<p>随着人工智能（AI）基础设施的不断增长和 AI 最终用途的扩展，将会出现许多赢家。<strong>英伟达</strong>（NVDA 1.26%）在过去两年中一直是华尔街围绕 AI 的一颗明珠。</p>
<p>不过，最近 <strong>CoreWeave</strong>（CRWV 3.90%）获得了更多关注。作为提供云服务的 AI 超大规模公司，其股票在撰写本文时在过去一个月内飙升了约 185%。而在此期间，英伟达的股票上涨了 24%。CoreWeave 在 3 月底刚刚上市，自首次公开募股（IPO）以来，股价已上涨约 270%。投资者可能会想，英伟达的光芒是否在减退，是时候转而投资 CoreWeave 了。然而，我认为这种想法是有缺陷的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvYWktbGl0LXVwLW9uLWNvbXB1dGVyLWNoaXAtYm9hcmQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvYWktbGl0LXVwLW9uLWNvbXB1dGVyLWNoaXAtYm9hcmQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的增长尚未结束</h2>
<p>投资者可能在英伟达股票早期的指数增长后稍作喘息。尽管业务本身的增长也有所放缓，但这是不可避免的。在数据中心领域，其先进芯片的销售曾如雨后春笋般增长。在过去两年中，该领域的收入在每个连续季度都在增加。然而，在最近的财季中，该增长率放缓至 10%，如下所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="447" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA"/></p>
<p>数据来源：英伟达。图表由作者制作。</p>
<p>尽管有这种趋势，但显然 AI 需求尚未达到顶峰。请记住，这些仍然是数据中心销售的连续季度增长。从角度来看，该财年的第一季度收入与去年同期相比增长了 73%。管理层还指导投资者预计当前季度将进一步增长。因此，尽管不可持续的增长_率_放缓，但公司仍然稳固地处于增长模式。</p>
<h2>英伟达的普及程度超乎你想象</h2>
<p>这并不仅仅是英伟达的先进 GPU 和 CPU 芯片推动销售和扩展 AI 基础设施。其 AI 生态系统包括互连技术、CUDA（计算统一设备架构）软件平台，以及许多不同类型架构中使用的人工智能处理器。</p>
<p>例如，首席执行官黄仁勋最近赞扬了 <strong>任天堂</strong> 的新款 Switch 2 游戏主机。该设备包含英伟达的 AI 处理器，黄仁勋声称这些处理器能够 “实时锐化、动画化和增强游戏体验”。</p>
<p>英伟达拥有广泛的客户群。随着 AI 工厂和数据中心的建设，它将继续成为主要供应商，投资者也应从中受益。英伟达还投资于 AI 领域。关注 AI 领导者自身所看到的未来收益是有意义的。</p>
<h2>英伟达认为 CoreWeave 是一个不错的投资</h2>
<p>英伟达持有股份的 AI 公司之一是 CoreWeave。作为一个重要客户，英伟达应该对 CoreWeave 非常了解。CoreWeave 向需要可扩展、按需计算能力的公司租赁数据中心空间，这些计算能力来自于其购买的 250,000 个英伟达芯片。</p>
<p>对于需要大量计算能力以高效处理大量数据的企业来说，这是一个理想的选择。似乎需求相当充足。但对于投资者来说，风险也不少。它刚刚宣布了一项新的租赁协议，以进一步增加产能。</p>
<p><strong>Applied Digital</strong> 是一家专门建设和运营数据中心的公司，已同意在其最近建成的北达科他州数据中心校园上，以 15 年的租赁期限向 CoreWeave 提供 250 兆瓦（MW）的电力负荷。CoreWeave 未来还有选择将负荷扩展至额外 150 MW 的选项。</p>
<p>需求迅速推动了 CoreWeave 的增长。这导致投资者在最近几个月纷纷涌入，推动股价上涨。估值是 CoreWeave 面临的一个主要风险。客户集中度是另一个风险。去年，<strong>微软</strong> 几乎占据了其收入的三分之二。CoreWeave 还披露，2024 年的 77% 收入来自其前两大客户。</p>
<p>CoreWeave 还在大规模投入资本以扩大 AI 云能力。截至 3 月 31 日，其可用流动资金约为 54 亿美元，并在 5 月底的债务发行中再筹集了 20 亿美元。这大约是其在第一季度的资本支出水平。</p>
<h2>CoreWeave 面临风险，英伟达则收获利润</h2>
<p>这些支出可能会带来回报。但也存在风险。客户可能会开发自己的 AI 基础设施，或者重新设计不需要其服务的系统。CoreWeave 的股票在股价飙升后也以高估值交易。其最近的市销率（P/S）约为 30。</p>
<p>随着其强劲的销售增长，这一比例可能在今年减半，但它尚未盈利。同时，英伟达的市盈率（P/E）约为 30，基于今年的预期利润。</p>
<p>还要记住，随着 CoreWeave 的增长，英伟达的利润也在增长。Applied Digital 的首席执行官 Wes Cummins 表示，其租赁的北达科他州数据中心校园将充满英伟达的 Blackwell 系列服务器。我认为，考虑到风险特征、财务状况以及英伟达的巨大潜力，使其成为现在更值得购买的 AI 股票。</p>

英伟达

CRWV

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>这篇文章比较了两家人工智能基础设施股票：英伟达和 CoreWeave。英伟达在人工智能领域一直处于领先地位，最近股价上涨了 24%，而 CoreWeave 在上市一个月后股价飙升了 185%。尽管英伟达的增长速度放缓，但它仍然是人工智能生态系统中的关键供应商。CoreWeave 则在收入上严重依赖微软，因其高估值和客户集中度面临风险。两家公司都具备增长潜力，但英伟达的盈利能力与 CoreWeave 资本密集型的扩张策略形成对比</p>

<p>There will prove to be many winners as artificial intelligence (AI) infrastructure continues to grow and AI end-uses expand. <strong>Nvidia</strong>(NVDA 1.26%) has been the Wall Street darling surrounding everything AI for the past two years.</p>
<div class="lb-trans"><p>随着人工智能（AI）基础设施的不断增长和 AI 最终用途的扩展，将会出现许多赢家。<strong>英伟达</strong>（NVDA 1.26%）在过去两年中一直是华尔街围绕 AI 的一颗明珠。</p>
</div><p><strong>CoreWeave</strong>(CRWV 3.90%) has been getting the love most recently, though. Shares of the AI hyperscaler providing cloud services have soared about 185% in just the past month as of this writing. Nvidia stock has increased 24% in that time. CoreWeave just went public in late March, and the shares have jumped about 270% since that initial public offering (IPO). Investors may wonder if Nvidia's shine is fading, and it's time to buy CoreWeave instead. I'd argue that is flawed thinking, however.</p>
<div class="lb-trans"><p>不过，最近 <strong>CoreWeave</strong>（CRWV 3.90%）获得了更多关注。作为提供云服务的 AI 超大规模公司，其股票在撰写本文时在过去一个月内飙升了约 185%。而在此期间，英伟达的股票上涨了 24%。CoreWeave 在 3 月底刚刚上市，自首次公开募股（IPO）以来，股价已上涨约 270%。投资者可能会想，英伟达的光芒是否在减退，是时候转而投资 CoreWeave 了。然而，我认为这种想法是有缺陷的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvYWktbGl0LXVwLW9uLWNvbXB1dGVyLWNoaXAtYm9hcmQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819831%2Fai-lit-up-on-computer-chip-board.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 growth isn't over for Nvidia</h2>
<div class="lb-trans"><h2>英伟达的增长尚未结束</h2>
</div><p>Investors may be taking a breather after the early exponential gains in Nvidia stock. Growth in the business itself has also slowed, though that was inevitable. Sales of its advanced chips in the data center segment had been growing like a weed. Revenue in that segment has been increasing in each consecutive quarter for the last two years. In the most recent fiscal quarter, that growth rate slowed to 10%, though, as seen below.</p>
<div class="lb-trans"><p>投资者可能在英伟达股票早期的指数增长后稍作喘息。尽管业务本身的增长也有所放缓，但这是不可避免的。在数据中心领域，其先进芯片的销售曾如雨后春笋般增长。在过去两年中，该领域的收入在每个连续季度都在增加。然而，在最近的财季中，该增长率放缓至 10%，如下所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819831%2Fnvidia-data-center-revenue-growth-qoq.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Nvidia. Chart by author.</p>
<div class="lb-trans"><p>数据来源：英伟达。图表由作者制作。</p>
</div><p>Despite that trend, it's clear AI demand hasn't yet peaked. Remember, these are still sequential quarterly increases in data center sales. For perspective, that fiscal first-quarter revenue was a 73% jump compared to the prior year period. Management also guided investors to expect further revenue growth in the current quarter. So, while an unsustainable growth <em>rate</em> slows, the company is still solidly in growth mode.</p>
<div class="lb-trans"><p>尽管有这种趋势，但显然 AI 需求尚未达到顶峰。请记住，这些仍然是数据中心销售的连续季度增长。从角度来看，该财年的第一季度收入与去年同期相比增长了 73%。管理层还指导投资者预计当前季度将进一步增长。因此，尽管不可持续的增长_率_放缓，但公司仍然稳固地处于增长模式。</p>
</div><h2>Nvidia is more ubiquitous than you might think</h2>
<div class="lb-trans"><h2>英伟达的普及程度超乎你想象</h2>
</div><p>That's because it's not just Nvidia's advanced GPU and CPU chips driving sales and expanding AI infrastructure. Its AI ecosystem includes interconnect technologies, the CUDA (compute unified device architecture) software platform, and artificial intelligence processors that are part of many different types of architectures.</p>
<div class="lb-trans"><p>这并不仅仅是英伟达的先进 GPU 和 CPU 芯片推动销售和扩展 AI 基础设施。其 AI 生态系统包括互连技术、CUDA（计算统一设备架构）软件平台，以及许多不同类型架构中使用的人工智能处理器。</p>
</div><p>CEO Jensen Huang recently touted <strong>Nintendo</strong>'s new Switch 2 gaming console, for example. The unit includes Nvidia's AI processors that Huang claims &#34;sharpen, animate, and enhance gameplay in real time.&#34;</p>
<div class="lb-trans"><p>例如，首席执行官黄仁勋最近赞扬了 <strong>任天堂</strong> 的新款 Switch 2 游戏主机。该设备包含英伟达的 AI 处理器，黄仁勋声称这些处理器能够 “实时锐化、动画化和增强游戏体验”。</p>
</div><p>Nvidia has a broad array of customers. As AI factories and data centers are built, it will continue to be a major supplier and one that investors should benefit from owning. Nvidia also invests in the AI sector. It makes sense to look at where the AI leader itself sees future gains.</p>
<div class="lb-trans"><p>英伟达拥有广泛的客户群。随着 AI 工厂和数据中心的建设，它将继续成为主要供应商，投资者也应从中受益。英伟达还投资于 AI 领域。关注 AI 领导者自身所看到的未来收益是有意义的。</p>
</div><h2>Nvidia thinks CoreWeave is a good investment</h2>
<div class="lb-trans"><h2>英伟达认为 CoreWeave 是一个不错的投资</h2>
</div><p>One of the AI companies in which Nvidia holds a stake is CoreWeave. Nvidia should know CoreWeave well, too, as an important customer. CoreWeave leases data center space to companies needing the scalable, on-demand compute power it has control of from the 250,000 Nvidia chips it has purchased.</p>
<div class="lb-trans"><p>英伟达持有股份的 AI 公司之一是 CoreWeave。作为一个重要客户，英伟达应该对 CoreWeave 非常了解。CoreWeave 向需要可扩展、按需计算能力的公司租赁数据中心空间，这些计算能力来自于其购买的 250,000 个英伟达芯片。</p>
</div><p>It's a desirable option for enterprises that require significant computational power to process large amounts of data efficiently. There appears to be plenty of demand. But there is plenty of risk for investors, too. It just announced a new lease agreement to further increase capacity.</p>
<div class="lb-trans"><p>对于需要大量计算能力以高效处理大量数据的企业来说，这是一个理想的选择。似乎需求相当充足。但对于投资者来说，风险也不少。它刚刚宣布了一项新的租赁协议，以进一步增加产能。</p>
</div><p><strong>Applied Digital</strong>, a builder and operator of purpose-built data centers, has agreed to deliver CoreWeave 250 megawatts (MW) of power load on a 15-year term lease at its recently built North Dakota data center campus. CoreWeave has the option to expand the load by an additional 150 MW in the future.</p>
<div class="lb-trans"><p><strong>Applied Digital</strong> 是一家专门建设和运营数据中心的公司，已同意在其最近建成的北达科他州数据中心校园上，以 15 年的租赁期限向 CoreWeave 提供 250 兆瓦（MW）的电力负荷。CoreWeave 未来还有选择将负荷扩展至额外 150 MW 的选项。</p>
</div><p>Demand is quickly driving growth for CoreWeave. That's led investors to jump in and drive the stock higher in recent months. Valuation is just one major risk with CoreWeave. Customer concentration is another. Last year, <strong>Microsoft</strong> accounted for nearly two-thirds of revenue. CoreWeave also disclosed that 77% of 2024 revenue came from just its top two customers.</p>
<div class="lb-trans"><p>需求迅速推动了 CoreWeave 的增长。这导致投资者在最近几个月纷纷涌入，推动股价上涨。估值是 CoreWeave 面临的一个主要风险。客户集中度是另一个风险。去年，<strong>微软</strong> 几乎占据了其收入的三分之二。CoreWeave 还披露，2024 年的 77% 收入来自其前两大客户。</p>
</div><p>CoreWeave is also spending massive amounts of capital to grow AI cloud capacity. It had about $5.4 billion of liquidity available as of March 31 and raised another $2 billion from a late May debt offering. That's approximately its level of capital expenditure in just the first quarter alone, though.</p>
<div class="lb-trans"><p>CoreWeave 还在大规模投入资本以扩大 AI 云能力。截至 3 月 31 日，其可用流动资金约为 54 亿美元，并在 5 月底的债务发行中再筹集了 20 亿美元。这大约是其在第一季度的资本支出水平。</p>
</div><h2>CoreWeave has the risk, Nvidia has the profits</h2>
<div class="lb-trans"><h2>CoreWeave 面临风险，英伟达则收获利润</h2>
</div><p>That spending may pay off. But there are risks there as well. Customers could develop their own AI infrastructure or could redesign systems that don't require its services. CoreWeave stock also trades at a high valuation after the stock has soared. It recently had a price-to-sales (P/S) ratio of about 30.</p>
<div class="lb-trans"><p>这些支出可能会带来回报。但也存在风险。客户可能会开发自己的 AI 基础设施，或者重新设计不需要其服务的系统。CoreWeave 的股票在股价飙升后也以高估值交易。其最近的市销率（P/S）约为 30。</p>
</div><p>That could be cut in half this year with its strong sales growth, but it isn't earning any money yet. At the same time, Nvidia sports a price-to- <em>earnings</em> (P/E) ratio of about 30 based on this year's expected profits.</p>
<div class="lb-trans"><p>随着其强劲的销售增长，这一比例可能在今年减半，但它尚未盈利。同时，英伟达的市盈率（P/E）约为 30，基于今年的预期利润。</p>
</div><p>Remember, too, that as CoreWeave grows, so do Nvidia's profits. Applied Digital CEO Wes Cummins said that its leased North Dakota data center campus will be full of Nvidia Blackwell class servers. I think the risk profile, financial picture, and massive potential for Nvidia make it the better AI stock to buy now.</p>
<div class="lb-trans"><p>还要记住，随着 CoreWeave 的增长，英伟达的利润也在增长。Applied Digital 的首席执行官 Wes Cummins 表示，其租赁的北达科他州数据中心校园将充满英伟达的 Blackwell 系列服务器。我认为，考虑到风险特征、财务状况以及英伟达的巨大潜力，使其成为现在更值得购买的 AI 股票。</p>
</div>

Better Artificial Intelligence (AI) Stock: CoreWeave vs. Nvidia

- Nvidia 和 CoreWeave 在 AI 基础设施和云服务领域表现突出。  
- CoreWeave 股价在过去一个月上涨约 185%，而 Nvidia 上涨 24%。  
- 尽管 CoreWeave 增长迅速，Nvidia 仍是更稳健的投资选择。

更优质的人工智能（AI）股票：CoreWeave 与 NVIDIA