{"id":49571,"date":"2026-06-19T12:13:32","date_gmt":"2026-06-19T12:13:32","guid":{"rendered":"https:\/\/www.global-vtrader.com\/ar\/uncategorized\/49571\/"},"modified":"2026-06-19T12:13:32","modified_gmt":"2026-06-19T12:13:32","slug":"%d9%85%d9%86-%d8%ae%d9%84%d8%a7%d9%84-%d8%a7%d9%84%d9%85%d9%86%d8%b4%d9%88%d8%b1-%d9%85%d9%88%d8%ac%d8%a9-%d8%b5%d8%b9%d9%88%d8%af-%d8%a3%d8%b3%d9%87%d9%85-%d9%83%d9%88%d9%87%d8%b1%d9%86%d8%aa","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/ar\/featured\/49571\/","title":{"rendered":"\u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0645\u0646\u0634\u0648\u0631: \u0645\u0648\u062c\u0629 \u0635\u0639\u0648\u062f \u0623\u0633\u0647\u0645 \u00ab\u0643\u0648\u0647\u0631\u0646\u062a\u00bb \u0628\u0641\u0636\u0644 \u0628\u0635\u0631\u064a\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.global-vtrader.com\/ar\/wp-content\/uploads\/sites\/5\/2026\/06\/CoherentAIbuildout-1024x573.webp\" alt=\"Abstract illustration of AI and automation with robotic arms, data server, and a glowing central crystal and rising arrow signifying growth.\" class=\"wp-image-52866\"\/><figcaption class=\"wp-element-caption\">\u062a\u0642\u0639 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0641\u064a \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0645\u0646 \u0633\u0644\u0633\u0644\u0629 \u062a\u0648\u0631\u064a\u062f \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0644\u0643\u0646 \u0627\u0644\u0633\u0648\u0642 \u0631\u0641\u0639 \u0633\u0642\u0641 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0628\u0627\u0644\u0641\u0639\u0644.<\/figcaption><\/figure>\n\n\n\n<p>\u0623\u0645\u0636\u062a \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb 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href=\"https:\/\/www.marketwatch.com\/investing\/stock\/cohr\/analystestimates\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 \u0644\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0628\u0646\u062d\u0648 380 \u062f\u0648\u0644\u0627\u0631\u0627\u064b<\/a>.<\/p>\n\n\n\n<script type=\"module\" src=\"https:\/\/widgets.tradingview-widget.com\/w\/en\/tv-ticker-tag.js\"><\/script>\n\n<tv-ticker-tag symbol=\"NYSE:COHR\"><\/tv-ticker-tag><br>\n\n\n\n<p>\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0633\u0647\u0645 \u0641\u0648\u0642 \u0645\u062a\u0648\u0633\u0637 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0623\u0645\u0631 \u063a\u064a\u0631 \u0645\u0639\u062a\u0627\u062f\u060c \u0648\u064a\u063a\u064a\u0651\u0631 \u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0631\u0647\u0627\u0646. \u0642\u062f \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0633\u0648\u0642 \u064a\u0633\u0639\u0651\u0631 \u0642\u0635\u0629 \u0646\u0645\u0648 \u0644\u0645 \u062a\u064f\u062d\u062f\u0651\u062b\u0647\u0627 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u060c \u0623\u0648 \u0623\u0646 \u0627\u0644\u0633\u0639\u0631 \u062a\u0642\u062f\u0651\u0645 \u0623\u0633\u0631\u0639 \u0645\u0646 \u0623\u062f\u0627\u0621 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0641\u0639\u0644\u064a (\u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0642\u062f\u0631\u062a\u0647\u0627 \u0639\u0644\u0649 \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0637\u0644\u0628 \u0625\u0644\u0649 \u0645\u0628\u064a\u0639\u0627\u062a \u0648\u0623\u0631\u0628\u0627\u062d).<\/p>\n\n\n\n<p>\u0627\u0644\u0637\u0631\u062d \u0627\u0644\u0642\u062f\u064a\u0645 \u0643\u0627\u0646 \u0628\u0633\u064a\u0637\u0627\u064b: \u0645\u0648\u0631\u0651\u062f \u0628\u0635\u0631\u064a\u0627\u062a \u0644\u0645 \u064a\u064f\u0642\u062f\u0651\u064e\u0631 \u062d\u0642 \u0642\u062f\u0631\u0647 \u0648\u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0631\u062a\u0641\u0639 \u062a\u0642\u064a\u064a\u0645\u0647. \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u062a\u062d\u0642\u0642 \u0625\u0644\u0649 \u062d\u062f \u0643\u0628\u064a\u0631. \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0622\u0646 \u0623\u0635\u0639\u0628: \u0647\u0644 \u062a\u062a\u062d\u0648\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0625\u0644\u0649 \u0627\u0633\u0645 \u0645\u062d\u0648\u0631\u064a \u0641\u064a \u0628\u0646\u064a\u0629 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0627\u0644\u062a\u062d\u062a\u064a\u0629\u060c \u0623\u0645 \u0623\u0646 \u0627\u0644\u0633\u0648\u0642 \u062f\u0641\u0639 \u0627\u0644\u0633\u0647\u0645 \u0628\u0639\u064a\u062f\u0627\u064b \u0642\u0628\u0644 \u0638\u0647\u0648\u0631 \u0623\u062f\u0644\u0629 \u0643\u0627\u0641\u064a\u0629\u061f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0625\u0646\u0641\u064a\u062f\u064a\u0627 \u0648\u0636\u0639\u062a \u0631\u0642\u0645\u0627\u064b \u0648\u0627\u0636\u062d\u0627\u064b<\/h2>\n\n\n\n<p>\u0625\u0639\u0627\u062f\u0629 \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0633\u0647\u0645 \u0643\u0627\u0646 \u0644\u0647\u0627 \u0645\u062d\u0641\u0651\u0632 \u0648\u0627\u0636\u062d.<\/p>\n\n\n\n<p>\u0641\u064a \u0645\u0627\u0631\u0633 2026\u060c <a href=\"https:\/\/investor.nvidia.com\/news\/press-release-details\/2026\/NVIDIA-and-Coherent-Announce-Strategic-Partnership-to-Develop-Optics-Technology-to-Scale-Next-Generation-Data-Center-Architecture\/default.aspx\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u0627\u0633\u062a\u062d\u0648\u0630\u062a \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0639\u0644\u0649 \u062d\u0635\u0629 \u0645\u0644\u0643\u064a\u0629 \u0628\u0642\u064a\u0645\u0629 \u0645\u0644\u064a\u0627\u0631\u064a \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb<\/a> \u0648\u0648\u0642\u0651\u0639\u062a \u0627\u062a\u0641\u0627\u0642 \u062a\u0648\u0631\u064a\u062f \u0644\u0639\u062f\u0629 \u0633\u0646\u0648\u0627\u062a \u0644\u062a\u0642\u0646\u064a\u0627\u062a \u00ab\u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0627\u0644\u0645\u062f\u0645\u062c\u0629 \u0645\u0639 \u0627\u0644\u0631\u0642\u0627\u0642\u0629\u00bb (Co\u2011packaged optics: \u0648\u0636\u0639 \u0623\u062c\u0632\u0627\u0621 \u0627\u0644\u0636\u0648\u0621 \u0642\u0631\u0628 \u0634\u0631\u064a\u062d\u0629 \u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0644\u062a\u0642\u0644\u064a\u0644 \u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0627\u0644\u0637\u0627\u0642\u0629) \u0648\u00ab\u062a\u0628\u062f\u064a\u0644 \u0627\u0644\u062f\u0648\u0627\u0626\u0631 \u0627\u0644\u0636\u0648\u0626\u064a\u0629\u00bb (Optical circuit switching: \u062a\u0648\u062c\u064a\u0647 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0639\u0628\u0631 \u0625\u0634\u0627\u0631\u0627\u062a \u0636\u0648\u0626\u064a\u0629 \u062f\u0627\u062e\u0644 \u0627\u0644\u0634\u0628\u0643\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0643\u0647\u0631\u0628\u0627\u0626\u064a\u0629). \u0648\u0623\u0634\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0623\u0648\u0633\u0639 \u0642\u062f \u064a\u062a\u062c\u0627\u0648\u0632 6.5 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0648\u0644\u0627\u0631 \u062d\u062a\u0649 \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0639\u0642\u062f.<\/p>\n\n\n\n<p>\u0639\u0642\u062f \u062a\u0648\u0631\u064a\u062f \u0648\u062d\u062f\u0647 \u0643\u0627\u0646 \u0633\u064a\u064f\u0639\u062f \u062e\u0628\u0631\u0627\u064b \u0645\u0647\u0645\u0627\u064b. \u0644\u0643\u0646 \u0627\u0645\u062a\u0644\u0627\u0643 \u062d\u0635\u0629 \u0645\u0644\u0643\u064a\u0629\u060c \u0645\u0639 \u0636\u0645\u0627\u0646 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0637\u0627\u0642\u0629 \u0625\u0646\u062a\u0627\u062c\u064a\u0629 (\u0642\u062f\u0631\u0629 \u0627\u0644\u0645\u0635\u0627\u0646\u0639 \u0639\u0644\u0649 \u0627\u0644\u062a\u0635\u0646\u064a\u0639)\u060c \u064a\u0631\u0633\u0644 \u0625\u0634\u0627\u0631\u0629 \u0623\u0642\u0648\u0649: \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0644\u0627 \u062a\u0634\u062a\u0631\u064a \u0645\u0646\u062a\u062c\u0627\u062a \u0641\u0642\u0637\u060c \u0628\u0644 \u062a\u0624\u0645\u0651\u0646 \u0645\u0648\u0631\u0651\u062f\u0627\u064b \u062a\u0631\u0649 \u0623\u0646\u0647 \u0635\u0639\u0628 \u0627\u0644\u0627\u0633\u062a\u0628\u062f\u0627\u0644. \u0643\u0645\u0627 \u062a\u0636\u0645\u0651\u0646 \u0627\u0644\u0627\u062a\u0641\u0627\u0642 \u0625\u0634\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u062a\u0635\u0646\u064a\u0639 \u0648\u0627\u0644\u0628\u062d\u062b \u0648\u0627\u0644\u062a\u0637\u0648\u064a\u0631 \u062f\u0627\u062e\u0644 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629\u060c \u0648\u0647\u0648 \u0639\u0627\u0645\u0644 \u0645\u0647\u0645 \u0641\u064a \u0628\u064a\u0626\u0629 \u0628\u0627\u062a\u062a \u062a\u0639\u062a\u0628\u0631 \u00ab\u0627\u0644\u0641\u0648\u062a\u0648\u0646\u064a\u0627\u062a\u00bb (\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0648\u0621 \u0644\u0646\u0642\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a) \u0648\u0634\u0631\u0627\u0626\u062d \u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a \u0645\u0643\u0648\u0651\u0646\u0627\u062a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629.<\/p>\n\n\n\n<p>\u0627\u0644\u0641\u0627\u0631\u0642 \u0628\u064a\u0646 \u00ab\u0645\u0648\u0631\u0651\u062f \u0645\u0643\u0648\u0651\u0646\u0627\u062a\u00bb \u0648\u00ab\u0645\u0632\u0648\u062f \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0646\u0627\u062f\u0631\u00bb \u064a\u0641\u0633\u0651\u0631 \u062a\u063a\u064a\u0651\u0631 \u0646\u0638\u0631\u0629 \u0627\u0644\u0633\u0648\u0642. \u0645\u0648\u0631\u0651\u062f \u0627\u0644\u0645\u0643\u0648\u0651\u0646\u0627\u062a \u064a\u064f\u0642\u064a\u0651\u0645 \u0639\u0627\u062f\u0629\u064b \u0648\u0641\u0642 \u062d\u062c\u0645 \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a \u0648\u0647\u0648\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d. \u0623\u0645\u0627 \u0627\u0644\u0645\u0648\u0631\u0651\u062f \u0627\u0644\u0646\u0627\u062f\u0631 \u0641\u064a \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0641\u0642\u062f \u064a\u062d\u0635\u0644 \u0639\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 \u0623\u0639\u0644\u0649 \u0628\u0633\u0628\u0628 \u062f\u0648\u0631\u0647 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a. \u0627\u0644\u0633\u0648\u0642 \u0628\u062f\u0623 \u064a\u0642\u064a\u0651\u0645 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0648\u0641\u0642 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u062b\u0627\u0646\u064a\u060c \u0631\u063a\u0645 \u0623\u0646 \u0625\u064a\u0631\u0627\u062f\u0627\u062a\u0647\u0627 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0623\u0642\u0631\u0628 \u0639\u0645\u0644\u064a\u0627\u064b \u0644\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u0623\u0648\u0644.<\/p>\n\n\n\n<p>\u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u062a\u064a \u062a\u062f\u0639\u0645 \u0627\u0644\u062d\u0645\u0627\u0633 \u0645\u0648\u062c\u0648\u062f\u0629. \u0646\u062a\u0627\u0626\u062c <a href=\"https:\/\/www.coherent.com\/news\/press-releases\/third-quarter-fiscal-year-2026-results\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u062b\u0627\u0644\u062b \u0644\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2026 (\u0623\u0639\u0644\u0646\u062a \u0641\u064a \u0645\u0627\u064a\u0648 2026)<\/a> \u0623\u0638\u0647\u0631\u062a \u0637\u0644\u0628\u0627\u064b \u0623\u0642\u0648\u0649 \u0648\u062a\u062d\u0633\u0646\u0627\u064b \u0641\u064a \u0627\u0644\u0631\u0628\u062d\u064a\u0629.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.global-vtrader.com\/ar\/wp-content\/uploads\/sites\/5\/2026\/06\/codeODk5YjZiNmFkYjY3ZWM0NWFjOWFiZjA4MDJkMDE1MGNfV3pRSm5zeTdjQk5FVnBRc2F5Q0hxaFhzaDV1NVZMRUpfVG9rZW46VUdMcWJ5YmV0b05URVR4R3ZpTGxiRVNPZ05KXzE3ODE4NTgyODc6MTc4MTg2MTg4N19WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">\u0623\u0635\u0628\u062d \u062b\u0644\u0627\u062b\u0629 \u0623\u0631\u0628\u0627\u0639 \u0627\u0644\u0623\u0639\u0645\u0627\u0644 \u0645\u0631\u062a\u0628\u0637\u0627\u064b \u0628\u0637\u0644\u0628 \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a.<\/figcaption><\/figure>\n\n\n\n<p>\u0643\u0645\u0627 \u0648\u062c\u0647\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0631\u0627\u0628\u0639 \u0644\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u0644\u0649 \u0646\u0637\u0627\u0642 \u0628\u064a\u0646 1.91 \u06482.05 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631. \u0648\u062a\u062a\u0648\u0642\u0639 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0623\u0646 \u064a\u062a\u062c\u0627\u0648\u0632 \u0646\u0645\u0648 \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2027 \u0646\u0645\u0648 2026. \u0648\u0623\u0634\u0627\u0631\u062a \u0623\u064a\u0636\u0627\u064b \u0625\u0644\u0649 \u00ab\u062f\u0641\u062a\u0631 \u0637\u0644\u0628\u0627\u062a\u00bb (Backlog: \u0637\u0644\u0628\u0627\u062a \u0645\u0624\u0643\u062f\u0629 \u0644\u0645 \u062a\u064f\u0633\u0644\u0651\u0645 \u0628\u0639\u062f) \u064a\u0645\u062a\u062f \u062d\u062a\u0649 2028\u060c \u0648\u0625\u0644\u0649 \u00ab\u0646\u0633\u0628\u0629 \u0627\u0644\u0637\u0644\u0628\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u0641\u0648\u0627\u062a\u064a\u0631\u00bb (Book-to-bill: \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0628\u0645\u0627 \u062a\u0645 \u0634\u062d\u0646\u0647 \u0648\u0641\u0648\u062a\u0631\u062a\u0647) \u0628\u0646\u062d\u0648 4 \u0645\u0631\u0627\u062a \u0641\u064a \u0648\u0642\u062a \u0633\u0627\u0628\u0642 \u0645\u0646 \u0627\u0644\u0639\u0627\u0645\u060c \u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0643\u0627\u0646\u062a \u0623\u0639\u0644\u0649 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0634\u062d\u0646\u0627\u062a.<\/p>\n\n\n\n<p>\u0647\u0630\u0647 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u062a\u062f\u0639\u0645 \u0645\u0628\u0631\u0631\u0627\u062a \u062a\u0642\u064a\u064a\u0645 \u0623\u0639\u0644\u0649\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0631\u0641\u0639 \u0623\u064a\u0636\u0627\u064b \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a. \u0645\u0639 \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0633\u0647\u0645 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0646\u0645\u0648 \u0642\u0648\u064a\u060c \u0641\u0625\u0646 \u0623\u064a \u062a\u0623\u062e\u064a\u0631\u060c \u0623\u0648 \u062a\u0631\u0627\u062c\u0639 \u0641\u064a \u0627\u0644\u0647\u0648\u0627\u0645\u0634\u060c \u0623\u0648 \u0636\u0639\u0641 \u0641\u064a \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0625\u0644\u0649 \u0646\u0642\u062f (Cash conversion: \u0642\u062f\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0639\u0644\u0649 \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a\u0629 \u0625\u0644\u0649 \u062a\u062f\u0641\u0642\u0627\u062a \u0646\u0642\u062f\u064a\u0629) \u0633\u064a\u0635\u0628\u062d \u0623\u0643\u062b\u0631 \u062a\u0623\u062b\u064a\u0631\u0627\u064b.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0645\u0648\u0642\u0639 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0641\u064a \u0627\u0644\u0633\u0644\u0633\u0644\u0629<\/h2>\n\n\n\n<p>\u062f\u0648\u0631 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u064a\u0628\u062f\u0623 \u062f\u0627\u062e\u0644 \u0645\u0631\u0643\u0632 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a.<\/p>\n\n\n\n<p>\u0639\u0646\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a (AI cluster: \u0645\u062c\u0645\u0648\u0639\u0629 \u0636\u062e\u0645\u0629 \u0645\u0646 \u0627\u0644\u0634\u0631\u0627\u0626\u062d \u062a\u0639\u0645\u0644 \u0645\u0639\u0627\u064b) \u064a\u062a\u0643\u0648\u0646 \u0645\u0646 \u0622\u0644\u0627\u0641 \u0627\u0644\u0634\u0631\u0627\u0626\u062d \u0627\u0644\u062a\u064a \u062a\u062a\u0628\u0627\u062f\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631. \u0648\u0645\u0639 \u062a\u0633\u0627\u0631\u0639 \u0627\u0644\u0634\u0631\u0627\u0626\u062d\u060c \u062a\u0646\u062a\u0642\u0644 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0645\u0646 \u0642\u0648\u0629 \u0627\u0644\u062d\u0633\u0627\u0628 \u0625\u0644\u0649 \u062d\u0631\u0643\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a. \u064a\u062c\u0628 \u0623\u0646 \u062a\u0646\u062a\u0642\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0634\u0631\u0627\u0626\u062d \u0648\u0627\u0644\u0631\u0641\u0648\u0641 \u0648\u062d\u062a\u0649 \u0627\u0644\u0645\u0628\u0627\u0646\u064a \u0628\u0633\u0631\u0639\u0629 \u0648\u0645\u0646 \u062f\u0648\u0646 \u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0637\u0627\u0642\u0629 \u0643\u0628\u064a\u0631.<\/p>\n\n\n\n<p>\u0647\u0646\u0627 \u064a\u0623\u062a\u064a \u062f\u0648\u0631 \u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a: \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062a\u0633\u064a\u0631 \u062f\u0627\u062e\u0644 \u0627\u0644\u0623\u0644\u064a\u0627\u0641 \u0627\u0644\u0632\u062c\u0627\u062c\u064a\u0629 \u0639\u0644\u0649 \u0634\u0643\u0644 \u0636\u0648\u0621. \u0648\u064a\u062c\u0628 \u062a\u0648\u0641\u064a\u0631 \u0623\u062c\u0632\u0627\u0621 \u062a\u062d\u0648\u0644 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0643\u0647\u0631\u0628\u0627\u0626\u064a\u0629 \u0625\u0644\u0649 \u0636\u0648\u0621 \u062b\u0645 \u062a\u0639\u064a\u062f\u0647\u0627 \u0625\u0644\u0649 \u0643\u0647\u0631\u0628\u0627\u0621 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a.<\/p>\n\n\n\n<p>\u0627\u0644\u0631\u0628\u0637 \u0627\u0644\u0636\u0648\u0626\u064a \u0647\u0648 \u0637\u0628\u0642\u0629 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb.<\/p>\n\n\n\n<p>\u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u0627 \u062a\u0628\u0646\u064a \u0646\u0645\u0627\u0630\u062c \u0630\u0643\u0627\u0621 \u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0648\u0644\u0627 \u062a\u0635\u0645\u0645 \u0634\u0631\u0627\u0626\u062d\u060c \u0648\u0644\u0627 \u062a\u062f\u064a\u0631 \u0645\u0646\u0635\u0627\u062a \u0633\u062d\u0627\u0628\u064a\u0629. \u0644\u0643\u0646\u0647\u0627 \u062a\u0648\u0631\u0651\u062f \u0645\u0643\u0648\u0646\u0627\u062a \u0636\u0648\u0626\u064a\u0629 \u062a\u062c\u0639\u0644 \u0628\u0646\u064a\u0629 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u062a\u0639\u0645\u0644\u060c \u0645\u062b\u0644: \u00ab\u0645\u0631\u0633\u0644\u0627\u062a\/\u0645\u0633\u062a\u0642\u0628\u0644\u0627\u062a \u0636\u0648\u0626\u064a\u0629\u00bb (Transceivers: \u0648\u062d\u062f\u0627\u062a \u0625\u0631\u0633\u0627\u0644 \u0648\u0627\u0633\u062a\u0642\u0628\u0627\u0644 \u062a\u062d\u0648\u0644 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0628\u064a\u0646 \u0643\u0647\u0631\u0628\u0627\u0621 \u0648\u0636\u0648\u0621)\u060c \u0648\u0623\u062c\u0647\u0632\u0629 \u0644\u064a\u0632\u0631\u060c \u0648\u0623\u062c\u0632\u0627\u0621 \u062a\u0628\u062f\u064a\u0644 \u062a\u064f\u0633\u062a\u062e\u062f\u0645 \u0644\u0646\u0642\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062f\u0627\u062e\u0644 \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0628\u064a\u0646\u0647\u0627.<\/p>\n\n\n\n<p>\u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0637\u0644\u0628 \u0645\u0628\u0627\u0634\u0631\u0629:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.global-vtrader.com\/ar\/wp-content\/uploads\/sites\/5\/2026\/06\/codeODEyNjVlZDdmMjFjOTBiZGIyOGJmYTE5OWY5ZmNiMmFfMk5BZU9ocXY1bGkxbkNiRjBCZU1keFNyOE9wcmZmUWhfVG9rZW46VmVwSGJrcnhlb09JdnN4bGZkM2xiR1h6Z2RnXzE3ODE4NTgyODc6MTc4MTg2MTg4N19WNAampadd_watermarktrueampscene_typeCCM.webp\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u0639\u0646\u062f\u0645\u0627 \u064a\u0644\u062a\u0632\u0645 \u00ab\u0645\u0632\u0648\u062f \u0633\u062d\u0627\u0628\u064a \u0639\u0645\u0644\u0627\u0642\u00bb (Hyperscaler: \u0634\u0631\u0643\u0627\u062a \u0633\u062d\u0627\u0628\u0629 \u0639\u0645\u0644\u0627\u0642\u0629 \u0645\u062b\u0644 \u0623\u0645\u0627\u0632\u0648\u0646 \u0648\u0645\u0627\u064a\u0643\u0631\u0648\u0633\u0648\u0641\u062a \u0648\u063a\u0648\u063a\u0644) \u0628\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u0644\u0628\u0646\u0627\u0621 \u0639\u0646\u0642\u0648\u062f \u062c\u062f\u064a\u062f\u060c \u062c\u0632\u0621 \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u064a\u0630\u0647\u0628 \u062d\u062a\u0645\u0627\u064b \u0625\u0644\u0649 \u0645\u0648\u0631\u0651\u062f\u064a \u0627\u0644\u0631\u0628\u0637 \u0627\u0644\u0636\u0648\u0626\u064a. \u0648\u062a\u064f\u0639\u062f \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0636\u0645\u0646 \u0642\u0627\u0626\u0645\u0629 \u0645\u062d\u062f\u0648\u062f\u0629 \u0642\u0627\u062f\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0648\u0631\u064a\u062f \u0628\u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0633\u0631\u0639\u0629 \u0627\u0644\u0645\u0637\u0644\u0648\u0628\u0629. \u0648\u0645\u0639 \u062a\u0648\u0633\u0639 \u0642\u062f\u0631\u0629 \u0627\u0644\u062d\u0648\u0633\u0628\u0629\u060c \u062a\u064f\u0643\u062f\u0651\u0633 \u0634\u0631\u0627\u0626\u062d \u0623\u0643\u062b\u0631 \u062f\u0627\u062e\u0644 \u0627\u0644\u0639\u0646\u0627\u0642\u064a\u062f\u060c \u0645\u0627 \u064a\u0631\u0641\u0639 \u062d\u0631\u0643\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u064a\u0632\u064a\u062f \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0648\u0635\u0644\u0627\u062a \u0636\u0648\u0626\u064a\u0629 \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u0631\u0639\u0629.<\/p>\n\n\n\n<p>\u0648\u0639\u0646\u062f\u0645\u0627 \u062a\u0635\u0628\u062d \u0647\u0630\u0647 \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u00ab\u0623\u0633\u0627\u0633\u064a\u0629\u00bb\u060c \u064a\u0635\u0639\u0628 \u0627\u0633\u062a\u0628\u062f\u0627\u0644\u0647\u0627 \u0633\u0631\u064a\u0639\u0627\u064b. \u0641\u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u0631\u0639\u0629 \u0644\u064a\u0633\u062a \u0633\u0644\u0639\u0629 \u064a\u0645\u0643\u0646 \u062a\u0648\u0641\u064a\u0631\u0647\u0627 \u0628\u064a\u0646 \u0644\u064a\u0644\u0629 \u0648\u0636\u062d\u0627\u0647\u0627\u061b \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u062d\u062c\u0645 \u0625\u0646\u062a\u0627\u062c \u0643\u0628\u064a\u0631 \u0648\u062e\u0628\u0631\u0629 \u0647\u0646\u062f\u0633\u064a\u0629 \u0648\u0637\u0627\u0642\u0629 \u062a\u0635\u0646\u064a\u0639. \u0648\u0647\u0630\u0627 \u064a\u0641\u0633\u0651\u0631 \u0633\u0628\u0628 \u0627\u062e\u062a\u064a\u0627\u0631 \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0627\u0643\u062a\u0641\u0627\u0621 \u0628\u0627\u0644\u0637\u0644\u0628\u0627\u062a.<\/p>\n\n\n\n<p>\u0645\u0639 \u0630\u0644\u0643\u060c \u062a\u0628\u0642\u0649 \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u0645\u0648\u0642\u0639 \u0645\u0648\u0631\u0651\u062f. \u062a\u0633\u062a\u0641\u064a\u062f \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0639\u0646\u062f\u0645\u0627 \u064a\u0631\u062a\u0641\u0639 \u0625\u0646\u0641\u0627\u0642 \u0628\u0646\u064a\u0629 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0638\u0644 \u062d\u0644\u0642\u0629 \u0636\u0645\u0646 \u062a\u0648\u0633\u0639 \u062a\u0642\u0648\u062f\u0647 \u0634\u0631\u0643\u0627\u062a \u0623\u062e\u0631\u0649. \u0647\u0630\u0627 \u0645\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u0641\u0631\u0635\u0629 \u062c\u0630\u0627\u0628\u0629\u060c \u0648\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u062d\u0633\u0627\u0633\u0627\u064b.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0644\u0645\u0627\u0630\u0627 \u062a\u0647\u0645 \u00ab\u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0627\u0644\u0645\u062f\u0645\u062c\u0629 \u0645\u0639 \u0627\u0644\u0631\u0642\u0627\u0642\u0629\u00bb<\/h3>\n\n\n\n<p>\u0644\u0641\u0647\u0645 \u0633\u0628\u0628 \u0631\u063a\u0628\u0629 \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0641\u064a \u0636\u0645\u0627\u0646 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0642\u062f\u0631\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629\u060c \u064a\u062c\u0628 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 \u0645\u0627 \u064a\u062a\u063a\u064a\u0631 \u062f\u0627\u062e\u0644 \u0645\u0631\u0627\u0643\u0632 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a.<\/p>\n\n\n\n<p>\u0645\u0639 \u062a\u0633\u0627\u0631\u0639 \u0627\u0644\u0634\u0631\u0627\u0626\u062d\u060c \u064a\u0635\u0628\u062d \u0627\u0644\u0627\u062e\u062a\u0646\u0627\u0642 \u0641\u064a \u0627\u0644\u0627\u062a\u0635\u0627\u0644: \u0646\u0642\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0634\u0631\u0627\u0626\u062d \u0648\u0639\u0628\u0631 \u0627\u0644\u0631\u0641\u0648\u0641 \u0645\u0646 \u062f\u0648\u0646 \u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0637\u0627\u0642\u0629 \u0645\u0641\u0631\u0637. \u00ab\u0627\u0644\u0645\u0631\u0633\u0644\u0627\u062a\/\u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u0627\u062a \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0631\u0643\u064a\u0628\u00bb (Pluggable transceivers: \u0648\u062d\u062f\u0627\u062a \u062a\u0631\u0643\u0628 \u0639\u0644\u0649 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0644\u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0628\u064a\u0646 \u0643\u0647\u0631\u0628\u0627\u0621 \u0648\u0636\u0648\u0621) \u062a\u062c\u0644\u0633 \u0639\u0644\u0649 \u062d\u0627\u0641\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u060c \u0648\u062a\u0635\u0628\u062d \u062a\u062f\u0631\u064a\u062c\u064a\u0627\u064b \u0639\u0627\u0645\u0644\u0627\u064b \u064a\u062d\u062f \u0645\u0646 \u0643\u062b\u0627\u0641\u0629 \u0627\u0644\u062a\u062c\u0645\u064a\u0639 \u0648\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0637\u0627\u0642\u0629.<\/p>\n\n\n\n<p>\u062a\u0642\u0646\u064a\u0629 CPO \u062a\u0646\u0642\u0644 \u00ab\u0645\u062d\u0631\u0643 \u0627\u0644\u0636\u0648\u0621\u00bb (Optical engine: \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0630\u064a \u064a\u0648\u0644\u0651\u062f\/\u064a\u0633\u062a\u0642\u0628\u0644 \u0627\u0644\u0636\u0648\u0621 \u062f\u0627\u062e\u0644 \u0627\u0644\u0648\u062d\u062f\u0629) \u0644\u064a\u0643\u0648\u0646 \u0628\u062c\u0627\u0646\u0628 \u0634\u0631\u064a\u062d\u0629 \u0627\u0644\u062a\u0628\u062f\u064a\u0644 \u0641\u064a \u0627\u0644\u0634\u0628\u0643\u0629\u060c \u0645\u0627 \u064a\u0642\u0644\u0644 \u0645\u0633\u0627\u0641\u0629 \u0627\u0646\u062a\u0642\u0627\u0644 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0627\u0644\u0643\u0647\u0631\u0628\u0627\u0626\u064a\u0629 \u0648\u064a\u062e\u0641\u0636 \u0627\u0644\u0647\u062f\u0631 \u0641\u064a \u0627\u0644\u0637\u0627\u0642\u0629. \u0648\u0647\u064a \u0648\u0627\u062d\u062f\u0629 \u0645\u0646 \u0639\u062f\u0629 \u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0647\u062f\u0641\u0647\u0627 \u062a\u0642\u0631\u064a\u0628 \u0627\u0644\u0636\u0648\u0621 \u0645\u0646 \u0627\u0644\u0633\u064a\u0644\u064a\u0643\u0648\u0646:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0627\u0644\u0645\u062f\u0645\u062c\u0629 \u0645\u0639 \u0627\u0644\u0631\u0642\u0627\u0642\u0629 (CPO):<\/strong> \u0645\u062d\u0631\u0643 \u0627\u0644\u0636\u0648\u0621 \u0628\u062c\u0627\u0646\u0628 \u0634\u0631\u064a\u062d\u0629 \u0627\u0644\u062a\u0628\u062f\u064a\u0644\u060c \u0644\u062a\u0642\u0644\u064a\u0644 \u0641\u0642\u062f \u0627\u0644\u0637\u0627\u0642\u0629 \u0648\u0645\u0633\u0627\u0641\u0629 \u0627\u0644\u0625\u0634\u0627\u0631\u0629.<\/li>\n\n\n\n<li><strong>\u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0627\u0644\u0642\u0631\u064a\u0628\u0629 \u0645\u0646 \u0627\u0644\u0631\u0642\u0627\u0642\u0629 (Near-packaged optics):<\/strong> \u0627\u0644\u0645\u062d\u0631\u0643 \u0642\u0631\u064a\u0628 \u0645\u0646 \u0627\u0644\u0634\u0631\u064a\u062d\u0629 \u0644\u0643\u0646 \u0644\u064a\u0633 \u0645\u062f\u0645\u062c\u0627\u064b \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u060c \u0643\u0645\u0631\u062d\u0644\u0629 \u0627\u0646\u062a\u0642\u0627\u0644\u064a\u0629.<\/li>\n\n\n\n<li><strong>\u0641\u0648\u062a\u0648\u0646\u064a\u0627\u062a \u0627\u0644\u0633\u064a\u0644\u064a\u0643\u0648\u0646 (Silicon photonics):<\/strong> \u062f\u0645\u062c \u0648\u0638\u0627\u0626\u0641 \u0636\u0648\u0626\u064a\u0629 \u062f\u0627\u062e\u0644 \u0627\u0644\u0633\u064a\u0644\u064a\u0643\u0648\u0646 \u0646\u0641\u0633\u0647 \u0644\u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0643\u0644\u0641\u0629 \u0645\u0639 \u0627\u0644\u062a\u0648\u0633\u0639.<\/li>\n<\/ul>\n\n\n\n<p>\u062a\u0639\u062a\u0645\u062f \u0647\u0630\u0647 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0639\u0644\u0649 \u0623\u062c\u0632\u0627\u0621 \u0628\u0627\u0639\u062b\u0629 \u0644\u0644\u0636\u0648\u0621 \u0645\u0635\u0646\u0648\u0639\u0629 \u0645\u0646 \u00ab\u0641\u0648\u0633\u0641\u064a\u062f \u0627\u0644\u0625\u0646\u062f\u064a\u0648\u0645\u00bb (Indium phosphide: \u0645\u0627\u062f\u0629 \u0645\u0646 \u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a \u062a\u064f\u0635\u062f\u0631 \u0627\u0644\u0636\u0648\u0621 \u0628\u0643\u0641\u0627\u0621\u0629 \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0633\u064a\u0644\u064a\u0643\u0648\u0646). \u0648\u062a\u0639\u0645\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0639\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u0642\u062f\u0631\u062a\u0647\u0627 \u0639\u0644\u0649 \u062a\u0635\u0646\u064a\u0639 \u0647\u0630\u0647 \u0627\u0644\u0645\u0627\u062f\u0629. \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0648\u0644 \u0647\u0648 \u0645\u0627 \u062a\u062a\u0645\u0648\u0636\u0639 \u0644\u0647 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0648\u0644\u0645\u0627\u0630\u0627 \u064a\u0631\u0643\u0632 \u0627\u062a\u0641\u0627\u0642 \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0639\u0644\u0649 CPO \u062a\u062d\u062f\u064a\u062f\u0627\u064b.<\/p>\n\n\n\n<p>\u0627\u0644\u0641\u0631\u0635\u0629 \u0643\u0628\u064a\u0631\u0629 \u0644\u0643\u0646\u0647\u0627 \u0641\u064a \u0645\u0639\u0638\u0645\u0647\u0627 \u0645\u0627 \u062a\u0632\u0627\u0644 \u0642\u0627\u062f\u0645\u0629. \u0648\u0641\u0642 \u062e\u0637\u0629 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb\u060c \u062a\u0628\u062f\u0623 \u0625\u064a\u0631\u0627\u062f\u0627\u062a CPO \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u062a\u0648\u0633\u064a\u0639 \u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0623\u0641\u0642\u064a\u0627\u064b (Scale-out: \u0631\u0628\u0637 \u0639\u062f\u062f \u0623\u0643\u0628\u0631 \u0645\u0646 \u0627\u0644\u062e\u0648\u0627\u062f\u0645\/\u0627\u0644\u0639\u064f\u0642\u062f) \u0641\u064a \u0627\u0644\u0646\u0635\u0641 \u0627\u0644\u062b\u0627\u0646\u064a \u0645\u0646 2026. \u0623\u0645\u0627 CPO \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u062a\u0648\u0633\u064a\u0639 \u0627\u0644\u0646\u0638\u0627\u0645 \u0639\u0645\u0648\u062f\u064a\u0627\u064b (Scale-up: \u0631\u0628\u0637 \u0645\u0648\u0627\u0631\u062f \u0623\u0642\u0648\u0649 \u062f\u0627\u062e\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0646\u0641\u0633\u0647) \u0641\u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0641\u064a \u0627\u0644\u0646\u0635\u0641 \u0627\u0644\u062b\u0627\u0646\u064a \u0645\u0646 2027. \u0648\u0645\u0646 \u0627\u0644\u0645\u0646\u062a\u0638\u0631 \u0623\u0646 \u062a\u0628\u062f\u0623 \u00ab\u0623\u0646\u0638\u0645\u0629 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0645\u0633\u0627\u0631\u0627\u062a\u00bb (Multi-rail: \u062a\u0642\u0633\u064a\u0645 \u0645\u0633\u0627\u0631\u0627\u062a \u0627\u0644\u0637\u0627\u0642\u0629\/\u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0644\u0631\u0641\u0639 \u0627\u0644\u0623\u062f\u0627\u0621) \u0628\u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0629 \u0641\u064a \u0623\u0648\u0627\u0626\u0644 2027\u060c \u0645\u0639 \u0645\u0646\u062a\u062c\u0627\u062a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062d\u0631\u0627\u0631\u0629 \u0644\u0627\u062d\u0642\u0627\u064b \u0641\u064a \u0627\u0644\u0639\u0627\u0645 \u0646\u0641\u0633\u0647.<\/p>\n\n\n\n<p>\u0648\u0642\u0627\u0644\u062a \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0625\u0646 \u0647\u0630\u0647 <a href=\"https:\/\/seekingalpha.com\/article\/4883374-coherent-corp-cohr-discusses-photonics-innovation-and-data-center-communications-at-ofc\" target=\"_blank\" rel=\"noopener\" title=\"\">\u0627\u0644\u0645\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0642\u062f \u062a\u0636\u064a\u0641 \u0623\u0643\u062b\u0631 \u0645\u0646 20 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631<\/a> \u0625\u0644\u0649 \u00ab\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u0627\u0633\u062a\u0647\u062f\u0627\u0641\u00bb (Addressable market: \u062d\u062c\u0645 \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0627\u0644\u0630\u064a \u064a\u0645\u0643\u0646 \u0644\u0644\u0634\u0631\u0643\u0629 \u062e\u062f\u0645\u062a\u0647)\u060c \u0641\u0648\u0642 \u0642\u0627\u0639\u062f\u0629 \u0642\u0627\u0626\u0645\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631. \u0647\u0630\u0647 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0644\u0639\u0627\u0645 2030 \u0648\u0644\u064a\u0633\u062a \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u062d\u0627\u0644\u064a\u0629.<\/p>\n\n\n\n<p>\u0648\u0647\u0630\u0627 \u062a\u062d\u062f\u064a\u062f\u0627\u064b \u0645\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0631\u0647\u0646\u0627\u064b \u0628\u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0644\u0627 \u0628\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0641\u0642\u0637.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u062a\u0628\u0627\u0637\u0624 \u0641\u064a \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0623\u0645 \u0633\u0639\u0631 \u0645\u0628\u0627\u0644\u063a \u0641\u064a\u0647\u061f<\/h2>\n\n\n\n<p>\u0647\u0646\u0627 \u064a\u0646\u0642\u0633\u0645 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646.<\/p>\n\n\n\n<p>\u0627\u0644\u0631\u0623\u064a \u0627\u0644\u0623\u0648\u0644: \u0627\u0644\u0645\u062d\u0644\u0644\u0648\u0646 \u0645\u0627 \u0632\u0627\u0644\u0648\u0627 \u0645\u062a\u0623\u062e\u0631\u064a\u0646. \u0648\u0641\u0642 \u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u0637\u0642\u060c \u0623\u062f\u0631\u0643 \u0627\u0644\u0633\u0648\u0642 \u0623\u0646 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0644\u0645 \u062a\u0639\u062f \u0645\u0648\u0631\u0651\u062f \u0641\u0648\u062a\u0648\u0646\u064a\u0627\u062a \u062f\u0648\u0631\u064a \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u062f\u0648\u0631\u0627\u062a \u0627\u0644\u0637\u0644\u0628\u060c \u0628\u0644 \u0623\u0635\u0628\u062d\u062a \u062c\u0632\u0621\u0627\u064b \u0645\u0646 \u0628\u0646\u0627\u0621 \u0628\u0646\u064a\u0629 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0627\u0644\u062a\u062d\u062a\u064a\u0629.<\/p>\n\n\n\n<p>\u0623\u0646\u0635\u0627\u0631 \u0647\u0630\u0627 \u0627\u0644\u0631\u0623\u064a \u064a\u0634\u064a\u0631\u0648\u0646 \u0625\u0644\u0649 <a href=\"https:\/\/www.ebc.com\/forex\/coherent-stock-cohr-ai-optics-analyst-targets-nvidia-2026\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0633\u0639\u0631\u064a\u0629<\/a>\u060c \u0648\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb\u060c \u0648\u062f\u0641\u062a\u0631 \u0637\u0644\u0628\u0627\u062a \u0642\u0648\u064a\u060c \u0648\u062f\u0648\u0631 \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u0627\u0644\u0631\u0628\u0637 \u0627\u0644\u0636\u0648\u0626\u064a. \u0643\u0645\u0627 \u064a\u062c\u0627\u062f\u0644 \u0628\u0639\u0636\u0647\u0645 \u0628\u0623\u0646 \u0645\u062e\u0627\u0648\u0641 \u062a\u0623\u062e\u0631 \u062a\u0628\u0646\u064a CPO \u0645\u0628\u0627\u0644\u063a \u0641\u064a\u0647\u0627\u060c \u0645\u0639 \u0627\u0644\u0625\u0628\u0642\u0627\u0621 \u0639\u0644\u0649 \u062a\u0648\u0635\u064a\u0629 \u00ab\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0648\u0632\u0646\u00bb (Overweight: \u062a\u0641\u0636\u064a\u0644 \u0627\u0644\u0633\u0647\u0645 \u0636\u0645\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0648\u0632\u0646 \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0633\u0648\u0642). \u0625\u0630\u0627 \u062a\u063a\u064a\u0651\u0631 \u0646\u0645\u0648\u0630\u062c \u0623\u0639\u0645\u0627\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0641\u0639\u0644\u0627\u064b\u060c \u0641\u0642\u062f \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0639\u0631 \u0645\u062a\u0642\u062f\u0645\u0627\u064b \u0639\u0644\u0649 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0644\u0627 \u0645\u062a\u062c\u0627\u0647\u0644\u0627\u064b \u0644\u0647\u0627.<\/p>\n\n\n\n<p>\u0627\u0644\u0631\u0623\u064a \u0627\u0644\u062b\u0627\u0646\u064a \u0623\u0643\u062b\u0631 \u062d\u0630\u0631\u0627\u064b: \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0645\u0627 \u0632\u0627\u0644\u062a \u0645\u0648\u0631\u0651\u062f\u0627\u064b \u0648\u0644\u0627 \u062a\u0645\u0644\u0643 \u0627\u0644\u0645\u0646\u0635\u0629 \u0646\u0641\u0633\u0647\u0627. \u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u0648\u0631\u0651\u062f\u064a\u0646 \u0642\u062f \u062a\u062d\u0642\u0642 \u0645\u0643\u0627\u0633\u0628 \u0643\u0628\u064a\u0631\u0629 \u062e\u0644\u0627\u0644 \u0645\u0648\u062c\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0644\u0643\u0646\u0647\u0627 \u0642\u062f \u062a\u0647\u0628\u0637 \u0633\u0631\u064a\u0639\u0627\u064b \u0625\u0630\u0627 \u0628\u062f\u0623\u062a \u0627\u0644\u0634\u0643\u0648\u0643 \u062d\u0648\u0644 \u0627\u0644\u0647\u0648\u0627\u0645\u0634 \u0623\u0648 \u0627\u0644\u062a\u0648\u0642\u064a\u062a \u0623\u0648 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u0637\u0644\u0628.<\/p>\n\n\n\n<p>\u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0647\u0648 \u0627\u0644\u062a\u0646\u0641\u064a\u0630: \u0642\u062f \u0644\u0627 \u064a\u0643\u0648\u0646 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0627\u0647\u062a\u0645\u0627\u0645 \u0628\u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0647\u0648 \u0627\u0644\u0645\u062d\u0631\u0643 \u0627\u0644\u0633\u0644\u0628\u064a\u060c \u0628\u0644 \u062a\u0648\u062c\u064a\u0647 \u0623\u0636\u0639\u0641 \u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u060c \u0623\u0648 \u062a\u0628\u0627\u0637\u0624 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629\u060c \u0623\u0648 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0647\u0648\u0627\u0645\u0634\u060c \u0623\u0648 \u0636\u0639\u0641 \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0625\u0644\u0649 \u062a\u062f\u0641\u0642\u0627\u062a \u0646\u0642\u062f\u064a\u0629\u060c \u0623\u0648 \u062a\u0623\u062e\u0631 \u062a\u062d\u0648\u064a\u0644 \u062f\u0641\u062a\u0631 \u0627\u0644\u0637\u0644\u0628\u0627\u062a \u0625\u0644\u0649 \u0634\u062d\u0646\u0627\u062a \u0641\u0639\u0644\u064a\u0629.<\/p>\n\n\n\n<p>\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u064a\u062c\u0639\u0644 \u0627\u0644\u062e\u0644\u0627\u0641 \u0648\u0627\u0636\u062d\u0627\u064b. \u0627\u0644\u0633\u0647\u0645 \u064a\u062a\u062f\u0627\u0648\u0644 \u0639\u0646\u062f \u00ab\u0645\u0636\u0627\u0639\u0641 \u0645\u0631\u062a\u0641\u0639\u00bb \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u062d\u0627\u0644\u064a\u0629 (Multiple: \u0643\u0645 \u0645\u0631\u0629 \u064a\u062f\u0641\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0642\u0627\u0628\u0644 \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0631\u0628\u062d)\u060c \u0648\u0647\u0648 \u0645\u0633\u062a\u0648\u0649 \u0644\u0627 \u064a\u0628\u0631\u0651\u064e\u0631 \u0625\u0644\u0627 \u0625\u0630\u0627 \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u0646\u0645\u0648 \u0628\u0642\u0648\u0629. \u0647\u0630\u0627 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0642\u062f \u064a\u0646\u062e\u0641\u0636 \u0633\u0631\u064a\u0639\u0627\u064b \u0639\u0646\u062f \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0633\u0639\u0631 \u0628\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0645\u0642\u0628\u0644\u0629 \u0625\u0630\u0627 \u062a\u0648\u0633\u0639\u062a \u0627\u0644\u0623\u0631\u0628\u0627\u062d. \u0628\u0645\u0639\u0646\u0649 \u0622\u062e\u0631: \u0627\u0644\u0633\u0639\u0631 \u064a\u0641\u062a\u0631\u0636 \u0623\u0646 \u062e\u0631\u064a\u0637\u0629 \u0627\u0644\u0637\u0631\u064a\u0642 \u0633\u062a\u062a\u062d\u0642\u0642.<\/p>\n\n\n\n<p>\u0642\u062f \u064a\u0643\u0648\u0646 \u0627\u0644\u0631\u0623\u064a\u0627\u0646 \u0635\u062d\u064a\u062d\u064a\u0646 \u0641\u064a \u0622\u0646\u060c \u0645\u0627 \u064a\u062c\u0639\u0644 \u062a\u0630\u0628\u0630\u0628 \u0627\u0644\u0633\u0647\u0645 \u0645\u0641\u0647\u0648\u0645\u0627\u064b. \u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u0628\u0633\u0637\u0629 \u0628\u064a\u0646 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u064a\u0646:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td>\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a<\/td><td>\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0633\u0644\u0628\u064a<\/td><\/tr><tr><td>\u0627\u0644\u0641\u062c\u0648\u0629 \u0628\u064a\u0646 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u0647\u062f\u0641<\/td><td>\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0645\u062a\u0623\u062e\u0631\u0629 \u0639\u0646 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0633\u0639\u064a\u0631<\/td><td>\u0627\u0644\u0633\u0639\u0631 \u0633\u0628\u0642 \u0623\u062f\u0627\u0621 \u0627\u0644\u0634\u0631\u0643\u0629<\/td><\/tr><tr><td>\u0635\u0641\u0642\u0629 \u0625\u0646\u0641\u064a\u062f\u064a\u0627<\/td><td>\u062a\u0623\u0643\u064a\u062f \u0644\u0644\u0627\u062a\u062c\u0627\u0647 \u0648\u0637\u0644\u0628 \u0634\u0628\u0647 \u0645\u0636\u0645\u0648\u0646<\/td><td>\u0627\u0639\u062a\u0645\u0627\u062f \u0643\u0628\u064a\u0631 \u0639\u0644\u0649 \u0639\u0645\u064a\u0644 \u0648\u0627\u062d\u062f<\/td><\/tr><tr><td>\u062e\u0637\u0629 CPO\/\u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0645\u0633\u0627\u0631\u0627\u062a<\/td><td>\u062a\u0648\u0633\u0651\u0639 \u062a\u062f\u0631\u064a\u062c\u064a \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0644\u0633\u0646\u0648\u0627\u062a<\/td><td>\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u063a\u064a\u0631 \u0645\u062b\u0628\u062a\u0629 \u0628\u0639\u062f \u0648\u0645\u0624\u062c\u0644\u0629 \u0644\u0644\u0627\u062d\u0642<\/td><\/tr><tr><td>\u0627\u0644\u0645\u062d\u0641\u0632 \u0627\u0644\u0633\u0644\u0628\u064a<\/td><td>\u062a\u0631\u0627\u062c\u0639 \u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a (\u063a\u064a\u0631 \u0645\u0631\u062c\u062d \u0642\u0631\u064a\u0628\u0627\u064b)<\/td><td>\u0631\u0628\u0639 \u0648\u0627\u062d\u062f \u0636\u0639\u064a\u0641 \u0641\u064a \u0627\u0644\u0647\u0648\u0627\u0645\u0634 \u0623\u0648 \u0627\u0644\u062a\u0648\u0633\u0639 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0646 \u064a\u0623\u062a\u064a \u0645\u0646 \u0639\u0646\u0627\u0648\u064a\u0646 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0627\u0644\u0639\u0627\u0645\u0629\u060c \u0628\u0644 \u0645\u0646 \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (Gross margin: \u0627\u0644\u0631\u0628\u062d \u0628\u0639\u062f \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0645\u0628\u0627\u0634\u0631\u0629)\u060c \u0648\u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0642\u062f\u0631\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a\u0629 \u0625\u0644\u0649 \u0634\u062d\u0646\u0627\u062a\u060c \u0648\u062d\u062c\u0645 \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u0645\u064f\u0633\u0644\u0651\u0645\u0629\u060c \u0648\u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a (Operating cash flow: \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0646\u0627\u062a\u062c \u0645\u0646 \u0646\u0634\u0627\u0637 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a). \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0633\u062a\u0643\u0648\u0646 \u0641\u064a 13 \u0623\u063a\u0633\u0637\u0633 2026 \u0639\u0646\u062f \u0625\u0639\u0644\u0627\u0646 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0631\u0627\u0628\u0639 \u0644\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0645\u062d\u0631\u0643 \u0646\u0645\u0648 \u0622\u062e\u0631 \u0645\u062d\u062a\u0645\u0644<\/h2>\n\n\n\n<p>\u0642\u0628\u0644 \u0635\u0639\u0648\u062f \u0645\u0631\u0627\u0643\u0632 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0625\u0644\u0649 \u0627\u0644\u0648\u0627\u062c\u0647\u0629\u060c \u0643\u0627\u0646\u062a \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u062a\u062a\u0623\u062b\u0631 \u0628\u062f\u0648\u0631\u0627\u062a \u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a. \u062a\u0627\u0631\u064a\u062e\u064a\u0627\u064b\u060c \u0643\u0627\u0646 \u0625\u0646\u0641\u0627\u0642 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0647\u0648 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062a\u064a \u0634\u0643\u0644\u062a \u0627\u0644\u0623\u0639\u0645\u0627\u0644. \u0644\u0627 \u062a\u0632\u0627\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0646\u0641\u0633\u0647\u0627 \u0644\u062f\u0639\u0645 \u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0646\u0642\u0644 \u0645\u0643\u0627\u0644\u0645\u0627\u062a \u0627\u0644\u0647\u0627\u062a\u0641 \u0648\u062d\u0631\u0643\u0629 \u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a\u060c \u0643\u0645\u0627 \u062a\u062f\u0639\u0645 \u0648\u0635\u0644\u0627\u062a \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u063a\u0630\u064a \u0642\u0635\u0629 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a.<\/p>\n\n\n\n<p>\u0644\u0630\u0644\u0643 \u064a\u0628\u062f\u0648 \u0645\u0646\u0637\u0642\u064a\u0627\u064b \u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0645\u062d\u0631\u0643 \u0646\u0645\u0648 \u062b\u0627\u0646\u064a\u0627\u064b: \u0625\u0630\u0627 \u062a\u0639\u0627\u0641\u0649 \u0625\u0646\u0641\u0627\u0642 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a\u060c \u062a\u062d\u0635\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0639\u0644\u0649 \u0637\u0644\u0628 \u0625\u0636\u0627\u0641\u064a \u0628\u062c\u0627\u0646\u0628 \u0627\u0632\u062f\u0647\u0627\u0631 \u0645\u0631\u0627\u0643\u0632 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0645\u0627 \u064a\u062e\u0641\u0641 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0633\u0648\u0642 \u0648\u0627\u062d\u062f.<\/p>\n\n\n\n<p>\u0644\u0643\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0644\u0627 \u062a\u062f\u0639\u0645 \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u062d\u062a\u0649 \u0627\u0644\u0622\u0646. \u062a\u062a\u0648\u0642\u0639 Dell&#8217;Oro Group \u0623\u0646 \u064a\u0646\u062e\u0641\u0636 \u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a \u0639\u0627\u0644\u0645\u064a\u0627\u064b <a href=\"https:\/\/www.delloro.com\/news\/worldwide-telecom-capex-to-decline-in-2026\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u0628\u0646\u062d\u0648 2% \u0641\u064a 2026 \u0648\u0623\u0646 \u064a\u0646\u0645\u0648 \u0628\u0645\u062a\u0648\u0633\u0637 \u0633\u0646\u0648\u064a \u064a\u0642\u0627\u0631\u0628 1%<\/a> \u062d\u062a\u0649 2030. \u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0645\u064f\u062f\u0627\u0631 \u0623\u0643\u062b\u0631 \u0645\u0646 \u0643\u0648\u0646\u0647 \u062a\u0639\u0627\u0641\u064a\u0627\u064b \u0642\u0648\u064a\u0627\u064b\u060c \u0645\u0639 \u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0645\u0634\u063a\u0644\u064a\u0646 \u0639\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0645\u0627 \u062a\u0645 \u0628\u0646\u0627\u0624\u0647 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0625\u0636\u0627\u0641\u0629 \u0637\u0627\u0642\u0627\u062a \u0643\u0628\u064a\u0631\u0629 \u062c\u062f\u064a\u062f\u0629.<\/p>\n\n\n\n<p>\u0645\u0639 \u0630\u0644\u0643\u060c \u0644\u0645 \u062a\u062e\u062a\u0641\u0650 \u0635\u0644\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a\u060c \u0628\u0644 \u062a\u063a\u064a\u0651\u0631\u062a.<\/p>\n\n\n\n<p>\u00ab\u0627\u0644\u0646\u0642\u0644 \u0627\u0644\u0636\u0648\u0626\u064a\u00bb (Optical transport: \u0634\u0628\u0643\u0627\u062a \u0646\u0642\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0644\u0645\u0633\u0627\u0641\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0648\u062f\u0627\u062e\u0644 \u0627\u0644\u0645\u062f\u0646) \u0645\u0627 \u0632\u0627\u0644 \u064a\u0646\u0645\u0648\u060c \u0644\u0643\u0646 \u0645\u062d\u0631\u0643 \u0627\u0644\u0646\u0645\u0648 \u062a\u063a\u064a\u0651\u0631. \u0644\u0645 \u062a\u0639\u062f \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0627\u0644\u0645\u062d\u0631\u0643 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u061b \u0628\u0644 \u062a\u0642\u0648\u062f \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u062d\u0627\u0628\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u0642\u0629 \u062c\u0632\u0621\u0627\u064b \u0643\u0628\u064a\u0631\u0627\u064b \u0645\u0646 \u0627\u0644\u0637\u0644\u0628\u060c \u0625\u0630 \u0634\u0643\u0644\u062a \u0646\u062d\u0648 \u0646\u0635\u0641 \u0646\u0645\u0648 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0645\u0639\u062f\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0641\u064a 2025. \u0648\u0628\u0635\u064a\u0627\u063a\u0629 \u0645\u062d\u0644\u0644\u064a Dell&#8217;Oro\u060c \u0644\u0645 \u064a\u0639\u062f \u0637\u0644\u0628 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u062d\u0627\u0628\u0629 \u0639\u0627\u0645\u0644 \u062a\u0648\u0627\u0632\u0646 \u0645\u0624\u0642\u062a\u0627\u064b\u060c \u0628\u0644 \u0623\u0635\u0628\u062d \u0627\u0644\u0645\u062d\u0631\u0643 \u0627\u0644\u0623\u0633\u0627\u0633\u064a.<\/p>\n\n\n\n<p>\u0647\u0630\u0627 \u064a\u0642\u0644\u0644 \u0645\u0646 \u0641\u0643\u0631\u0629 \u00ab\u0627\u0644\u062a\u0646\u0648\u064a\u0639\u00bb. \u0635\u062d\u064a\u062d \u0623\u0646 \u0627\u0644\u0646\u0645\u0648 \u064a\u0623\u062a\u064a \u0645\u0646 \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0645\u062a\u0648\u0633\u0639 \u0645\u0646 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0636\u0648\u0626\u064a\u060c \u0644\u0643\u0646 \u00ab\u0645\u062d\u0631\u0643 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a\u00bb \u0627\u0644\u0630\u064a \u064a\u062a\u0635\u0648\u0631\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0644\u064a\u0633 \u0645\u0646\u0641\u0635\u0644\u0627\u064b \u062a\u0645\u0627\u0645\u0627\u064b\u061b \u0641\u0647\u0648 \u0645\u0631\u062a\u0628\u0637 \u0628\u062f\u0631\u062c\u0629 \u0643\u0628\u064a\u0631\u0629 \u0628\u0625\u0646\u0641\u0627\u0642 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u062d\u0627\u0628\u0629 \u0623\u0646\u0641\u0633\u0647\u0645. \u0648\u0625\u0630\u0627 \u062a\u0628\u0627\u0637\u0623 \u0625\u0646\u0641\u0627\u0642\u0647\u0645\u060c \u0642\u062f \u0644\u0627 \u064a\u0648\u062c\u062f \u00ab\u0648\u0633\u0627\u062f\u0629 \u0627\u062a\u0635\u0627\u0644\u0627\u062a\u00bb \u0645\u0633\u062a\u0642\u0644\u0629 \u0644\u062a\u062e\u0641\u064a\u0641 \u0627\u0644\u0647\u0628\u0648\u0637\u060c \u0645\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u0631\u0647\u0627\u0646 \u0639\u0644\u0649 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0623\u0643\u062b\u0631 \u062a\u0631\u0643\u064a\u0632\u0627\u064b \u0645\u0645\u0627 \u064a\u0648\u062d\u064a \u0628\u0647 \u062a\u0627\u0631\u064a\u062e\u0647\u0627.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u0643\u064a\u0641 \u062a\u0631\u0627\u0642\u0628 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0645\u0646 \u0647\u0646\u0627<\/strong><\/h2>\n\n\n\n<p>\u0627\u0644\u062e\u0644\u0627\u0635\u0629: \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u062a\u0632\u0648\u0651\u062f \u062a\u0648\u0633\u0639 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0648\u0644\u0627 \u062a\u0642\u0648\u062f\u0647. \u0647\u0630\u0627 \u0645\u0648\u0642\u0639 \u0642\u0648\u064a \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u062f\u0641\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0625\u0644\u0649 \u0628\u0646\u064a\u0629 \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0644\u0643\u0646\u0647 \u062d\u0633\u0627\u0633 \u0639\u0646\u062f\u0645\u0627 \u064a\u0628\u062f\u0623 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0641\u064a \u0627\u0644\u062a\u0633\u0627\u0624\u0644 \u0639\u0646 \u0633\u0631\u0639\u0629 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0648\u0631\u0628\u062d\u064a\u062a\u0647. \u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u0648\u0631\u0651\u062f\u064a\u0646 \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u062a\u0639\u0643\u0633 \u062a\u063a\u064a\u0651\u0631 \u0627\u0644\u0645\u0632\u0627\u062c \u0642\u0628\u0644 \u0623\u0633\u0647\u0645 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u0646\u0635\u0627\u062a.<\/p>\n\n\n\n<p>\u0627\u0644\u062e\u0644\u0627\u0641 \u0644\u0627 \u064a\u064f\u062d\u0633\u0645 \u0628\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0648\u062d\u062f\u0647\u0627\u060c \u0644\u0623\u0646 \u062a\u0648\u062c\u064a\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0646\u0645\u0648. \u0627\u0644\u062d\u0633\u0645 \u0633\u064a\u0643\u0648\u0646 \u0641\u064a: \u0647\u0644 \u064a\u062d\u0627\u0641\u0638 \u0647\u0627\u0645\u0634 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0642\u0631\u0628 40%\u060c \u0648\u0647\u0644 \u062a\u062a\u062d\u0648\u0644 \u0632\u064a\u0627\u062f\u0629 \u0642\u062f\u0631\u0629 \u0641\u0648\u0633\u0641\u064a\u062f \u0627\u0644\u0625\u0646\u062f\u064a\u0648\u0645 \u0625\u0644\u0649 \u0634\u062d\u0646\u0627\u062a\u060c \u0648\u0647\u0644 \u064a\u0624\u0643\u062f \u0627\u0644\u062a\u062f\u0641\u0642 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0623\u0646 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0644\u064a\u0633\u062a \u0645\u062c\u0631\u062f \u0623\u0631\u0642\u0627\u0645 \u0645\u062d\u0627\u0633\u0628\u064a\u0629. \u0623\u064a \u0636\u0639\u0641 \u0641\u064a \u0627\u0644\u0647\u0648\u0627\u0645\u0634 \u0623\u0648 \u062a\u0628\u0627\u0637\u0624 \u0641\u064a \u0627\u0644\u062a\u0648\u0633\u0639 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u064a \u0642\u062f \u064a\u062f\u0639\u0645 \u0627\u0644\u0631\u0623\u064a \u0627\u0644\u062d\u0630\u0631\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0644\u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0633\u0644\u0633 \u0645\u0646 \u0627\u0644\u0637\u0644\u0628 \u0625\u0644\u0649 \u0634\u062d\u0646 \u0648\u0646\u0642\u062f \u0642\u062f \u064a\u062f\u0641\u0639 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0644\u0644\u062d\u0627\u0642 \u0628\u0627\u0644\u0633\u0639\u0631. \u0627\u0644\u0645\u062d\u0641\u0632 \u0627\u0644\u062a\u0627\u0644\u064a \u0645\u062d\u062f\u062f \u0628\u062a\u0627\u0631\u064a\u062e 13 \u0623\u063a\u0633\u0637\u0633 2026\u060c \u0645\u0639 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0631\u0627\u0628\u0639 \u0644\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\n\n\n\n<p>\u0648\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u064a\u0636\u0627\u064b \u0623\u0646 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0644\u0627 \u062a\u062a\u062d\u0631\u0643 \u0648\u062d\u062f\u0647\u0627. \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0636\u0648\u0626\u064a\u0629 \u062a\u062a\u062d\u0631\u0643 \u063a\u0627\u0644\u0628\u0627\u064b \u0643\u0645\u062c\u0645\u0648\u0639\u0629 \u0648\u0627\u062d\u062f\u0629: \u0634\u0631\u0643\u0627\u062a \u0645\u062b\u0644 \u00ab\u0644\u0648\u0645\u0646\u062a\u0648\u0645\u00bb \u0648\u063a\u064a\u0631\u0647\u0627 \u062a\u062a\u0623\u062b\u0631 \u0628\u0627\u0644\u0645\u0632\u0627\u062c \u0646\u0641\u0633\u0647 \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u0625\u0646\u0641\u0627\u0642 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u062d\u0627\u0628\u0629. \u0644\u0630\u0644\u0643 \u0642\u062f \u062a\u0639\u064a\u062f \u0627\u0644\u0633\u0648\u0642 \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0645\u062c\u0645\u0648\u0639\u0629 \u0628\u0623\u0643\u0645\u0644\u0647\u0627 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u062e\u0628\u0631 \u0648\u0627\u062d\u062f \u0645\u0646 \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0623\u0648 \u0646\u062a\u0627\u0626\u062c \u0645\u062e\u064a\u0628\u0629 \u0644\u0648\u0627\u062d\u062f \u0645\u0646 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u062d\u0627\u0628\u0629. \u0647\u0630\u0627 \u0627\u0644\u062a\u0631\u0627\u0628\u0637 \u064a\u0648\u0636\u062d \u0623\u0646 \u0627\u0644\u0633\u0648\u0642 \u064a\u0639\u0627\u0645\u0644 \u0627\u0644\u0631\u0628\u0637 \u0627\u0644\u0636\u0648\u0626\u064a \u0643\u0635\u0641\u0642\u0629 \u0636\u0645\u0646 \u0633\u0644\u0633\u0644\u0629 \u062a\u0648\u0631\u064a\u062f \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0644\u0627 \u0643\u0642\u0635\u0635 \u0645\u0646\u0641\u0635\u0644\u0629 \u0644\u0643\u0644 \u0634\u0631\u0643\u0629.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0643\u0631\u0629<\/h3>\n\n\n\n<p>\u062a\u0648\u0641\u0631 VT Markets <a href=\"https:\/\/www.vtmarkets.com\/notification\/v2026061501\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u0623\u062d\u062f\u062b \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 39 \u0645\u0646\u062a\u062c\u0627\u064b \u062c\u062f\u064a\u062f\u0627\u064b<\/a> \u062a\u062a\u0636\u0645\u0646 \u0639\u0642\u0648\u062f \u0627\u0644\u0641\u0631\u0648\u0642\u0627\u062a (CFDs: \u0623\u062f\u0648\u0627\u062a \u062a\u062a\u064a\u062d \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629 \u0639\u0644\u0649 \u062d\u0631\u0643\u0629 \u0627\u0644\u0633\u0639\u0631 \u0645\u0646 \u062f\u0648\u0646 \u062a\u0645\u0644\u0643 \u0627\u0644\u0633\u0647\u0645) \u0639\u0644\u0649 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb (COHR) \u0648\u00ab\u0644\u0648\u0645\u0646\u062a\u0648\u0645\u00bb (LITE). <a href=\"https:\/\/www.vtmarkets.com\/vt-markets-app\/?utm_source=Opinion&amp;rt=Coherent\" target=\"_blank\" rel=\"noopener\" title=\"\">\u062d\u0645\u0651\u0644 \u0627\u0644\u062a\u0637\u0628\u064a\u0642<\/a> \u0644\u0645\u062a\u0627\u0628\u0639\u0629 \u062a\u062d\u0631\u0643\u0627\u062a \u0642\u0637\u0627\u0639 \u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0648\u062a\u0648\u0642\u0639 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u062f\u0648\u0646 \u0627\u0645\u062a\u0644\u0627\u0643 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629.<\/p>\n\n\n\n<p>\u0648\u0628\u0633\u0628\u0628 \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0647\u0645\u064a\u0646 \u0643\u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u062a\u0631\u0627\u0628\u0637\u0629\u060c \u0641\u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u062a\u0639\u0643\u0633 \u0641\u064a \u0627\u0644\u062c\u0648\u0647\u0631 \u0627\u0644\u0641\u0643\u0631\u0629 \u0646\u0641\u0633\u0647\u0627 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0633\u0644\u0633\u0644\u0629 \u062a\u0648\u0631\u064a\u062f \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a. \u0648\u0641\u064a \u0633\u0647\u0645 \u0645\u062a\u0642\u0644\u0628 \u0645\u062b\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb\u060c \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u062a\u062d\u0631\u0643 \u0628\u0642\u0648\u0629 \u062e\u0644\u0627\u0644 \u0623\u0633\u0628\u0648\u0639 \u0628\u0633\u0628\u0628 \u0627\u0644\u0645\u0632\u0627\u062c \u0627\u0644\u0639\u0627\u0645 \u0648\u062d\u062f\u0647\u060c \u0641\u0625\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (Leverage: \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0623\u0645\u0648\u0627\u0644 \u0645\u0642\u062a\u0631\u0636\u0629 \u0644\u062a\u0643\u0628\u064a\u0631 \u0627\u0644\u0645\u0643\u0627\u0633\u0628 \u0648\u0627\u0644\u062e\u0633\u0627\u0626\u0631) \u064a\u0636\u062e\u0645 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0641\u064a \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u064a\u0646. \u0643\u0645\u0627 \u0623\u0646 \u0627\u0644\u062a\u0631\u0627\u0628\u0637 \u064a\u0639\u0646\u064a \u0623\u0646 \u0639\u0646\u0648\u0627\u0646\u0627\u064b \u0648\u0627\u062d\u062f\u0627\u064b \u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639 \u0642\u062f \u064a\u062d\u0631\u0643 \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0628\u0633\u0631\u0639\u0629.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>\u0627\u0636\u063a\u0637 \u0644\u0645\u0644\u062e\u0635 \u0633\u0631\u064a\u0639 \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644!<\/summary>\n<p><\/p>\n\n\n\n<p><strong>\u0645\u0627\u0630\u0627 \u062a\u0641\u0639\u0644 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb\u061f<\/strong><\/p>\n\n\n\n<p>\u062a\u0648\u0631\u0651\u062f \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0623\u062c\u0647\u0632\u0629 \u0644\u064a\u0632\u0631\u060c \u0648\u0648\u062d\u062f\u0627\u062a \u0625\u0631\u0633\u0627\u0644\/\u0627\u0633\u062a\u0642\u0628\u0627\u0644 \u0636\u0648\u0626\u064a\u0629 (\u062a\u062d\u0648\u0644 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0628\u064a\u0646 \u0643\u0647\u0631\u0628\u0627\u0621 \u0648\u0636\u0648\u0621)\u060c \u0648\u0645\u0643\u0648\u0651\u0646\u0627\u062a \u0628\u0635\u0631\u064a\u0629 \u0648\u062a\u0642\u0646\u064a\u0627\u062a \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0647\u0627 \u062a\u064f\u0633\u062a\u062e\u062f\u0645 \u0641\u064a \u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0635\u0627\u0646\u0639 \u0648\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a. \u062f\u0648\u0631\u0647\u0627 \u0641\u064a \u0628\u0646\u064a\u0629 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u064a\u0631\u062a\u0628\u0637 \u0628\u062a\u0633\u0631\u064a\u0639 \u062d\u0631\u0643\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0634\u0631\u0627\u0626\u062d \u0648\u0627\u0644\u0631\u0641\u0648\u0641 \u0648\u0627\u0644\u0623\u0646\u0638\u0645\u0629.<\/p>\n\n\n\n<p><strong>\u0644\u0645\u0627\u0630\u0627 \u062a\u062c\u0630\u0628 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0627\u0647\u062a\u0645\u0627\u0645 \u0645\u0633\u062a\u062b\u0645\u0631\u064a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u061f<\/strong><\/p>\n\n\n\n<p>\u0645\u0631\u0627\u0643\u0632 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0648\u0635\u0644\u0627\u062a \u0636\u0648\u0626\u064a\u0629 \u0623\u0633\u0631\u0639 \u0645\u0639 \u0643\u0628\u0631 \u0648\u062a\u0639\u0642\u0651\u062f \u0639\u0646\u0627\u0642\u064a\u062f \u0627\u0644\u062d\u0648\u0633\u0628\u0629. \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0645\u0646 \u0645\u0648\u0631\u0651\u062f\u064a \u0647\u0630\u0647 \u0627\u0644\u0648\u0635\u0644\u0627\u062a\u060c \u062e\u0635\u0648\u0635\u0627\u064b \u0628\u0639\u062f \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u00ab\u0625\u0646\u0641\u064a\u062f\u064a\u0627\u00bb \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0629 \u0648\u062a\u0648\u0642\u064a\u0639 \u0627\u062a\u0641\u0627\u0642 \u062a\u0648\u0631\u064a\u062f \u0644\u0639\u062f\u0629 \u0633\u0646\u0648\u0627\u062a.<\/p>\n\n\n\n<p><strong>\u0645\u0627 \u0647\u064a \u00ab\u0627\u0644\u0628\u0635\u0631\u064a\u0627\u062a \u0627\u0644\u0645\u062f\u0645\u062c\u0629 \u0645\u0639 \u0627\u0644\u0631\u0642\u0627\u0642\u0629\u00bb (CPO)\u061f<\/strong><\/p>\n\n\n\n<p>CPO \u062a\u0646\u0642\u0644 \u0645\u0643\u0648\u0651\u0646\u0627\u062a \u0627\u0644\u0636\u0648\u0621 \u0644\u062a\u0643\u0648\u0646 \u0623\u0642\u0631\u0628 \u0625\u0644\u0649 \u0634\u0631\u064a\u062d\u0629 \u0627\u0644\u062a\u0628\u062f\u064a\u0644 \u0641\u064a \u0627\u0644\u0634\u0628\u0643\u0629. \u0647\u0630\u0627 \u064a\u0642\u0644\u0644 \u0647\u062f\u0631 \u0627\u0644\u0637\u0627\u0642\u0629 \u0648\u064a\u062d\u0633\u0646 \u0646\u0642\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u064a\u062f\u0639\u0645 \u0623\u0646\u0638\u0645\u0629 \u0630\u0643\u0627\u0621 \u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0623\u0643\u062b\u0631 \u0643\u062b\u0627\u0641\u0629. \u0648\u062a\u0631\u0649 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0623\u0646 CPO \u0623\u062d\u062f \u0645\u062c\u0627\u0644\u0627\u062a \u0646\u0645\u0648\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629.<\/p>\n\n\n\n<p><strong>\u0644\u0645\u0627\u0630\u0627 \u064a\u062e\u0636\u0639 \u062a\u0642\u064a\u064a\u0645 \u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u0644\u0644\u062a\u062f\u0642\u064a\u0642\u061f<\/strong><\/p>\n\n\n\n<p>\u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0647\u0645 \u0628\u0642\u0648\u0629 \u0648\u064a\u062a\u062f\u0627\u0648\u0644 \u0641\u0648\u0642 \u0645\u062a\u0648\u0633\u0637 \u0647\u062f\u0641 \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646\u060c \u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u0633\u0639\u0651\u0631\u0648\u0646 \u0645\u0633\u0628\u0642\u0627\u064b \u0646\u0645\u0648\u0627\u064b \u0642\u0648\u064a\u0627\u064b \u0642\u0627\u062f\u0645\u0627\u064b. \u0648\u0644\u0644\u062f\u0641\u0627\u0639 \u0639\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0642\u064a\u064a\u0645\u060c \u0633\u062a\u062d\u062a\u0627\u062c \u0627\u0644\u0634\u0631\u0643\u0629 \u0625\u0644\u0649 \u0625\u0638\u0647\u0627\u0631 \u0642\u0648\u0629 \u0627\u0644\u0647\u0648\u0627\u0645\u0634\u060c \u0648\u062a\u062d\u0648\u064a\u0644 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0625\u0644\u0649 \u0634\u062d\u0646\u0627\u062a\u060c \u0648\u062a\u0633\u0644\u064a\u0645 \u0645\u0646\u062a\u062c\u0627\u062a \u0641\u0639\u0644\u064a\u0627\u064b\u060c \u0648\u062a\u0623\u0643\u064a\u062f \u0630\u0644\u0643 \u0628\u062a\u062f\u0641\u0642\u0627\u062a \u0646\u0642\u062f\u064a\u0629 \u0645\u0646 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a.<\/p>\n<\/details>\n\n\n\n<p><\/p>\n\r\n<p>\r\n\r\n<p><strong>\u0627\u0628\u062f\u0623 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0622\u0646 &#8211; \u0627\u0646\u0642\u0631 <a href=\"https:\/\/www.global-vtrader.com\/ar\/trade-now\/\">\u0647\u0646\u0627<\/a> \u0644\u0625\u0646\u0634\u0627\u0621 \u062d\u0633\u0627\u0628 \u062d\u0642\u064a\u0642\u064a \u0641\u064a VT Markets <\/strong> <\/p>\r\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u00ab\u0643\u0648\u0647\u064a\u0631\u0646\u062a\u00bb \u062a\u0642\u0641 \u0641\u064a \u0642\u0644\u0628 \u0631\u0628\u0637 \u0645\u0631\u0627\u0643\u0632 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0644\u0643\u0646 \u0627\u0644\u0633\u0647\u0645 \u0633\u0628\u0642 \u0627\u0644\u0648\u0627\u0642\u0639: \u0642\u0641\u0632\u0629 350%-520% \u0648\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0625\u0646\u0641\u064a\u062f\u064a\u0627 \u0628\u0645\u0644\u064a\u0627\u0631\u064a \u062f\u0648\u0644\u0627\u0631 \u064a\u0631\u0641\u0639\u0627\u0646 \u0627\u0644\u0631\u0647\u0627\u0646 \u0639\u0644\u0649 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0627\u0644\u0647\u0648\u0627\u0645\u0634.<\/p>\n","protected":false},"author":12,"featured_media":49570,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-49571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-opinion"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/posts\/49571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/comments?post=49571"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/posts\/49571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/media\/49570"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/media?parent=49571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/categories?post=49571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/ar\/wp-json\/wp\/v2\/tags?post=49571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}