<p>人工智能（AI）的出现改变了科技的面貌，这一转变仍在继续。<strong>Nvidia</strong>（NVDA -2.62%）成为市场上首个 AI 宠儿，其图形处理单元（GPU）迅速成为运行 AI 模型和加速数据传输的黄金标准。自 2023 年初以来（截至本文撰写时），其股价已上涨超过 1100%，并且股票仍然在新的历史高点附近。同期，Nvidia 的收入激增 673%，推动净收入上涨 1770%。</p>
<p>这些惊人的业绩吸引了科技界的关注，许多公司争相分一杯羹。然而，对 AI 芯片的持续需求和有限的生产能力导致了顶级 GPU 的短缺，这一情况至今仍在持续。这为 <strong>CoreWeave</strong>（CRWV 1.67%）的崛起提供了一个引人注目的机会，该公司为客户提供基于云的 AI 资源。</p>
<p>这家新云提供商刚刚加深了与 Nvidia 的强大关系。再加上其股价最近的调整，让一些投资者开始思考是否是时候购买 CoreWeave 的股票了。</p>
<p>让我们看看证据所暗示的内容。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTMvcm93LW9mLXJhY2stc2VydmVycy1pbi1hLWRhdGEtY2VudGVyLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTMvcm93LW9mLXJhY2stc2VydmVycy1pbi1hLWRhdGEtY2VudGVyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>新云概述</h2>
<p>云计算在 20 多年前进入主流，为用户提供在线访问软件应用、数据存储和数据处理的能力。正如我之前所写的，&#34;云所提供的灵活性、改善的安全性和可扩展性使其成为许多企业的吸引选择。此外，大多数 AI 处理发生在云中，这进一步推动了更大的采用。&#34;</p>
<p>AI 的出现促进了新云的崛起。这些专业提供商主要专注于 GPU 即服务（GPUaaS）和 AI 即服务（AIaaS），而 CoreWeave 被广泛认为是新云领域中最大和最具主导地位的公司。</p>
<p>CoreWeave 最大的优势之一是与 Nvidia 的紧密联系。这一战略合作伙伴关系使 CoreWeave 能够提前接触 Nvidia 最新的产品，从而利用对 AI 处理的持续需求。</p>
<p>然而，这一关系更进一步，因为 Nvidia 拥有 CoreWeave 约 5% 的股份，约 2430 万股，价值超过 28.6 亿美元（截至本文撰写时）。这也是 Nvidia 最大的股权投资，占公司在第二季度末投资组合的 91%。</p>
<p>这对公司最近将关系提升到一个新水平。在 9 月 9 日发布的监管文件中，CoreWeave 宣布了一项初始价值 63 亿美元的协议，表示将为 Nvidia 提供&#34;任何剩余未售出的云计算能力的访问权&#34;，Nvidia 则有责任在 2032 年前购买未使用的能力。</p>
<p>在关于这笔交易的声明中，Nvidia 指出了&#34;长时间的交货期和四到六年的客户承诺&#34;作为交易背后的逻辑。&#34;为了支持初创企业和中小型公司，Nvidia 和 CoreWeave 正在积极建设数据中心基础设施，并提供数据中心能力以满足不断变化的资本需求，&#34;Nvidia 的一位发言人表示。</p>
<p>换句话说，这笔交易为 CoreWeave 的投资者提供了未来七年保证收入流的保障。</p>
<h2>数据分析</h2>
<p>CoreWeave 的业绩描绘了一幅引人注目的图景。在第二季度，收入达到 12.1 亿美元，同比增长 207%，每股亏损为 0.60 美元，改善幅度为 63%。作为对比，华尔街预计收入为 10.8 亿美元，因此 CoreWeave 超出了预期，且有余地。</p>
<p>同样重要的是公司的剩余履约义务（RPO）——即尚未计入收入的合同销售——同比激增 86%，达到 301 亿美元，显示出持续的强劲需求。事实上，首席财务官 Nitin Agrawal 在财报电话会议上确认，需求继续超过供应。</p>
<p>CoreWeave 还扩大了与 OpenAI 的现有关系，达成了一项新的 40 亿美元的交易，超出了之前宣布的 119 亿美元的合同。</p>
<p>该公司继续加大对数据中心和服务器基础设施的投资，以满足&#34;前所未有&#34;的需求。</p>
<h2>现在是买入时机吗？</h2>
<p>自 3 月底首次公开募股（IPO）以来，CoreWeave 的表现一直火爆，股价一度飙升 359%，直到重力将其拉回现实。对 AI 持续需求的担忧、CoreWeave 的高估值以及公司持续亏损使得股价下跌，目前距离峰值下跌 35%，但仍然上涨 197%。</p>
<p>好消息是，CoreWeave 的估值比三个月前合理得多，目前的销售倍数为 13 倍。虽然有些人可能将其视为溢价，但我认为对于一家高增长公司来说，这是一种具有吸引力的估值，尤其是它有一个实力雄厚的支持者和广阔的增长前景。</p>

CRWV

<p>CoreWeave 通过一项价值 63 亿美元的交易加强了与 Nvidia 的合作，为 Nvidia 提供了直到 2032 年的未售出云计算能力的访问权限。这项协议确保了 CoreWeave 的收入来源，该公司在第二季度报告了同比增长 207% 的收入，达到 12.1 亿美元。尽管最近股价出现调整，CoreWeave 的估值变得更加吸引人，销售额为 13 倍，这使其成为寻求 AI 市场增长的投资者的潜在买入对象</p>

<p>The advent of artificial intelligence (AI) has changed the face of technology, and that shift is ongoing. <strong>Nvidia</strong>(NVDA -2.62%) became the market's first AI darling, as its graphics processing units (GPUs) quickly became the gold standard for running AI models and speeding data through the ether. It has soared more than 1,100% since early 2023 (as of this writing), and the stock remains within striking distance of a new all-time high. During that same period, Nvidia's revenue jumped 673%, driving net income up 1,770%.</p>
<div class="lb-trans"><p>人工智能（AI）的出现改变了科技的面貌，这一转变仍在继续。<strong>Nvidia</strong>（NVDA -2.62%）成为市场上首个 AI 宠儿，其图形处理单元（GPU）迅速成为运行 AI 模型和加速数据传输的黄金标准。自 2023 年初以来（截至本文撰写时），其股价已上涨超过 1100%，并且股票仍然在新的历史高点附近。同期，Nvidia 的收入激增 673%，推动净收入上涨 1770%。</p>
</div><p>Those blistering results have attracted the attention of the tech world, with many companies scrambling to get a share of the AI windfall. However, the unrelenting demand for AI-capable chips and limited production capacity led to a shortage of top-shelf GPUs that continues to this day. This presented an intriguing opportunity for the rise of <strong>CoreWeave</strong>(CRWV 1.67%), which provides cloud-based AI resources for customers.</p>
<div class="lb-trans"><p>这些惊人的业绩吸引了科技界的关注，许多公司争相分一杯羹。然而，对 AI 芯片的持续需求和有限的生产能力导致了顶级 GPU 的短缺，这一情况至今仍在持续。这为 <strong>CoreWeave</strong>（CRWV 1.67%）的崛起提供了一个引人注目的机会，该公司为客户提供基于云的 AI 资源。</p>
</div><p>The neocloud provider just deepened its already strong relationship with Nvidia. That, combined with the recent correction in its share price, has some investors wondering whether it's finally time to buy CoreWeave stock.</p>
<div class="lb-trans"><p>这家新云提供商刚刚加深了与 Nvidia 的强大关系。再加上其股价最近的调整，让一些投资者开始思考是否是时候购买 CoreWeave 的股票了。</p>
</div><p>Let's see what the evidence suggests.</p>
<div class="lb-trans"><p>让我们看看证据所暗示的内容。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTMvcm93LW9mLXJhY2stc2VydmVycy1pbi1hLWRhdGEtY2VudGVyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833853%2Frow-of-rack-servers-in-a-data-center.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>Neocloud in a nutshell</h2>
<div class="lb-trans"><h2>新云概述</h2>
</div><p>Cloud computing entered the mainstream more than 20 years ago, giving users online access to software applications, data storage, and data processing. As I've previously written, &#34;The flexibility, improved security, and ability to scale offered by the cloud make it an attractive choice for many businesses. Furthermore, most AI processing takes place in the cloud, which has spurred even greater adoption.&#34;</p>
<div class="lb-trans"><p>云计算在 20 多年前进入主流，为用户提供在线访问软件应用、数据存储和数据处理的能力。正如我之前所写的，&#34;云所提供的灵活性、改善的安全性和可扩展性使其成为许多企业的吸引选择。此外，大多数 AI 处理发生在云中，这进一步推动了更大的采用。&#34;</p>
</div><p>The advent of AI fueled the rise of the neocloud. These specialized providers are largely focused on GPU-as-a-service (GPUaaS) and AI-as-a-Service (AIaaS), and CoreWeave is widely regarded as the largest and most dominant of the neocloud set.</p>
<div class="lb-trans"><p>AI 的出现促进了新云的崛起。这些专业提供商主要专注于 GPU 即服务（GPUaaS）和 AI 即服务（AIaaS），而 CoreWeave 被广泛认为是新云领域中最大和最具主导地位的公司。</p>
</div><p>One of CoreWeave's biggest advantages is the company's close ties to Nvidia. The strategic partnership gives CoreWeave early access to Nvidia's latest and greatest offerings, allowing it to capitalize on the ongoing demand for AI processing.</p>
<div class="lb-trans"><p>CoreWeave 最大的优势之一是与 Nvidia 的紧密联系。这一战略合作伙伴关系使 CoreWeave 能够提前接触 Nvidia 最新的产品，从而利用对 AI 处理的持续需求。</p>
</div><p>The relationship goes further, however, as Nvidia owns a roughly 5% stake in CoreWeave, amounting to nearly 24.3 million shares worth more than $2.86 billion (as of this writing). It also ranks as Nvidia's largest equity holding, representing 91% of the company's portfolio at the end of the second quarter.</p>
<div class="lb-trans"><p>然而，这一关系更进一步，因为 Nvidia 拥有 CoreWeave 约 5% 的股份，约 2430 万股，价值超过 28.6 亿美元（截至本文撰写时）。这也是 Nvidia 最大的股权投资，占公司在第二季度末投资组合的 91%。</p>
</div><p>The pair has recently taken their relationship to the next level. In a regulatory filing that dropped September 9, CoreWeave announced an agreement initially worth $6.3 billion, saying that it would provide Nvidia with &#34;access to any residual unsold cloud computing capacity,&#34; with Nvidia on the hook to purchase unused capacity until 2032.</p>
<div class="lb-trans"><p>这对公司最近将关系提升到一个新水平。在 9 月 9 日发布的监管文件中，CoreWeave 宣布了一项初始价值 63 亿美元的协议，表示将为 Nvidia 提供&#34;任何剩余未售出的云计算能力的访问权&#34;，Nvidia 则有责任在 2032 年前购买未使用的能力。</p>
</div><p>In a statement about the deal, Nvidia pointed to the &#34;long lead times and four to six year customer commitments&#34; as the logic behind the deal. &#34;To support start-ups and small to mid-sized companies, Nvidia and CoreWeave are proactively building data center infrastructure and provisioning data center capacity to meet evolving capital needs,&#34; a Nvidia spokesperson said.</p>
<div class="lb-trans"><p>在关于这笔交易的声明中，Nvidia 指出了&#34;长时间的交货期和四到六年的客户承诺&#34;作为交易背后的逻辑。&#34;为了支持初创企业和中小型公司，Nvidia 和 CoreWeave 正在积极建设数据中心基础设施，并提供数据中心能力以满足不断变化的资本需求，&#34;Nvidia 的一位发言人表示。</p>
</div><p>Put another way, this deal gives CoreWeave investors the assurances of a guaranteed revenue stream for the next seven years.</p>
<div class="lb-trans"><p>换句话说，这笔交易为 CoreWeave 的投资者提供了未来七年保证收入流的保障。</p>
</div><h2>Paint by numbers</h2>
<div class="lb-trans"><h2>数据分析</h2>
</div><p>CoreWeave's results paint a compelling picture. In the second quarter, revenue of $1.21 billion surged 207% year over year, resulting in a loss per share of $0.60, which improved 63%. For context, Wall Street was expecting revenue of $1.08 billion, so CoreWeave surpassed expectations with room to spare.</p>
<div class="lb-trans"><p>CoreWeave 的业绩描绘了一幅引人注目的图景。在第二季度，收入达到 12.1 亿美元，同比增长 207%，每股亏损为 0.60 美元，改善幅度为 63%。作为对比，华尔街预计收入为 10.8 亿美元，因此 CoreWeave 超出了预期，且有余地。</p>
</div><p>Equally as important was the company's remaining performance obligation (RPO) -- or contractually obligated sales not yet included in revenue -- which soared 86% year over year to $30.1 billion, illustrating the strong demand that remains. In fact, CFO Nitin Agrawal confirmed on the earnings call that demand continues to outstrip supply.</p>
<div class="lb-trans"><p>同样重要的是公司的剩余履约义务（RPO）——即尚未计入收入的合同销售——同比激增 86%，达到 301 亿美元，显示出持续的强劲需求。事实上，首席财务官 Nitin Agrawal 在财报电话会议上确认，需求继续超过供应。</p>
</div><p>CoreWeave also expanded its existing relationship with OpenAI, striking a new $4 billion deal, beyond the previously announced $11.9 billion contract.</p>
<div class="lb-trans"><p>CoreWeave 还扩大了与 OpenAI 的现有关系，达成了一项新的 40 亿美元的交易，超出了之前宣布的 119 亿美元的合同。</p>
</div><p>The company continues to ramp its investments in data center and server infrastructure to meet the &#34;unprecedented&#34; demand.</p>
<div class="lb-trans"><p>该公司继续加大对数据中心和服务器基础设施的投资，以满足&#34;前所未有&#34;的需求。</p>
</div><h2>Time to buy?</h2>
<div class="lb-trans"><h2>现在是买入时机吗？</h2>
</div><p>CoreWeave had been on fire since its late-March initial public offering (IPO), with the stock soaring as much as 359% before gravity finally brought it back to earth. Concerns about the ongoing demand for AI, CoreWeave's high valuation, and the company's ongoing losses sent the stock lower, which now sits 35% below its peak, while still sporting gains of 197%.</p>
<div class="lb-trans"><p>自 3 月底首次公开募股（IPO）以来，CoreWeave 的表现一直火爆，股价一度飙升 359%，直到重力将其拉回现实。对 AI 持续需求的担忧、CoreWeave 的高估值以及公司持续亏损使得股价下跌，目前距离峰值下跌 35%，但仍然上涨 197%。</p>
</div><p>On the bright side, CoreWeave's valuation is much more reasonable than it was just three months ago, selling for 13 times sales. While some might view this as a premium, I would argue it's an attractive valuation for a high-growth company with a well-heeled benefactor and a long runway for growth ahead.</p>
<div class="lb-trans"><p>好消息是，CoreWeave 的估值比三个月前合理得多，目前的销售倍数为 13 倍。虽然有些人可能将其视为溢价，但我认为对于一家高增长公司来说，这是一种具有吸引力的估值，尤其是它有一个实力雄厚的支持者和广阔的增长前景。</p>
</div>

After Its New $6.3 Billion Deal With Nvidia, Is It Finally Time to Buy CoreWeave Stock?

- Nvidia 的股价自 2023 年初以来上涨超过 1,100%，收入增长 673%。  
- CoreWeave 与 Nvidia 的战略合作协议价值 63 亿美元，确保未来七年的收入流。  
- CoreWeave 第二季度收入达 12.1 亿美元，同比增长 207%，表现超出市场预期。  

在与 Nvidia 达成新的 63 亿美元交易后，现在是否是时候购买 CoreWeave 的股票了？