<p>周三，所有的目光再次聚焦在 <strong>英伟达</strong>(NVDA -2.85%) 身上，因为这家人工智能（AI）领军企业发布了第一季度财报，结果令人满意。整体收入同比增长 69%，达到 441 亿美元，超出预期的 433 亿美元。公司在数据中心领域再次实现了惊人的增长，推动了 AI 革命。数据中心收入增长 73%，达到 391 亿美元。</p>
<p>在损益表的进一步分析中，毛利率经过调整后为 71.3%，其中包括对其为中国市场设计的 H20 芯片的 45 亿美元减值。最终，公司报告的调整后每股收益为 0.81 美元，超出市场共识。如果不考虑 H20 的减值，英伟达的调整后每股收益将为 0.96 美元。</p>
<p>展望第二季度，英伟达再次面临芯片出口限制的影响，但仍预计收入为 450 亿美元（比没有出口限制时低 80 亿美元）。</p>
<p>投资者似乎对这份报告感到满意，英伟达的股票在盘后交易中上涨了 4.9%。有趣的是，另一只 AI 股票 <strong>CoreWeave</strong>(CRWV 5.44%) 在盘后交易中表现优于英伟达，涨幅达到 5.6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MTEvZGF0YS1jZW50ZXItZW5naW5lZXItdXNpbmctbGFwdG9wLWNvbXB1dGVyLWNyeXB0by1taW5pbmcuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MTEvZGF0YS1jZW50ZXItZW5naW5lZXItdXNpbmctbGFwdG9wLWNvbXB1dGVyLWNyeXB0by1taW5pbmcuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 的关联</h2>
<p>CoreWeave 是一家专注于生成式 AI 的云计算服务运营商，允许公司根据需要租用 AI 计算能力（其中大部分是基于英伟达芯片构建的）。</p>
<p>英伟达是 CoreWeave 的重要客户和主要投资者。CoreWeave 的股票在 5 月早些时候上涨，此前英伟达披露其持有 2420 万股股票，现价值超过 25 亿美元，远高于英伟达在 CoreWeave 于 2025 年 3 月底上市时支付的价格。</p>
<p>由于 CoreWeave 的市值为 600 亿美元，远小于英伟达，并且其股票波动性更大，因此它在某种程度上像是英伟达的超级增强版，具有更高的 AI 暴露度。最近的 IPO 利用了公司飞速增长的机会，同时也帮助其应对因需要在英伟达组件和物理基础设施上支出而造成的巨大亏损。</p>
<p>在其首次公开季度中，CoreWeave 的收入增长了 420%，达到 9.816 亿美元。其净亏损从 1.292 亿美元扩大至 3.146 亿美元，部分原因是与 IPO 相关的成本，包括基于股票的补偿，其利息支出从 4070 万美元激增至 2.638 亿美元。</p>
<p>调整后的营业收入（不包括基于股票的补偿）从 2500 万美元跃升至 1.626 亿美元，显示出其基础业务是盈利的。</p>
<h2>为什么 CoreWeave 可能会超越英伟达</h2>
<p>英伟达仍在推动 AI 叙事，因为它是为数据中心提供所需 GPU 和其他组件的明确领导者，使其成为 “AI 工厂”。然而，股票的上涨空间更为有限，因为其在 AI 领域的潜在增长已在股价中反映出来。以 3.3 万亿美元的市值来看，英伟达要在这一点上给投资者带来惊喜将非常困难。</p>
<p>另一方面，CoreWeave 的潜力则较少被理解，且更难以建模。作为一只新股，投资者仍在摸索其商业模式以及其是否能在长期内盈利。</p>
<p>英伟达的财报为 CoreWeave 的增长增添了另一个信心来源，因为对 AI 基础设施的需求依然强劲。我们已经听到了英伟达的大型科技同行的消息，资本支出预测依然强劲。随着英伟达全速推进其 AI 工厂，CoreWeave 的增长前景也显得强劲。</p>
<p>如果你对英伟达的前景持乐观态度，投资 CoreWeave 似乎是一个明智的选择。英伟达的 AI 基础设施合作伙伴自 3 月 28 日上市以来已经翻了一番，如果 AI 需求保持强劲，可能会进一步上涨。根据英伟达的最新更新，这两只股票的看涨前景似乎依然强劲。</p>

CRWV

英伟达

<p>英伟达报告了令人印象深刻的第一季度财报，收入增长 69%，达到 441 亿美元，数据中心收入增长 73% 是主要驱动力。尽管面临芯片出口限制，英伟达预计第二季度收入将达到 450 亿美元。与此同时，CoreWeave，这家专注于人工智能的小型云计算公司，在盘后交易中表现优于英伟达，涨幅达到 5.6%。CoreWeave 的收入激增 420%，达到 9.816 亿美元，尽管其报告了 3.146 亿美元的净亏损。分析师认为，CoreWeave 可能具有比英伟达更大的增长潜力，因此对于看好人工智能的投资者来说，CoreWeave 是一个有吸引力的投资选择</p>

<p>All eyes were on <strong>Nvidia</strong>(NVDA -2.85%) once again on Wednesday when the artificial intelligence (AI) leader released its first-quarter earnings report, and it did not disappoint. Overall revenue jumped 69% from the quarter a year ago to $44.1 billion, which beat estimates at $43.3 billion. The company posted another round of blistering growth in the data center segment, where it's driving the AI revolution. Data center revenue jumped 73% to $39.1 billion.</p>
<div class="lb-trans"><p>周三，所有的目光再次聚焦在 <strong>英伟达</strong>(NVDA -2.85%) 身上，因为这家人工智能（AI）领军企业发布了第一季度财报，结果令人满意。整体收入同比增长 69%，达到 441 亿美元，超出预期的 433 亿美元。公司在数据中心领域再次实现了惊人的增长，推动了 AI 革命。数据中心收入增长 73%，达到 391 亿美元。</p>
</div><p>Further down the income statement, gross margin -- adjusted for a $4.5 billion write-down for its H20 chips that were designed for the Chinese market -- was 71.3%. On the bottom line, the company reported adjusted earnings per share of $0.81, beating the consensus. Without the H20 charge, Nvidia would have reported $0.96 in adjusted earnings per share.</p>
<div class="lb-trans"><p>在损益表的进一步分析中，毛利率经过调整后为 71.3%，其中包括对其为中国市场设计的 H20 芯片的 45 亿美元减值。最终，公司报告的调整后每股收益为 0.81 美元，超出市场共识。如果不考虑 H20 的减值，英伟达的调整后每股收益将为 0.96 美元。</p>
</div><p>Looking ahead to the second quarter, Nvidia again faces the sting of the chip export restrictions, but it is still calling for $45 billion in revenue ($8 billion lower than it would have been without the chip export restrictions).</p>
<div class="lb-trans"><p>展望第二季度，英伟达再次面临芯片出口限制的影响，但仍预计收入为 450 亿美元（比没有出口限制时低 80 亿美元）。</p>
</div><p>Investors seemed happy with the report, and Nvidia stock finished the after-hours session with a gain of 4.9%. Interestingly, a different AI stock, <strong>CoreWeave</strong>(CRWV 5.44%), outperformed Nvidia in the after-hours session, gaining 5.6%.</p>
<div class="lb-trans"><p>投资者似乎对这份报告感到满意，英伟达的股票在盘后交易中上涨了 4.9%。有趣的是，另一只 AI 股票 <strong>CoreWeave</strong>(CRWV 5.44%) 在盘后交易中表现优于英伟达，涨幅达到 5.6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MTEvZGF0YS1jZW50ZXItZW5naW5lZXItdXNpbmctbGFwdG9wLWNvbXB1dGVyLWNyeXB0by1taW5pbmcuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819911%2Fdata-center-engineer-using-laptop-computer-crypto-mining.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The CoreWeave connection</h2>
<div class="lb-trans"><h2>CoreWeave 的关联</h2>
</div><p>CoreWeave is an operator of generative AI-focused cloud computing services, allowing companies to rent AI computing power (much of which is built using Nvidia chips) as needed.</p>
<div class="lb-trans"><p>CoreWeave 是一家专注于生成式 AI 的云计算服务运营商，允许公司根据需要租用 AI 计算能力（其中大部分是基于英伟达芯片构建的）。</p>
</div><p>Nvidia is a major customer of CoreWeave and a key investor. CoreWeave stock rose earlier in May after Nvidia disclosed a stake in the stock, at 24.2 million shares that are now worth more than $2.5 billion, or significantly more than Nvidia paid for them when CoreWeave went public in late March 2025.</p>
<div class="lb-trans"><p>英伟达是 CoreWeave 的重要客户和主要投资者。CoreWeave 的股票在 5 月早些时候上涨，此前英伟达披露其持有 2420 万股股票，现价值超过 25 亿美元，远高于英伟达在 CoreWeave 于 2025 年 3 月底上市时支付的价格。</p>
</div><p>Because CoreWeave is much smaller than Nvidia, at a market cap of $60 billion, and its stock is more volatile, it acts as something like a supercharged version of Nvidia with even more exposure to AI. The recent IPO takes advantage of the company's skyrocketing growth, but also helps it deal with wide losses created by its need to spend on Nvidia components and physical infrastructure for its business.</p>
<div class="lb-trans"><p>由于 CoreWeave 的市值为 600 亿美元，远小于英伟达，并且其股票波动性更大，因此它在某种程度上像是英伟达的超级增强版，具有更高的 AI 暴露度。最近的 IPO 利用了公司飞速增长的机会，同时也帮助其应对因需要在英伟达组件和物理基础设施上支出而造成的巨大亏损。</p>
</div><p>In its first public quarter, CoreWeave revenue jumped 420% to $981.6 million. Its net loss expanded from $129.2 million to $314.6 million in part due to costs associated with its IPO, including share-based compensation, and its interest expense ballooned from $40.7 million to $263.8 million.</p>
<div class="lb-trans"><p>在其首次公开季度中，CoreWeave 的收入增长了 420%，达到 9.816 亿美元。其净亏损从 1.292 亿美元扩大至 3.146 亿美元，部分原因是与 IPO 相关的成本，包括基于股票的补偿，其利息支出从 4070 万美元激增至 2.638 亿美元。</p>
</div><p>Adjusted operating income, which excludes share-based compensation, jumped from $25 million to $162.6 million, showing that the underlying business is profitable.</p>
<div class="lb-trans"><p>调整后的营业收入（不包括基于股票的补偿）从 2500 万美元跃升至 1.626 亿美元，显示出其基础业务是盈利的。</p>
</div><h2>Why CoreWeave could outperform Nvidia</h2>
<div class="lb-trans"><h2>为什么 CoreWeave 可能会超越英伟达</h2>
</div><p>Nvidia is still driving the AI narrative, as it's the clear leader in supplying data centers with the GPUs and other components they need to become &#34;AI Factories.&#34; However, the stock's upside is more limited, as much of its potential growth in AI is already priced into the stock. At a market cap of $3.3 trillion, it will take a lot for Nvidia to surprise investors at this point.</p>
<div class="lb-trans"><p>英伟达仍在推动 AI 叙事，因为它是为数据中心提供所需 GPU 和其他组件的明确领导者，使其成为 “AI 工厂”。然而，股票的上涨空间更为有限，因为其在 AI 领域的潜在增长已在股价中反映出来。以 3.3 万亿美元的市值来看，英伟达要在这一点上给投资者带来惊喜将非常困难。</p>
</div><p>CoreWeave's potential, on the other hand, is less understood and harder to model. As a new stock, investors are still figuring out its business model and whether it will be profitable over the long term.</p>
<div class="lb-trans"><p>另一方面，CoreWeave 的潜力则较少被理解，且更难以建模。作为一只新股，投资者仍在摸索其商业模式以及其是否能在长期内盈利。</p>
</div><p>Nvidia's earnings report adds another reason to be confident in CoreWeave's growth as demand for AI infrastructure remains strong. We've already heard from Nvidia's big tech peers, and capex forecasts remain strong. As Nvidia pushes full speed ahead with its AI factories, CoreWeave's growth prospects look strong too.</p>
<div class="lb-trans"><p>英伟达的财报为 CoreWeave 的增长增添了另一个信心来源，因为对 AI 基础设施的需求依然强劲。我们已经听到了英伟达的大型科技同行的消息，资本支出预测依然强劲。随着英伟达全速推进其 AI 工厂，CoreWeave 的增长前景也显得强劲。</p>
</div><p>If you're bullish on Nvidia's prospects, investing in CoreWeave seems like a smart move. Nvidia's AI infrastructure partner has already doubled since its March 28 IPO, and could rally further if AI demand remains strong. Based on Nvidia's latest update, the bull case for both stocks seems as strong as ever.</p>
<div class="lb-trans"><p>如果你对英伟达的前景持乐观态度，投资 CoreWeave 似乎是一个明智的选择。英伟达的 AI 基础设施合作伙伴自 3 月 28 日上市以来已经翻了一番，如果 AI 需求保持强劲，可能会进一步上涨。根据英伟达的最新更新，这两只股票的看涨前景似乎依然强劲。</p>
</div>

Nvidia's Q1 Results Were Great, but This AI Stock Could Be a Bigger Winner

- 英伟达第一季度营收同比增长 69%，达到 441 亿美元，超出预期。  
- 数据中心收入增长 73%，达到 391 亿美元，显示出 AI 领域的强劲需求。  
- CoreWeave 在首次公开募股后，营收增长 420%，显示出其在 AI 市场的潜力。  

英伟达第一季度业绩表现优异，但这只人工智能股票可能会成为更大的赢家