{"id":69792,"date":"2026-10-16T10:44:54","date_gmt":"2026-10-16T10:44:54","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/the-ai-credit-line-just-got-expensive\/"},"modified":"2026-10-16T10:44:54","modified_gmt":"2026-10-16T10:44:54","slug":"the-ai-credit-line-just-got-expensive","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/the-ai-credit-line-just-got-expensive\/","title":{"rendered":"Yapay Zek\u00e2 Kredi Limiti Art\u0131k Daha Pahal\u0131"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine.webp\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine.webp 1250w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-300x168.webp 300w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-768x430.webp 768w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-500x280.webp 500w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-400x224.webp 400w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-350x196.webp 350w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/AICreditLine-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">Yapay zek\u00e2 patlamas\u0131n\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcnde, \u00e7iplere para \u00f6demek kolayd\u0131. En b\u00fcy\u00fck teknoloji \u015firketleri veri merkezlerini kendi nakitleriyle finanse etti, \u00e7ip \u00fcreticileri de gelen sipari\u015fleri saymakla yetindi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu tablo de\u011fi\u015fiyor. Kurulumun (yeni veri merkezi ve donan\u0131m yat\u0131r\u0131mlar\u0131n\u0131n) daha b\u00fcy\u00fck k\u0131sm\u0131 art\u0131k bor\u00e7la yap\u0131l\u0131yor ve bor\u00e7lanman\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fc, i\u015f modeli tamamen \u201chesaplama g\u00fcc\u00fc kiralamak\u201d olan daha gen\u00e7 ve daha k\u00fc\u00e7\u00fck \u015firketler taraf\u0131ndan ger\u00e7ekle\u015ftiriliyor. Bu hafta kredi verenler bu riske \u00e7ok daha y\u00fcksek bedel bi\u00e7meye ba\u015flad\u0131 ve bunu en sert hisseden \u015firketlerden biri \u00f6ne \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hisse s\u0131\u00e7rad\u0131. Tahvil s\u0131\u00e7ramad\u0131.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave i\u00e7in dalgal\u0131 bir hafta oldu. \u00c7ar\u015famba g\u00fcn\u00fc hisse 15,46% d\u00fc\u015ferek 65,78 dolara indi; bu, \u015eubat ay\u0131ndan bu yana <a href=\"https:\/\/www.tradingview.com\/news\/benzinga:164f491ec094b:0-coreweave-stock-snaps-back-as-nvidia-ceo-signals-support\/\" target=\"_blank\" rel=\"noopener nofollow\">en b\u00fcy\u00fck g\u00fcnl\u00fck d\u00fc\u015f\u00fc\u015f\u00fc<\/a>yd\u00fc. Per\u015fembe g\u00fcn\u00fc de geriledi; erken i\u015flemlerde 8,3%\u2019e kadar d\u00fc\u015ferek 60,36 dolar\u0131 g\u00f6rd\u00fc ve May\u0131s 2025\u2019ten bu yana en d\u00fc\u015f\u00fck seviyesine indi. Ard\u0131ndan <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-10-15\/nvidia-ceo-huang-says-coreweave-improving-no-backstop-needed\" target=\"_blank\" rel=\"noopener nofollow\">Nvidia CEO\u2019su Jensen Huang, Bloomberg\u2019e<\/a> CoreWeave\u2019in finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131n (g\u00fcc\u00fcn\u00fcn) her g\u00fcn artt\u0131\u011f\u0131n\u0131 ve sermaye maliyetinin (bor\u00e7lanma ve fon bulma maliyetinin) d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc s\u00f6yledi. Hisse y\u00f6n de\u011fi\u015ftirdi ve g\u00fcn\u00fc 5,94% art\u0131\u015fla 69,69 dolardan kapatt\u0131.<\/p>\n\n\n\n<script type=\"module\" src=\"https:\/\/widgets.tradingview-widget.com\/w\/en\/tv-mini-chart.js\"><\/script>\n\n<tv-mini-chart symbol=\"NASDAQ:CRWV\" show-time-range time-frame=\"7D\" style=\"width: 100%; height: 300px\"><\/tv-mini-chart><br>\n\n\n\n<p class=\"wp-block-paragraph\">Ama tahviller farkl\u0131 konu\u015ftu. CoreWeave\u2019in 5 y\u0131ll\u0131k kredi temerr\u00fct takas\u0131 (CDS: \u015firket borcunu \u00f6deyemezse sigorta gibi \u00e7al\u0131\u015fan koruma s\u00f6zle\u015fmesi) <a href=\"https:\/\/www.cnbc.com\/2026\/10\/15\/coreweave-credit-default-swaps-hit-distress-levels-as-investors-sour-on-ai-debt.html\" target=\"_blank\" rel=\"noopener nofollow\">seans i\u00e7inde tarih\u00ee zirvesine<\/a> \u00e7\u0131kt\u0131; bu, kredit\u00f6rlerin \u015firketin borcunu \u00f6deyememe (temerr\u00fct) ihtimalini y\u00fcksek g\u00f6rd\u00fc\u011f\u00fcne i\u015faret eder. 2031 vadeli tahvillerin getirisi 16%\u2019y\u0131 a\u015ft\u0131 (getiri y\u00fckseliyorsa fiyat d\u00fc\u015f\u00fcyor demektir), 2032 vadeli tahviller ise nominal de\u011ferin (100 dolar\u0131n) 80 sente kar\u015f\u0131l\u0131k gelen seviyesinin alt\u0131nda kald\u0131. Hisse yat\u0131r\u0131mc\u0131lar\u0131 Huang\u2019\u0131n s\u00f6zlerine g\u00fcvendi. Kredit\u00f6rler (bor\u00e7 verenler) ayn\u0131 \u015fekilde davranmad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave i\u00e7in tahvil piyasas\u0131n\u0131n h\u00fckm\u00fc daha \u00f6nemli. \u015eirket paran\u0131n b\u00fcy\u00fck k\u0131sm\u0131n\u0131 bor\u00e7lanarak buluyor; dolay\u0131s\u0131yla kredit\u00f6rlerin istedi\u011fi faiz oran\u0131, b\u00fcy\u00fcmeyi ne kadar ucuza s\u00fcrd\u00fcrebilece\u011fini belirliyor. Hisse fiyat\u0131ndaki toparlanma bu maliyeti d\u00fc\u015f\u00fcrm\u00fcyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu durum \u00e7ip talebinin zay\u0131f oldu\u011fu anlam\u0131na gelmiyor. Ayn\u0131 g\u00fcn <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1046179\/000104617926000726\/a3q26e_withguidancexfinal.htm\" target=\"_blank\" rel=\"noopener nofollow\">TSMC, \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte rekor<\/a> NT$763,06 milyar k\u00e2r a\u00e7\u0131klad\u0131; bu, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 68,7% art\u0131\u015f demek. \u015eirket d\u00f6rd\u00fcnc\u00fc \u00e7eyrek gelir tahminini de 54,3 milyar dolara kadar y\u00fckseltti. Bir g\u00fcn \u00f6nce ASML, 11,7 milyar avro ile rekor sat\u0131\u015f duyurdu. <a href=\"https:\/\/www.vtmarkets.com\/opinion\/ai-demand-is-reaching-toward-the-quantum-scale\/\" target=\"_blank\" rel=\"noopener\">Yapay zek\u00e2 yat\u0131r\u0131mlar\u0131n\u0131n<\/a> al\u0131c\u0131s\u0131 var. Eksik olan \u015fey, aradaki \u015firketler i\u00e7in ucuz para: \u00e7ip almak i\u00e7in bor\u00e7lanan ve bu \u00e7iplerin sa\u011flad\u0131\u011f\u0131 hesaplama g\u00fcc\u00fcn\u00fc kiraya veren \u015firketler i\u00e7in d\u00fc\u015f\u00fck faizli finansman giderek azal\u0131yor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">CoreWeave ger\u00e7ekte neye sahip?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave, Nvidia GPU\u2019lar\u0131 (grafik i\u015flem birimi: yapay zek\u00e2 e\u011fitiminde ve yo\u011fun hesaplamada kullan\u0131lan g\u00fc\u00e7l\u00fc \u00e7ipler) sat\u0131n al\u0131yor, bunlar\u0131 veri merkezlerine kuruyor ve bu donan\u0131m\u0131n sa\u011flad\u0131\u011f\u0131 hesaplama g\u00fcc\u00fcn\u00fc yapay zek\u00e2 laboratuvarlar\u0131na ve teknoloji \u015firketlerine kiral\u0131yor. Bu \u00e7iplerin bedelinin b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc <a href=\"https:\/\/www.reuters.com\/legal\/transactional\/coreweaves-ai-contracts-lenders-financing-its-build-out-2026-10-15\/\" target=\"_blank\" rel=\"noopener nofollow\">kredit\u00f6rlerden gelen parayla<\/a> kar\u015f\u0131lan\u0131yor; bu da \u201ckrediyle finanse edilen\u201d yapay zek\u00e2 harcamalar\u0131na do\u011fru daha geni\u015f bir kayman\u0131n par\u00e7as\u0131 ve \u00f6zel bor\u00e7 verenleri (banka d\u0131\u015f\u0131 finansman sa\u011flay\u0131c\u0131lar\u0131) \u00e7ip ticaretinin i\u00e7ine \u00e7ekiyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu, \u201cyapay zek\u00e2 talebi ger\u00e7ek mi?\u201d sorusundan farkl\u0131 bir soruyu do\u011furuyor. CoreWeave, yapt\u0131\u011f\u0131 hesaplama s\u00f6zle\u015fmelerinden yeterli nakit \u00fcretmek zorunda: hem kurulum maliyetini, hem borcun finansman giderini (faiz ve benzeri masraflar\u0131), hem de zamanla eskiyen donan\u0131m\u0131 yenileme maliyetini kar\u015f\u0131lamal\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u2019n\u0131n ilk yar\u0131s\u0131nda CoreWeave operasyonlardan 3,7 milyar dolar nakit ak\u0131\u015f\u0131 \u00fcretti (faaliyet nakit ak\u0131\u015f\u0131: ana i\u015ften gelen nakit), ancak yat\u0131r\u0131mlara 14,9 milyar dolar harcad\u0131. Aradaki fark\u0131 kapatmak i\u00e7in 14 milyar dolar finansman sa\u011flad\u0131. Eyl\u00fcl\u2019de 4,2 milyar dolarl\u0131k d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil (convertible note: belirli \u015fartlarla ileride hisseye \u00e7evrilebilen bor\u00e7lanma arac\u0131) ekledi. Bu hafta ise 3 milyar dolarl\u0131k yeni bir d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil daha ve <a href=\"https:\/\/www.channelnewsasia.com\/business\/coreweave-shares-slump-doubling-capital-expenditure-sparks-margin-concerns-5958826\" target=\"_blank\" rel=\"noopener nofollow\">35 milyona kadar yeni hisse sat\u0131\u015f\u0131<\/a> i\u00e7in bir program a\u00e7\u0131klad\u0131. Haziran sonu itibar\u0131yla bor\u00e7lar\u0131 ve kiralama y\u00fck\u00fcml\u00fcl\u00fckleri (lease: uzun vadeli kira\/finansal kiralama taahh\u00fctleri) yakla\u015f\u0131k 52 milyar dolard\u0131.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Gelecek gelir, bug\u00fcn\u00fcn borcuyla kar\u015f\u0131la\u015f\u0131nca<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave tezinin dayana\u011f\u0131, sipari\u015f defteri ve arkas\u0131ndaki destek\u00e7iler. \u015eirketin s\u00f6zle\u015fmeye ba\u011flanm\u0131\u015f 104 milyar dolar civar\u0131nda gelir birikimi (backlog: imzalanm\u0131\u015f ama hen\u00fcz gelire d\u00f6n\u00fc\u015fmemi\u015f i\u015f) var ve <a href=\"https:\/\/www.reuters.com\/business\/coreweave-ceo-notes-strong-backlog-memo-reassure-staff-over-market-scrutiny-2026-10-14\/\" target=\"_blank\" rel=\"noopener nofollow\">CEO Mike Intrator, bunun t\u00fcm bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fcklerini fazlas\u0131yla kar\u015f\u0131lad\u0131\u011f\u0131n\u0131 \u00e7al\u0131\u015fanlara s\u00f6yledi<\/a>. Kurucu ortak Brannin McBee de <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/coreweave-stock-could-zero-ai-133532842.html\" target=\"_blank\" rel=\"noopener nofollow\">CoreWeave bug\u00fcn b\u00fcy\u00fcmeyi durdursa bile g\u00fc\u00e7l\u00fc \u015fekilde nakit fazlas\u0131 verir<\/a> g\u00f6r\u00fc\u015f\u00fcn\u00fc savundu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak plan \u201cdurmak\u201d de\u011fil. CoreWeave b\u00fcy\u00fcmeyi s\u00fcrd\u00fcrmek istiyor; bu da yeni altyap\u0131y\u0131 finanse ederken, mevcut varl\u0131klara ba\u011fl\u0131 y\u00fck\u00fcml\u00fcl\u00fckleri (faiz, kira, anapara \u00f6demeleri gibi) de kar\u015f\u0131lamas\u0131 gerekti\u011fi anlam\u0131na geliyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Huang\u2019\u0131n Per\u015fembe g\u00fcnk\u00fc deste\u011fi \u00f6nemli; ancak Nvidia\u2019n\u0131n CoreWeave\u2019in b\u00fcy\u00fcmesinde do\u011frudan ticari \u00e7\u0131kar\u0131 da var. \u015eirkete GPU tedarik ediyor, yakla\u015f\u0131k 2 milyar dolar de\u011ferinde hisse pay\u0131 ta\u015f\u0131yor ve 2032\u2019ye kadar CoreWeave\u2019in kullan\u0131lmayan hesaplama kapasitesinin 6,3 milyar dolarl\u0131k k\u0131sm\u0131n\u0131 sat\u0131n almay\u0131 kabul etmi\u015f durumda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Huang ayr\u0131ca Nvidia\u2019n\u0131n CoreWeave\u2019e \u201carka \u00e7\u0131kmak\u201d (backstop: zor durumda finansal garanti\/son kaynak deste\u011fi vermek) zorunda olmad\u0131\u011f\u0131n\u0131 s\u00f6yledi. Bu, i\u015f modeline g\u00fcven sinyali, ancak finansman ko\u015fullar\u0131 bozulursa kredit\u00f6rlere a\u00e7\u0131k bir garanti sunmuyor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Daha ucuz finansman, a\u00e7\u0131\u011f\u0131n sadece bir k\u0131sm\u0131n\u0131 kapat\u0131r.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Bu bask\u0131y\u0131 azaltman\u0131n bir yolu, paran\u0131n kayna\u011f\u0131n\u0131 de\u011fi\u015ftirmek. CoreWeave, <a href=\"https:\/\/seekingalpha.com\/article\/4954489-coreweave-gartners-necoloud-warning-meets-backlog-to-revenue-conversion-math\" target=\"_blank\" rel=\"noopener nofollow\">sigorta \u015firketlerinden finansman<\/a> ar\u0131yor; sigorta sermayesi, faizi <a href=\"https:\/\/seekingalpha.com\/news\/4653176-coreweave-drops-15-on-worries-about-borrowing-for-ai-buildout\" target=\"_blank\" rel=\"noopener nofollow\">15% civar\u0131na<\/a> \u00e7\u0131kan \u201cy\u00fcksek faizli\u201d tahvillere (high-yield\/junk: kredi notu d\u00fc\u015f\u00fck, riski y\u00fcksek bor\u00e7lanma) g\u00f6re daha ucuz olabiliyor. Zorluk \u015fu: Sigortac\u0131lar genellikle <a href=\"https:\/\/www.investopedia.com\/terms\/i\/investmentgrade.asp\" target=\"_blank\" rel=\"noopener nofollow\">yat\u0131r\u0131m yap\u0131labilir (investment-grade) borcu<\/a> tercih eder. Bu nedenle kredi notlar\u0131, daha ucuz finansmana eri\u015fimde bir \u201ckap\u0131\u201d i\u015flevi g\u00f6rebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave bu eri\u015fimi sa\u011flarsa bor\u00e7lanma maliyeti d\u00fc\u015fer. Ancak daha ucuz finansman sorunun yaln\u0131zca bir k\u0131sm\u0131n\u0131 \u00e7\u00f6zer. \u015eirket yine de hesaplama s\u00f6zle\u015fmelerinden, y\u00fck\u00fcml\u00fcl\u00fcklerini \u00e7evirecek ve donan\u0131m maliyetini geri kazand\u0131racak kadar gelir \u00fcretmek zorunda.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bor\u00e7, geliri geride b\u0131rakabilir<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Kredit\u00f6rler zamanlamaya odaklan\u0131yor. CoreWeave\u2019in A\u011fustos\u2019ta kapatt\u0131\u011f\u0131 <a href=\"https:\/\/investors.coreweave.com\/news\/news-details\/2026\/CoreWeave-Closes-2-6-Billion-Loan-Facility-Expanding-Financing-Flexibility-for-AI-Infrastructure\/default.aspx\" target=\"_blank\" rel=\"noopener nofollow\">2,6 milyar dolarl\u0131k kredinin<\/a> vadesi yakla\u015f\u0131k be\u015f y\u0131l; bu finansman\u0131 destekleyen m\u00fc\u015fteri s\u00f6zle\u015fmelerinin ortalama s\u00fcresi ise yakla\u015f\u0131k \u00fc\u00e7 y\u0131l. Bu s\u00f6zle\u015fmeler yenilenmeden biterse, yat\u0131r\u0131m\u0131n temelini olu\u015fturan gelir zay\u0131flad\u0131ktan sonra bile bor\u00e7 bilan\u00e7oda kalabilir; <a href=\"https:\/\/www.vtmarkets.com\/opinion\/the-ai-boom-just-opened-a-credit-line\/\" target=\"_blank\" rel=\"noopener\">daha \u00f6nce i\u015faret etti\u011fimiz bu \u00e7atlak, Broadcom taraf\u0131nda da g\u00f6r\u00fcl\u00fcyor olabilir<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Donan\u0131m ikinci bir zamanlama riski yarat\u0131yor. Nvidia art\u0131k kabaca her y\u0131l yeni bir \u00e7ip nesli \u00e7\u0131kar\u0131yor; bu da bug\u00fcn al\u0131nan bir GPU\u2019nun, kredi geri \u00f6denmeden \u00f6nce iki nesil eskimi\u015f olabilece\u011fi anlam\u0131na geliyor. Yeni donan\u0131m piyasaya \u00e7\u0131kt\u0131k\u00e7a eski \u00e7iplerin kiralama fiyat\u0131 d\u00fc\u015febilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave \u00f6zellikle hassas; \u00e7\u00fcnk\u00fc GPU\u2019lara sahip olan taraf kendisi, bu GPU\u2019lar\u0131n hesaplama kapasitesini kiral\u0131yor ve buna ba\u011fl\u0131 finansman y\u00fck\u00fcn\u00fc de kendisi ta\u015f\u0131yor. Hisse i\u00e7in \u201cUnderperform\u201d (piyasan\u0131n gerisinde getiri: tavsiye de\u011fil, g\u00f6reli performans beklentisi) notu veren Bernstein, uzun vadeli i\u015f modelini ekonomik a\u00e7\u0131dan zorlay\u0131c\u0131 olarak tan\u0131mlad\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Talep, iyimserleri ayakta tutuyor<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">En g\u00fc\u00e7l\u00fc destek, tedarik zincirinin \u00fcst taraf\u0131ndan geliyor. TSMC CEO\u2019su C.C. Wei, <a href=\"https:\/\/www.morningstar.com\/news\/marketwatch\/2026101589\/tsmc-ceo-sees-no-sign-of-a-slowdown-as-chip-foundry-reports-record-profit\" target=\"_blank\" rel=\"noopener nofollow\">yapay zek\u00e2 talebinin son derece g\u00fc\u00e7l\u00fc<\/a> oldu\u011funu s\u00f6yledi ve arz\u0131n h\u00e2l\u00e2 \u00e7ok geride kald\u0131\u011f\u0131n\u0131 vurgulad\u0131; \u015firket buna kar\u015f\u0131l\u0131k 20\u2019ye yak\u0131n yeni fabrika (fab: yar\u0131 iletken \u00fcretim tesisi) kuruyor. TSMC y\u0131l geneli gelir b\u00fcy\u00fcmesi tahminini yakla\u015f\u0131k 44%\u2019e y\u00fckseltti ve 60-64 milyar dolarl\u0131k yat\u0131r\u0131m harcamas\u0131 hedefini teyit etti. ASML de <a href=\"https:\/\/seekingalpha.com\/news\/4653366-tsmcs-q3-results-outlook-pave-path-for-banner-year-in-2027-analysts\" target=\"_blank\" rel=\"noopener nofollow\">2027 ve 2028\u2019de arz\u0131n talebin gerisinde kalaca\u011f\u0131n\u0131<\/a> s\u00f6yl\u00fcyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu talep ayr\u0131ca bir \u201cfinansman s\u00fczgecinden\u201d ge\u00e7mi\u015f durumda. TSMC, m\u00fc\u015fterilerin sipari\u015f ettikleri \u00e7ipleri devreye almak i\u00e7in hem fonu hem de gerekli yan bile\u015fenleri (sunucu, a\u011f ekipman\u0131, enerji altyap\u0131s\u0131 gibi) sa\u011flay\u0131p sa\u011flayamayaca\u011f\u0131n\u0131 kontrol ediyor ve yine de talebin kapasitenin \u00e7ok \u00fcst\u00fcnde oldu\u011funu g\u00f6r\u00fcyor. CoreWeave a\u00e7\u0131s\u0131ndan \u00e7ip k\u0131tl\u0131\u011f\u0131, kiralad\u0131\u011f\u0131 hesaplama g\u00fcc\u00fcn\u00fcn talepte kalabilece\u011fi anlam\u0131na gelir; bu da hem s\u00f6zle\u015fme yenilemelerini hem de fiyatlamay\u0131 destekler. Tedarik taraf\u0131ndaki g\u00fc\u00e7l\u00fc sipari\u015fler \u201ckiralama i\u015fi kesin k\u00e2r eder\u201d sonucunu ispatlamaz, ama CoreWeave\u2019in hi\u00e7 gelmeyecek m\u00fc\u015fteri i\u00e7in kapasite in\u015fa etti\u011fi kayg\u0131s\u0131n\u0131 azalt\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Baz\u0131 analistler, sert sat\u0131\u015f\u0131n i\u015f modelinin bozuldu\u011funu de\u011fil, bir f\u0131rsat yaratt\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyor. Deutsche Bank\u2019tan Brad Zelnick, CoreWeave\u2019in s\u00f6zle\u015fmeye ba\u011fl\u0131 i\u015f birikiminin g\u00fcc\u00fcn\u00fc gerek\u00e7e g\u00f6stererek \u201cAl\u201d notunu korudu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ucuz para art\u0131k \u201ckesin\u201d de\u011fil<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Faiz beklentileri y\u00fckseldik\u00e7e finansman bulma i\u015fi zorla\u015f\u0131yor. Eyl\u00fcl enflasyonu y\u0131ll\u0131k bazda 3,7% geldi; bu da <a href=\"https:\/\/www.forbes.com\/sites\/jimosman\/2026\/10\/14\/coreweave-bonds-are-warning-of-a-bigger-problem-for-ai-stocks\/\" target=\"_blank\" rel=\"noopener nofollow\">bor\u00e7lanma maliyetlerinin y\u00fcksek kalabilece\u011fi<\/a> endi\u015felerini art\u0131rd\u0131. D\u0131\u015f finansmana \u00e7ok ba\u011f\u0131ml\u0131 bir \u015firket i\u00e7in daha y\u00fcksek faiz, yeniden finansman\u0131 (vadesi gelen borcu yeni bor\u00e7la \u00e7evirmeyi) pahal\u0131la\u015ft\u0131rabilir ve gelecekteki nakit ak\u0131\u015f\u0131 \u00fczerinde bask\u0131y\u0131 b\u00fcy\u00fctebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bask\u0131 daha geni\u015f \u00e7ip sekt\u00f6r\u00fcne de yans\u0131d\u0131. TSMC\u2019nin rekor k\u00e2r a\u00e7\u0131klad\u0131\u011f\u0131 g\u00fcn bile Philadelphia Semiconductor Index (SOXX) 0,88% geriledi ve <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/soxx-heads-7th-straight-losing-174325012.html\" target=\"_blank\" rel=\"noopener nofollow\">\u00fcst \u00fcste yedinci d\u00fc\u015f\u00fc\u015f\u00fcn\u00fc<\/a> ya\u015fad\u0131. Bu tablo, paran\u0131n \u201cdefansif\u201d hisselere (daha istikrarl\u0131, dalgalanmaya dayan\u0131kl\u0131 sekt\u00f6rler) kayd\u0131\u011f\u0131 bir d\u00f6nemde <a href=\"https:\/\/www.vtmarkets.com\/opinion\/the-ai-trade-is-entering-its-proof-phase\/\" target=\"_blank\" rel=\"noopener\">y\u00fckseli\u015fin dar bir alana s\u0131k\u0131\u015ft\u0131\u011f\u0131n\u0131<\/a> g\u00f6steriyor. Ayr\u0131\u015fma, g\u00fc\u00e7l\u00fc yapay zek\u00e2 talebi ve k\u00e2r b\u00fcy\u00fcmesinin art\u0131k sekt\u00f6rdeki her hisseyi desteklemeye yetmeyebilece\u011fine i\u015faret ediyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6te yandan \u00f6zel finansman h\u00e2l\u00e2 var; ancak bor\u00e7lananlar daha a\u011f\u0131r \u015fartlarla kar\u015f\u0131la\u015f\u0131yor. \u00d6zel bir rakip olan Lambda\u2019n\u0131n, 2027\u2019de planlanan halka arz (IPO: ilk halka arz) \u00f6ncesinde Blackstone ve Coatue liderli\u011finde 4 milyar dolara kadar kaynak toplad\u0131\u011f\u0131, ancak kredit\u00f6rlerin daha s\u0131k\u0131 ko\u015fullar dayatt\u0131\u011f\u0131 bildiriliyor.<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code><strong>Yat\u0131r\u0131mc\u0131n\u0131n notu:\n<\/strong>1. Sorun talep de\u011fil. TSMC kimin \u00f6deme yapt\u0131\u011f\u0131n\u0131 da kontrol ediyor ve talebin kapasitenin \u00fcst\u00fcnde oldu\u011funu g\u00f6r\u00fcyor.\n<p>2. CoreWeave riskini okumakta hisse fiyat\u0131ndan \u00e7ok tahvil piyasas\u0131 daha iyi sinyal veriyor.<\/p>\n<p>3. CoreWeave\u2019de iki \u201czamanlama a\u00e7\u0131\u011f\u0131\u201d var: m\u00fc\u015fteri s\u00f6zle\u015fmelerinden daha uzun ya\u015fayan krediler ve bor\u00e7 bitmeden daha h\u0131zl\u0131 ya\u015flanan \u00e7ipler.<\/p>\n<\/code><\/pre>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Yapay zek\u00e2 talebini ne zaman bir y\u00fck\u00fcml\u00fcl\u00fc\u011fe d\u00f6n\u00fc\u015ft\u00fcrebilir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Daha ucuz rakipler.<\/strong><a href=\"https:\/\/www.gmicloud.ai\/en\/blog\/neoclouds-redefining-cloud-for-the-ai-era\" target=\"_blank\" rel=\"noopener nofollow\">Asya merkezli bir \u201cneocloud\u201d (sadece yapay zek\u00e2 hesaplama g\u00fcc\u00fc kiralayan yeni nesil bulut sa\u011flay\u0131c\u0131) olan ve Nvidia ile ortak \u00e7al\u0131\u015fan GMI Cloud<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-10-16\/nvidia-partner-gmi-cloud-calls-coreweave-s-15-yield-insane\" target=\"_blank\" rel=\"noopener nofollow\">CoreWeave\u2019in 15% tahvil getirisini \u201cak\u0131l d\u0131\u015f\u0131\u201d<\/a> diye nitelendirdi; kendi Tayvan dolar\u0131 cinsi kredide k\u0131sa s\u00fcre \u00f6nce yakla\u015f\u0131k 3,45% faiz buldu\u011funu s\u00f6yledi. E\u011fer rakipler benzer altyap\u0131 i\u00e7in \u00e7ok daha ucuz finansman sa\u011flayabilirse, daha d\u00fc\u015f\u00fck fiyattan hesaplama kapasitesi sunabilir veya k\u00e2r marj\u0131n\u0131 (marj: gelir ile maliyet aras\u0131ndaki fark\u0131n oran\u0131) daha iyi koruyabilir. Kar\u015f\u0131la\u015ft\u0131rma bire bir ayn\u0131 de\u011fil; kredi \u015fartlar\u0131 ve para birimleri farkl\u0131. Ancak neocloud pazar\u0131nda sermayeye eri\u015fimin rekabet avantaj\u0131na d\u00f6n\u00fc\u015febilece\u011fini g\u00f6steriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Suland\u0131rma.<\/strong> CoreWeave\u2019in <a href=\"https:\/\/www.investing.com\/news\/company-news\/coreweave-establishes-35m-share-offering-program-93CH-4905395\" target=\"_blank\" rel=\"noopener nofollow\">Piyasadan Sat\u0131\u015f (At-the-Market) Hisse Sat\u0131\u015f Program\u0131<\/a>. Yeni hisse program\u0131 ve iki tur d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil, suland\u0131rma riskini art\u0131r\u0131yor. Tahviller hisseye d\u00f6n\u00fc\u015f\u00fcrse, mevcut ortaklar\u0131n \u015firketteki pay\u0131 oran olarak d\u00fc\u015febilir; bu da hem finansman maliyetinin hem de artan hisse say\u0131s\u0131n\u0131n y\u00fck\u00fcn\u00fc ayn\u0131 anda ta\u015f\u0131malar\u0131 anlam\u0131na gelir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>M\u00fc\u015fteri yo\u011funla\u015fmas\u0131. <\/strong>M\u00fc\u015fteri taban\u0131n\u0131n birka\u00e7 b\u00fcy\u00fck m\u00fc\u015fteride yo\u011funla\u015fmas\u0131, kaybedilen bir s\u00f6zle\u015fmenin, geciken kurulumun ya da b\u00fcy\u00fck bir m\u00fc\u015fterinin harcamay\u0131 azaltmas\u0131n\u0131n etkisini b\u00fcy\u00fct\u00fcr. CoreWeave gelirinin \u00f6nemli k\u0131sm\u0131 az say\u0131da yapay zek\u00e2 laboratuvar\u0131na ba\u011fl\u0131; buna Eyl\u00fcl 2025 itibar\u0131yla 22,4 milyar dolara kadar ula\u015fan OpenAI s\u00f6zle\u015fmeleri de dahil. <a href=\"https:\/\/www.youtube.com\/watch?v=fmvKI28BFXw\" target=\"_blank\" rel=\"noopener nofollow\">D.A. Davidson analisti Gil Luria, yapay zek\u00e2 co\u015fkusu zay\u0131flarsa ilk kay\u0131plardan birinin CoreWeave olabilece\u011fi konusunda uyarm\u0131\u015ft\u0131<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c7ip \u00fcreticileri \u00fczerinde bask\u0131.<\/strong> TSMC\u2019nin rekor \u00e7eyre\u011fi, <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/article\/tsmc-stock-drops-despite-record-profit-amid-extremely-robust-demand-for-ai-chips-152649370.html\" target=\"_blank\" rel=\"noopener nofollow\">hissenin d\u00fc\u015fmesini engellemedi<\/a>; ayr\u0131ca 2 nanometre \u00fcretim art\u0131\u015f\u0131 (ramp-up: \u00fcretimi h\u0131zla \u00f6l\u00e7ekleme) s\u00fcrerken br\u00fct marj geriledi. Bu, g\u00fc\u00e7l\u00fc talep ile \u015firketlerin sonunda elde etti\u011fi k\u00e2rl\u0131l\u0131k aras\u0131ndaki fark\u0131 hat\u0131rlat\u0131yor. Finansman k\u0131s\u0131tlar\u0131 neocloud\u2019lar\u0131 b\u00fcy\u00fcmeyi ertelemeye zorlarsa, bunun etkisi altyap\u0131lar\u0131n\u0131 besleyen \u00e7ip \u00fcreticilerine kadar uzanabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Yapay zek\u00e2 hisselerinde i\u015flem: yukar\u0131 y\u00f6n ve a\u015fa\u011f\u0131 y\u00f6n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">CoreWeave\u2019in sorunu sadece b\u00fcy\u00fcmeyi s\u00fcrd\u00fcrecek kadar para bulmak de\u011fil. Finansman maliyetleri ve donan\u0131m\u0131n zamanla de\u011fer kaybetmesi, i\u015fin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 a\u015f\u0131nd\u0131rmadan \u00f6nce bu altyap\u0131dan yeterli getiri \u00fcretmesi gerekiyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Huang\u2019\u0131n yorumlar\u0131 CoreWeave hisselerini oynatt\u0131. Tahvilleri ise oynatmad\u0131; oysa CoreWeave\u2019in para toplamak zorunda oldu\u011fu yer tahvil piyasas\u0131. Yapay zek\u00e2 hesaplama talebinin g\u00fc\u00e7l\u00fc oldu\u011fu, TSMC\u2019ye kadar uzanan zincirde do\u011frulan\u0131yor. CoreWeave\u2019in \u015fimdi g\u00f6stermesi gereken \u015fey \u015fu: 104 milyar dolarl\u0131k i\u015f birikimini k\u00e2ra \u00e7evirebilecek maliyetle borcunu \u00e7evirebiliyor mu; bunu da borcunu teminat gibi \u201cta\u015f\u0131yan\u201d \u00e7ipler de\u011fer kaybetmeden \u00f6nce yapabiliyor mu?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130zlenecek \u00fc\u00e7 ba\u015fl\u0131k:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CoreWeave\u2019in CDS\u2019leri ve tahvil fiyatlar\u0131<\/strong> (CDS: temerr\u00fct risk sigortas\u0131) ve bunlar rekor stres seviyelerine yak\u0131n kal\u0131rsa hissenin toparlanmas\u0131n\u0131n s\u00fcr\u00fcp s\u00fcrmeyece\u011fi<\/li>\n\n\n\n<li><strong>Kas\u0131m\u2019da beklenen \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek sonu\u00e7lar\u0131<\/strong>; \u00f6zellikle yeni hisse sat\u0131\u015f program\u0131n\u0131n ne kadar\u0131n\u0131n \u015fimdiden kullan\u0131ld\u0131\u011f\u0131<\/li>\n\n\n\n<li><strong>Eski GPU\u2019lar\u0131n kiralama fiyatlar\u0131<\/strong>; donan\u0131m\u0131n de\u011ferini koruyup korumad\u0131\u011f\u0131n\u0131 en erken g\u00f6steren i\u015faret<\/li>\n<\/ul>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>SSS i\u00e7in dokunun<\/strong><\/summary>\n<p class=\"wp-block-paragraph\"><br><strong>CoreWeave\u2019in ne kadar borcu var?<\/strong> <br>2026 Haziran sonu itibar\u0131yla yakla\u015f\u0131k 52 milyar dolar bor\u00e7 ve kiralama y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc var. Veri merkezlerini kurup donatmak i\u00e7in bor\u00e7lan\u0131yor; \u00e7\u00fcnk\u00fc operasyonlar\u0131ndan \u00fcretti\u011fi nakit, b\u00fcy\u00fcme maliyetinin \u00e7ok gerisinde.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>CoreWeave\u2019in 104 milyar dolarl\u0131k i\u015f birikimi borcunu kar\u015f\u0131lar m\u0131? <\/strong><br>Zaman i\u00e7inde k\u0131smen. CoreWeave, i\u015f birikiminin yakla\u015f\u0131k 40%\u2019\u0131n\u0131n iki y\u0131l i\u00e7inde gelire d\u00f6n\u00fc\u015fmesini, sonraki iki y\u0131lda da 39%\u2019unun gelire d\u00f6n\u00fc\u015fmesini bekliyor. Ancak faiz \u00f6demeleri her \u00e7eyrek geliyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>CoreWeave neden sigorta \u015firketlerinden finansman ar\u0131yor?<\/strong> <br>Sigorta sermayesi, y\u00fcksek faizli tahvillere g\u00f6re daha d\u00fc\u015f\u00fck maliyetle bor\u00e7lanma imk\u00e2n\u0131 verebilir. Ancak bu kayna\u011fa eri\u015fim, uygun kredi notu al\u0131nmas\u0131na ba\u011fl\u0131 olabilir. \u00dcstelik sadece bor\u00e7lanma maliyetinin d\u00fc\u015fmesi, CoreWeave\u2019in finansal risklerini tek ba\u015f\u0131na ortadan kald\u0131rmaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Neocloud nedir?<\/strong> <br>Kendi GPU veri merkezlerinden yapay zek\u00e2 hesaplama g\u00fcc\u00fcn\u00fc kiralayan \u015firket. Amazon veya Microsoft\u2019un aksine, yapay zek\u00e2 hesaplama bu \u015firketlerin \u201ci\u015finin tamam\u0131d\u0131r\u201d; bir\u00e7ok hizmetten yaln\u0131zca biri de\u011fildir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Kredi spread\u2019i nedir?<\/strong> <br>Bir \u015firketin, benzer vadeli devlet tahviline k\u0131yasla \u00f6dedi\u011fi ek getiridir (ek faiz). Spread\u2019in 1.000 baz puan\u0131n \u00fczerinde olmas\u0131, bor\u00e7 verenlerin 10 y\u00fczde puandan fazla ek getiri istedi\u011fi anlam\u0131na gelir. (Baz puan: y\u00fczde puan\u0131n y\u00fczde biri; 100 baz puan = 1%.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Piyasadan hisse sat\u0131\u015f\u0131 (at-the-market) nedir?<\/strong> <br>\u015eirketin yeni hisseleri tek seferde de\u011fil, zaman i\u00e7inde piyasa fiyat\u0131ndan kademeli satabilmesini sa\u011flayan programd\u0131r. Zamanla mevcut ortaklar\u0131n pay\u0131n\u0131 oran olarak d\u00fc\u015f\u00fcrebilir (suland\u0131rma).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yat\u0131r\u0131m yap\u0131labilir (investment grade) ne demektir ve CoreWeave i\u00e7in neden \u00f6nemli?<\/strong> <br>Kredi notlar\u0131n\u0131n daha g\u00fcvenli kabul edilen \u00fcst grubudur. Sigortac\u0131lar \u00e7o\u011funlukla yat\u0131r\u0131m yap\u0131labilir bor\u00e7 al\u0131r. Bu y\u00fczden not art\u0131\u015f\u0131, CoreWeave\u2019in tahvil piyasas\u0131nda bug\u00fcn \u00f6dedi\u011fi yakla\u015f\u0131k 15% d\u00fczeyine k\u0131yasla daha ucuz fonlaman\u0131n kap\u0131s\u0131n\u0131 a\u00e7abilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil nas\u0131l \u00e7al\u0131\u015f\u0131r?<\/strong> <br>\u0130leride, genellikle \u00f6nceden belirlenmi\u015f bir fiyattan hisseye \u00e7evrilebilen tahvildir. \u00c7o\u011fu zaman normal tahvile g\u00f6re daha d\u00fc\u015f\u00fck faiz \u00f6der; ancak hisseye d\u00f6n\u00fc\u015f\u00fcrse hisse say\u0131s\u0131n\u0131 art\u0131rarak mevcut ortaklar\u0131n pay\u0131n\u0131 d\u00fc\u015f\u00fcrebilir.<\/p>\n<\/details>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/trade-now\">buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Yapay zek\u00e2 rallisi borca yaslan\u0131yor: CoreWeave hissesi toparlansa da tahvil ve CDS \u201cstres\u201d veriyor. 104 milyar $ backlog var; ancak 52 milyar $ bor\u00e7, k\u0131sa s\u00f6zle\u015fme-uzun kredi ve h\u0131zl\u0131 eskime riski b\u00fcy\u00fct\u00fcyor.<\/p>\n","protected":false},"author":87,"featured_media":69791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,49],"tags":[],"class_list":["post-69792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-opinion"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Yapay zek\u00e2 rallisi borca yaslan\u0131yor: CoreWeave hissesi toparlansa da tahvil ve CDS \u201cstres\u201d veriyor. 104 milyar $ backlog var; ancak 52 milyar $ bor\u00e7, k\u0131sa s\u00f6zle\u015fme-uzun kredi ve h\u0131zl\u0131 eskime riski b\u00fcy\u00fct\u00fcyor.\" \/>\n\t<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/the-ai-credit-line-just-got-expensive\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO Pro (AIOSEO) 5.0.1.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"VT Markets\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Yapay Zek\u00e2 Kredi Limiti Art\u0131k Daha Pahal\u0131 - VT Markets\" \/>\n\t\t<meta property=\"og:description\" content=\"Yapay zek\u00e2 rallisi borca yaslan\u0131yor: CoreWeave hissesi toparlansa da tahvil ve CDS \u201cstres\u201d veriyor. 104 milyar $ backlog var; 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