[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciob97d6792":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciob97d6792","举债扩张开始反噬！“AI交易的金丝雀”CoreWeave-(CRWV)CDS破1100基点，隐含违约率达64%","\u002Fdoc\u002Fdciob97d6792","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网注意到，周四，针对科技公司违约的保险成本创下历史新高，投资者纷纷对冲AI交易中不断积聚的信用压力风险，其中CoreWeave(CRWV)等负债沉重的数据中心运营商受创最重。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>高于预期的美国通胀数据，加上市场对利率上升的预期不断升温，进一步加剧了以下担忧对人工智能的巨额投资将以多快速度转化为利润，以及负债沉重的公司能否足够快地产生回报以偿付不断增加的利息成本。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>信用违约互换(CDS)正向市场发出警告信号。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最引人注目的是CoreWeave的五年期CDS利差，据标普全球市场财智数据，其已突破1100个基点；同时该公司2031年到期债券的收益率一度升至16%，随后回落至约14%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>云计算巨头甲骨文(ORCL)同样因巨额借款引发投资者焦虑，其CDS接近300个基点，本周累计上升约31个基点。英伟达(NVDA)、意法合资芯片制造商意法半导体(STM)以及提供部分AI服务的SpaceX，其CDS均大幅上升。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据LSEG数据，CoreWeave是一家亏损的“新云”公司，负债近500亿美元，正处于风暴中心。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>XTB研究总监凯瑟琳·布鲁克斯表示，“CoreWeave正迅速成为AI交易的‘煤矿金丝雀’，”“其债券已大幅下跌……这表明投资者可能正在背离AI投资叙事，而这种叙事包含为支撑AI雄心而进行的大规模债务发行。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI开发商Anthropic季度营收激增，也未能平复市场的紧张情绪。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据一位周三在旧金山参加该公司领导层IPO前会议的投资者称，其第三季度营收环比增长45%至168亿美元。Anthropic的目标估值为2万亿美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>债市不安\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>CDS利差体现的是为违约保护所支付的基点数。市场对信用事件风险的感知越高，利差就越宽；这意味着CoreWeave CDS的1000个基点，隐含未来五年内违约概率为64%，高于一年前的约30%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>本周早些时候，博通(AVGO)首席执行官陈福阳将投资者对任何与AI相关事物的追逐比作“赌场赌博”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>CoreWeave 周四再跌2%，此前周三已下跌15%，这意味着该公司近五分之一的市值在两天内蒸发。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>CoreWeave股价自今年以来已累计下跌10%，而竞争对手Nebius(NBIS)——其CDS无公开交易——的股价则上涨约114%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>LSEG与标普全球市场财智的数据显示，亚马逊(AMZN)、Alphabet(GOOGL)和Meta(META)的信用违约互换利差也创下历史新高，不过其上升速度远慢于甲骨文或CoreWeave。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>德意志银行策略师吉姆·里德表示，“这不是我们第一次因AI担忧而出现大幅市场波动，但随着我们进入一个由债务、而不仅仅是由自由现金流支撑的资本开支周期，我们必须越来越重视信用市场的价格表现。总体而言，AI融资成本并不算剧烈，但在边缘地带存在令人担忧的迹象。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]