[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciof31ea6b9":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},"dciof31ea6b9","股价重挫仍被力挺！美银维持CoreWeave(CRWV)“买入”：别被融资担忧吓退，积压订单仍有至少1290亿美元","\u002Fdoc\u002Fdciof31ea6b9","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，在AI基础设施融资担忧引发CoreWeave股价连续两个交易日累计下跌约18%后，美国银行周四仍重申对CoreWeave的“买入”评级，并上调其营收预测。叠加市场回暖，CoreWeave周四反弹反弹近6%，报69.69美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>美银分析师Tal Liani在报告中称，CoreWeave股价下跌很可能反映市场对AI基础设施参与者融资障碍的担忧。但美银仍维持其140美元目标价不变。该目标价基于CoreWeave 2027年预期营业利润的26倍，高于美银对同类云数据中心公司采用的14至19倍估值区间，原因在于CoreWeave预期增速更快。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>美银同时全面上调财务预测预计CoreWeave 2027年营收增长105%，2028年增长63%，高于此前预测的102%和58%;对应2027年营收265亿美元、2028年营收433亿美元，分别高于此前预计的260亿美元和410亿美元;2026年营收预计为129亿美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>运营层面，美银预计CoreWeave未来两年每年将新增1.4至1.5吉瓦活跃电力容量。随着公司开始采用英伟达(NVDA)下一代Vera Rubin芯片，每兆瓦收入有望从目前约1000万美元升至2028年底约1400万美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>但扩张也意味着更高资本开支。美银将CoreWeave 2027年和2028年支出预测分别上调至474亿美元和498亿美元，此前为438亿美元和447亿美元。该行估计，CoreWeave今年现金支出将比现金收入多约238亿美元，2027年多约248亿美元;到2026年底，公司债务规模约为股东权益的三倍。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>美银对CoreWeave的乐观判断部分来自其合同储备。CoreWeave已签约合同积压规模至少为1290亿美元，多数客户为信用评级强劲的大型科技公司，且公司通常签署五年期协议，这有助于其以较低成本借款。其中，Meta(META)贡献350亿美元，OpenAI贡献224亿美元。客户集中度也在变化微软(MSFT)在2024年底占合同积压的66%，一年后已降至不到33%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>CoreWeave债券陷入困境\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>尽管如此，美银的积极看法并没有驱散市场对AI杠杆融资的担忧。周四，CoreWeave债券已跌至不良债务水平，美国芯片制造商自上周以来市值累计蒸发近2万亿美元，AI融资活动放缓。美国最新通胀数据高于预期，促使投资者转向美国国债避险。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>多位市场人士将CoreWeave视为高杠杆科技公司融资压力的风向标。CFRA Research首席投资策略师Sam Stovall表示，CoreWeave是其他高杠杆公司的代理指标，投资者担心这些高杠杆科技企业可能引发债务危机。Interactive Brokers首席市场分析师Steve Sosnick指出，市场正在质疑AI快速建设的速度、效率和盈利能力;如果数据中心建设步伐变得更克制，硬件厂商将获得更少支出，因为客户不再竞相购买设备并不惜代价支付。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Trade Nation高级市场分析师David Morrison指出，鉴于AI基础设施正背负巨额债务，借贷成本上升远非理想情况。市场担忧这些成本将侵蚀未来回报，而回报的可能时间和规模仍不清晰;与此同时，还存在对产能过度支出、最终可能永远无法被使用的担忧。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Eastspring Investments投资组合经理Rong Ren Goh认为，抛售反映投资者对AI生态中更脆弱环节的谨慎态度。随着科技企业领导人主张放缓前沿模型开发，市场日益质疑算力需求的可持续性和轨迹。这些担忧又因更高的融资成本而加剧，从而抬高了资本密集型AI基础设施项目的投资门槛。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>不过，Equisights Research首席执行官Parth Talsania认为，这是一次“披着信用外衣的利率事件”，由高于预期的CPI数据点燃，而CoreWeave只是其中杠杆最高、久期最长的表达，并非AI需求开始破裂的首个证据。他补充称，以现金收款的公司相对绝缘，风险集中在那些借债购买资产、而资产残值取决于自身无法控制的芯片周期的主体。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>eToro美国投资分析师Bret Kenwell表示，债券收益率急升无疑令投资者不安，但这并不意味着CoreWeave必然走向破产;但它迫使投资者重新评估该业务的经济性，并更仔细地审视其同行。\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"]