<p>在每个季度结束后，管理超过 1 亿美元股票的金融服务公司需要向证券交易委员会（SEC）提交 13F 表格。这些文件代表了基金在最近一个季度内买卖的所有股票的详细清单。</p>
<p>虽然投资者可能没有意识到，企业也可以将现金投资于其他公司的股权。根据 <strong>Nvidia</strong> 最近的 13F 文件，这家半导体明星目前在六只股票中持有头寸。其中两只持股分布在人工智能（AI）数据中心股票 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong>（CRWV -3.50%）之间。</p>
<p>在今年早些时候成功进行首次公开募股（IPO）后，CoreWeave 已成为 AI 基础设施市场的重要参与者。让我们深入了解 CoreWeave 的业务，探索该公司如何改变 AI 领域。</p>
<h2>CoreWeave 的业务是什么？</h2>
<p>在过去几年中，投资者了解到被称为图形处理单元（GPU）的先进芯片组在生成性 AI 开发中扮演的重要角色。GPU 市场主要由 Nvidia 和 <strong>Advanced Micro Devices</strong> 主导，这两家公司能够为其备受追捧的数据中心硬件收取高昂的价格。</p>
<p>虽然 AI 为芯片市场提供了前所未有的助力，但其中一个微妙的细节是，这种需求给供需动态带来了一系列复杂性。</p>
<p>这就是 CoreWeave 发挥作用的地方。CoreWeave 作为一个 “新云” 运营，这是一种特殊类型的业务，允许公司通过基于云的基础设施访问 GPU 架构。这种灵活的模式吸引了那些由于价格上涨而无法直接从 Nvidia 或其合作伙伴购买 GPU 的企业。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvY29yZXdlYXZlLWJ1c2luZXNzLW1vZGVsLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvY29yZXdlYXZlLWJ1c2luZXNzLW1vZGVsLmpwZyZ3PTcwMA"/></p>
<p>图片来源：CoreWeave。</p>
<p>通过提供比 <strong>Microsoft</strong> Azure、<strong>Amazon</strong> Web Services 和 Google Cloud Platform 等云计算巨头更灵活且可能更实惠的模型，CoreWeave 能够吸引众多知名客户，并签署了一系列数十亿美元的多年合同。</p>
<h2>CoreWeave 的增长情况如何？</h2>
<p>截至 3 月 31 日的季度，CoreWeave 的收入为 9.82 亿美元，同比增长 420%。尽管公司的净亏损较去年同期扩大了两倍多，但 CoreWeave 有一些催化剂可以迅速扭转其盈利能力的动态。请参见下图中的估计。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.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/1abb2f56318358e3e58f3e9051ebefbc.png"/></p>
<p>CRWV 当前财政年度收入估计数据来源于 YCharts</p>
<p>在财报电话会议上，管理层提高了对收入和资本支出（capex）的指导。尽管更多的支出可能在短期内抑制盈利能力，但这些投资是 AI 基础设施长期机会的必要基础。</p>
<p>正如上图中华尔街的估计所示，CoreWeave 今天的投资应有助于确保更多访问 Nvidia 的 Blackwell GPU 架构，并最终为未来的加速增长提供助力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvZ2V0dHlpbWFnZXMtMTQwODcxNTMwMy02LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvZ2V0dHlpbWFnZXMtMTQwODcxNTMwMy02LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 的股票现在值得买吗？</h2>
<p>在下图中，我将 CoreWeave 与 <strong>Oracle</strong> 在市销率（P/S）基础上进行了比较。Oracle 也是基础设施即服务（IaaS）领域的领先参与者，刚刚签署了一项 300 亿美元的云计算合同，因此可以与 CoreWeave 进行比较。该单一合同预计将带来几乎是 CoreWeave2027 年总收入的两倍。然而，投资者在 CoreWeave 的 P/S 倍数上给予了 Oracle 两倍的溢价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.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/273cb0acef15d4ac372bb92c03c5a4a7.png"/></p>
<p>CRWV 市销率数据来源于 YCharts</p>
<p>我认为在 CoreWeave 的估值相对于同行如 Oracle 时，有几个细微之处需要指出。</p>
<p>首先，Oracle 正在经历一个过渡期——有效地用其新兴的数据中心基础设施业务替代增长缓慢（或没有增长）的业务部分。因此，投资者可能会对 Oracle 相对于高增长的 AI 股票如 CoreWeave 施加折扣。</p>
<p>此外，CoreWeave 在今年早些时候完成了 IPO。自那时以来，该公司与 OpenAI 签署了一项 112 亿美元的合同，宣布计划收购 <strong>Core Scientific</strong> 以增强其平台，并在华尔街一些最受尊敬的机构投资组合中获得了一席之地。</p>
<p>这些因素的汇聚足以引发投资者的极大兴奋和热情。因此，我并不惊讶看到 CoreWeave 以如此高的溢价交易。</p>
<p>我认为，对于投资者来说，最明智的做法是在较长的时间范围内以不同的价格点购买 CoreWeave 的股票。如果你在设定的时间间隔内投资相同金额，这被称为定投，可以通过消除特定的时机和价格点来帮助降低风险。</p>
<p>总体而言，我认为 CoreWeave 是一个引人注目的机会，能够在 AI 叙事的基础设施篇章中占据主导地位。如果我只能购买一只 Nvidia 支持的数据中心股票，那就是 CoreWeave。</p>

CRWV

<p>CoreWeave 是一家在人工智能基础设施领域的重要参与者，因 Nvidia 的 13F 文件披露其对该公司的投资而引起关注。CoreWeave 作为 “新云” 运营，通过云基础设施提供 GPU 访问，吸引那些无法直接购买 GPU 的企业。该公司报告第一季度收入为 9.82 亿美元，同比增长 420%，尽管净亏损有所扩大。凭借与 OpenAI 达成的 112 亿美元交易等重大投资和合作，CoreWeave 被视为一个强劲的长期投资机会，鼓励潜在投资者进行定投</p>

<p>Following the end of each quarter, financial services firms that manage over $100 million in stocks are required to file a form 13F with the Securities and Exchange Commission (SEC). These filings represent an itemized breakdown of all the stocks that the fund bought and sold during the most recent quarter.</p>
<div class="lb-trans"><p>在每个季度结束后，管理超过 1 亿美元股票的金融服务公司需要向证券交易委员会（SEC）提交 13F 表格。这些文件代表了基金在最近一个季度内买卖的所有股票的详细清单。</p>
</div><p>While investors may not realize it, corporations can also invest their cash into equity positions of other businesses. According to <strong>Nvidia</strong>'s recent 13F filing, the semiconductor darling currently holds positions across six stocks. Two of its holdings are spread between artificial intelligence (AI) data center stocks, <strong>Nebius Group</strong> and <strong>CoreWeave</strong>(CRWV -3.50%).</p>
<div class="lb-trans"><p>虽然投资者可能没有意识到，企业也可以将现金投资于其他公司的股权。根据 <strong>Nvidia</strong> 最近的 13F 文件，这家半导体明星目前在六只股票中持有头寸。其中两只持股分布在人工智能（AI）数据中心股票 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong>（CRWV -3.50%）之间。</p>
</div><p>Fresh off a hot initial public offering (IPO) earlier this year, CoreWeave has emerged as an integral player in the AI infrastructure market. Let's dive into CoreWeave's business and explore how the company is transforming the AI landscape.</p>
<div class="lb-trans"><p>在今年早些时候成功进行首次公开募股（IPO）后，CoreWeave 已成为 AI 基础设施市场的重要参与者。让我们深入了解 CoreWeave 的业务，探索该公司如何改变 AI 领域。</p>
</div><h2>What does CoreWeave do?</h2>
<div class="lb-trans"><h2>CoreWeave 的业务是什么？</h2>
</div><p>For the last few years, investors have learned about the important role that advanced chipsets known as graphics processing units (GPUs) play in the development of generative AI. The GPU market is largely dominated by Nvidia and <strong>Advanced Micro Devices</strong>, both of which are able to command hefty price tags for their coveted data center hardware.</p>
<div class="lb-trans"><p>在过去几年中，投资者了解到被称为图形处理单元（GPU）的先进芯片组在生成性 AI 开发中扮演的重要角色。GPU 市场主要由 Nvidia 和 <strong>Advanced Micro Devices</strong> 主导，这两家公司能够为其备受追捧的数据中心硬件收取高昂的价格。</p>
</div><p>While AI has served as an unprecedented tailwind for the chip market, one of the subtle nuances is that this demand has brought a series of complications to supply and demand dynamics.</p>
<div class="lb-trans"><p>虽然 AI 为芯片市场提供了前所未有的助力，但其中一个微妙的细节是，这种需求给供需动态带来了一系列复杂性。</p>
</div><p>This is where CoreWeave comes into play. CoreWeave operates as a &#34;neocloud,&#34; which is a specialized type of business that allows companies to access GPU architecture through cloud-based infrastructure. This flexible model appeals to businesses that may not be able to purchase GPUs directly from Nvidia or its cohorts due to rising price dynamics.</p>
<div class="lb-trans"><p>这就是 CoreWeave 发挥作用的地方。CoreWeave 作为一个 “新云” 运营，这是一种特殊类型的业务，允许公司通过基于云的基础设施访问 GPU 架构。这种灵活的模式吸引了那些由于价格上涨而无法直接从 Nvidia 或其合作伙伴购买 GPU 的企业。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvY29yZXdlYXZlLWJ1c2luZXNzLW1vZGVsLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825895%2Fcoreweave-business-model.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: CoreWeave.</p>
<div class="lb-trans"><p>图片来源：CoreWeave。</p>
</div><p>By offering an agile and potentially more affordable model than cloud hyperscalers such as <strong>Microsoft</strong> Azure, <strong>Amazon</strong> Web Services, and Google Cloud Platform, CoreWeave has been able to attract a number of high-profile customers and ink a series of multiyear, billion-dollar deals.</p>
<div class="lb-trans"><p>通过提供比 <strong>Microsoft</strong> Azure、<strong>Amazon</strong> Web Services 和 Google Cloud Platform 等云计算巨头更灵活且可能更实惠的模型，CoreWeave 能够吸引众多知名客户，并签署了一系列数十亿美元的多年合同。</p>
</div><h2>What does CoreWeave's growth look like?</h2>
<div class="lb-trans"><h2>CoreWeave 的增长情况如何？</h2>
</div><p>For the quarter ended March 31, CoreWeave generated $982 million in revenue -- up 420% year over year. While the company's net loss widened more than twofold compared to the year-ago quarter, CoreWeave has some catalysts that should quickly turn around the dynamics of its profitability profile. See estimates in the chart below.</p>
<div class="lb-trans"><p>截至 3 月 31 日的季度，CoreWeave 的收入为 9.82 亿美元，同比增长 420%。尽管公司的净亏损较去年同期扩大了两倍多，但 CoreWeave 有一些催化剂可以迅速扭转其盈利能力的动态。请参见下图中的估计。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.png" alt="" original-src="https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.png"/></p>
<p>CRWV Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>CRWV 当前财政年度收入估计数据来源于 YCharts</p>
</div><p>During the earnings call, management raised guidance for both revenue and capital expenditures (capex). While more spending may stifle profitability in the short term, these investments are necessary foundations for the longer-term opportunity in AI infrastructure.</p>
<div class="lb-trans"><p>在财报电话会议上，管理层提高了对收入和资本支出（capex）的指导。尽管更多的支出可能在短期内抑制盈利能力，但这些投资是 AI 基础设施长期机会的必要基础。</p>
</div><p>As Wall Street's estimates pictured in the chart above showcase, CoreWeave's investments today should help secure more access to Nvidia's Blackwell GPU architecture and should ultimately serve as a tailwind for more accelerated growth down the road.</p>
<div class="lb-trans"><p>正如上图中华尔街的估计所示，CoreWeave 今天的投资应有助于确保更多访问 Nvidia 的 Blackwell GPU 架构，并最终为未来的加速增长提供助力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvZ2V0dHlpbWFnZXMtMTQwODcxNTMwMy02LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825895%2Fgettyimages-1408715303-6.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>Is CoreWeave stock a buy right now?</h2>
<div class="lb-trans"><h2>CoreWeave 的股票现在值得买吗？</h2>
</div><p>In the chart below, I compare CoreWeave to <strong>Oracle</strong> on a price-to-sales (P/S) basis. Oracle is also a leading player in infrastructure-as-a-service (IaaS), having just signed a $30 billion cloud deal of its own, so it's comparable to CoreWeave. That single deal is expected to bring in nearly twice the amount of CoreWeave's total 2027 revenue. And yet, investors are placing a twofold premium on CoreWeave's P/S multiple when compared to Oracle.</p>
<div class="lb-trans"><p>在下图中，我将 CoreWeave 与 <strong>Oracle</strong> 在市销率（P/S）基础上进行了比较。Oracle 也是基础设施即服务（IaaS）领域的领先参与者，刚刚签署了一项 300 亿美元的云计算合同，因此可以与 CoreWeave 进行比较。该单一合同预计将带来几乎是 CoreWeave2027 年总收入的两倍。然而，投资者在 CoreWeave 的 P/S 倍数上给予了 Oracle 两倍的溢价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.png" alt="" original-src="https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.png"/></p>
<p>CRWV PS Ratio data by YCharts</p>
<div class="lb-trans"><p>CRWV 市销率数据来源于 YCharts</p>
</div><p>I think there are a couple of nuances to point out when it comes to CoreWeave's valuation relative to a peer such as Oracle.</p>
<div class="lb-trans"><p>我认为在 CoreWeave 的估值相对于同行如 Oracle 时，有几个细微之处需要指出。</p>
</div><p>First, Oracle is experiencing a transition period -- effectively replacing slow-growth (or no-growth) segments of the business with its new, budding data center infrastructure operation. For this reason, investors are likely applying a discount to Oracle relative to a high-growth AI stock such as CoreWeave.</p>
<div class="lb-trans"><p>首先，Oracle 正在经历一个过渡期——有效地用其新兴的数据中心基础设施业务替代增长缓慢（或没有增长）的业务部分。因此，投资者可能会对 Oracle 相对于高增长的 AI 股票如 CoreWeave 施加折扣。</p>
</div><p>Moreover, CoreWeave completed an IPO earlier this year. Since then, the company has inked an $11.2 billion deal with OpenAI, announced the planned acquisition of <strong>Core Scientific</strong> to bolster its platform, and earned a spot in some of Wall Street's most respected institutional portfolios.</p>
<div class="lb-trans"><p>此外，CoreWeave 在今年早些时候完成了 IPO。自那时以来，该公司与 OpenAI 签署了一项 112 亿美元的合同，宣布计划收购 <strong>Core Scientific</strong> 以增强其平台，并在华尔街一些最受尊敬的机构投资组合中获得了一席之地。</p>
</div><p>This confluence of factors is more than enough to garner outsize excitement and enthusiasm from investors. For these reasons, I'm not surprised to see CoreWeave trading at such a premium.</p>
<div class="lb-trans"><p>这些因素的汇聚足以引发投资者的极大兴奋和热情。因此，我并不惊讶看到 CoreWeave 以如此高的溢价交易。</p>
</div><p>I think the most prudent course of action for investors is to buy CoreWeave stock at different price points over a long-term time horizon. If you invest the same amount of money at set time intervals, that is known as dollar-cost averaging, and can help mitigate risk by removing specific timing and price points from the equation.</p>
<div class="lb-trans"><p>我认为，对于投资者来说，最明智的做法是在较长的时间范围内以不同的价格点购买 CoreWeave 的股票。如果你在设定的时间间隔内投资相同金额，这被称为定投，可以通过消除特定的时机和价格点来帮助降低风险。</p>
</div><p>Overall, I see CoreWeave as a compelling opportunity that is well positioned to dominate the infrastructure chapter of the AI narrative. If I could buy only one Nvidia-backed data center stock, CoreWeave would be it.</p>
<div class="lb-trans"><p>总体而言，我认为 CoreWeave 是一个引人注目的机会，能够在 AI 叙事的基础设施篇章中占据主导地位。如果我只能购买一只 Nvidia 支持的数据中心股票，那就是 CoreWeave。</p>
</div>

If I Could Buy Only 1 Nvidia-Backed Data Center Stock, This Would Be It (Hint: It's Not Nebius)

- Nvidia 的 13F 文件显示其持有六只股票，包括 CoreWeave。  
- CoreWeave 在 AI 基础设施市场中增长迅速，收入同比增长 420%。  
- 投资者被建议在不同价格点长期持有 CoreWeave 股票。  

如果我只能选择购买一只由英伟达支持的数据中心股票，那就是这只（提示：不是 Nebius）