{"id":85,"date":"2026-01-30T16:53:27","date_gmt":"2026-01-30T13:53:27","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketriskustr\/?p=85"},"modified":"2026-01-30T16:54:21","modified_gmt":"2026-01-30T13:54:21","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-msft-analist-toplantisi-analizi-2026-6-microsoft-corporation","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketriskustr\/85","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 MSFT Analist Toplant\u0131s\u0131 Analizi 2026\/6 | Microsoft Corporation"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 MSFT Analist Toplant\u0131s\u0131 Analizi 2026\/6 | Microsoft Corporation\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/_6U6O289X0g?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Microsoft&#8217;un Ger\u00e7ek Yapay Zeka Plan\u0131: Finans Raporlar\u0131nda Gizlenen 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Man\u015fetlerin \u00d6tesi<\/h3>\n<p>Yapay zekan\u0131n (AI) durdurulamaz y\u00fckseli\u015fiyle ilgili haber bombard\u0131man\u0131na tutuluyoruz. Her g\u00fcn yeni bir at\u0131l\u0131m, yeni bir \u00fcr\u00fcn veya ak\u0131l almaz bir yat\u0131r\u0131m haberiyle kar\u015f\u0131la\u015f\u0131yoruz. Ancak bu teknoloji devriminin en \u015fa\u015f\u0131rt\u0131c\u0131 ve en \u00f6nemli detaylar\u0131 genellikle halka a\u00e7\u0131k man\u015fetlerde de\u011fil, teknoloji devlerinin yo\u011fun ve karma\u015f\u0131k finansal raporlama toplant\u0131lar\u0131nda gizleniyor.<\/p>\n<p>Bu toplant\u0131lar, \u015firketlerin gelece\u011fe y\u00f6nelik ger\u00e7ek stratejilerini, \u00f6nceliklerini ve vizyonlar\u0131n\u0131 ortaya koyduklar\u0131 yerdir. Bu makalenin amac\u0131 da tam olarak bu: Microsoft&#8217;un son finansal raporlama toplant\u0131s\u0131ndan en etkili ve ezber bozan \u00e7\u0131kar\u0131mlar\u0131 dam\u0131tarak, yapay zeka hedeflerinin arkas\u0131ndaki ger\u00e7ek \u00f6l\u00e7e\u011fi ve stratejiyi g\u00f6zler \u00f6n\u00fcne sermek.<\/p>\n<h3>\u00c7\u0131kar\u0131m 1: Microsoft, Windows&#8217;tan Daha H\u0131zl\u0131 Bir Yapay Zeka \u0130mparatorlu\u011fu Kurdu<\/h3>\n<p>Microsoft denince akla Windows ve Office gibi on y\u0131llard\u0131r var olan efsanevi \u00fcr\u00fcnler gelir. Ancak \u015firket, yeni yapay zeka i\u015fini bu miras\u0131n \u00e7ok daha k\u0131sa bir s\u00fcresinde devasa bir \u00f6l\u00e7e\u011fe ula\u015ft\u0131rd\u0131. Bu rakam\u0131n ard\u0131ndaki hikaye ise \u00e7ok daha derin. Microsoft Cloud, ilk kez tek bir \u00e7eyrekte 50 milyar dolar geliri a\u015ft\u0131.<\/p>\n<p>CEO Satya Nadella&#8217;n\u0131n bu durumu \u00f6zetleyen g\u00fc\u00e7l\u00fc s\u00f6zleri, stratejinin merkezini ortaya koyuyor:<\/p>\n<p>&#8220;Asl\u0131nda, bu i\u015fin daha \u00e7ok ba\u015f\u0131nda olmam\u0131za ra\u011fmen, in\u015fa etmesi on y\u0131llar s\u00fcren en b\u00fcy\u00fck markalar\u0131m\u0131zdan baz\u0131lar\u0131ndan daha b\u00fcy\u00fck bir yapay zeka i\u015fi kurduk.&#8221;<\/p>\n<p>Bu ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc b\u00fcy\u00fcme, Microsoft&#8217;un yapay zekay\u0131 sadece yeni bir \u00fcr\u00fcn hatt\u0131 olarak de\u011fil, \u015firketin t\u00fcm gelece\u011fini \u00fczerine in\u015fa etti\u011fi yeni bir temel olarak g\u00f6rd\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor.<\/p>\n<h3>\u00c7\u0131kar\u0131m 2: Uygulamalar\u0131 Unutun, Gelecek &#8220;Agent&#8217;larda&#8221;<\/h3>\n<p>Satya Nadella&#8217;ya g\u00f6re, &#8220;uygulamalar\u0131n&#8221; yerini &#8220;agent&#8217;lar\u0131n&#8221; (temsilcilerin\/ajanlar\u0131n) ald\u0131\u011f\u0131 temel bir platform de\u011fi\u015fimine tan\u0131kl\u0131k ediyoruz. Peki bu ne anlama geliyor? Basit\u00e7e ifade etmek gerekirse, yaz\u0131l\u0131m art\u0131k manuel olarak y\u00f6netti\u011finiz bir ara\u00e7 olmaktan \u00e7\u0131k\u0131p, g\u00f6revleri delege etti\u011finiz ak\u0131ll\u0131 bir asistana d\u00f6n\u00fc\u015f\u00fcyor.<\/p>\n<p>Nadella&#8217;n\u0131n bahsetti\u011fi bu &#8220;agent&#8217;lar&#8221;, teorik bir konseptten ibaret de\u011fil. Alaska Havayollar\u0131&#8217;n\u0131n do\u011fal dilde u\u00e7u\u015f aramas\u0131 olu\u015fturmas\u0131 veya BMW&#8217;nin tasar\u0131m d\u00f6ng\u00fclerini h\u0131zland\u0131rmas\u0131 gibi somut \u00f6rneklerle \u015fimdiden i\u015f d\u00fcnyas\u0131n\u0131 d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor. Nadella, t\u0131pk\u0131 internetin ve mobilin yaz\u0131l\u0131m\u0131 yeniden yazd\u0131\u011f\u0131 gibi, yapay zekan\u0131n da bunu tekrar yapt\u0131\u011f\u0131n\u0131 ve bu yeni d\u00fcnyan\u0131n temel yap\u0131 ta\u015f\u0131n\u0131n &#8220;agent&#8217;lar&#8221; oldu\u011funu vurguluyor. Microsoft&#8217;un bu yeni d\u00fczene cevab\u0131 ise &#8220;Agent 365&#8221; platformunu olu\u015fturmak. Bu stratejik hamle, \u015firketlerin bu yeni agent&#8217;lar\u0131 da mevcut yaz\u0131l\u0131m ve kimlik sistemleri gibi y\u00f6netmelerine, g\u00fcvenliklerini sa\u011flamalar\u0131na ve denetlemelerine olanak tan\u0131yan bir kontrol merkezi sunuyor.<\/p>\n<h3>\u00c7\u0131kar\u0131m 3: Ger\u00e7ek Yapay Zeka Yar\u0131\u015f\u0131 &#8220;Watt Ba\u015f\u0131na Dolar Ba\u015f\u0131na Token&#8221; ile \u00d6l\u00e7\u00fcl\u00fcyor<\/h3>\n<p>Yapay zeka yar\u0131\u015f\u0131, yaz\u0131l\u0131m\u0131n \u00f6tesinde, fiziksel altyap\u0131 ve verimlilik \u00fczerine kurulu bir sava\u015f. Burada as\u0131l dikkat \u00e7eken nokta, Microsoft&#8217;un bu alanda optimize etti\u011fi temel metrik: &#8220;watt ba\u015f\u0131na dolar ba\u015f\u0131na token&#8221;. Bu, en basit anlat\u0131m\u0131yla, en d\u00fc\u015f\u00fck maliyet ve enerji t\u00fcketimiyle (watt ve dolar) en y\u00fcksek yapay zeka i\u015flem g\u00fcc\u00fcn\u00fc (token) elde etme hedefidir.<\/p>\n<p>Bu yar\u0131\u015f\u0131 kazanmak i\u00e7in Microsoft, kendi \u00f6zel i\u015flemcilerini tasarl\u0131yor. <b>Maya 200<\/b> yapay zeka h\u0131zland\u0131r\u0131c\u0131s\u0131, en yeni nesil donan\u0131mlara k\u0131yasla toplam sahip olma maliyetinde %30&#8217;dan fazla bir iyile\u015fme sa\u011fl\u0131yor. Bu stratejinin di\u011fer bir aya\u011f\u0131 ise, bulut tabanl\u0131 i\u015f y\u00fckleri i\u00e7in tasarlanan ve bir \u00f6nceki nesle g\u00f6re %50&#8217;den fazla performans art\u0131\u015f\u0131 sa\u011flayan <b>Cobalt 200<\/b> i\u015flemcisidir. Bu, Microsoft&#8217;un yapay zeka yar\u0131\u015f\u0131n\u0131 sadece GPU&#8217;larla de\u011fil, t\u00fcm i\u015flemci mimarisini optimize ederek kazanmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu yeni, hiper-verimli altyap\u0131n\u0131n bir di\u011fer \u00f6rne\u011fi ise veri merkezlerini birbirine ba\u011flayan &#8220;yapay zeka s\u00fcper fabrikas\u0131&#8221; konseptidir.<\/p>\n<h3>\u00c7\u0131kar\u0131m 4: Yapay Zekaya Yap\u0131lan Harcamalar\u0131n Tamam\u0131 Bulut M\u00fc\u015fterileri \u0130\u00e7in De\u011fil<\/h3>\n<p>\u0130\u015fte en \u015fa\u015f\u0131rt\u0131c\u0131 bilgilerden biri: Microsoft&#8217;un yapay zeka donan\u0131mlar\u0131na (GPU&#8217;lar gibi) yapt\u0131\u011f\u0131 devasa yat\u0131r\u0131m\u0131n tamam\u0131 hemen Azure bulut kapasitesi olarak sat\u0131\u015fa sunulmuyor. \u015eirketin olduk\u00e7a bilin\u00e7li bir stratejik \u00f6nceliklendirme plan\u0131 var.<\/p>\n<p>Yeni gelen kapasite, ilk olarak Microsoft&#8217;un kendi \u00fcr\u00fcnleri olan <b>M365 Copilot<\/b> ve <b>GitHub Copilot<\/b> gibi hizmetlere ve kendi i\u00e7 Ar-Ge \u00e7al\u0131\u015fmalar\u0131na ayr\u0131l\u0131yor. Geriye kalan kapasite ise Azure m\u00fc\u015fterilerine sunuluyor. Bir y\u00f6netici, soru-cevap b\u00f6l\u00fcm\u00fcnde bu stratejiyi \u015f\u00f6yle \u00f6zetliyor: Microsoft&#8217;un hedefi sadece tek bir i\u015f kolunu (Azure) maksimize etmek de\u011fil, t\u00fcm y\u00fcksek de\u011ferli yapay zeka hizmetlerinde b\u00fcy\u00fcmeyi tetikleyerek &#8220;en iyi m\u00fc\u015fteri ya\u015fam boyu de\u011feri portf\u00f6y\u00fcn\u00fc&#8221; olu\u015fturmak. Bu durum, Microsoft&#8217;un yapay zeka pazar\u0131n\u0131 sadece altyap\u0131 sa\u011flay\u0131c\u0131s\u0131 olarak de\u011fil, ayn\u0131 zamanda en b\u00fcy\u00fck ve en k\u00e2rl\u0131 son kullan\u0131c\u0131 uygulamalar\u0131n\u0131n da sahibi olarak domine etme niyetini ortaya koyuyor.<\/p>\n<h3>\u00c7\u0131kar\u0131m 5: Yapay Zekada Yeni Kurumsal Kale: &#8220;Egemenlik&#8221;<\/h3>\n<p>Yapay zekay\u0131 benimseyen i\u015fletmeler i\u00e7in en \u00f6nemli endi\u015felerden biri &#8220;egemenlik&#8221; (sovereignty). Bu kavram, verileri belirli bir \u00fclkede tutmaktan (veri yerelli\u011fi) \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor. En kritik y\u00f6n\u00fc, bir \u015firketin kendine \u00f6zg\u00fc, &#8220;z\u0131mni bilgisini&#8221; (tacit knowledge) do\u011frudan yapay zeka modelinin a\u011f\u0131rl\u0131klar\u0131na i\u015fleyerek onu korunan bir fikri m\u00fclkiyete d\u00f6n\u00fc\u015ft\u00fcrmektir.<\/p>\n<p>Satya Nadella, bu konunun \u00f6nemini vurgulayan \u015fu \u00e7arp\u0131c\u0131 ifadeyi kullan\u0131yor:<\/p>\n<p>&#8220;Yapay zeka GSY\u0130H&#8217;mize daha geni\u015f bir \u015fekilde yay\u0131ld\u0131k\u00e7a ve her firma kurumsal de\u011ferini korumak zorunda kald\u0131k\u00e7a, bu muhtemelen firmalar i\u00e7in en \u00f6nemli egemenlik meselesi haline gelecektir.&#8221;<\/p>\n<p>Bu trendin kan\u0131t\u0131 olarak, <b>Mistral<\/b> ve <b>Cohere<\/b> gibi b\u00f6lgeye \u00f6zg\u00fc modellere olan artan talep g\u00f6sterilebilir. \u015eirketler art\u0131k sadece genel ama\u00e7l\u0131 modelleri de\u011fil, kendi benzersiz bilgilerini ve s\u00fcre\u00e7lerini yans\u0131tan, kendilerine ait modelleri olu\u015fturmak istiyor. Bu, yapay zekan\u0131n gelece\u011finde en b\u00fcy\u00fck de\u011ferin, genel modellerden ziyade her \u015firketin kendi benzersiz bilgisiyle olu\u015fturdu\u011fu \u00f6zel ve korunakl\u0131 zekada yataca\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h3>Sonu\u00e7: As\u0131l \u0130\u015f \u015eimdi Ba\u015fl\u0131yor<\/h3>\n<p>Microsoft&#8217;un finansal raporlama toplant\u0131s\u0131, man\u015fetlerin ard\u0131nda derin ve \u00e7ok katmanl\u0131 bir yapay zeka stratejisi oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor. Bu strateji; altyap\u0131 verimlili\u011fi, &#8220;agent&#8217;lar&#8221; ad\u0131 verilen yeni bir yaz\u0131l\u0131m paradigmas\u0131 ve m\u00fc\u015fterileri kendi benzersiz zekalar\u0131n\u0131 in\u015fa etmeleri i\u00e7in g\u00fc\u00e7lendirme \u00fczerine kurulu.<\/p>\n<p>Yapay zeka her sekt\u00f6r\u00fc yeniden \u015fekillendirmeye ba\u015flarken, \u015fu soruyu d\u00fc\u015f\u00fcnmekte fayda var: Sizin kendi i\u015finizde veya \u015firketinizde ak\u0131ll\u0131 bir &#8220;agent&#8217;a&#8221; d\u00f6n\u00fc\u015ft\u00fcr\u00fclmeyi bekleyen en de\u011ferli &#8220;z\u0131mni bilgi&#8221; nedir?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1>Microsoft 2026 Mali Y\u0131l\u0131 \u0130kinci \u00c7eyrek Sonu\u00e7lar\u0131: Yapay Zeka Geni\u015flemesi ve Bulut B\u00fcy\u00fcmesi \u00dczerine Brifing<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Microsoft, 2026 mali y\u0131l\u0131n\u0131n ikinci \u00e7eyre\u011finde, yapay zeka (AI) yeteneklerine y\u00f6nelik artan talebin ve bulut hizmetlerindeki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmenin etkisiyle rekor finansal sonu\u00e7lar elde etti. Microsoft Cloud geliri ilk kez 50 milyar dolar\u0131 a\u015farken, toplam gelir %17 art\u0131\u015fla 81,3 milyar dolara ula\u015ft\u0131. CEO Satya Nadella, \u015firketin AI&#8217;\u0131n yay\u0131l\u0131m\u0131n\u0131n hen\u00fcz ilk a\u015famalar\u0131nda oldu\u011funu ve bunun teknoloji y\u0131\u011f\u0131n\u0131n\u0131n her katman\u0131nda \u00f6nemli bir b\u00fcy\u00fcme potansiyeli yaratt\u0131\u011f\u0131n\u0131 vurgulad\u0131.<\/p>\n<p>\u015eirketin AI stratejisi \u00fc\u00e7 temel katman \u00fczerine in\u015fa edilmi\u015ftir: (1) <b>Bulut ve &#8220;Token Fabrikas\u0131&#8221;<\/b>, AI i\u015f y\u00fckleri i\u00e7in optimize edilmi\u015f, \u00f6zel silikonlar (Maia 200) ve k\u00fcresel veri merkezleri dahil olmak \u00fczere temel altyap\u0131y\u0131 kapsar; (2) <b>Agent Platformu<\/b>, m\u00fc\u015fterilerin Foundry ve Fabric gibi hizmetler \u00fczerinden kendi ak\u0131ll\u0131 &#8220;ajanlar\u0131n\u0131&#8221; olu\u015fturup y\u00f6netmelerini sa\u011flayan yeni bir uygulama modeli sunar; ve (3) <b>Y\u00fcksek De\u011ferli Agent Deneyimleri<\/b>, Microsoft 365 Copilot, GitHub Copilot ve Security Copilot gibi son kullan\u0131c\u0131ya y\u00f6nelik \u00fcr\u00fcnleri i\u00e7erir.<\/p>\n<p>Bu \u00e7eyrekte, Microsoft 365 Copilot koltuk sat\u0131\u015flar\u0131 y\u0131ll\u0131k %160 artarak 15 milyon \u00fccretli koltu\u011fa ula\u015ft\u0131 ve GitHub Copilot&#8217;un \u00fccretli abone say\u0131s\u0131 4,7 milyona y\u00fckseldi. Azure, talebin arz\u0131 a\u015fmaya devam etmesiyle %39&#8217;luk g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergiledi. Bu talebi kar\u015f\u0131lamak i\u00e7in yap\u0131lan rekor d\u00fczeydeki sermaye harcamalar\u0131 (CapEx), \u015firketin yaln\u0131zca Azure&#8217;u de\u011fil, ayn\u0131 zamanda t\u00fcm AI \u00fcr\u00fcn portf\u00f6y\u00fcn\u00fcn uzun vadeli b\u00fcy\u00fcmesini destekleme taahh\u00fcd\u00fcn\u00fc g\u00f6stermektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Temel Finansal G\u00f6stergeler (Q2 2026)<\/h2>\n<p>Microsoft&#8217;un ikinci \u00e7eyrek performans\u0131, \u015firketin temel b\u00fcy\u00fcme alanlar\u0131ndaki ivmesini ve operasyonel verimlili\u011fini yans\u0131tmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metrik<\/td>\n<td>De\u011fer<\/td>\n<td>Y\u0131ll\u0131k De\u011fi\u015fim<\/td>\n<td>Notlar<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Gelir<\/b><\/td>\n<td>81,3 milyar $<\/td>\n<td>+%17<\/td>\n<td>Beklentilerin \u00fczerinde ger\u00e7ekle\u015fti.<\/td>\n<\/tr>\n<tr>\n<td><b>Microsoft Cloud Geliri<\/b><\/td>\n<td>51,5 milyar $<\/td>\n<td>+%26<\/td>\n<td>\u0130lk kez 50 milyar dolar s\u0131n\u0131r\u0131n\u0131 a\u015ft\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Geliri<\/b><\/td>\n<td>38,2 milyar $<\/td>\n<td>+%21<\/td>\n<td>G\u00fc\u00e7l\u00fc k\u00e2r marj\u0131 art\u0131\u015f\u0131n\u0131 g\u00f6steriyor.<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na K\u00e2r (EPS)<\/b><\/td>\n<td>4,14 $<\/td>\n<td>+%24<\/td>\n<td>OpenAI yat\u0131r\u0131m\u0131n\u0131n etkisiyle d\u00fczeltilmi\u015ftir.<\/td>\n<\/tr>\n<tr>\n<td><b>Sermaye Harcamalar\u0131 (CapEx)<\/b><\/td>\n<td>37,5 milyar $<\/td>\n<td>&#8211;<\/td>\n<td>AI altyap\u0131s\u0131na yap\u0131lan yo\u011fun yat\u0131r\u0131m\u0131 yans\u0131t\u0131yor.<\/td>\n<\/tr>\n<tr>\n<td><b>Ticari Anla\u015fmalar<\/b><\/td>\n<td>&#8211;<\/td>\n<td>+%230<\/td>\n<td>OpenAI ve Anthropic ile yap\u0131lan b\u00fcy\u00fck Azure taahh\u00fctleri etkili oldu.<\/td>\n<\/tr>\n<tr>\n<td><b>Kalan Performans Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc (RPO)<\/b><\/td>\n<td>625 milyar $<\/td>\n<td>+%110<\/td>\n<td>Bakiyenin yakla\u015f\u0131k %45&#8217;i OpenAI&#8217;den kaynaklanmaktad\u0131r.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Notlar:<\/b><\/p>\n<ul>\n<li><b>Ticari Anla\u015fmalar ve RPO:<\/b> Ticari anla\u015fmalardaki ola\u011fan\u00fcst\u00fc art\u0131\u015f, OpenAI ve Anthropic&#8217;in \u00e7ok y\u0131ll\u0131 talep ihtiya\u00e7lar\u0131n\u0131 yans\u0131tan b\u00fcy\u00fck Azure taahh\u00fctlerinden kaynaklanmaktad\u0131r. Bu durum, RPO (gelecekteki gelir taahh\u00fctleri) bakiyesini de \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Harcamalar\u0131 (CapEx):<\/b> 37,5 milyar dolarl\u0131k sermaye harcamas\u0131n\u0131n yakla\u015f\u0131k \u00fc\u00e7te ikisi, artan AI talebini kar\u015f\u0131lamak i\u00e7in \u00f6ncelikli olarak GPU ve CPU&#8217;lar gibi k\u0131sa \u00f6m\u00fcrl\u00fc varl\u0131klara y\u00f6nlendirilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Satya Nadella&#8217;n\u0131n \u00dc\u00e7 Katmanl\u0131 Yapay Zeka Stratejisi<\/h2>\n<p>CEO Satya Nadella, Microsoft&#8217;un AI pazar\u0131ndaki f\u0131rsat\u0131 nas\u0131l de\u011ferlendirdi\u011fini \u00fc\u00e7 katmanl\u0131 bir yap\u0131 \u00fczerinden a\u00e7\u0131klad\u0131. Bu yap\u0131, altyap\u0131dan son kullan\u0131c\u0131 deneyimlerine kadar t\u00fcm teknoloji y\u0131\u011f\u0131n\u0131n\u0131 kapsamaktad\u0131r.<\/p>\n<h3>Katman 1: Bulut ve &#8220;Token Fabrikas\u0131&#8221; (Altyap\u0131 Yat\u0131r\u0131mlar\u0131)<\/h3>\n<p>Bu katman, b\u00fcy\u00fck \u00f6l\u00e7ekli ve da\u011f\u0131t\u0131k AI i\u015f y\u00fcklerini desteklemek i\u00e7in tasarlanm\u0131\u015f temel altyap\u0131y\u0131 ifade eder.<\/p>\n<ul>\n<li><b>Temel Metrik:<\/b> \u015eirketin optimize etti\u011fi anahtar metrik, &#8220;watt ba\u015f\u0131na dolar ba\u015f\u0131na token&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r. Bu metrik, verimlili\u011fi en \u00fcst d\u00fczeye \u00e7\u0131karmay\u0131 ve toplam sahip olma maliyetini (TCO) d\u00fc\u015f\u00fcrmeyi hedefler.<\/li>\n<li><b>Altyap\u0131 Geli\u015fmeleri:<\/b>\n<ul>\n<li><b>AI S\u00fcper Fabrikas\u0131:<\/b> Atlanta ve Wisconsin&#8217;deki Fairwater veri merkezleri, t\u00fcr\u00fcn\u00fcn ilk \u00f6rne\u011fi olan bir AI WAN (Geni\u015f Alan A\u011f\u0131) ile birbirine ba\u011flanarak bir &#8220;AI s\u00fcper fabrikas\u0131&#8221; olu\u015fturuldu. Bu merkezler, s\u0131v\u0131 so\u011futma sistemleri sayesinde daha y\u00fcksek GPU yo\u011funluklar\u0131na izin vererek performans\u0131 art\u0131rmaktad\u0131r.<\/li>\n<li><b>Kapasite Art\u0131\u015f\u0131:<\/b> Sadece bu \u00e7eyrekte yakla\u015f\u0131k bir gigawatt toplam kapasite eklendi.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zel Silikon Stratejisi:<\/b>\n<ul>\n<li><b>Maia 200:<\/b> Microsoft&#8217;un kendi AI h\u0131zland\u0131r\u0131c\u0131s\u0131 olan Maia 200 devreye al\u0131nd\u0131. Bu \u00e7ip, filodaki en yeni nesil donan\u0131ma k\u0131yasla %30&#8217;dan fazla TCO iyile\u015ftirmesi ve FP4 hassasiyetinde 10&#8217;dan fazla petaflop performans sunmaktad\u0131r.<\/li>\n<li><b>Cobalt 200:<\/b> Bulut tabanl\u0131 i\u015f y\u00fckleri i\u00e7in tasarlanan Cobalt 200 CPU, Microsoft&#8217;un ilk \u00f6zel i\u015flemcisine g\u00f6re %50&#8217;den fazla performans art\u0131\u015f\u0131 sa\u011flamaktad\u0131r.<\/li>\n<li><b>\u00c7e\u015fitlilik:<\/b> Microsoft, en iyi filo performans\u0131n\u0131 ve maliyetini sa\u011flamak i\u00e7in NVIDIA ve AMD ile olan ortakl\u0131klar\u0131n\u0131 kendi \u00f6zel silikonlar\u0131yla birle\u015ftirmektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Egemenlik (Sovereignty):<\/b> M\u00fc\u015fterilerin veri egemenli\u011fi taleplerini kar\u015f\u0131lamak amac\u0131yla bu \u00e7eyrekte yedi \u00fclkede yeni veri merkezi yat\u0131r\u0131mlar\u0131 duyuruldu.<\/li>\n<\/ul>\n<h3>Katman 2: Agent Platformu (Yeni Uygulama Modeli)<\/h3>\n<p>Nadella&#8217;ya g\u00f6re, &#8220;ajanlar yeni uygulamalard\u0131r&#8221; ve Microsoft, m\u00fc\u015fterilerin bu yeni nesil uygulamalar\u0131 olu\u015fturmas\u0131, da\u011f\u0131tmas\u0131 ve y\u00f6netmesi i\u00e7in kapsaml\u0131 bir platform sunmaktad\u0131r.<\/p>\n<ul>\n<li><b>Platform Bile\u015fenleri:<\/b>\n<ul>\n<li><b>Model Katalo\u011fu:<\/b> GPT-5-2 ve CLOD-4-5 gibi en yeni modellerin yan\u0131 s\u0131ra, Mistral ve Cohere gibi egemenlik odakl\u0131 b\u00f6lgesel modelleri de i\u00e7eren, sekt\u00f6rdeki en geni\u015f model se\u00e7ene\u011fi sunulmaktad\u0131r.<\/li>\n<li><b>Orkestrasyon ve Veri:<\/b> Foundry, ajanlar\u0131n orkestrasyonunu sa\u011flarken, Fabric operasyonel, ger\u00e7ek zamanl\u0131 ve analitik verileri bir araya getirir.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6nemli B\u00fcy\u00fcme Metrikleri:<\/b>\n<ul>\n<li><b>Fabric:<\/b> Y\u0131ll\u0131k gelir oran\u0131 2 milyar dolar\u0131 a\u015ft\u0131 ve 31.000&#8217;den fazla m\u00fc\u015fteriye ula\u015ft\u0131. Y\u0131ll\u0131k gelir b\u00fcy\u00fcmesi %60 olarak ger\u00e7ekle\u015fti.<\/li>\n<li><b>Foundry:<\/b> \u00dczerinde \u00e7eyrek ba\u015f\u0131na 1 milyon dolardan fazla harcama yapan m\u00fc\u015fteri say\u0131s\u0131 yakla\u015f\u0131k %80 artt\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>Y\u00f6netim ve G\u00fcvenlik:<\/b> Yeni tan\u0131t\u0131lan <b>Agent 365<\/b>, kurulu\u015flar\u0131n mevcut y\u00f6neti\u015fim, kimlik ve g\u00fcvenlik kontrollerini hem Microsoft bulutunda hem de di\u011fer bulutlarda olu\u015fturulan ajanlara geni\u015fletmelerini sa\u011flayan bir kontrol d\u00fczlemi sunar.<\/li>\n<li><b>M\u00fc\u015fteri \u00d6rnekleri:<\/b> Alaska Airlines (do\u011fal dilde u\u00e7u\u015f aramas\u0131), BMW (tasar\u0131m d\u00f6ng\u00fclerini h\u0131zland\u0131rma) ve Land O&#8217;Lakes (hassas tar\u0131m) gibi \u015firketler, kendi ajan sistemlerini olu\u015fturmak i\u00e7in bu platformu kullanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Katman 3: Y\u00fcksek De\u011ferli Agent Deneyimleri (Copilot Ailesi)<\/h3>\n<p>Bu katman, Microsoft&#8217;un belirli alanlarda &#8220;makro delegasyon ve mikro y\u00f6nlendirme \u00e7a\u011f\u0131na&#8221; \u00f6nc\u00fcl\u00fck eden birinci taraf Copilot \u00fcr\u00fcnlerini i\u00e7erir.<\/p>\n<ul>\n<li><b>Microsoft 365 Copilot:<\/b>\n<ul>\n<li><b>WorkIQ:<\/b> Microsoft 365 alt\u0131ndaki verileri kullanarak her kurulu\u015f i\u00e7in de\u011ferli ve durum bilgisi olan bir ajan olu\u015fturur. Bu, ki\u015filer, rolleri, ileti\u015fimleri ve ge\u00e7mi\u015fleri \u00fczerinde ak\u0131l y\u00fcr\u00fctme yetene\u011fi sunar.<\/li>\n<li><b>B\u00fcy\u00fcme:<\/b> Rekor koltuk ekleme \u00e7eyre\u011fi ya\u015fand\u0131 ve y\u0131ll\u0131k %160&#8217;tan fazla art\u0131\u015fla <b>15 milyon \u00fccretli koltu\u011fa<\/b> ula\u015f\u0131ld\u0131. G\u00fcnl\u00fck aktif kullan\u0131c\u0131 say\u0131s\u0131 y\u0131ll\u0131k 10 kat artt\u0131.<\/li>\n<li><b>B\u00fcy\u00fck \u00d6l\u00e7ekli Da\u011f\u0131t\u0131mlar:<\/b> Publicis (95.000 koltuk), Pfizer, ING ve NASA gibi kurulu\u015flar 35.000&#8217;den fazla koltuk sat\u0131n ald\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>GitHub Copilot:<\/b>\n<ul>\n<li><b>Aboneler:<\/b> \u00dccretli abone say\u0131s\u0131 y\u0131ll\u0131k %75 art\u0131\u015fla <b>4,7 milyona<\/b> ula\u015ft\u0131. Siemens, 30.000&#8217;den fazla geli\u015ftiricisi i\u00e7in platformu benimsedi.<\/li>\n<li><b>Yeni Yetenekler:<\/b> GitHub Agent HQ, kodlama ajanlar\u0131 i\u00e7in bir d\u00fczenleme katman\u0131 sunarken, GitHub Copilot SDK geli\u015ftiricilerin Copilot \u00e7al\u0131\u015fma zaman\u0131n\u0131 kendi uygulamalar\u0131na g\u00f6mmelerine olanak tan\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Security Copilot:<\/b> Defender, Entra, Intune ve Purview genelinde bir d\u00fczine yeni ve g\u00fcncellenmi\u015f g\u00fcvenlik ajan\u0131 eklendi. Bu yetenekler t\u00fcm E5 m\u00fc\u015fterilerine sunulmaktad\u0131r.<\/li>\n<li><b>Sekt\u00f6rel \u00c7\u00f6z\u00fcmler:<\/b>\n<ul>\n<li><b>Sa\u011fl\u0131k:<\/b> Dragon Co-Pilot, 100.000&#8217;den fazla sa\u011fl\u0131k hizmeti sa\u011flay\u0131c\u0131s\u0131 taraf\u0131ndan kullan\u0131l\u0131yor ve bu \u00e7eyrekte 21 milyon hasta g\u00f6r\u00fc\u015fmesini belgeledi.<\/li>\n<li><b>Bilim ve M\u00fchendislik:<\/b> Microsoft Discovery, Ar-Ge s\u00fcre\u00e7lerini u\u00e7tan uca y\u00f6netmek i\u00e7in \u00f6zel ajanlar kullan\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Segment Baz\u0131nda Performans<\/h2>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Segment<\/td>\n<td>Gelir (Q2 2026)<\/td>\n<td>Y\u0131ll\u0131k B\u00fcy\u00fcme (Sabit Kur)<\/td>\n<td>\u00d6ne \u00c7\u0131kanlar<\/td>\n<\/tr>\n<tr>\n<td><b>\u00dcretkenlik ve \u0130\u015f S\u00fcre\u00e7leri<\/b><\/td>\n<td>34,1 milyar $<\/td>\n<td>+%14<\/td>\n<td>M365 Commercial Cloud geliri %14 artt\u0131. G\u00fc\u00e7l\u00fc Copilot sonu\u00e7lar\u0131 ve E5 adaptasyonu ARPU b\u00fcy\u00fcmesini s\u00fcr\u00fckledi. LinkedIn %10, Dynamics 365 %17 b\u00fcy\u00fcd\u00fc.<\/td>\n<\/tr>\n<tr>\n<td><b>Ak\u0131ll\u0131 Bulut<\/b><\/td>\n<td>32,9 milyar $<\/td>\n<td>+%28<\/td>\n<td>Azure ve di\u011fer bulut hizmetleri geliri %38 artt\u0131. Talep, mevcut arz\u0131 a\u015fmaya devam ediyor. Hibrit \u00e7\u00f6z\u00fcmlere olan talep \u015firket i\u00e7i sunucu i\u015fini destekledi.<\/td>\n<\/tr>\n<tr>\n<td><b>Daha Fazla Ki\u015fisel Bilgi \u0130\u015flem<\/b><\/td>\n<td>14,3 milyar $<\/td>\n<td>-%3 (De\u011fi\u015fim Yok)<\/td>\n<td>Windows OEM %5 b\u00fcy\u00fcd\u00fc. Arama ve haber reklamc\u0131l\u0131\u011f\u0131 geliri %9 artt\u0131. Oyun geliri, \u00f6nceki y\u0131l\u0131n g\u00fc\u00e7l\u00fc i\u00e7eri\u011fine k\u0131yasla %10 azald\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Gelece\u011fe Bak\u0131\u015f ve Yat\u0131r\u0131mc\u0131 Endi\u015feleri (Q&amp;A Analizi)<\/h2>\n<h3>Q3 2026 ve Y\u0131l Sonu Beklentileri<\/h3>\n<ul>\n<li><b>Toplam Gelir:<\/b> Q3 i\u00e7in 80,65 ila 81,75 milyar dolar aras\u0131nda beklenmektedir.<\/li>\n<li><b>Azure B\u00fcy\u00fcmesi:<\/b> Q3 i\u00e7in sabit kurla %37 ila %38 aras\u0131nda b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Sermaye Harcamalar\u0131:<\/b> Bir \u00f6nceki \u00e7eyre\u011fe g\u00f6re s\u0131ral\u0131 olarak azalmas\u0131 beklenmektedir.<\/li>\n<li><b>Faaliyet Marjlar\u0131:<\/b> 2026 mali y\u0131l\u0131 i\u00e7in faaliyet marjlar\u0131n\u0131n hafif\u00e7e artmas\u0131 beklenmektedir.<\/li>\n<\/ul>\n<h3>Yat\u0131r\u0131mc\u0131lar\u0131n Temel Soru ve Endi\u015feleri<\/h3>\n<p>Kazan\u00e7 g\u00f6r\u00fc\u015fmesinin soru-cevap b\u00f6l\u00fcm\u00fcnde, yat\u0131r\u0131mc\u0131lar\u0131n temel endi\u015feleri ve Microsoft y\u00f6neticilerinin yan\u0131tlar\u0131 \u00f6ne \u00e7\u0131kt\u0131:<\/p>\n<ul>\n<li><b>Sermaye Harcamalar\u0131n\u0131n (CapEx) Geri D\u00f6n\u00fc\u015f\u00fc (ROI):<\/b>\n<ul>\n<li><b>Endi\u015fe:<\/b> Y\u00fcksek sermaye harcamalar\u0131na ra\u011fmen Azure b\u00fcy\u00fcmesinin beklentilerin bir miktar alt\u0131nda kalmas\u0131, yat\u0131r\u0131m\u0131n geri d\u00f6n\u00fc\u015f\u00fc hakk\u0131nda soru i\u015faretleri yarat\u0131yor.<\/li>\n<li><b>Yan\u0131t:<\/b> Y\u00f6netim, sermaye harcamalar\u0131n\u0131n sadece Azure&#8217;a de\u011fil, ayn\u0131 zamanda M365 Copilot, GitHub Copilot ve Ar-Ge gibi birden fazla y\u00fcksek de\u011ferli alana tahsis edildi\u011fini belirtti. Ama\u00e7, tek bir i\u015fi maksimize etmek yerine, t\u00fcm portf\u00f6y i\u00e7in en iyi uzun vadeli ya\u015fam boyu de\u011feri (LTV) olu\u015fturmakt\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Sermaye Harcamalar\u0131n\u0131n Kullan\u0131m \u00d6mr\u00fc ve RPO:<\/b>\n<ul>\n<li><b>Endi\u015fe:<\/b> Sunucular\u0131n 6 y\u0131ll\u0131k muhasebe \u00f6mr\u00fcne kar\u015f\u0131l\u0131k, ortalama RPO s\u00fcresinin 2,5 y\u0131l olmas\u0131, varl\u0131klar\u0131n kullan\u0131m \u00f6mr\u00fc boyunca yeterli gelir elde edilip edilemeyece\u011fi konusunda endi\u015fe yarat\u0131yor.<\/li>\n<li><b>Yan\u0131t:<\/b> Microsoft, sat\u0131n al\u0131nan GPU kapasitesinin b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n, kullan\u0131m \u00f6mr\u00fcn\u00fcn tamam\u0131 i\u00e7in (\u00f6zellikle OpenAI gibi b\u00fcy\u00fck m\u00fc\u015fterilerle) zaten s\u00f6zle\u015fmeye ba\u011fland\u0131\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131. Bu durum, riski \u00f6nemli \u00f6l\u00e7\u00fcde azaltmaktad\u0131r. Ayr\u0131ca, donan\u0131m eskidik\u00e7e yaz\u0131l\u0131m optimizasyonlar\u0131 sayesinde verimlilik ve marjlar artmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>OpenAI&#8217;ye Olan Ba\u011f\u0131ml\u0131l\u0131k:<\/b>\n<ul>\n<li><b>Endi\u015fe:<\/b> Kalan Performans Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc&#8217;n\u00fcn (RPO) %45&#8217;inin tek bir m\u00fc\u015fteri olan OpenAI&#8217;den gelmesi.<\/li>\n<li><b>Yan\u0131t:<\/b> Y\u00f6netim, RPO&#8217;nun geri kalan %55&#8217;lik k\u0131sm\u0131n\u0131n (yakla\u015f\u0131k 350 milyar dolar) co\u011frafyalar, sekt\u00f6rler ve \u00e7\u00f6z\u00fcmler aras\u0131nda son derece \u00e7e\u015fitlendi\u011fini ve %28&#8217;lik g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme g\u00f6sterdi\u011fini vurgulad\u0131. OpenAI ortakl\u0131\u011f\u0131n\u0131n ise Microsoft&#8217;u yenili\u011fin \u00f6n saflar\u0131nda tutan stratejik bir ili\u015fki oldu\u011fu belirtildi.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zel Silikon Stratejisi (Maia 200):<\/b>\n<ul>\n<li><b>Soru:<\/b> \u00d6zel silikon \u00fcretiminin Microsoft i\u00e7in ne kadar temel bir yetkinlik haline gelece\u011fi.<\/li>\n<li><b>Yan\u0131t:<\/b> \u015eirket, bu alanda uzun s\u00fcredir \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 ve Maia 200 ile kaydedilen ilerlemeden memnun oldu\u011funu belirtti. Temel strateji, herhangi bir tek teknolojiye kilitlenmek yerine, NVIDIA, AMD ve kendi \u00f6zel silikonlar\u0131n\u0131 i\u00e7eren \u00e7e\u015fitli bir filoya sahip olmakt\u0131r. Bu \u00e7e\u015fitlilik, Microsoft&#8217;un her zaman en iyi toplam sahip olma maliyetine (TCO) eri\u015fmesini ve rekabet avantaj\u0131n\u0131 s\u00fcrd\u00fcrmesini sa\u011flamaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Microsoft&#8217;un Yapay Zeka Devrimi: 2025 Finansal Sonu\u00e7lar\u0131 Analizi Microsoft, 2025 y\u0131l\u0131 sonu itibar\u0131yla bulut gelirlerinde 50 milyar dolarl\u0131k tarihi bir baraj\u0131 a\u015farak teknoloji d\u00fcnyas\u0131ndaki liderli\u011fini peki\u015ftirdi. Azure&#8217;un %39&#8217;luk b\u00fcy\u00fcmesi ve 15 milyon \u00fccretli Copilot kullan\u0131c\u0131s\u0131, yapay zekan\u0131n art\u0131k sadece bir vaat de\u011fil, devasa bir gelir motoru oldu\u011funu kan\u0131tl\u0131yor. \u015eirketin 81,3 milyar dolarl\u0131k toplam geliri ve altyap\u0131ya yapt\u0131\u011f\u0131 37,5 milyar dolarl\u0131k rekor yat\u0131r\u0131m\u0131, gelece\u011fin &#8220;ajan platformlar\u0131&#8221; ve s\u00fcper yapay zeka fabrikalar\u0131 \u00fczerine kuruldu\u011funu g\u00f6steriyor. Microsoft&#8217;un teknoloji y\u0131\u011f\u0131n\u0131n\u0131n her katman\u0131nda ger\u00e7ekle\u015ftirdi\u011fi bu b\u00fcy\u00fck d\u00f6n\u00fc\u015f\u00fcm\u00fcn detaylar\u0131n\u0131 inceledik.<\/p>\n","protected":false},"author":1,"featured_media":87,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[12],"class_list":["post-85","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisttoplantisi","tag-msft"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/posts\/85","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/comments?post=85"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/posts\/85\/revisions"}],"predecessor-version":[{"id":86,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/posts\/85\/revisions\/86"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/media\/87"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/media?parent=85"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/categories?post=85"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskustr\/wp-json\/wp\/v2\/tags?post=85"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}