<\/p>\n
\u0623\u0635\u062f\u0631 \u0631\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631\u060c \u062f\u0631\u0627\u0633\u0629 \u062a\u062d\u0644\u064a\u0644\u064a\u0629 \u0645\u0639\u0645\u0651\u064e\u0642\u0629 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u062e\u0635\u0648\u0645\u0629 (DCF)\u060c \u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u062c\u062f\u0648\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0631\u0627\u0621 \u0633\u0639\u064a \u0634\u0631\u0643\u0629 “\u0633\u0628\u064a\u0633 \u0625\u0643\u0633” (SpaceX) \u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 2 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0643\u062a\u062a\u0627\u0628\u0647\u0627 \u0627\u0644\u0645\u0631\u062a\u0642\u0628.<\/span><\/p>\n \u0648\u0623\u0643\u0651\u064e\u062f \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631\u060c \u0623\u0646\u0651\u064e \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c DCF \u064a\u0639\u062f \u0627\u0644\u0648\u0633\u064a\u0644\u0629 \u0627\u0644\u0623\u0643\u062b\u0631 \u062f\u0642\u0629 \u0644\u062a\u0642\u064a\u064a\u0645 \u0643\u064a\u0627\u0646 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0643\u0640”\u0633\u0628\u064a\u0633 \u0625\u0643\u0633”\u060c \u0643\u0648\u0646\u0647 \u064a\u0631\u0643\u0651\u0650\u0632 \u0639\u0644\u0649 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u062d\u0631\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 (FCFF) \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0644\u0645\u0636\u0627\u0639\u0641\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u062e\u0627\u0635\u0629\u064b \u0641\u064a \u0638\u0644 \u062f\u0645\u062c \u062a\u0642\u0646\u064a\u0627\u062a xAI \u0648\u0627\u0644\u062a\u0648\u0633\u0639 \u0627\u0644\u0643\u0648\u0646\u064a \u0644\u0634\u0628\u0643\u0629 “\u0633\u062a\u0627\u0631\u0644\u064a\u0646\u0643”.<\/span><\/p>\n <\/p>\n \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u062a\u062a\u062d\u062f\u0651\u064e\u062b.. \u0645\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0639\u0627\u062f\u0644\u0629 \u0625\u0644\u0649 “\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0635\u0639\u0648\u062f\u064a”<\/span><\/p>\n \u0623\u0638\u0647\u0631 \u062a\u062d\u0644\u064a\u0644 \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631 \u0623\u0646\u0651\u064e “\u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0623\u0633\u0627\u0633\u064a” \u0627\u0644\u0645\u062a\u0641\u0627\u0626\u0644 \u0644\u0644\u0634\u0631\u0643\u0629 \u064a\u0639\u0637\u064a \u0642\u064a\u0645\u0629 \u0639\u0627\u062f\u0644\u0629 \u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 1.2 \u0625\u0644\u0649 1.5 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0645\u062a\u0648\u0642\u0639\u0629 \u0644\u0639\u0627\u0645 2026 \u062a\u0635\u0644 \u0625\u0644\u0649 25 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0648\u0647\u0627\u0645\u0634 EBITDA \u064a\u0642\u062a\u0631\u0628 \u0645\u0646 65% \u0628\u062d\u0644\u0648\u0644 \u0639\u0627\u0645 2030.<\/span><\/p>\n \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0623\u0634\u0627\u0631 \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 2 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u064a\u062a\u0637\u0644\u0628 \u062a\u062d\u0642\u0642 “\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0635\u0639\u0648\u062f\u064a” (Bull Case)\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0634\u062a\u0631\u0637:<\/span><\/p>\n \u0648\u0635\u0648\u0644 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0625\u0644\u0649 120 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0628\u062d\u0644\u0648\u0644 2030.<\/span><\/p>\n \u0646\u0645\u0648 \u0642\u0627\u0639\u062f\u0629 \u0645\u0634\u062a\u0631\u0643\u064a “\u0633\u062a\u0627\u0631\u0644\u064a\u0646\u0643” \u0625\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 100 \u0645\u0644\u064a\u0648\u0646 \u0645\u0634\u062a\u0631\u0643 \u0639\u0627\u0644\u0645\u064a\u0651\u064b\u0627.<\/span><\/p>\n \u0646\u062c\u0627\u062d “\u0633\u062a\u0627\u0631\u0634\u064a\u0628” \u0641\u064a \u062e\u0641\u0636 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 \u0625\u0644\u0649 \u0623\u0642\u0644 \u0645\u0646 10 \u062f\u0648\u0644\u0627\u0631\u0627\u062a \u0644\u0644\u0643\u064a\u0644\u0648\u063a\u0631\u0627\u0645.<\/span><\/p>\n \u062a\u062d\u0642\u064a\u0642 \u062a\u0643\u0627\u0645\u0644 \u062a\u0634\u063a\u064a\u0644\u064a \u0643\u0627\u0645\u0644 \u0645\u0639 xAI \u0644\u0625\u0636\u0627\u0641\u0629 \u0639\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0645\u0646 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062f\u0627\u0631\u064a\u0629.<\/span><\/p>\n <\/p>\n \u062d\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0648\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630<\/span><\/p>\n \u0648\u062d\u0630\u0651\u064e\u0631 \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631\u060c \u0645\u0646 \u0623\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0634\u062f\u064a\u062f \u0627\u0644\u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629 (WACC) \u0648\u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0637\u0631\u0641\u064a\u060c \u0648\u0623\u0648\u0636\u062d \u0623\u0646 \u0623\u064a \u0627\u0646\u062e\u0641\u0627\u0636 \u0641\u064a \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0623\u0648 \u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u062d\u0631\u0642 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0642\u062f \u064a\u0636\u063a\u0637 \u0639\u0644\u0649 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0646\u0632\u0648\u0644\u064b\u0627.<\/span><\/p>\n \u0648\u0639\u0644\u0651\u064e\u0642 \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631 \u0642\u0627\u0626\u0644\u064b\u0627: “\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u06402 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0644\u064a\u0633 \u0645\u0633\u062a\u062d\u064a\u0644\u064b\u0627\u060c \u0644\u0643\u0646\u0647 \u0645\u0634\u0631\u0648\u0637 \u0628\u0642\u062f\u0631\u0629 \u0625\u064a\u0644\u0648\u0646 \u0645\u0627\u0633\u0643 \u0639\u0644\u0649 \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0641\u0636\u0627\u0621 \u0625\u0644\u0649 \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0631\u0642\u0645\u064a\u0629 \u062d\u064a\u0629\u060c \u0648\u0644\u064a\u0633 \u0645\u062c\u0631\u062f \u0648\u0633\u064a\u0644\u0629 \u0646\u0642\u0644 \u0644\u0644\u0645\u062f\u0627\u0631\u0627\u062a”.<\/span><\/p>\n <\/p>\n \u0646\u0635\u064a\u062d\u0629 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646<\/span><\/p>\n \u0648\u062c\u0651\u064e\u0647 \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631 \u0631\u0633\u0627\u0644\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0630\u0648\u064a \u0627\u0644\u0623\u0641\u0642 \u0627\u0644\u0632\u0645\u0646\u064a \u0627\u0644\u0637\u0648\u064a\u0644 (5-10 \u0633\u0646\u0648\u0627\u062a)\u060c \u0645\u0639\u062a\u0628\u0631\u064b\u0627 \u0627\u0644\u0627\u0643\u062a\u062a\u0627\u0628 \u0641\u0631\u0635\u0629 \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0644\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a “\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0641\u0636\u0627\u0621” \u0627\u0644\u0630\u064a \u0633\u064a\u0628\u0644\u063a 1.8 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0628\u062d\u0644\u0648\u0644 2035.\u00a0<\/span><\/p>\n \u0648\u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u0646\u0635\u062d \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0642\u0635\u064a\u0631\u064a \u0627\u0644\u0623\u062c\u0644 \u0628\u0627\u0644\u062d\u0630\u0631 \u0645\u0646 “\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630”\u060c \u0645\u062b\u0644 \u062a\u0623\u062e\u064a\u0631\u0627\u062a “\u0633\u062a\u0627\u0631\u0634\u064a\u0628” \u0648\u0627\u0644\u0645\u0646\u0627\u0641\u0633\u0629 \u0627\u0644\u0645\u062a\u0635\u0627\u0639\u062f\u0629 \u0645\u0646 \u0623\u0645\u0627\u0632\u0648\u0646 \u0648\u0627\u0644\u0635\u064a\u0646.<\/span><\/p>\n \u0648\u0627\u062e\u062a\u062a\u0645 \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631 \u062a\u062d\u0644\u064a\u0644\u0647 \u0628\u0627\u0644\u062a\u0623\u0643\u064a\u062f \u0639\u0644\u0649 \u0623\u0646 \u0633\u0628\u064a\u0633 \u0625\u0643\u0633 \u062a\u064f\u0639\u064a\u062f \u062a\u0639\u0631\u064a\u0641 “\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629” \u0641\u064a \u0627\u0644\u0639\u0635\u0631 \u0627\u0644\u062d\u062f\u064a\u062b\u060c \u062d\u064a\u062b \u0644\u0645 \u064a\u0639\u062f \u0627\u0644\u0631\u0647\u0627\u0646 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0623\u0631\u0636\u064a\u0629 \u0628\u0644 \u0639\u0644\u0649 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0642\u0627\u062f\u0645\u0629 \u0645\u0646 \u0627\u0644\u0633\u0645\u0627\u0621.<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" \u0623\u0635\u062f\u0631 \u0631\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631\u060c \u062f\u0631\u0627\u0633\u0629 \u062a\u062d\u0644\u064a\u0644\u064a\u0629 \u0645\u0639\u0645\u0651\u064e\u0642\u0629 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u062e\u0635\u0648\u0645\u0629 (DCF)\u060c \u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u062c\u062f\u0648\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0631\u0627\u0621 \u0633\u0639\u064a \u0634\u0631\u0643\u0629 “\u0633\u0628\u064a\u0633 \u0625\u0643\u0633” (SpaceX) \u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 2 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0643\u062a\u062a\u0627\u0628\u0647\u0627 \u0627\u0644\u0645\u0631\u062a\u0642\u0628. \u0648\u0623\u0643\u0651\u064e\u062f \u0633\u0627\u0645\u0631 \u0634\u0642\u064a\u0631\u060c \u0623\u0646\u0651\u064e \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c DCF \u064a\u0639\u062f \u0627\u0644\u0648\u0633\u064a\u0644\u0629 \u0627\u0644\u0623\u0643\u062b\u0631 \u062f\u0642\u0629 \u0644\u062a\u0642\u064a\u064a\u0645 \u0643\u064a\u0627\u0646 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0643\u0640”\u0633\u0628\u064a\u0633 \u0625\u0643\u0633”\u060c \u0643\u0648\u0646\u0647 \u064a\u0631\u0643\u0651\u0650\u0632 \u0639\u0644\u0649 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 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