<p>在过去的几年里，<strong>英伟达</strong>(NVDA 0.53%) 和 <strong>Palantir Technologies</strong>(PLTR -0.33%) 在人工智能（AI）领域都展现了自己的实力，因此它们的收益和股票表现飙升。去年，英伟达是 <strong>道琼斯工业平均指数</strong> 中表现最好的成分股（尽管它是在 11 月才被纳入这个久负盛名的蓝筹指数），而 Palantir 则在 <strong>标准普尔 500 指数</strong> 中录得了最大的涨幅。</p>
<p>这两家公司都在不断进步，考虑到我们正处于 AI 繁荣的早期阶段，未来可能会有更多的收益增长和股价上涨。但在 2025 年上半年，另一家公司作为潜在的 AI 强者浮出水面。事实上，这只股票在此期间的表现实际上超过了英伟达和 Palantir，涨幅高达惊人的 300%。现在你可能想知道这个高飞的股票是否仍然值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NjEvZ2V0dHlpbWFnZXMtOTk4NDUyOTI4LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NjEvZ2V0dHlpbWFnZXMtOTk4NDUyOTI4LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>与英伟达关系密切的公司</h2>
<p>这只表现优异的 AI 股票实际上是新上市的，完成首次公开募股是在 3 月底，因此它的三位数涨幅仅在三个月内发生。我指的是 <strong>CoreWeave</strong>(CRWV -9.01%)，这是一家与英伟达紧密相关的公司。这是因为 CoreWeave 通过出租其庞大的英伟达图形处理单元（GPU）集合来产生大部分收入。该公司在其云基础设施平台上部署了超过 250,000 个 GPU，专注于处理 AI 工作负载，为客户提供他们所需的配置，以更快地实现目标。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46119e1ae923ee4342de281f33f5b984.png?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://media.ycharts.com/charts/46119e1ae923ee4342de281f33f5b984.png"/></p>
<p>CRWV 数据来源于 YCharts。</p>
<p>英伟达拥有 CoreWeave 7% 的股份，并使这家年轻公司成为首个推出其最新 GPU 的公司。今年 2 月，CoreWeave 成为首个广泛提供英伟达新 Blackwell 架构的超大规模云服务商——最近它又以同样的方式推出了最新版本的 Blackwell Ultra。</p>
<p>因此，押注 CoreWeave 就是押注对英伟达最新芯片的需求。其第一季度的财报显示，这种需求依然强劲，收入同比增长超过 400%，而英伟达自己的第一季度财报提供了更多线索：例如，英伟达表示在这一季度对推理计算能力的需求激增。这种趋势可能会使 CoreWeave 受益。</p>
<h2>GPU 推动推理</h2>
<p>推理是 AI 模型在尝试回答复杂问题时所经历的过程——这需要显著的并行处理能力，而这种能力正是 GPU 和其他 AI 加速器所提供的。随着越来越多的人和组织将 AI 应用于现实问题，推理可能会为像英伟达和 CoreWeave 这样的公司带来全新的增长时代。重要的是要记住，GPU 的需求并不会在模型训练完成后结束。CoreWeave 的云服务器群在长期内可能会有很多繁忙的日子。</p>
<p>所有这些都很好，但 CoreWeave 对股东仍然存在一些风险——这主要是由于满足 GPU 需求所需的巨大且持续的基础设施投资。该公司必须保持资本支出，以增加其 GPU 集群的规模和能力，并考虑到英伟达计划每年推出新的芯片架构，CoreWeave 将不得不频繁进行这些投资，以保持其产品的领先地位。</p>
<p>所有这些使得很难估计 CoreWeave 何时能够实现盈利。在第一季度，其技术和基础设施费用激增超过 500%，达到约 5 亿美元，可以说该公司仍处于成长故事的早期阶段。还需要注意的是，CoreWeave 正处于一个扩张阶段，这也涉及其他投资。这些前期成本中的一些可能会在未来带来节省。</p>
<h2>收购 Core Scientific</h2>
<p>一个例子是该公司最近宣布的收购 <strong>Core Scientific</strong> 的计划——一旦交易完成，CoreWeave 将不再需要向数据中心运营商支付租金，从而节省未来 100 亿美元的租赁费用。尽管这将是一个积极的消息，但由于投资者对股份稀释的担忧，CoreWeave 的股票在本周早些时候的公告后下跌——这是一项价值 90 亿美元的全股票交易。投资者还知道，任何收购都伴随着一些风险和成本，因为买方需要将其新业务整合到现有业务中。</p>
<p>因此问题仍然存在：在年初强劲超越市场上两家最大的 AI 公司的情况下，CoreWeave 是否仍然值得购买？答案取决于你的投资策略。如果你是一个谨慎或价值投资者，最好探索其他机会。但如果你是一个积极的投资者，长期持有股票，现在仍然是将一些 CoreWeave 股票加入你投资组合的好时机——对 AI 的需求以及 CoreWeave 对英伟达最新 GPU 的直接访问可能会在长期内带来重大收益。</p>

PLTR

CRWV

英伟达

<p>CoreWeave 是一只新的人工智能股票，在 2025 年上半年表现优于英伟达和 Palantir，上市后股价上涨了 300%。该公司与英伟达紧密相关，专注于使用英伟达 GPU 进行人工智能工作负载。尽管收入增长强劲，CoreWeave 仍面临高基础设施成本和持续资本投资带来的风险。最近收购 Core Scientific 的目的是为了在未来的租赁支付中节省 100 亿美元，但对股份稀释的担忧影响了其股价。投资者在评估 CoreWeave 作为买入的潜力时，必须考虑他们的策略</p>

<p>Over the past couple of years, <strong>Nvidia</strong>(NVDA 0.53%) and <strong>Palantir Technologies</strong>(PLTR -0.33%) have both shown their strengths in artificial intelligence (AI) -- and as a result, their earnings and stock performance have soared. Last year, Nvidia was the best-performing component in the <strong>Dow Jones Industrial Average</strong>(though it only was added to the venerable blue chip index in November), and Palantir posted the biggest gain in the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>在过去的几年里，<strong>英伟达</strong>(NVDA 0.53%) 和 <strong>Palantir Technologies</strong>(PLTR -0.33%) 在人工智能（AI）领域都展现了自己的实力，因此它们的收益和股票表现飙升。去年，英伟达是 <strong>道琼斯工业平均指数</strong> 中表现最好的成分股（尽管它是在 11 月才被纳入这个久负盛名的蓝筹指数），而 Palantir 则在 <strong>标准普尔 500 指数</strong> 中录得了最大的涨幅。</p>
</div><p>Both of these players have continued to advance, and considering that we're in the early stages of the AI boom, more earnings growth and stock price gains could be on the way. But, in the first half of 2025, another company emerged as a potential AI powerhouse. In fact, this particular stock actually outperformed Nvidia and Palantir in the period, climbing by a mind-boggling 300%. Now you may be wondering whether this high flyer is still a buy.</p>
<div class="lb-trans"><p>这两家公司都在不断进步，考虑到我们正处于 AI 繁荣的早期阶段，未来可能会有更多的收益增长和股价上涨。但在 2025 年上半年，另一家公司作为潜在的 AI 强者浮出水面。事实上，这只股票在此期间的表现实际上超过了英伟达和 Palantir，涨幅高达惊人的 300%。现在你可能想知道这个高飞的股票是否仍然值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NjEvZ2V0dHlpbWFnZXMtOTk4NDUyOTI4LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824561%2Fgettyimages-998452928.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>A company with close ties to Nvidia</h2>
<div class="lb-trans"><h2>与英伟达关系密切的公司</h2>
</div><p>This top-performing AI stock actually is new to the market, completing its initial public offering in late March, so its triple-digit gains took place over a period of only three months. I'm referring to <strong>CoreWeave</strong>(CRWV -9.01%), a company that is closely linked to Nvidia. This is because CoreWeave generates most of its revenue by renting out access to its vast collection of Nvidia graphics processing units (GPUs). The company has more than 250,000 of them deployed across its cloud infrastructure platform, and it specializes in handling AI workloads, offering customers the configurations they need to accomplish their goals faster.</p>
<div class="lb-trans"><p>这只表现优异的 AI 股票实际上是新上市的，完成首次公开募股是在 3 月底，因此它的三位数涨幅仅在三个月内发生。我指的是 <strong>CoreWeave</strong>(CRWV -9.01%)，这是一家与英伟达紧密相关的公司。这是因为 CoreWeave 通过出租其庞大的英伟达图形处理单元（GPU）集合来产生大部分收入。该公司在其云基础设施平台上部署了超过 250,000 个 GPU，专注于处理 AI 工作负载，为客户提供他们所需的配置，以更快地实现目标。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46119e1ae923ee4342de281f33f5b984.png" alt="" original-src="https://media.ycharts.com/charts/46119e1ae923ee4342de281f33f5b984.png"/></p>
<p>CRWV data by YCharts.</p>
<div class="lb-trans"><p>CRWV 数据来源于 YCharts。</p>
</div><p>Nvidia owns a 7% stake in CoreWeave, and made it possible for the young company to be the first to launch its latest GPUs. In February, CoreWeave became the first hyperscaler to make Nvidia's new Blackwell architecture broadly available -- and it just did the same recently with the latest iteration, Blackwell Ultra.</p>
<div class="lb-trans"><p>英伟达拥有 CoreWeave 7% 的股份，并使这家年轻公司成为首个推出其最新 GPU 的公司。今年 2 月，CoreWeave 成为首个广泛提供英伟达新 Blackwell 架构的超大规模云服务商——最近它又以同样的方式推出了最新版本的 Blackwell Ultra。</p>
</div><p>So, a bet on CoreWeave is a bet on demand for Nvidia's latest chips. Its first-quarter earnings report showed this demand is going strong, as its revenue climbed by more than 400% year over year, and Nvidia's own Q1 earnings report offered additional clues: For example, Nvidia said it saw a leap in demand for inferencing computing power in the quarter. This sort of trend is likely to benefit CoreWeave.</p>
<div class="lb-trans"><p>因此，押注 CoreWeave 就是押注对英伟达最新芯片的需求。其第一季度的财报显示，这种需求依然强劲，收入同比增长超过 400%，而英伟达自己的第一季度财报提供了更多线索：例如，英伟达表示在这一季度对推理计算能力的需求激增。这种趋势可能会使 CoreWeave 受益。</p>
</div><h2>GPUs to fuel inferencing</h2>
<div class="lb-trans"><h2>GPU 推动推理</h2>
</div><p>Inferencing is the process an AI model goes through when attempting to answer complex questions -- and it takes significant parallel processing power of the type provided by GPUs and other AI accelerators. As more people and organizations apply AI to real-world problems, inferencing could drive a whole new era of growth for companies like Nvidia and CoreWeave. It's important to remember that the need for GPUs doesn't end once a model is trained. CoreWeave's fleet of cloud servers may have plenty of busy days ahead over the long term.</p>
<div class="lb-trans"><p>推理是 AI 模型在尝试回答复杂问题时所经历的过程——这需要显著的并行处理能力，而这种能力正是 GPU 和其他 AI 加速器所提供的。随着越来越多的人和组织将 AI 应用于现实问题，推理可能会为像英伟达和 CoreWeave 这样的公司带来全新的增长时代。重要的是要记住，GPU 的需求并不会在模型训练完成后结束。CoreWeave 的云服务器群在长期内可能会有很多繁忙的日子。</p>
</div><p>All of this is great, but CoreWeave still carries some risk for shareholders -- and that's due to the enormous and ongoing investments in infrastructure required to serve demand for GPUs. The company will have to keep up its capital spending to increase the size and power of its fleet of GPU clusters, and considering that Nvidia aims to roll out new chip architectures annually, CoreWeave will have to make those investments frequently to keep its offerings top of the line.</p>
<div class="lb-trans"><p>所有这些都很好，但 CoreWeave 对股东仍然存在一些风险——这主要是由于满足 GPU 需求所需的巨大且持续的基础设施投资。该公司必须保持资本支出，以增加其 GPU 集群的规模和能力，并考虑到英伟达计划每年推出新的芯片架构，CoreWeave 将不得不频繁进行这些投资，以保持其产品的领先地位。</p>
</div><p>All of this makes it difficult to estimate when CoreWeave will reach profitability. In the first quarter, its technology and infrastructure expenses surged by more than 500% to about $500 million, and it's fair to say the company is early in its growth story. It's also important to note that CoreWeave is in an expansion phase that involves other investments too. Some of those up-front costs may result in savings down the road.</p>
<div class="lb-trans"><p>所有这些使得很难估计 CoreWeave 何时能够实现盈利。在第一季度，其技术和基础设施费用激增超过 500%，达到约 5 亿美元，可以说该公司仍处于成长故事的早期阶段。还需要注意的是，CoreWeave 正处于一个扩张阶段，这也涉及其他投资。这些前期成本中的一些可能会在未来带来节省。</p>
</div><h2>Acquiring Core Scientific</h2>
<div class="lb-trans"><h2>收购 Core Scientific</h2>
</div><p>One example is the company's recently announced plan to buy <strong>Core Scientific</strong> -- once that deal closes, CoreWeave no longer will have to pay rent to the data center operator, resulting in the savings of $10 billion in future lease payments. Though this will be a positive, CoreWeave's stock fell after the announcement earlier this week due to investors' concerns about share dilution -- it's an all-stock deal with a value of $9 billion. Investors also know that any acquisition comes with some risks and costs, as the buyer will have to integrate its new operations into its existing business.</p>
<div class="lb-trans"><p>一个例子是该公司最近宣布的收购 <strong>Core Scientific</strong> 的计划——一旦交易完成，CoreWeave 将不再需要向数据中心运营商支付租金，从而节省未来 100 亿美元的租赁费用。尽管这将是一个积极的消息，但由于投资者对股份稀释的担忧，CoreWeave 的股票在本周早些时候的公告后下跌——这是一项价值 90 亿美元的全股票交易。投资者还知道，任何收购都伴随着一些风险和成本，因为买方需要将其新业务整合到现有业务中。</p>
</div><p>So the question remains: After strongly outperforming two of the market's biggest AI companies year to date, is CoreWeave still a buy? The answer depends on your investment strategy. If you're a cautious or value investor, you'd be better off exploring other opportunities. But if you're an aggressive investor who buys and holds stocks for the long term, now would still be a good time to add a few CoreWeave shares to your portfolio -- demand for AI and CoreWeave's immediate access to Nvidia's latest GPUs could result in major gains over the long run.</p>
<div class="lb-trans"><p>因此问题仍然存在：在年初强劲超越市场上两家最大的 AI 公司的情况下，CoreWeave 是否仍然值得购买？答案取决于你的投资策略。如果你是一个谨慎或价值投资者，最好探索其他机会。但如果你是一个积极的投资者，长期持有股票，现在仍然是将一些 CoreWeave 股票加入你投资组合的好时机——对 AI 的需求以及 CoreWeave 对英伟达最新 GPU 的直接访问可能会在长期内带来重大收益。</p>
</div>

This Stock Outperformed Nvidia and Palantir in the First Half. Is It Still a Buy?

- Nvidia 和 Palantir 在人工智能领域表现强劲，股价大幅上涨。  
- CoreWeave 新上市，三个月内股价上涨 300%，与 Nvidia 紧密相关。  
- 其一季度收入同比增长 400%，但面临基础设施投资风险。  

这只股票在今年上半年表现超过了英伟达和 Palantir。现在是否仍然值得购买？