \u00f6ng\u00f6rd\u00fc; <strong>\u00b1300 milyon dolar<\/strong> sapma pay\u0131yla. Reuters\u2019a g\u00f6re analistler yakla\u015f\u0131k <strong>10,52 milyar dolar<\/strong> bekliyordu. AMD ayr\u0131ca d\u00fczeltilmi\u015f br\u00fct k\u00e2r marj\u0131n\u0131 (gross margin: sat\u0131\u015f gelirinden \u00fcr\u00fcn maliyeti \u00e7\u0131kt\u0131ktan sonra kalan oran) yakla\u015f\u0131k <strong>%56<\/strong> \u00f6ng\u00f6rd\u00fc; analist beklentisi <strong>%55,4<\/strong> seviyesindeydi.<\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\" style=\"height:100%;width:100%\">\n  <div class=\"tradingview-widget-container__widget\" style=\"height:calc(100% - 32px);width:100%\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/symbols\/NASDAQ-AMD\/\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">AMD stock chart<\/span><\/a><span class=\"trademark\"> On VT, by TradingView<\/span><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-advanced-chart.js\" async>\n  {\n  \"allow_symbol_change\": true,\n  \"calendar\": false,\n  \"details\": false,\n  \"hide_side_toolbar\": true,\n  \"hide_top_toolbar\": false,\n  \"hide_legend\": false,\n  \"hide_volume\": false,\n  \"hotlist\": false,\n  \"interval\": \"D\",\n  \"locale\": \"en\",\n  \"save_image\": true,\n  \"style\": \"1\",\n  \"symbol\": \"NASDAQ:AMD\",\n  \"theme\": \"dark\",\n  \"timezone\": \"Etc\/UTC\",\n  \"backgroundColor\": \"#0F0F0F\",\n  \"gridColor\": \"rgba(242, 242, 242, 0.06)\",\n  \"watchlist\": [],\n  \"withdateranges\": false,\n  \"compareSymbols\": [],\n  \"studies\": [],\n  \"autosize\": true\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<p>Bu bile\u015fim k\u0131sa vadede g\u00fc\u00e7l\u00fc bir hik\u00e2ye yarat\u0131yor: gelir tahminleri a\u015f\u0131l\u0131yor, beklentiler yukar\u0131 \u00e7ekiliyor ve yapay zek\u00e2 talebi gelir tablosuna (income statement: \u015firketin d\u00f6nemsel gelir-gider ve k\u00e2r\/zarar tablosu) daha net yans\u0131yor. Zor soru ise hissenin bu ilerlemenin \u00f6nemli k\u0131sm\u0131n\u0131 \u015fimdiden fiyatlay\u0131p fiyatlamad\u0131\u011f\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Yapay Zek\u00e2da \u201cYakalama\u201d \u0130\u015flemi G\u00fc\u00e7leniyor<\/h2>\n\n\n\n<p>AMD hissesi, do\u011frudan NVIDIA\u2019n\u0131n yerine ge\u00e7ecek bir hik\u00e2yeden \u00e7ok, yapay zek\u00e2da \u201cyakalama\u201d temas\u0131nda daha iyi \u00e7al\u0131\u015f\u0131yor.<\/p>\n\n\n\n<p>NVIDIA h\u00e2l\u00e2 yapay zek\u00e2 h\u0131zland\u0131r\u0131c\u0131 (AI accelerator: b\u00fcy\u00fck yapay zek\u00e2 hesaplamalar\u0131n\u0131 h\u0131zland\u0131ran \u00e7ip ve sistemler) pazar\u0131nda bask\u0131n. AMD\u2019nin NVIDIA\u2019n\u0131n liderli\u011fini tamamen k\u0131rmas\u0131 gerekmiyor. Hedef, b\u00fcy\u00fcyen pazarda pay almak. \u00d6zellikle hiperskalerlerin (hyperscalers: Amazon, Microsoft, Google gibi dev bulut sa\u011flay\u0131c\u0131lar\u0131) tek tedarik\u00e7iye ba\u011fl\u0131 kalmamak, daha iyi fiyat\/ko\u015ful elde etmek ve kapasiteyi \u00e7e\u015fitlendirmek istemesi AMD\u2019ye alan a\u00e7\u0131yor.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">&quot;We&#39;ve never seen anything like this in the investment world,&quot; Carlyle Group co-founder <a href=\"https:\/\/twitter.com\/DM_Rubenstein?ref_src=twsrc%5Etfw\">@DM_Rubenstein<\/a> says, adding: \u201cI suspect AI will change the world.\u201d <a href=\"https:\/\/t.co\/KKaVj40uy1\">pic.twitter.com\/KKaVj40uy1<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/2051683756558139752?ref_src=twsrc%5Etfw\">May 5, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Bu noktada veri merkezi performans\u0131 kritik. Q1 b\u00fcy\u00fcmesi tek bir alana s\u0131k\u0131\u015fmad\u0131. Veri merkezinde EPYC sunucu CPU\u2019lar\u0131 ve Instinct GPU\u2019lar\u0131n kademeli devreye giri\u015fi (ramp: \u00fcretim\/teslimat\u0131n h\u0131zlanmas\u0131) etkili olurken, istemci ve oyun gelirleri <strong>%23<\/strong> art\u0131\u015fla <strong>3,6 milyar dolara<\/strong> \u00e7\u0131kt\u0131. G\u00f6m\u00fcl\u00fc (embedded: cihazlar\u0131n i\u00e7ine entegre edilen \u00e7ip \u00e7\u00f6z\u00fcmleri) gelirleri de <strong>%6<\/strong> artarak <strong>873 milyon dolar<\/strong> oldu.<\/p>\n\n\n\n<p>Bu, AMD\u2019ye tek \u00fcr\u00fcnl\u00fc bir \u201cyapay zek\u00e2 \u00e7ipi\u201d hik\u00e2yesinden daha geni\u015f bir zemin veriyor. CPU\u2019lar, GPU\u2019lar, raf \u00f6l\u00e7ekli sistemler (rack-scale: veri merkezinde sunucu raflar\u0131n\u0131n tamam\u0131n\u0131 hedefleyen sistem tasar\u0131m\u0131) ve yaz\u0131l\u0131m deste\u011fi yapay zek\u00e2 altyap\u0131s\u0131n\u0131n (AI infrastructure: yapay zek\u00e2y\u0131 \u00e7al\u0131\u015ft\u0131ran donan\u0131m+yaz\u0131l\u0131m+bili\u015fim kapasitesi) bir sonraki faz\u0131n\u0131 besliyor. E\u011fitim (training: modelin \u00f6\u011frenmesi i\u00e7in b\u00fcy\u00fck veriyle hesaplama) \u00f6nemli olsa da, \u00e7\u0131kar\u0131m (inference: e\u011fitilmi\u015f modelin ger\u00e7ek kullan\u0131mda yan\u0131t \u00fcretmesi) ve kurumsal yapay zek\u00e2 i\u015f y\u00fckleri (workloads: sistemin yapt\u0131\u011f\u0131 i\u015f\/hesaplama t\u00fcr\u00fc) pazar\u0131 b\u00fcy\u00fctebilir.<\/p>\n\n\n\n<p>Bu \u00e7er\u00e7evede hisse, sadece k\u0131sa vadeli ivme i\u015flemi olmaktan \u00e7\u0131k\u0131yor. Soru, AMD\u2019nin g\u00fcveni tekrarlayan gelire, daha iyi marja ve daha g\u00fc\u00e7l\u00fc bir de\u011ferleme katsay\u0131s\u0131na (multiple: piyasan\u0131n k\u00e2r\/sat\u0131\u015f gibi g\u00f6stergelere ka\u00e7 kat fiyat verdi\u011fi) d\u00f6n\u00fc\u015ft\u00fcr\u00fcp d\u00f6n\u00fc\u015ft\u00fcremeyece\u011fi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">OpenAI ve Meta, AMD\u2019nin Yapay Zek\u00e2 Hik\u00e2yesini B\u00fcy\u00fctt\u00fc<\/h2>\n\n\n\n<p>OpenAI ve Meta ile yap\u0131lan stratejik ortakl\u0131klar AMD\u2019nin yapay zek\u00e2 hik\u00e2yesini daha inand\u0131r\u0131c\u0131 hale getirdi.<\/p>\n\n\n\n<p>Ekim 2025\u2019te AMD ve OpenAI, birden fazla Instinct GPU neslini kapsayan yeni nesil yapay zek\u00e2 altyap\u0131s\u0131n\u0131 desteklemek \u00fczere <strong>6 gigawatt<\/strong> anla\u015fmas\u0131 a\u00e7\u0131klad\u0131. \u0130lk <strong>1 gigawatt<\/strong> kurulumun, AMD Instinct MI450 GPU\u2019lar\u0131yla 2026\u2019n\u0131n ikinci yar\u0131s\u0131nda ba\u015flamas\u0131 planlan\u0131yor. (Gigawatt burada veri merkezi elektrik g\u00fcc\u00fc kapasitesini ifade eder; kurulacak sistemlerin \u00f6l\u00e7e\u011fini g\u00f6sterir.)<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">WATCH: AMD shares surged after the company unveiled a $100 billion annual data-center revenue target and announced plans to expand its presence in the AI market, buoyed by deals with OpenAI and Oracle <a href=\"https:\/\/t.co\/uo8oyNvFBM\">https:\/\/t.co\/uo8oyNvFBM<\/a> <a href=\"https:\/\/t.co\/cSBsU4E5dC\">pic.twitter.com\/cSBsU4E5dC<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1988792682840486168?ref_src=twsrc%5Etfw\">November 13, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Meta da \u015eubat 2026\u2019da AMD i\u015f birli\u011fini geni\u015fletti. AMD, ilk 1 gigawatt kurulum i\u00e7in sevkiyatlar\u0131n 2026\u2019n\u0131n ikinci yar\u0131s\u0131nda ba\u015flamas\u0131n\u0131n planland\u0131\u011f\u0131n\u0131; bunun \u00f6zel tasar\u0131m Instinct MI450 tabanl\u0131 GPU, 6. nesil EPYC CPU\u2019lar, ROCm yaz\u0131l\u0131m\u0131 (AMD\u2019nin GPU yaz\u0131l\u0131m platformu; yapay zek\u00e2 uygulamalar\u0131n\u0131 \u00e7al\u0131\u015ft\u0131rmaya yarar) ve Helios raf \u00f6l\u00e7ekli mimari (veri merkezi raf d\u00fczeyinde sistem tasar\u0131m\u0131) ile desteklenece\u011fini belirtti.<\/p>\n\n\n\n<p>Bu anla\u015fmalar, b\u00fcy\u00fck m\u00fc\u015fterilerin AMD\u2019yi b\u00fcy\u00fck \u00f6l\u00e7ekte devreye almaya haz\u0131r oldu\u011funa dair kan\u0131t sundu\u011fu i\u00e7in \u00f6nemli. Bu, NVIDIA\u2019n\u0131n liderli\u011fini bitirmiyor; ancak pazarda g\u00fc\u00e7l\u00fc bir \u201cikinci b\u00fcy\u00fck tedarik\u00e7i\u201d olma iddias\u0131n\u0131 destekliyor. Yapay zek\u00e2 pazar\u0131 daha fazla hesaplama g\u00fcc\u00fc (compute: i\u015flem kapasitesi), daha fazla kapasite ve daha g\u00fc\u00e7l\u00fc pazarl\u0131k g\u00fcc\u00fc gerektiriyor.<\/p>\n\n\n\n<p>Yine de \u00e7\u0131ta y\u00fcksek. B\u00fcy\u00fck ortakl\u0131klar man\u015fet olur; piyasa ise zaman i\u00e7inde teslimat takvimi, gelire katk\u0131, br\u00fct marj ve m\u00fc\u015fteri geni\u015flemesi ile de\u011ferlendirir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">De\u011ferleme Art\u0131k \u0130\u015fin En Zor K\u0131sm\u0131<\/h2>\n\n\n\n<p>AMD i\u00e7in risk, yapay zek\u00e2 hik\u00e2yesinin zay\u0131f olmas\u0131 de\u011fil. Risk, hissenin gelecekteki ba\u015far\u0131n\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fcn\u00fc \u015fimdiden fiyatlam\u0131\u015f olmas\u0131.<\/p>\n\n\n\n<p>G\u00fc\u00e7l\u00fc y\u00fckseli\u015f sonras\u0131 AMD, indirimli bir takip\u00e7iden \u00e7ok y\u00fcksek b\u00fcy\u00fcme odakl\u0131 bir yapay zek\u00e2 altyap\u0131 lideri gibi i\u015flem g\u00f6r\u00fcyor. Bu da hareket alan\u0131n\u0131 daralt\u0131yor. G\u00fc\u00e7l\u00fc bilan\u00e7olar y\u00fckseli\u015fi destekleyebilir; ancak yapay zek\u00e2 GPU benimsenmesinde (adoption: m\u00fc\u015fterilerin \u00fcr\u00fcn\u00fc yayg\u0131n kullanmaya ba\u015flamas\u0131) gecikme, daha zay\u0131f marj beklentisi veya veri merkezi b\u00fcy\u00fcmesinde yava\u015flama daha sert geri \u00e7ekilme yaratabilir.<\/p>\n\n\n\n<p>Burada de\u011ferleme testi \u00f6ne \u00e7\u0131k\u0131yor. <a href=\"https:\/\/www.amd.com\/en\/newsroom\/press-releases\/2026-5-5-amd-reports-first-quarter-2026-financial-results.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">AMD\u2019nin GAAP d\u0131\u015f\u0131 br\u00fct marj\u0131 Q1\u2019de %55<\/a> oldu; ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki <strong>%54<\/strong>\u2019\u00fcn \u00fczerinde, ancak 2025 Q4\u2019teki <strong>%57<\/strong>\u2019nin alt\u0131nda. GAAP d\u0131\u015f\u0131 faaliyet giderleri (operating expenses: Ar-Ge, pazarlama, idari giderler) y\u0131ll\u0131k <strong>%42<\/strong> art\u0131\u015fla <strong>3,1 milyar dolar<\/strong> oldu. GAAP d\u0131\u015f\u0131 faaliyet k\u00e2r\u0131 (operating income: faaliyetlerden elde edilen k\u00e2r) ise <strong>%43<\/strong> artarak <strong>2,5 milyar dolara<\/strong> \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<p>Marjlar zay\u0131f de\u011fil; ancak art\u0131k tek ba\u015f\u0131na g\u00fc\u00e7l\u00fc gelir b\u00fcy\u00fcmesi yeterli g\u00f6r\u00fclmeyebilir. Piyasa, yapay zek\u00e2 b\u00fcy\u00fcmesinin daha y\u00fcksek k\u00e2rl\u0131l\u0131\u011f\u0131 da destekledi\u011fini g\u00f6rmek istiyor. \u00c7\u00fcnk\u00fc \u015firket \u00fcr\u00fcn geli\u015ftirme (Ar-Ge), yaz\u0131l\u0131m ve b\u00fcy\u00fck m\u00fc\u015fteri kurulumlar\u0131na daha fazla yat\u0131r\u0131m yap\u0131yor.<\/p>\n\n\n\n<p>Br\u00fct marj geni\u015flerken veri merkezi geliri h\u0131zlanmay\u0131 s\u00fcrd\u00fcr\u00fcrse AMD daha y\u00fcksek de\u011feri savunabilir. Gelir art\u0131p marjlar beklentiyi kar\u015f\u0131lamazsa piyasa daha se\u00e7ici davranabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AMD &#8211; NVIDIA: Do\u011fru Kar\u015f\u0131la\u015ft\u0131rma<\/h2>\n\n\n\n<p>AMD ile NVIDIA kar\u015f\u0131la\u015ft\u0131rmas\u0131 h\u00e2l\u00e2 anlaml\u0131; ancak do\u011fru \u00e7er\u00e7eveyle.<\/p>\n\n\n\n<p>NVIDIA\u2019n\u0131n yapay zek\u00e2 ekosistemi (ecosystem: donan\u0131m, yaz\u0131l\u0131m, geli\u015ftirici ara\u00e7lar\u0131 ve m\u00fc\u015fteri a\u011f\u0131), yaz\u0131l\u0131m avantaj\u0131 ve kurulu taban\u0131 (installed base: halihaz\u0131rda kullan\u0131lan sistemlerin toplam\u0131) daha g\u00fc\u00e7l\u00fc. AMD bu tarafta g\u00fcven in\u015fa ediyor. Hiperskalerlerin ihtiyac\u0131, AMD\u2019nin NVIDIA\u2019n\u0131n yerini almas\u0131 de\u011fil; b\u00fcy\u00fck \u00f6l\u00e7ekte g\u00fcvenilir ikinci kaynak olmas\u0131.<\/p>\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/05\/image-8-1024x881.jpg\" alt=\"\" class=\"wp-image-49683\"\/><\/figure>\n<!-- \/wp:post-content -->\n\n<!-- wp:paragraph -->\n<p><em>Kaynak: <a href=\"http:\/\/www.carbonfinance.io\">CarbonFinance<\/a><a href=\"http:\/\/www.carbonfinance.io\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">n<\/a><a href=\"http:\/\/www.carbonfinance.io\">ance<\/a><\/em><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Bu ayr\u0131m yat\u0131r\u0131m tezini de\u011fi\u015ftiriyor. Toplam talebin b\u00fcy\u00fcd\u00fc\u011f\u00fc bir pazarda AMD pay kazan\u0131rsa hisse de\u011fer \u00fcretebilir; t\u00fcm pazar\u0131 kazanmas\u0131 gerekmez.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Bu nedenle tedarik\u00e7i \u00e7e\u015fitlili\u011fi \u00f6nemli. B\u00fcy\u00fck m\u00fc\u015fteriler, artan i\u015flem kapasitesi ihtiyac\u0131nda daha fazla se\u00e7enek istiyor. AMD rekabet\u00e7i performans, daha iyi bulunabilirlik (availability: \u00fcr\u00fcn\u00fcn teslim edilebilir olmas\u0131) veya daha iyi maliyet verimlili\u011fi sunarsa, NVIDIA lider kalsa bile anlaml\u0131 talep yakalayabilir.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Ana soru, AMD\u2019nin performans, yaz\u0131l\u0131m olgunlu\u011fu ve devreye alma h\u0131z\u0131nda fark\u0131 kapatmay\u0131 s\u00fcrd\u00fcr\u00fcp s\u00fcrd\u00fcremeyece\u011fi. Ortakl\u0131klar ve gelir ivmesi olumlu. Ancak kal\u0131c\u0131 pazar pay\u0131 art\u0131\u015f\u0131 i\u00e7in daha fazla kan\u0131t gerekecek.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">AMD Hissesinde S\u0131radaki Hamleyi Ne Belirleyebilir?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>AMD hissesinde bir sonraki hareketin \u00fc\u00e7 unsura ba\u011fl\u0131 olmas\u0131 bekleniyor: veri merkezi b\u00fcy\u00fcmesi, br\u00fct marj ve yapay zek\u00e2 sevkiyat g\u00f6r\u00fcn\u00fcrl\u00fc\u011f\u00fc.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Veri merkezi b\u00fcy\u00fcmesi en net sinyal. EPYC CPU ve Instinct GPU gelirleri g\u00fc\u00e7l\u00fc kal\u0131rsa, de\u011ferleme y\u00fcksek g\u00f6r\u00fcnse bile piyasa hisseyi destekleyebilir.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u0130kinci s\u0131nav br\u00fct marj. Q2 i\u00e7in yakla\u015f\u0131k <strong>%56<\/strong> marj beklentisi yak\u0131ndan izlenecek. Daha g\u00fc\u00e7l\u00fc bir marj, yapay zek\u00e2 talebinin sadece geliri de\u011fil, k\u00e2r kalitesini de (earnings quality: k\u00e2r\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi) iyile\u015ftirdi\u011fini g\u00f6sterebilir.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u00dc\u00e7\u00fcnc\u00fc sinyal, sevkiyatlar\u0131n g\u00f6r\u00fcn\u00fcrl\u00fc\u011f\u00fc. OpenAI ve Meta kurulumlar\u0131n\u0131n 2026\u2019n\u0131n ikinci yar\u0131s\u0131ndan itibaren h\u0131zlanmas\u0131 bekleniyor; bu da duyurular\u0131n gelire d\u00f6n\u00fc\u015fmeye ba\u015flad\u0131\u011f\u0131na dair daha net i\u015faret ihtiyac\u0131n\u0131 art\u0131r\u0131yor.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Hisse ayr\u0131ca genel yapay zek\u00e2 sekt\u00f6r alg\u0131s\u0131na da duyarl\u0131. Yat\u0131r\u0131mc\u0131lar yapay zek\u00e2 altyap\u0131 harcamalar\u0131na g\u00fcvenini korursa AMD geri \u00e7ekilmelerde al\u0131m g\u00f6rebilir. Piyasa, yapay zek\u00e2 sermaye harcamalar\u0131n\u0131 (capex: \u015firketlerin veri merkezi gibi uzun \u00f6m\u00fcrl\u00fc yat\u0131r\u0131mlara ay\u0131rd\u0131\u011f\u0131 b\u00fct\u00e7e) veya bulut k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 sorgularsa, y\u00fcksek de\u011ferlemeli \u00e7ip hisseleri birlikte bask\u0131 g\u00f6rebilir.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">AMD Hisse Tahmini: Olumlu, Ancak Gerilimli<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>K\u0131sa vadede g\u00f6r\u00fcn\u00fcm, veri merkezi b\u00fcy\u00fcmesi g\u00fc\u00e7l\u00fc kald\u0131k\u00e7a ve \u015firket beklentileri a\u015fan \u00f6ng\u00f6r\u00fc vermeyi s\u00fcrd\u00fcrd\u00fck\u00e7e olumlu. Yapay zek\u00e2 talebi art\u0131k sadece vaat de\u011fil; gelir ve k\u00e2rda kendini g\u00f6steriyor.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Temel senaryoda AMD, yapay zek\u00e2da \u201cyakalama\u201d temas\u0131n\u0131n \u00f6nemli oyuncular\u0131ndan biri olmaya devam eder. Veri merkezi gelirleri alg\u0131y\u0131 desteklerken, OpenAI ve Meta ortakl\u0131klar\u0131 uzun vadeli b\u00fcy\u00fcme hik\u00e2yesini g\u00fc\u00e7lendirir. Br\u00fct marj iyile\u015fir ve kurulumlar zaman\u0131nda \u00f6l\u00e7eklenirse, hisse de\u011ferleme primini koruyabilir.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Temkinli senaryoda beklentiler y\u00fckseldi. Veri merkezi b\u00fcy\u00fcmesinde yava\u015flama, Q2 \u00f6ng\u00f6r\u00fcs\u00fcn\u00fcn tekrar yukar\u0131 gitmemesi, br\u00fct marj\u0131n zay\u0131flamas\u0131 veya de\u011ferlemenin k\u00e2r\u0131n \u00f6n\u00fcne ge\u00e7ti\u011fi d\u00fc\u015f\u00fcncesi hisseyi zorlayabilir. NVIDIA rekabeti de temel risklerden biri.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>AMD\u2019nin y\u00fckseli\u015fi hak etti\u011fi g\u00f6r\u00fcl\u00fcyor. Bunu korumak ise ayr\u0131 bir s\u0131nav.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">Yat\u0131r\u0131mc\u0131lar Sonraki Ad\u0131mda Neye Bakmal\u0131?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>AMD\u2019nin veri merkezi gelirini g\u00fc\u00e7l\u00fc tempoda b\u00fcy\u00fct\u00fcp b\u00fcy\u00fctemedi\u011fi izlenmeli. Bu, yapay zek\u00e2 altyap\u0131 hik\u00e2yesinin s\u00fcrd\u00fc\u011f\u00fcne dair en net g\u00f6stergedir.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Br\u00fct marj da takip edilmeli. Mevcut \u00f6ng\u00f6r\u00fcn\u00fcn \u00fcst\u00fcne \u00e7\u0131kmas\u0131 y\u00fckseli\u015fi daha sa\u011flam g\u00f6sterebilir; zay\u0131f marj ise de\u011ferleme riskini art\u0131r\u0131r.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u00dc\u00e7\u00fcnc\u00fc sinyal, m\u00fc\u015fteri kurulumlar\u0131n\u0131n ilerlemesi. OpenAI ve Meta AMD\u2019ye g\u00fc\u00e7l\u00fc bir yol haritas\u0131 sundu; ancak piyasa bunun sevkiyat, gelir ve tekrarlayan sipari\u015fe d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6rmek isteyecek.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:details -->\n<details class=\"wp-block-details\"><summary><strong>S\u0131k Sorulan Sorular<\/strong><\/summary><!-- wp:paragraph -->\n<p><strong>AMD Hissesi Neden Y\u00fckseliyor?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>AMD hissesi, 2026 Q1 sonu\u00e7lar\u0131n\u0131n g\u00fc\u00e7l\u00fc gelmesi, veri merkezi b\u00fcy\u00fcmesinin h\u0131zlanmas\u0131 ve Q2 i\u00e7in beklentilerin \u00fczerinde gelir \u00f6ng\u00f6r\u00fcs\u00fc verilmesiyle y\u00fckseliyor. Yapay zek\u00e2 talebi gelirlerde daha g\u00f6r\u00fcn\u00fcr hale geldi.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>AMD Bir Yapay Zek\u00e2 Hissesi mi?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Evet. AMD, veri merkezi CPU\u2019lar\u0131 (EPYC), Instinct GPU\u2019lar\u0131, raf \u00f6l\u00e7ekli sistemleri ve OpenAI\/Meta ortakl\u0131klar\u0131 nedeniyle giderek daha fazla \u201cyapay zek\u00e2 altyap\u0131\u201d hissesi gibi fiyatlan\u0131yor. PC ve oyun taraf\u0131 h\u00e2l\u00e2 \u00f6nemli; ancak ana hik\u00e2yeyi veri merkezi b\u00fcy\u00fcmesi belirliyor.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>AMD, NVIDIA ile Rekabet Edebilir mi?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>AMD rekabet edebilir; ancak hissenin y\u00fckseli\u015fi i\u00e7in NVIDIA\u2019y\u0131 ge\u00e7mesi \u015fart de\u011fil. Daha g\u00fc\u00e7l\u00fc senaryo, hiperskalerlerin kapasite ihtiyac\u0131 ve tedarik\u00e7i \u00e7e\u015fitlili\u011fi i\u00e7in AMD\u2019yi g\u00fcvenilir \u201cikinci tedarik\u00e7i\u201d olarak kullanmas\u0131d\u0131r.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>AMD Hissesi \u0130\u00e7in En B\u00fcy\u00fck Risk Nedir?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>En b\u00fcy\u00fck risk de\u011ferleme. Hisse y\u00fcksek beklentileri yans\u0131t\u0131yor. Veri merkezi gelirinde yava\u015flama, marjlar\u0131n zay\u0131flamas\u0131 veya yapay zek\u00e2 GPU kurulumlar\u0131nda gecikme hisse fiyat\u0131n\u0131 bask\u0131layabilir.<\/p>\n<!-- \/wp:paragraph --><\/details>\n<!-- \/wp:details -->\n<p>\n<!-- wp:paragraph -->\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:paragraph --><!-- \/wp:paragraph -->","protected":false},"excerpt":{"rendered":"<p>AMD\u2019de bilan\u00e7o s\u00fcrprizi ralli getirdi: 2026 Q1\u2019de gelir 10,3 milyar $ (+%38), veri merkezi 5,8 milyar $ (+%57). Q2 tahmini 11,2 milyar $. OpenAI\/Meta AI ortakl\u0131klar\u0131 g\u00fc\u00e7l\u00fc; risk de\u011ferleme ve marjlar.<\/p>\n","protected":false},"author":87,"featured_media":46334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-46335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46335","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=46335"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46335\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/46334"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=46335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=46335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=46335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}