<p>人工智能（AI）投资者热爱 <strong>Nvidia</strong>。在过去几个月中，有一只股票的表现远超其他股票：<strong>CoreWeave</strong>（CRWV 8.45%）。这家专注于人工智能的云计算提供商（也是 Nvidia 的重要客户）的股票自 3 月底首次公开募股（IPO）以来上涨了 268%，而截至 6 月 15 日，Nvidia 的股票年初至今基本持平。</p>
<p>投资者对 CoreWeave 的快速增长和其在人工智能和云计算方面的巨大增长预期情有独钟。你是否因为没有持有 CoreWeave 的股票而错失了参与人工智能繁荣的机会？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE4MzUvYWktNS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE4MzUvYWktNS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>IPO 后股票迅速升值</h2>
<p>自首次公开募股（IPO）以来，CoreWeave 的股票一路上涨。这在热门 IPO 股票中很常见，因为它们通常有较低的公开交易流通股数量——即每天可以买卖的股票数量——在内部人士的锁定期结束之前。锁定期是指内部人士在 IPO 后不能出售股票，通常持续三到六个月。</p>
<p>这导致 CoreWeave 的股票在短短几个月内上涨了 268%。其收入如野火般增长，上季度同比增长 420%，达到 9.82 亿美元。到 2025 年，公司预计将产生约 50 亿美元的收入，而 2022 年几乎为零。这意味着 CoreWeave 在不到五年的时间里，从零增长到 50 亿美元的收入，成为市场历史上增长最快的公司之一。</p>
<p>CoreWeave 为何增长如此迅速？因为人工智能开发者纷纷涌向其云平台，利用其数据中心进行人工智能系统的训练和运行。CoreWeave 是从零开始为人工智能系统构建的，这就是为什么它现在有 259 亿美元的订单积压。需要明确的是，它并不会取代其他云服务提供商，但在至关重要的人工智能增长领域，它正在逐渐抢占市场份额。</p>
<h2>强劲的指引，但现金消耗严重</h2>
<p>指引显示未来将有重大增长。仅在 2025 年，CoreWeave 预计将在资本支出上花费至少 200 亿美元，约为该年收入预期的 4 倍。这意味着公司在预期未来需求之前，已经投入了大量资本，希望能够捕获越来越多与人工智能相关的云支出。</p>
<p>成为全球云服务提供商是昂贵的。你必须提前花费数十亿美元来建设数据中心，未来随着客户支付计算能力而逐渐获得回报。</p>
<p>所有这些激进的支出将导致巨额的现金消耗。CoreWeave 在 2025 年第一季度的自由现金流为负 13.5 亿美元。考虑到管理层对资本支出的指引，这种消耗预计将在未来几个季度加速。2025 年，预计收入为 50 亿美元，而资本支出为 200 亿美元，这意味着至少 150 亿美元的自由现金消耗，这还不包括任何间接费用。这将需要大量的资本筹集，因为公司在资产负债表上的现金远低于 50 亿美元。</p>
<p>管理层可能需要借入更多债务并出售更多普通股，以获得这些资本支出所需的现金。这将不会便宜。</p>
<h2>你应该购买 CoreWeave 的股票吗？</h2>
<p>看涨者可能会认为 CoreWeave 是云计算的未来，这是全球最大的行业之一，为 <strong>Amazon</strong>、<strong>Microsoft</strong> 和 <strong>Alphabet</strong> 的股东带来了巨额财富。它的收入增长迅速，订单积压庞大，是目前最热门的股票之一。</p>
<p>然而，以 700 亿美元的市值来看，我认为 CoreWeave 的股票目前对投资者来说估值过高，我倾向于支持任何对今天购买该股票持谨慎态度的看空者。公司在资产负债表上负债累累，利息支出高昂。为了融资其 2025 年的雄心勃勃的资本支出计划，可能还会增加更多债务。</p>
<p>即使公司实现了今年 50 亿美元的收入指引，CoreWeave 的市销率（P/S）也将达到 14.2，这对于任何股票来说都是一个激进的估值，更不用说它的自由现金流消耗和债务水平如此之高。远离 CoreWeave；这是一只目前添加到你投资组合中的风险股票。</p>

CRWV

<p>CoreWeave 的股票自 3 月份上市以来已上涨 268%，表现优于 Nvidia，后者年初至今保持平稳。这家专注于人工智能的云服务提供商正在经历快速增长，收入同比增长 420%，预计到 2025 年将达到 50 亿美元。然而，该公司面临着巨大的现金消耗，预计自由现金流将达到 150 亿美元，而收入仅为 50 亿美元，这主要是由于大量的资本支出。尽管具有增长潜力，分析师警告称 CoreWeave 目前 700 亿美元的市值可能被高估，这使其成为一项风险投资</p>

<p>Artificial intelligence (AI) investors love <strong>Nvidia</strong>. One stock has crushed its returns in the last few months: <strong>CoreWeave</strong>(CRWV 8.45%). The stock in the AI-focused cloud computing provider (and large Nvidia customer) is up 268% since its initial public offering (IPO) in late March, while Nvidia stock is flat year to date as of June 15.</p>
<div class="lb-trans"><p>人工智能（AI）投资者热爱 <strong>Nvidia</strong>。在过去几个月中，有一只股票的表现远超其他股票：<strong>CoreWeave</strong>（CRWV 8.45%）。这家专注于人工智能的云计算提供商（也是 Nvidia 的重要客户）的股票自 3 月底首次公开募股（IPO）以来上涨了 268%，而截至 6 月 15 日，Nvidia 的股票年初至今基本持平。</p>
</div><p>Investors are falling in love with the rapid growth at CoreWeave and its huge growth projections when it comes to AI and the cloud. Are you missing out by not owning CoreWeave stock to play the AI boom?</p>
<div class="lb-trans"><p>投资者对 CoreWeave 的快速增长和其在人工智能和云计算方面的巨大增长预期情有独钟。你是否因为没有持有 CoreWeave 的股票而错失了参与人工智能繁荣的机会？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE4MzUvYWktNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821835%2Fai-5.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>Rapid stock appreciation after IPO</h2>
<div class="lb-trans"><h2>IPO 后股票迅速升值</h2>
</div><p>CoreWeave stock has gone up and to the right since its initial public offering (IPO). This is common among popular IPO stocks, as they generally have a low publicly traded float -- meaning the amount of shares you can buy and sell each day -- before its lock-up period ends for insiders. A lock-up period is when insiders cannot sell shares after the IPO, and usually lasts three to six months.</p>
<div class="lb-trans"><p>自首次公开募股（IPO）以来，CoreWeave 的股票一路上涨。这在热门 IPO 股票中很常见，因为它们通常有较低的公开交易流通股数量——即每天可以买卖的股票数量——在内部人士的锁定期结束之前。锁定期是指内部人士在 IPO 后不能出售股票，通常持续三到六个月。</p>
</div><p>This led CoreWeave's stock to rise 268% in just a few months. Its revenue is growing like wildfire, up 420% year over year last quarter to $982 million. In 2025, the company expects to generate around $5 billion in revenue, which is up from basically zero in 2022. That means CoreWeave has gone from zero to $5 billion in revenue in less than five years, making it one of the fastest growing companies in market history.</p>
<div class="lb-trans"><p>这导致 CoreWeave 的股票在短短几个月内上涨了 268%。其收入如野火般增长，上季度同比增长 420%，达到 9.82 亿美元。到 2025 年，公司预计将产生约 50 亿美元的收入，而 2022 年几乎为零。这意味着 CoreWeave 在不到五年的时间里，从零增长到 50 亿美元的收入，成为市场历史上增长最快的公司之一。</p>
</div><p>Why is CoreWeave growing so quickly? Because AI developers are flocking to its cloud platform to utilize its data centers for training and running AI systems. CoreWeave was built from the ground up for AI systems, which is why it now has a backlog of $25.9 billion. To be clear, it is not going to dethrone the other cloud providers, but it is increasingly nabbing share in the all-important AI growth category.</p>
<div class="lb-trans"><p>CoreWeave 为何增长如此迅速？因为人工智能开发者纷纷涌向其云平台，利用其数据中心进行人工智能系统的训练和运行。CoreWeave 是从零开始为人工智能系统构建的，这就是为什么它现在有 259 亿美元的订单积压。需要明确的是，它并不会取代其他云服务提供商，但在至关重要的人工智能增长领域，它正在逐渐抢占市场份额。</p>
</div><h2>Strong guidance, but heavy cash burn</h2>
<div class="lb-trans"><h2>强劲的指引，但现金消耗严重</h2>
</div><p>Guidance calls for major growth in the future. In 2025 alone, CoreWeave is expecting to spend at least $20 billion on capital expenditures, or around 4 times its revenue estimates for the year. This means the company is laying out a huge amount of capital ahead of expected future demand as it hopes to capture more and more cloud spending related to AI.</p>
<div class="lb-trans"><p>指引显示未来将有重大增长。仅在 2025 年，CoreWeave 预计将在资本支出上花费至少 200 亿美元，约为该年收入预期的 4 倍。这意味着公司在预期未来需求之前，已经投入了大量资本，希望能够捕获越来越多与人工智能相关的云支出。</p>
</div><p>Being a global cloud provider is expensive. You have to spend billions of dollars ahead of time to build data centers, getting returns steadily in the future as your customers pay for computing capacity.</p>
<div class="lb-trans"><p>成为全球云服务提供商是昂贵的。你必须提前花费数十亿美元来建设数据中心，未来随着客户支付计算能力而逐渐获得回报。</p>
</div><p>All this aggressive spending will lead to huge cash burn. CoreWeave had negative free cash flow of $1.35 billion in the first quarter of 2025. This burn is expected to accelerate in the upcoming quarters given management's guidance for capital expenditures. For 2025, $5 billion in revenue vs. $20 billion in capital expenditures means at least a $15 billion free cash burn, and that is before considering any overhead costs. This will require a lot of capital raising, as the company has well under $5 billion in cash on the balance sheet.</p>
<div class="lb-trans"><p>所有这些激进的支出将导致巨额的现金消耗。CoreWeave 在 2025 年第一季度的自由现金流为负 13.5 亿美元。考虑到管理层对资本支出的指引，这种消耗预计将在未来几个季度加速。2025 年，预计收入为 50 亿美元，而资本支出为 200 亿美元，这意味着至少 150 亿美元的自由现金消耗，这还不包括任何间接费用。这将需要大量的资本筹集，因为公司在资产负债表上的现金远低于 50 亿美元。</p>
</div><p>Management will likely need to take out more debt and sell more shares of its common stock in order to get the cash needed for these capital expenditures. It will not be cheap.</p>
<div class="lb-trans"><p>管理层可能需要借入更多债务并出售更多普通股，以获得这些资本支出所需的现金。这将不会便宜。</p>
</div><h2>Should you buy CoreWeave stock?</h2>
<div class="lb-trans"><h2>你应该购买 CoreWeave 的股票吗？</h2>
</div><p>Bulls may argue that CoreWeave is the future of cloud computing, one of the largest industries in the world that has brought riches to <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong> shareholders. It has fast-growing revenue, a large backlog, and is one of the hottest stocks out there.</p>
<div class="lb-trans"><p>看涨者可能会认为 CoreWeave 是云计算的未来，这是全球最大的行业之一，为 <strong>Amazon</strong>、<strong>Microsoft</strong> 和 <strong>Alphabet</strong> 的股东带来了巨额财富。它的收入增长迅速，订单积压庞大，是目前最热门的股票之一。</p>
</div><p>However, at a market cap of $70 billion, I think CoreWeave stock is too richly valued for investors at the moment, and would lean to side with any bears who are hesitant to buy the stock today. The company has loaded up its balance sheet with debt, which has high interest expenses. More debt may be coming in order to finance its ambitious capital expenditure plans in 2025.</p>
<div class="lb-trans"><p>然而，以 700 亿美元的市值来看，我认为 CoreWeave 的股票目前对投资者来说估值过高，我倾向于支持任何对今天购买该股票持谨慎态度的看空者。公司在资产负债表上负债累累，利息支出高昂。为了融资其 2025 年的雄心勃勃的资本支出计划，可能还会增加更多债务。</p>
</div><p>Even if the company reaches its guidance for $5 billion in revenue this year, CoreWeave will be trading at a price-to-sales ratio (P/S) of 14.2, which is an aggressive valuation for any stock, let alone one with such a large free-cash-flow burn and debt levels. Stay away from CoreWeave; this a risky stock to add to your portfolio right now.</p>
<div class="lb-trans"><p>即使公司实现了今年 50 亿美元的收入指引，CoreWeave 的市销率（P/S）也将达到 14.2，这对于任何股票来说都是一个激进的估值，更不用说它的自由现金流消耗和债务水平如此之高。远离 CoreWeave；这是一只目前添加到你投资组合中的风险股票。</p>
</div>

This AI Stock Is Up 268% This Year and Crushing Nvidia's Returns (Hint: It's Not Palantir)

- CoreWeave 股票自 3 月 IPO 以来上涨 268%，预计 2025 年收入达 50 亿美元。  
- 该公司面临 200 亿美元的资本支出，预计将导致巨额现金流出。  
- 尽管增长迅速，但以 700 亿美元市值来看，CoreWeave 股票估值过高，风险较大。  

今年这只 AI 股票上涨了 268%，其回报率远超英伟达（提示：不是 Palantir）