Standard Chartered, H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019n\u0131n fiilen kapanmas\u0131n\u0131n ve mevcut enerji \u015fokunun yapay zek\u00e2 odakl\u0131 faaliyetler \u00fczerinde k\u0131sa ve uzun vadede bask\u0131 yaratabilece\u011fini s\u00f6yledi. Banka, yak\u0131n vadede yar\u0131 iletken (\u00e7ip) \u00fcretiminde kullan\u0131lan temel girdilerin tedarikinde risklere dikkat \u00e7ekti.<\/p>\n
Orta vadede bankaya g\u00f6re ana risk, yapay zek\u00e2 harcamalar\u0131nda d\u00fc\u015f\u00fc\u015f. Banka ayr\u0131ca, yat\u0131r\u0131m ve \u00fcretim s\u0131n\u0131rl\u0131 etkilenmi\u015f olsa bile yapay zek\u00e2 \u00fcr\u00fcnlerine talebin zay\u0131flayabilece\u011fini belirtti.<\/p>\n
Notta, ge\u00e7mi\u015f petrol \u015foklar\u0131na at\u0131f yap\u0131ld\u0131. Bu \u015foklar\u0131n \u015firketlerde teknoloji kullan\u0131m\u0131n\u0131n yava\u015flamas\u0131 ve verimlilik art\u0131\u015f\u0131n\u0131n zay\u0131flamas\u0131yla ili\u015fkilendirildi\u011fi belirtildi. Bunun, artan i\u015fletme maliyetlerinin (\u00fcretim ve faaliyet giderleri) \u015firketleri teknoloji harcamalar\u0131n\u0131 k\u0131smaya itmesiyle ger\u00e7ekle\u015fti\u011fi ifade edildi.<\/p>\n
Ayr\u0131ca etkilerin, arz kaynakl\u0131 (petrol\u00fcn piyasaya sunulmas\u0131n\u0131n aksamas\u0131 gibi) petrol \u015foklar\u0131nda ve ekonomi politikalar\u0131na dair belirsizli\u011fin artt\u0131\u011f\u0131 d\u00f6nemlerde daha a\u011f\u0131r oldu\u011fu kaydedildi.<\/p>\n
H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019n\u0131n fiilen kapanmas\u0131yla belirgin bir enerji \u015foku ya\u015fan\u0131yor. Brent petrol varil ba\u015f\u0131na 115 dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131; bu seviye 2025 ba\u015f\u0131ndan beri kal\u0131c\u0131 g\u00f6r\u00fclmemi\u015fti ve piyasadaki yapay zek\u00e2 iyimserli\u011fini zorluyor. Bu aksama, d\u00fcnyan\u0131n g\u00fcnl\u00fck petrol arz\u0131n\u0131n yakla\u015f\u0131k be\u015fte birini etkileyerek, \u00f6zellikle \u00e7ip \u00fcretimi gibi y\u00fcksek enerji t\u00fcketen sekt\u00f6rlerde maliyet bask\u0131s\u0131n\u0131 art\u0131r\u0131yor.<\/p>\n
\u00c7ip endeksleri ve 2025 boyunca g\u00fc\u00e7l\u00fc y\u00fckseli\u015f ya\u015fayan ba\u015fl\u0131ca yapay zek\u00e2 \u015firketlerinde sat\u0131m opsiyonu (put option: fiyat d\u00fc\u015ferse de\u011fer kazanan opsiyon) al\u0131m\u0131 de\u011ferlendirilebilir. Enerji maliyetlerindeki art\u0131\u015f, tedarik zincirini ve k\u00e2r marj\u0131n\u0131 (sat\u0131\u015flardan maliyetler \u00e7\u0131kt\u0131ktan sonra kalan oran) s\u0131k\u0131\u015ft\u0131rarak, y\u00fcksek de\u011ferlemelere (\u015firketin piyasa fiyat\u0131n\u0131n beklentilere g\u00f6re pahal\u0131 olmas\u0131) sahip hisseleri sert d\u00fczeltmeye a\u00e7\u0131k hale getiriyor. Ayn\u0131 zamanda piyasadaki oynakl\u0131\u011f\u0131n artmas\u0131, VIX\u2019in 25\u2019in \u00fczerine \u00e7\u0131kmas\u0131yla g\u00f6r\u00fcl\u00fcyor. VIX (oynakl\u0131k endeksi: piyasada beklenen dalgalanmay\u0131 g\u00f6steren \u00f6l\u00e7\u00fcm) y\u00fckseldi\u011finde, \u201coynakl\u0131\u011fa uzun\u201d pozisyonlar (dalgalanma art\u0131\u015f\u0131ndan kazan\u00e7 hedefleyen i\u015flemler) k\u00e2rl\u0131 olabilir.<\/p>\n
Tarihsel olarak, 1970\u2019lerdeki \u00f6rneklerde oldu\u011fu gibi enerji kaynakl\u0131 arz \u015foklar\u0131, \u015firketlerin yeni teknolojiye yat\u0131r\u0131m\u0131n\u0131 azaltma e\u011filimini art\u0131rd\u0131. \u015eirketler yak\u0131t ve elektrik maliyetleri y\u00fckselince, sermaye harcamalar\u0131n\u0131 (capex: uzun vadeli yat\u0131r\u0131m harcamalar\u0131) erteleyebiliyor; buna yapay zek\u00e2 altyap\u0131s\u0131 (veri merkezi, y\u00fcksek performansl\u0131 \u00e7ip ve sunucular gibi) yat\u0131r\u0131mlar\u0131 da dahil. 2025\u2019teki enerji fiyat s\u0131\u00e7ramas\u0131nda da daha s\u0131n\u0131rl\u0131 \u00f6l\u00e7ekte benzer bir teknoloji harcamas\u0131 geri \u00e7ekilmesi g\u00f6r\u00fcld\u00fc.<\/p>\n
\u00d6n\u00fcm\u00fczdeki haftalarda ana endi\u015fe, tedarik zinciri sorunlar\u0131ndan \u00e7ok yapay zek\u00e2 yat\u0131r\u0131m\u0131 ve talebinde olas\u0131 d\u00fc\u015f\u00fc\u015fe kayabilir. Bir\u00e7ok teknoloji \u015firketinin y\u00fcksek de\u011ferlemesi, gelecekte h\u0131zl\u0131 b\u00fcy\u00fcme varsay\u0131mlar\u0131na dayan\u0131yor; m\u00fc\u015fteriler harcamalar\u0131 k\u0131sarsa bu varsay\u0131mlar zay\u0131flar. Bu nedenle daha uzun vadeli sat\u0131m opsiyonlar\u0131 (vadesi daha ileri put option) ya da Nasdaq 100 gibi daha geni\u015f teknoloji endekslerinde k\u0131sa pozisyon (short: fiyat d\u00fc\u015f\u00fc\u015f\u00fcnden kazan\u00e7 hedefleyen pozisyon) se\u00e7enekleri g\u00fcndeme gelebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
H\u00fcrm\u00fcz\u2019de fiili kapanma ve Brent\u2019in 115$ \u00fczeri s\u0131\u00e7ramas\u0131, Standard Chartered\u2019a g\u00f6re yapay zek\u00e2 ve \u00e7iplerde tedarik, maliyet ve talep risklerini b\u00fcy\u00fct\u00fcyor; y\u00fcksek de\u011ferlemeler d\u00fczeltmeye a\u00e7\u0131k. Put\/short g\u00fcndemde.<\/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-46922","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\/46922","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=46922"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46922\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=46922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=46922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=46922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}