<p><strong>CoreWeave</strong>（CRWV 2.77%）刚刚宣布，它已获得来自人工智能芯片巨头 <strong>Nvidia</strong>（NVDA 0.34%）的订单，价值至少为 63 亿美元。该交易要求 Nvidia 在 2032 年 4 月 13 日之前购买其剩余的未售出产能，除非这些产能已被 CoreWeave 的客户购买。</p>
<p>CoreWeave 是 Nvidia 的长期客户。它已经购买了数十万块 GPU，这些 GPU 被 CoreWeave 租给客户。通过这项协议，CoreWeave 获得了额外的收入来源。</p>
<p>不过，投资者需要记住，剩余产能的价值足以让 CoreWeave 获得 63 亿美元，这引发了关于哪家公司将获得更大利益的问题。因此，投资者应该仔细审视这项交易，以了解 CoreWeave 和 Nvidia 哪个受益更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MDcvYS1yb29tLWZ1bGwtb2Ytc2VydmVycy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MDcvYS1yb29tLWZ1bGwtb2Ytc2VydmVycy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 的收益</h2>
<p>显然，CoreWeave 从这项交易中受益，因为它有了一个保证的客户，并将在协议期间获得 63 亿美元的收入。</p>
<p>但要全面理解其收益，必须了解 CoreWeave 向市场提供的服务。CoreWeave 是一家基于人工智能（AI）的云计算公司。它与 <strong>亚马逊</strong> 的 AWS 等云服务提供商不同，专门为与 AI、机器学习、高性能计算和视觉效果相关的工作负载构建服务器。</p>
<p>它还为客户提供最新的硬件，能够以更低的成本处理重负载，并且其按实例定价使客户能够更好地管理成本。这种方法使 CoreWeave 在 AI 行业中具有价值，但也可能导致其出现未使用的产能。因此，Nvidia 声称这些剩余产能的举动应该为 CoreWeave 提供一定程度的稳定性。</p>
<p>了解这一点后，投资者应注意 CoreWeave 的财务状况。其 580 亿美元的市值仅为 Nvidia 的 4.25 万亿美元的微不足道的一部分。此外，尽管 CoreWeave 在 2025 年上半年实现了 22 亿美元的收入，同比增长 275%，但在此期间仍亏损了 6.05 亿美元。这些亏损意味着它可能需要转向资本市场筹集资金。</p>
<p>这种需求更加迫切，因为它承诺在 2025 年仅资本支出（capex）就将花费 200 亿到 230 亿美元。因此，它需要像与 Nvidia 这样的交易，以便收回其资本支出投资，并最终发展成为一个盈利的运营。</p>
<h2>Nvidia 为何达成此协议</h2>
<p>可能让投资者感到困惑的是，这项交易如何帮助 Nvidia。尽管 Nvidia 和 CoreWeave 是密切的合作伙伴，但 CoreWeave 的业务需要购买 Nvidia 最新的 AI 加速器。但投资者可能不理解为什么它选择花费 63 亿美元来帮助这个特定客户。</p>
<p>首先，截至 6 月 30 日，Nvidia 拥有 CoreWeave2430 万股股份，约占流通股的 5%。该协议在很大程度上巩固了 Nvidia 的投资以及两家公司之间的关系。</p>
<p>对 AI 的强烈需求导致云计算能力短缺，因此这项交易还使 Nvidia 对稀缺商品拥有了索取权。得益于这项交易，Nvidia 将减少对亚马逊和 <strong>微软</strong> 等大型云服务提供商的依赖，从而在这方面获得更多的控制权。</p>
<p>此外，CoreWeave 在更稳健的财务状况下，更有可能实现上述资本支出目标。这样，它将更多地投资于 Nvidia 的 GPU，帮助扩大其在 AI 生态系统中的规模和范围。</p>
<p>看似对 CoreWeave 的慈善行为，最终可能会符合 Nvidia 的利益。</p>
<h2>CoreWeave 或 Nvidia 哪个从交易中受益更多？</h2>
<p>这项交易可能对两家公司都有利，尽管从投资者的角度来看，CoreWeave 可能会获得更多的利益。</p>
<p>Nvidia 在抽象意义上可能受益更多，因为它在 AI 生态系统中获得了影响力。Nvidia 的规模更大，也使其成为更安全的投资，这对那些对投资于一家亏损且大举支出的公司感到不安的投资者来说是一个可喜的缓解。</p>
<p>尽管如此，Nvidia 的交易为 CoreWeave 的收入提供了相当大的提升。这使得 CoreWeave 的大规模支出最终更有可能为公司带来积极的回报。</p>
<p>CoreWeave 的规模较小，也意味着它可以从更小的基础上获得更高的百分比增长。CoreWeave 的价值翻倍使其市值达到 1160 亿美元。同样的百分比变动将使 Nvidia 的市值达到 8.5 万亿美元，这在尚未出现市值达到 5 万亿美元的公司的市场中是一个具有挑战性的壮举。</p>
<p>最终，CoreWeave 的风险高于 Nvidia。然而，如果你愿意冒险，CoreWeave 提供了更高百分比回报的潜力。</p>

CRWV

英伟达

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

半导体 3 倍做多 - Direxion

<p>CoreWeave 与英伟达达成了一项价值 63 亿美元的协议，要求英伟达在 2032 年前购买其未售出的产能。这项协议为 CoreWeave 提供了一个有保障的收入来源，这对其在面临重大资本支出时的财务稳定至关重要。虽然 CoreWeave 从这笔交易中直接获益更多，但英伟达也通过巩固其投资并控制 AI 生态系统中稀缺资源而受益。投资者应权衡 CoreWeave 所面临的更高风险和潜在回报与英伟达已建立的市场地位</p>

<p><strong>CoreWeave</strong>(CRWV 2.77%) just announced that it has landed an order from AI chip giant <strong>Nvidia</strong>(NVDA 0.34%) worth at least $6.3 billion. The deal obligates Nvidia to purchase its residual unsold capacity until April 13, 2032, if it is not already purchased by CoreWeave's customers.</p>
<div class="lb-trans"><p><strong>CoreWeave</strong>（CRWV 2.77%）刚刚宣布，它已获得来自人工智能芯片巨头 <strong>Nvidia</strong>（NVDA 0.34%）的订单，价值至少为 63 亿美元。该交易要求 Nvidia 在 2032 年 4 月 13 日之前购买其剩余的未售出产能，除非这些产能已被 CoreWeave 的客户购买。</p>
</div><p>CoreWeave is a longtime Nvidia client. It has purchased hundreds of thousands of GPUs, which CoreWeave rents out to clients. With the agreement, CoreWeave gains an additional revenue source.</p>
<div class="lb-trans"><p>CoreWeave 是 Nvidia 的长期客户。它已经购买了数十万块 GPU，这些 GPU 被 CoreWeave 租给客户。通过这项协议，CoreWeave 获得了额外的收入来源。</p>
</div><p>Still, investors need to remember that the spare capacity was valuable enough to pay CoreWeave $6.3 billion, raising questions about which company will reap the greater benefit. Thus, investors should take a closer look at the deal to see whether CoreWeave or Nvidia benefits more.</p>
<div class="lb-trans"><p>不过，投资者需要记住，剩余产能的价值足以让 CoreWeave 获得 63 亿美元，这引发了关于哪家公司将获得更大利益的问题。因此，投资者应该仔细审视这项交易，以了解 CoreWeave 和 Nvidia 哪个受益更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MDcvYS1yb29tLWZ1bGwtb2Ytc2VydmVycy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833807%2Fa-room-full-of-servers.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>How CoreWeave benefits</h2>
<div class="lb-trans"><h2>CoreWeave 的收益</h2>
</div><p>CoreWeave obviously benefits from the deal since it has a guaranteed customer, and it will receive $6.3 billion in revenue over the length of the agreement.</p>
<div class="lb-trans"><p>显然，CoreWeave 从这项交易中受益，因为它有了一个保证的客户，并将在协议期间获得 63 亿美元的收入。</p>
</div><p>But understanding the benefit fully means knowing what CoreWeave offers to the market. CoreWeave is an artificial intelligence (AI) based cloud computing company. It differs from cloud providers like <strong>Amazon</strong>'s AWS as it builds servers specifically for workloads related to AI, machine learning, high-performance computing, and visual effects.</p>
<div class="lb-trans"><p>但要全面理解其收益，必须了解 CoreWeave 向市场提供的服务。CoreWeave 是一家基于人工智能（AI）的云计算公司。它与 <strong>亚马逊</strong> 的 AWS 等云服务提供商不同，专门为与 AI、机器学习、高性能计算和视觉效果相关的工作负载构建服务器。</p>
</div><p>It also provides customers with the latest hardware, can handle heavy workloads at lower costs, and its per-instance pricing allows customers to manage their costs more closely. Such an approach makes CoreWeave valuable to the AI industry, but it can also leave it with unused capacity. Nvidia's move to claim that spare capacity should therefore provide CoreWeave with some degree of stability.</p>
<div class="lb-trans"><p>它还为客户提供最新的硬件，能够以更低的成本处理重负载，并且其按实例定价使客户能够更好地管理成本。这种方法使 CoreWeave 在 AI 行业中具有价值，但也可能导致其出现未使用的产能。因此，Nvidia 声称这些剩余产能的举动应该为 CoreWeave 提供一定程度的稳定性。</p>
</div><p>Knowing that, investors should note where CoreWeave stands financially. Its $58 billion market cap is a tiny fraction of Nvidia's $4.25 trillion size. Also, even though CoreWeave's revenue of $2.2 billion in the first half of 2025 grew by 275% yearly, it still lost $605 million during that time. Such losses mean it will likely have to turn to capital markets to raise funds.</p>
<div class="lb-trans"><p>了解这一点后，投资者应注意 CoreWeave 的财务状况。其 580 亿美元的市值仅为 Nvidia 的 4.25 万亿美元的微不足道的一部分。此外，尽管 CoreWeave 在 2025 年上半年实现了 22 亿美元的收入，同比增长 275%，但在此期间仍亏损了 6.05 亿美元。这些亏损意味着它可能需要转向资本市场筹集资金。</p>
</div><p>That need is even more acute because it pledged to spend between $20 billion and $23 billion in capital expenditures (capex) in 2025 alone. So it needs deals like the one with Nvidia so it can recoup its capex investments and eventually grow into a profitable operation.</p>
<div class="lb-trans"><p>这种需求更加迫切，因为它承诺在 2025 年仅资本支出（capex）就将花费 200 亿到 230 亿美元。因此，它需要像与 Nvidia 这样的交易，以便收回其资本支出投资，并最终发展成为一个盈利的运营。</p>
</div><h2>Why Nvidia made this agreement</h2>
<div class="lb-trans"><h2>Nvidia 为何达成此协议</h2>
</div><p>What may confuse investors is how the deal helps Nvidia. Even though Nvidia and CoreWeave are close partners, CoreWeave's business requires it to purchase Nvidia's latest AI accelerators. But investors may not understand why it chose to spend $6.3 billion to help this particular customer.</p>
<div class="lb-trans"><p>可能让投资者感到困惑的是，这项交易如何帮助 Nvidia。尽管 Nvidia 和 CoreWeave 是密切的合作伙伴，但 CoreWeave 的业务需要购买 Nvidia 最新的 AI 加速器。但投资者可能不理解为什么它选择花费 63 亿美元来帮助这个特定客户。</p>
</div><p>For one, Nvidia owns 24.3 million shares of CoreWeave as of June 30, about 5% of the outstanding shares. The agreement goes a long way toward solidifying Nvidia's investment and the relationship between the two companies.</p>
<div class="lb-trans"><p>首先，截至 6 月 30 日，Nvidia 拥有 CoreWeave2430 万股股份，约占流通股的 5%。该协议在很大程度上巩固了 Nvidia 的投资以及两家公司之间的关系。</p>
</div><p>Intense demand for AI has led to a shortage of cloud capacity, so this deal also gives Nvidia a claim over a scarce commodity. Thanks to this deal, Nvidia will have to rely less on large cloud providers like Amazon and <strong>Microsoft</strong>, giving it more control over its destiny in this regard.</p>
<div class="lb-trans"><p>对 AI 的强烈需求导致云计算能力短缺，因此这项交易还使 Nvidia 对稀缺商品拥有了索取权。得益于这项交易，Nvidia 将减少对亚马逊和 <strong>微软</strong> 等大型云服务提供商的依赖，从而在这方面获得更多的控制权。</p>
</div><p>Furthermore, having CoreWeave in a more solid financial position means CoreWeave will more likely meet the aforementioned goals on capex spending. With that, it will spend more on Nvidia GPUs, helping to boost the size and expanse of the AI ecosystem over which it has considerable control.</p>
<div class="lb-trans"><p>此外，CoreWeave 在更稳健的财务状况下，更有可能实现上述资本支出目标。这样，它将更多地投资于 Nvidia 的 GPU，帮助扩大其在 AI 生态系统中的规模和范围。</p>
</div><p>What may look like charity to CoreWeave will likely serve Nvidia's interests in the end.</p>
<div class="lb-trans"><p>看似对 CoreWeave 的慈善行为，最终可能会符合 Nvidia 的利益。</p>
</div><h2>Does CoreWeave or Nvidia benefit more from the deal?</h2>
<div class="lb-trans"><h2>CoreWeave 或 Nvidia 哪个从交易中受益更多？</h2>
</div><p>This deal will probably benefit both companies, although CoreWeave is likely to derive more benefit, at least from an investor perspective.</p>
<div class="lb-trans"><p>这项交易可能对两家公司都有利，尽管从投资者的角度来看，CoreWeave 可能会获得更多的利益。</p>
</div><p>Nvidia may benefit more in an abstract sense, as it gains influence over the AI ecosystem. Nvidia's larger size also makes it a safer investment, a welcome relief to investors who feel uncomfortable buying into a money-losing company spending heavily on capex.</p>
<div class="lb-trans"><p>Nvidia 在抽象意义上可能受益更多，因为它在 AI 生态系统中获得了影响力。Nvidia 的规模更大，也使其成为更安全的投资，这对那些对投资于一家亏损且大举支出的公司感到不安的投资者来说是一个可喜的缓解。</p>
</div><p>Still, the Nvidia deal offers a considerable boost to CoreWeave's top line. This makes it more likely that CoreWeave's massive spending will ultimately deliver positive returns for the company.</p>
<div class="lb-trans"><p>尽管如此，Nvidia 的交易为 CoreWeave 的收入提供了相当大的提升。这使得 CoreWeave 的大规模支出最终更有可能为公司带来积极的回报。</p>
</div><p>CoreWeave's much smaller size also means it can attain higher percentage growth from a much smaller base. The doubling of CoreWeave's value takes its market cap to $116 billion. The same percentage move would take Nvidia's market cap to $8.5 trillion, a challenging feat in a market that has yet to see a company with a $5 trillion market cap.</p>
<div class="lb-trans"><p>CoreWeave 的规模较小，也意味着它可以从更小的基础上获得更高的百分比增长。CoreWeave 的价值翻倍使其市值达到 1160 亿美元。同样的百分比变动将使 Nvidia 的市值达到 8.5 万亿美元，这在尚未出现市值达到 5 万亿美元的公司的市场中是一个具有挑战性的壮举。</p>
</div><p>In the end, CoreWeave comes with higher risks than Nvidia. However, if you are willing to take a chance, CoreWeave offers greater potential for higher-percentage returns.</p>
<div class="lb-trans"><p>最终，CoreWeave 的风险高于 Nvidia。然而，如果你愿意冒险，CoreWeave 提供了更高百分比回报的潜力。</p>
</div>

Investors Should Ask: Who Wins More From This $6.3 Billion CoreWeave-Nvidia Agreement?

- CoreWeave 与 Nvidia 签署价值至少 63 亿美元的订单，确保收入来源。  
- CoreWeave 专注于 AI 云计算，面临未使用产能问题，需稳定财务状况。  
- Nvidia 通过此协议增强对 AI 生态系统的控制，双方均可获益。  

投资者应该思考：谁在这项价值 63 亿美元的 Coreweave 与英伟达协议中获利更多？