<p>商业可用的人工智能（AI）系统的出现带来了对强大计算能力日益增长的需求。新兴公司 <strong>CoreWeave</strong>（CRWV -6.94%），于 3 月 28 日进行了首次公开募股，积极响应这一需求。</p>
<p>该公司提供最先进的云基础设施，旨在支持 AI 系统。为此，CoreWeave 依赖于 <strong>Nvidia</strong>（NVDA -0.42%）提供的技术。Nvidia 的图形处理单元（GPU）和其他 AI 产品使其能够推动下一波技术创新。</p>
<p>正如 Nvidia 首席执行官黄仁勋所说，&#34;我们正在进入一个新的工业时代——一个以大规模生成智能为特征的时代。&#34; 在这种背景下，哪只股票在未来提供更好的长期投资机会：CoreWeave 还是 Nvidia？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4MjMvYWktaW4tdGhlLWNsb3VkLWdldHR5aW1hZ2VzLTE0MjI5MjU0NjgtMTIwMHg2NDYtZjFjZDQ5Mi5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4MjMvYWktaW4tdGhlLWNsb3VkLWdldHR5aW1hZ2VzLTE0MjI5MjU0NjgtMTIwMHg2NDYtZjFjZDQ5Mi5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Nvidia 与 AI 工厂的崛起</h2>
<p>黄仁勋所描述的新工业时代将需要 AI 工厂——配备尖端硬件的专用数据中心，旨在满足 AI 系统对计算能力的需求。</p>
<p>因此，寻求在 AI 领域领先的组织正在建设新的数据中心。<strong>Meta Platforms</strong>，例如，正在路易斯安那州建设一个，首席执行官马克·扎克伯格形容其&#34;大到可以覆盖曼哈顿的很大一部分。&#34; <strong>Oracle</strong> 正在建设一个如此庞大的数据中心，以至于需要三个小型模块化核反应堆来为其供电。</p>
<p>作为关键硬件的供应商——尤其是其 GPU——Nvidia 将从这些 AI 工厂的建设和运营中受益。使用其最新 GPU 架构 Blackwell 的芯片销售依然强劲，公司已经在准备明年发布 Blackwell 的继任者 Vera Rubin 架构。</p>
<p>其持续推进技术的能力使 Nvidia 的销售额飙升至历史新高。在其 2025 财年（截至 1 月 26 日），收入增长了 114%，达到了创纪录的 1305 亿美元。</p>
<p>2026 财年开局强劲，第一季度收入为 441 亿美元，比去年同期增长 69%，而营业收入增长 28%，达到 216 亿美元。Nvidia 预计在 2026 财年第二季度将继续实现销售增长，预计收入为 450 亿美元，高于去年同期的 300 亿美元。</p>
<p>尽管由于美国政府对向中国客户销售的 AI 硬件的限制，Nvidia 对中国的销售有所减少，但这一增长依然显著。为了重新点燃在中国的业务，Nvidia 正在研发一款符合新规的芯片，预计将在秋季推出。</p>
<h2>了解 CoreWeave</h2>
<p>对 AI 工厂的需求正在为 CoreWeave 的业务带来重大推动。计算能力的需求如此之大，以至于 Meta、ChatGPT 的拥有者 OpenAI 和 <strong>Microsoft</strong> 都在使用 CoreWeave 的云基础设施来补充他们自己的数据中心。这帮助 CoreWeave 在第一季度实现了 9.816 亿美元的收入，同比惊人增长 420%。</p>
<p>尽管不确定企业在特朗普总统不断变化的关税政策下如何调整 IT 支出，CoreWeave 的客户需求依然没有减弱。CoreWeave 管理层预计第二季度销售将加速至 11 亿美元，高于去年同期的 3.95 亿美元。</p>
<p>CoreWeave 本月还宣布将收购 <strong>Core Scientific</strong>，一家数字资产挖矿公司。在 AI 革命兴起之前，CoreWeave 也曾参与加密货币挖矿。但这次收购并不是回归其根源。</p>
<p>相反，CoreWeave 将利用 Core Scientific 的 IT 基础设施来扩展其能力，以便能够接纳更多需要 AI 计算能力的客户。这一举措还将降低 CoreWeave 的成本，因为它目前正在租用 Core Scientific 的一些设施。</p>
<p>削减成本是必要的，因为建设尖端计算基础设施并不便宜。在第一季度，CoreWeave 的营业亏损为 2750 万美元，营业费用激增 487%，达到 10 亿美元。</p>
<h2>在 CoreWeave 和 Nvidia 股票之间做出选择</h2>
<p>在考虑投资 CoreWeave 或 Nvidia 时，另一个关键因素是它们的估值。由于只有一家公司是盈利的，市销率（P/S）是比较它们的有用指标，同时也可以用来与其他 AI 企业如 Microsoft 和 Nvidia 竞争对手 <strong>AMD</strong> 进行比较。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/69bec2b8dfba83cd99adf1c35ef72dd8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="490" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/69bec2b8dfba83cd99adf1c35ef72dd8.png"/></p>
<p>数据来源：YCharts。</p>
<p>最近几个月，两家公司的 P/S 比率均有所上升，远高于 Microsoft 和 AMD。这表明尽管 CoreWeave 的 P/S 倍数在 7 月有所下降，但两只股票都显得价格昂贵。</p>
<p>因此，我认为在选择任何一只股票之前，最好等待其交易价格回归到更合理的估值。然而，当这个机会出现时，选择的公司应该是 Nvidia。</p>
<p>选择 Nvidia 而非 CoreWeave 的原因在于，前者是盈利的，是 AI 行业增长的关键参与者，持续改进其技术，并拥有广泛的竞争优势。相比之下，CoreWeave 的商业模式可以被许多竞争对手复制，并且一些客户在建立足够的数据中心后可能会停止使用该公司的服务。</p>
<p>因此，在这两家 AI 企业中，Nvidia 看起来是更优的长期投资。</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

<p>CoreWeave 是一家新兴的人工智能云基础设施公司，正与 GPU 技术领头羊英伟达展开竞争。CoreWeave 的收入同比激增 420%，达到 9.816 亿美元，主要受到 Meta 和 OpenAI 等大客户需求的推动。与此同时，英伟达报告的收入增长了 114%，达到 1305 亿美元，受益于人工智能工厂的兴起。这两家公司都有较高的市销率，暗示它们可能被高估。分析师建议等待更好的估值，英伟达因其盈利能力和在人工智能市场的强大地位而成为首选</p>

<p>The advent of commercially available artificial intelligence (AI) systems has brought with it a growing need for prodigious computing power. Newcomer <strong>CoreWeave</strong>(CRWV -6.94%), which had its initial public offering on March 28, stepped up to help meet that need.</p>
<div class="lb-trans"><p>商业可用的人工智能（AI）系统的出现带来了对强大计算能力日益增长的需求。新兴公司 <strong>CoreWeave</strong>（CRWV -6.94%），于 3 月 28 日进行了首次公开募股，积极响应这一需求。</p>
</div><p>The company delivers state-of-the-art cloud infrastructure designed to support AI systems. To do this, CoreWeave relies on tech provided by <strong>Nvidia</strong>(NVDA -0.42%). Nvidia's graphics processing units (GPUs) and other AI products position it to power the next wave of technological innovation.</p>
<div class="lb-trans"><p>该公司提供最先进的云基础设施，旨在支持 AI 系统。为此，CoreWeave 依赖于 <strong>Nvidia</strong>（NVDA -0.42%）提供的技术。Nvidia 的图形处理单元（GPU）和其他 AI 产品使其能够推动下一波技术创新。</p>
</div><p>As Nvidia CEO Jensen Huang stated, ​​&#34;We are entering a new industrial era -- one defined by the ability to generate intelligence at scale.&#34; Against this backdrop, which stock offers a better long-term investment opportunity from here: CoreWeave or Nvidia?</p>
<div class="lb-trans"><p>正如 Nvidia 首席执行官黄仁勋所说，&#34;我们正在进入一个新的工业时代——一个以大规模生成智能为特征的时代。&#34; 在这种背景下，哪只股票在未来提供更好的长期投资机会：CoreWeave 还是 Nvidia？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4MjMvYWktaW4tdGhlLWNsb3VkLWdldHR5aW1hZ2VzLTE0MjI5MjU0NjgtMTIwMHg2NDYtZjFjZDQ5Mi5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824823%2Fai-in-the-cloud-gettyimages-1422925468-1200x646-f1cd492.png&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>Nvidia and the rise of AI factories</h2>
<div class="lb-trans"><h2>Nvidia 与 AI 工厂的崛起</h2>
</div><p>The new industrial era described by Jensen Huang will require AI factories -- specialized data centers outfitted with cutting-edge hardware designed to support the computing power demands of AI systems.</p>
<div class="lb-trans"><p>黄仁勋所描述的新工业时代将需要 AI 工厂——配备尖端硬件的专用数据中心，旨在满足 AI 系统对计算能力的需求。</p>
</div><p>For this reason, organizations seeking to lead in the AI space are constructing new data centers. <strong>Meta Platforms</strong>, for example, is building one in Louisiana that CEO Mark Zuckerberg described as &#34;so large it would cover a significant part of Manhattan.&#34; <strong>Oracle</strong> is working on a data center so big, three small modular nuclear reactors will be needed to power it.</p>
<div class="lb-trans"><p>因此，寻求在 AI 领域领先的组织正在建设新的数据中心。<strong>Meta Platforms</strong>，例如，正在路易斯安那州建设一个，首席执行官马克·扎克伯格形容其&#34;大到可以覆盖曼哈顿的很大一部分。&#34; <strong>Oracle</strong> 正在建设一个如此庞大的数据中心，以至于需要三个小型模块化核反应堆来为其供电。</p>
</div><p>As a provider of key hardware -- in particular, its GPUs -- Nvidia stands to benefit from the construction and operation of these AI factories. Sales of chips that use its latest GPU architecture, Blackwell, remain strong, and the company is already preparing to release Blackwell's successor, the Vera Rubin architecture, next year.</p>
<div class="lb-trans"><p>作为关键硬件的供应商——尤其是其 GPU——Nvidia 将从这些 AI 工厂的建设和运营中受益。使用其最新 GPU 架构 Blackwell 的芯片销售依然强劲，公司已经在准备明年发布 Blackwell 的继任者 Vera Rubin 架构。</p>
</div><p>Its ability to steadily advance its technology has catapulted Nvidia's sales to historic highs. In its fiscal 2025 (which ended Jan. 26), revenue grew 114% to a record $130.5 billion.</p>
<div class="lb-trans"><p>其持续推进技术的能力使 Nvidia 的销售额飙升至历史新高。在其 2025 财年（截至 1 月 26 日），收入增长了 114%，达到了创纪录的 1305 亿美元。</p>
</div><p>Fiscal 2026 is off to a strong start with first quarter revenue of $44.1 billion, a 69% increase from the prior-year period, while operating income rose 28% to $21.6 billion. Nvidia expects continued sales growth in fiscal Q2, projecting $45 billion in revenue, up from $30 billion in the prior-year period.</p>
<div class="lb-trans"><p>2026 财年开局强劲，第一季度收入为 441 亿美元，比去年同期增长 69%，而营业收入增长 28%，达到 216 亿美元。Nvidia 预计在 2026 财年第二季度将继续实现销售增长，预计收入为 450 亿美元，高于去年同期的 300 亿美元。</p>
</div><p>This growth came in spite of a reduction in Nvidia's sales to China due to U.S. government restrictions on what AI hardware can be sold to customers there. In hopes of reigniting its business in China, Nvidia is working on a chip that would be acceptable to export there under the new regulations. This new chip could launch in the fall.</p>
<div class="lb-trans"><p>尽管由于美国政府对向中国客户销售的 AI 硬件的限制，Nvidia 对中国的销售有所减少，但这一增长依然显著。为了重新点燃在中国的业务，Nvidia 正在研发一款符合新规的芯片，预计将在秋季推出。</p>
</div><h2>A look into CoreWeave</h2>
<div class="lb-trans"><h2>了解 CoreWeave</h2>
</div><p>The need for AI factories is giving CoreWeave's business a serious boost. Demand for computing power is so large, the likes of Meta, ChatGPT owner OpenAI, and <strong>Microsoft</strong> are using CoreWeave's cloud infrastructure to supplement their own data centers. This helped CoreWeave drive to $981.6 million in the first quarter, an astounding 420% year-over-year increase.</p>
<div class="lb-trans"><p>对 AI 工厂的需求正在为 CoreWeave 的业务带来重大推动。计算能力的需求如此之大，以至于 Meta、ChatGPT 的拥有者 OpenAI 和 <strong>Microsoft</strong> 都在使用 CoreWeave 的云基础设施来补充他们自己的数据中心。这帮助 CoreWeave 在第一季度实现了 9.816 亿美元的收入，同比惊人增长 420%。</p>
</div><p>The company is seeing no slackening in client demand, despite the uncertainty of how businesses might adjust their IT spending in light of President Donald Trump's ever-shifting tariff policies. CoreWeave management is guiding for sales to accelerate to $1.1 billion in Q2, up from $395 million in the prior-year period.</p>
<div class="lb-trans"><p>尽管不确定企业在特朗普总统不断变化的关税政策下如何调整 IT 支出，CoreWeave 的客户需求依然没有减弱。CoreWeave 管理层预计第二季度销售将加速至 11 亿美元，高于去年同期的 3.95 亿美元。</p>
</div><p>CoreWeave also announced this month that it will acquire <strong>Core Scientific</strong>, a digital asset mining company. Before the AI revolution took off, CoreWeave was also involved in cryptocurrency mining. But this acquisition isn't a return to its roots.</p>
<div class="lb-trans"><p>CoreWeave 本月还宣布将收购 <strong>Core Scientific</strong>，一家数字资产挖矿公司。在 AI 革命兴起之前，CoreWeave 也曾参与加密货币挖矿。但这次收购并不是回归其根源。</p>
</div><p>Instead, CoreWeave will use Core Scientific's IT infrastructure to expand its capacity so it can take on more customers who need AI computing power. The move will also reduce CoreWeave costs because it is currently renting some of Core Scientific's facilities.</p>
<div class="lb-trans"><p>相反，CoreWeave 将利用 Core Scientific 的 IT 基础设施来扩展其能力，以便能够接纳更多需要 AI 计算能力的客户。这一举措还将降低 CoreWeave 的成本，因为它目前正在租用 Core Scientific 的一些设施。</p>
</div><p>Cost cutting is a necessity, since building out cutting-edge computing infrastructure is not cheap. In Q1, CoreWeave delivered an operating loss of $27.5 million as its operating expenses ballooned by 487% to $1 billion.</p>
<div class="lb-trans"><p>削减成本是必要的，因为建设尖端计算基础设施并不便宜。在第一季度，CoreWeave 的营业亏损为 2750 万美元，营业费用激增 487%，达到 10 亿美元。</p>
</div><h2>Deciding between CoreWeave and Nvidia stocks</h2>
<div class="lb-trans"><h2>在 CoreWeave 和 Nvidia 股票之间做出选择</h2>
</div><p>Another crucial consideration as you weigh investing in either CoreWeave or Nvidia is their valuations. Because only one of them is profitable, the price-to-sales (P/S) ratio is a useful metric for comparing them, and also for gauging them against other AI businesses such as Microsoft and Nvidia competitor <strong>AMD</strong>.</p>
<div class="lb-trans"><p>在考虑投资 CoreWeave 或 Nvidia 时，另一个关键因素是它们的估值。由于只有一家公司是盈利的，市销率（P/S）是比较它们的有用指标，同时也可以用来与其他 AI 企业如 Microsoft 和 Nvidia 竞争对手 <strong>AMD</strong> 进行比较。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/69bec2b8dfba83cd99adf1c35ef72dd8.png" alt="" original-src="https://media.ycharts.com/charts/69bec2b8dfba83cd99adf1c35ef72dd8.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Both companies' P/S ratios climbed in recent months, and are far above Microsoft and AMD. This suggests both stocks are pricey even though CoreWeave's P/S multiple dipped in July.</p>
<div class="lb-trans"><p>最近几个月，两家公司的 P/S 比率均有所上升，远高于 Microsoft 和 AMD。这表明尽管 CoreWeave 的 P/S 倍数在 7 月有所下降，但两只股票都显得价格昂贵。</p>
</div><p>Consequently, I would say it would be better to wait for shares to trade at a more reasonable valuation before picking up either stock. However, when that opportunity arises, the company to choose is Nvidia.</p>
<div class="lb-trans"><p>因此，我认为在选择任何一只股票之前，最好等待其交易价格回归到更合理的估值。然而，当这个机会出现时，选择的公司应该是 Nvidia。</p>
</div><p>The reason to pick Nvidia over CoreWeave is that the former is profitable, a key player in AI industry growth, is continually improving its technology, and has a wide competitive moat. By contrast, CoreWeave's business model can be replicated by many competitors, and some of its customers may discontinue using the company's services once they've built out enough data centers of their own.</p>
<div class="lb-trans"><p>选择 Nvidia 而非 CoreWeave 的原因在于，前者是盈利的，是 AI 行业增长的关键参与者，持续改进其技术，并拥有广泛的竞争优势。相比之下，CoreWeave 的商业模式可以被许多竞争对手复制，并且一些客户在建立足够的数据中心后可能会停止使用该公司的服务。</p>
</div><p>As a result, Nvidia looks like the superior long-term investment between these two AI businesses.</p>
<div class="lb-trans"><p>因此，在这两家 AI 企业中，Nvidia 看起来是更优的长期投资。</p>
</div>

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

- CoreWeave 提供云基础设施以满足 AI 计算需求。  
- Nvidia 通过其 GPU 技术推动 AI 工业化进程。  
- 投资者应关注 Nvidia 的盈利能力和市场地位。  

哪只人工智能（AI）股票更好：CoreWeave 与 NVIDIA