<p>云人工智能（AI）基础设施提供商 <strong>CoreWeave</strong>（CRWV -2.48%）自五个月前上市以来，其股价经历了惊人的增长。该公司的股票自那时以来上涨了令人瞩目的 133%，尽管最近的走势表明投资者在其惊人上涨后开始获利了结。</p>
<p>具体来说，该股票自 6 月 20 日达到 52 周高点以来下跌了 50%。CoreWeave 最近的下滑可以归因于其计划的全股票收购 <strong>Core Scientific</strong>、最近的季度业绩中公司出现了超出预期的亏损，以及首次公开募股（IPO）锁定期的到期，这使得内部人士可以出售股票。</p>
<p>然而，这一近期的下跌对于那些希望以相对便宜的估值购买成长股的精明投资者来说，实际上是一个伪装的机会，特别是考虑到 CoreWeave 在未来五年可能实现的惊人增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NjMvcGVyc29uLXNtaWxpbmctY29tcHV0ZXItY2hhcnRzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NjMvcGVyc29uLXNtaWxpbmctY29tcHV0ZXItY2hhcnRzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 将从蓬勃发展的 AI 基础设施需求中获益良多</h2>
<p>CoreWeave 的业务正在以惊人的速度增长。该公司建立了由 <strong>Nvidia</strong> 的顶级图形处理单元（GPU）驱动的数据中心，客户们纷纷抢着租用 CoreWeave 的计算能力。</p>
<p>这解释了为什么 CoreWeave 在 2025 年前六个月的收入同比增长了 3.75 倍。值得注意的是，CoreWeave 目前没有足够的能力来满足其所接收到的所有业务。这从其在第二季度末积压的 300 亿美元的巨大订单中可以看出。</p>
<p>CoreWeave 的积压订单在上一季度同比增长了 140 亿美元。这远高于公司第二季度的收入 12 亿美元。因此，CoreWeave 获得新合同的速度远远快于其履行合同的速度。当我们考虑到全球云基础设施即服务（IaaS）市场的收入预计将从 2025 年的约 1900 亿美元跃升至 2032 年的 7120 亿美元时，这并不令人惊讶，数据来自《财富商业洞察》。</p>
<p>因此，寻求开发和部署 AI 应用程序的公司正在尽可能获取数据中心的计算能力。CoreWeave 则在尽力将更多的数据中心能力上线。首席执行官 Michael Intrator 在最近的财报电话会议上指出：“扩大我们的能力和服务仍然是我们在这个结构性供不应求市场中成功的关键因素。”</p>
<p>因此，CoreWeave 计划到 2025 年底将其活跃电力容量提高到 900 兆瓦，而上个季度末为 470 兆瓦。此外，CoreWeave 指出，其在上个季度末的总合同电力容量已增加至 2.2 吉瓦。</p>
<p>合同容量是 CoreWeave 为未来供电其数据中心而确保的电力数量。通过部署更多设备，如图形卡和存储，它可以将其转化为活跃容量，从而使其能够履行更多合同。值得注意的是，CoreWeave 能够获得来自全球领先的 AI 芯片公司的最新最强硬件。</p>
<p>该公司几个月前指出，它将成为第一家提供 Nvidia 旗舰 GB300 NVL72 系统的 AI 云基础设施公司。根据 CoreWeave 的说法，该系统提供了 “令人震惊的 50 倍推理模型推断输出提升，使您能够开发和部署比以往更大、更复杂的 AI 模型，速度也快得多”，与上一代 Hopper 芯片相比。</p>
<p>这并不令人惊讶，因为为该芯片平台提供动力的 Blackwell Ultra GPU 的计算能力是普通 Blackwell 卡的 1.5 倍。由于能够提供旗舰 AI 芯片系统以及积极扩展能力，CoreWeave 在未来五年内可能继续吸引更多客户并在 IaaS 市场中占据更大份额。</p>
<h2>该股票在未来五年内有能力实现可观的收益</h2>
<p>分析师预计 CoreWeave 在未来几年将实现可观的增长，他们甚至提高了对该公司的增长预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7ed913ff9011f181cfc6bfca2c79b4.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/4c7ed913ff9011f181cfc6bfca2c79b4.png"/></p>
<p>CRWV 当前财政年度的收入预估数据来自 YCharts</p>
<p>CoreWeave 已经拥有足够的积压订单来满足未来三年的收入目标。此外，AI 基础设施市场的巨大可寻址机会应有助于该公司在 2028 年之后维持其稳健增长。但即使 CoreWeave 的增长放缓，其收入在 2029 年和 2030 年以相对保守的 20% 增长率跃升，其收入在五年后也可能接近 250 亿美元。</p>
<p>假设 CoreWeave 在 2030 年的交易市盈率为 5 倍，符合 <strong>纳斯达克综合指数</strong> 的市销率，其市值可能跃升至 1250 亿美元。这将是其当前市值的近 2.75 倍，表明这只 AI 股票近期的下跌是一个买入机会，因为它在未来五年内可能实现可观的收益。</p>

CRWV

<p>CoreWeave (CRWV) 自上市以来股价上涨了 133%，但最近从其 52 周高点下跌了 50%。这一下跌与其收购计划、令人失望的季度业绩以及 IPO 锁定期的结束有关。尽管如此，CoreWeave 的收入同比激增了 3.75 倍，主要受 AI 基础设施高需求的推动。该公司拥有 300 亿美元的订单积压，并计划大幅扩展其产能。分析师预测强劲增长，预计五年内潜在收入将接近 250 亿美元，使其成为一个有吸引力的投资机会</p>

<p>Cloud artificial intelligence (AI) infrastructure provider <strong>CoreWeave</strong>(CRWV -2.48%) witnessed a stunning increase in its stock price since going public just over five months ago. Shares of the company shot up a remarkable 133% since then, though the recent action suggests that investors have been booking profits following its phenomenal rise.</p>
<div class="lb-trans"><p>云人工智能（AI）基础设施提供商 <strong>CoreWeave</strong>（CRWV -2.48%）自五个月前上市以来，其股价经历了惊人的增长。该公司的股票自那时以来上涨了令人瞩目的 133%，尽管最近的走势表明投资者在其惊人上涨后开始获利了结。</p>
</div><p>Specifically, the stock has slipped 50% from the 52-week high it hit on June 20. CoreWeave's recent slip can be attributed to a combination of its planned all-stock acquisition of <strong>Core Scientific</strong>, its recent quarterly results in which the company delivered a bigger-than-expected loss, and the expiration of the post-IPO (initial public offering) lock-up period, which allowed insiders to sell the stock.</p>
<div class="lb-trans"><p>具体来说，该股票自 6 月 20 日达到 52 周高点以来下跌了 50%。CoreWeave 最近的下滑可以归因于其计划的全股票收购 <strong>Core Scientific</strong>、最近的季度业绩中公司出现了超出预期的亏损，以及首次公开募股（IPO）锁定期的到期，这使得内部人士可以出售股票。</p>
</div><p>However, this recent decline is an opportunity in disguise for savvy investors looking to buy a growth stock at a relatively cheap valuation, especially considering the terrific growth CoreWeave could clock over the next five years.</p>
<div class="lb-trans"><p>然而，这一近期的下跌对于那些希望以相对便宜的估值购买成长股的精明投资者来说，实际上是一个伪装的机会，特别是考虑到 CoreWeave 在未来五年可能实现的惊人增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NjMvcGVyc29uLXNtaWxpbmctY29tcHV0ZXItY2hhcnRzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831763%2Fperson-smiling-computer-charts.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>CoreWeave is going to win big from booming AI infrastructure demand</h2>
<div class="lb-trans"><h2>CoreWeave 将从蓬勃发展的 AI 基础设施需求中获益良多</h2>
</div><p>CoreWeave's business is growing at an incredible pace. The company built data centers powered by top-of-the-line graphics processing units (GPUs) from <strong>Nvidia</strong>, and customers have been rushing to rent that capacity from CoreWeave.</p>
<div class="lb-trans"><p>CoreWeave 的业务正在以惊人的速度增长。该公司建立了由 <strong>Nvidia</strong> 的顶级图形处理单元（GPU）驱动的数据中心，客户们纷纷抢着租用 CoreWeave 的计算能力。</p>
</div><p>This explains why CoreWeave's revenue in the first six months of 2025 jumped 3.75 times from the same period last year. An important thing to note here is that CoreWeave doesn't have enough capacity at its disposal to fulfill all the business that it is receiving. This is evident from the massive backlog of $30 billion that it was sitting on at the end of Q2.</p>
<div class="lb-trans"><p>这解释了为什么 CoreWeave 在 2025 年前六个月的收入同比增长了 3.75 倍。值得注意的是，CoreWeave 目前没有足够的能力来满足其所接收到的所有业务。这从其在第二季度末积压的 300 亿美元的巨大订单中可以看出。</p>
</div><p>CoreWeave's backlog grew by a massive $14 billion year over year in the previous quarter. That's way higher than the company's Q2 revenue of $1.2 billion. So CoreWeave is winning new contracts far faster than it is fulfilling them. That's not surprising when we consider that the global cloud infrastructure-as-a-service (IaaS) market's revenue is expected to jump from an estimated $190 billion in 2025 to more than $712 billion in 2032, according to Fortune Business Insights.</p>
<div class="lb-trans"><p>CoreWeave 的积压订单在上一季度同比增长了 140 亿美元。这远高于公司第二季度的收入 12 亿美元。因此，CoreWeave 获得新合同的速度远远快于其履行合同的速度。当我们考虑到全球云基础设施即服务（IaaS）市场的收入预计将从 2025 年的约 1900 亿美元跃升至 2032 年的 7120 亿美元时，这并不令人惊讶，数据来自《财富商业洞察》。</p>
</div><p>So companies looking to develop and deploy AI applications are getting their hands on whatever data center capacity they can. CoreWeave, in turn, is doing its best to bring more data center capacity online. CEO Michael Intrator pointed out on the recent earnings conference call that &#34;scaling our capacity and services remains [a] key ingredient for our success in this structurally undersupplied market.&#34;</p>
<div class="lb-trans"><p>因此，寻求开发和部署 AI 应用程序的公司正在尽可能获取数据中心的计算能力。CoreWeave 则在尽力将更多的数据中心能力上线。首席执行官 Michael Intrator 在最近的财报电话会议上指出：“扩大我们的能力和服务仍然是我们在这个结构性供不应求市场中成功的关键因素。”</p>
</div><p>As a result, CoreWeave is intent on increasing its active power capacity to 900 megawatts by the end of 2025, up from 470 at the end of the previous quarter. What's more, CoreWeave points out that it increased its total contracted power capacity to 2.2 gigawatts at the end of the previous quarter.</p>
<div class="lb-trans"><p>因此，CoreWeave 计划到 2025 年底将其活跃电力容量提高到 900 兆瓦，而上个季度末为 470 兆瓦。此外，CoreWeave 指出，其在上个季度末的总合同电力容量已增加至 2.2 吉瓦。</p>
</div><p>Contracted capacity is the amount of power that CoreWeave secured for powering its data centers in the future. It can turn that into active capacity by deploying more equipment, such as graphics cards and storage, which should allow it to fulfill more contracts. It's worth noting that CoreWeave has been able to get its hands on the latest and greatest hardware from the world's leading AI chip company.</p>
<div class="lb-trans"><p>合同容量是 CoreWeave 为未来供电其数据中心而确保的电力数量。通过部署更多设备，如图形卡和存储，它可以将其转化为活跃容量，从而使其能够履行更多合同。值得注意的是，CoreWeave 能够获得来自全球领先的 AI 芯片公司的最新最强硬件。</p>
</div><p>The company pointed out a couple of months ago that it will be the first AI cloud infrastructure company to offer Nvidia's flagship GB300 NVL72 system. According to CoreWeave, this system offers &#34;a staggering 50 times increase in output for reasoning model inference, empowering you to develop and deploy larger, more complex AI models that are exponentially faster than ever before&#34; as compared to previous-generation Hopper chips.</p>
<div class="lb-trans"><p>该公司几个月前指出，它将成为第一家提供 Nvidia 旗舰 GB300 NVL72 系统的 AI 云基础设施公司。根据 CoreWeave 的说法，该系统提供了 “令人震惊的 50 倍推理模型推断输出提升，使您能够开发和部署比以往更大、更复杂的 AI 模型，速度也快得多”，与上一代 Hopper 芯片相比。</p>
</div><p>That's not surprising, as the Blackwell Ultra GPU powering this chip platform has 1.5 times more computing power than the regular Blackwell card. CoreWeave could continue attracting more customers and grab a bigger share of the IaaS market over the next five years thanks to its ability to offer flagship AI chip systems and its aggressive focus on capacity expansion.</p>
<div class="lb-trans"><p>这并不令人惊讶，因为为该芯片平台提供动力的 Blackwell Ultra GPU 的计算能力是普通 Blackwell 卡的 1.5 倍。由于能够提供旗舰 AI 芯片系统以及积极扩展能力，CoreWeave 在未来五年内可能继续吸引更多客户并在 IaaS 市场中占据更大份额。</p>
</div><h2>The stock's capable of delivering terrific gains over the next five years</h2>
<div class="lb-trans"><h2>该股票在未来五年内有能力实现可观的收益</h2>
</div><p>Analysts are expecting terrific growth from CoreWeave for the next couple of years, and they have even increased their growth expectations for the company.</p>
<div class="lb-trans"><p>分析师预计 CoreWeave 在未来几年将实现可观的增长，他们甚至提高了对该公司的增长预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7ed913ff9011f181cfc6bfca2c79b4.png" alt="" original-src="https://media.ycharts.com/charts/4c7ed913ff9011f181cfc6bfca2c79b4.png"/></p>
<p>CRWV Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>CRWV 当前财政年度的收入预估数据来自 YCharts</p>
</div><p>CoreWeave already has a big enough backlog to meet its revenue targets for the next three years. On top of that, the sizable addressable opportunity in the AI infrastructure market should help the company sustain its solid growth beyond 2028. But even if CoreWeave's growth slows down and its top line jumps at a relatively conservative rate of 20% in 2029 and 2030, its revenue could hit almost $25 billion after five years.</p>
<div class="lb-trans"><p>CoreWeave 已经拥有足够的积压订单来满足未来三年的收入目标。此外，AI 基础设施市场的巨大可寻址机会应有助于该公司在 2028 年之后维持其稳健增长。但即使 CoreWeave 的增长放缓，其收入在 2029 年和 2030 年以相对保守的 20% 增长率跃升，其收入在五年后也可能接近 250 亿美元。</p>
</div><p>Assuming CoreWeave is trading at 5 times sales in 2030, in line with the <strong>Nasdaq Composite</strong> index's price-to-sales ratio, its market cap could jump to $125 billion. That would be almost 2.75 times its current market cap, suggesting that this AI stock's recent dip is a buying opportunity, as it could clock terrific gains in the next five years.</p>
<div class="lb-trans"><p>假设 CoreWeave 在 2030 年的交易市盈率为 5 倍，符合 <strong>纳斯达克综合指数</strong> 的市销率，其市值可能跃升至 1250 亿美元。这将是其当前市值的近 2.75 倍，表明这只 AI 股票近期的下跌是一个买入机会，因为它在未来五年内可能实现可观的收益。</p>
</div>

五年后 CoreWeave 的股票将会处于什么位置？