<p><strong>CoreWeave</strong>（CRWV 2.86%）是今年市场上最不可预测的股票之一。这家人工智能云基础设施股票于三月底首次亮相，但其首次公开募股（IPO）未能达到预期认购。它被迫降低发行价格，而 <strong>Nvidia</strong>（NVDA 0.34%）进行了大规模股票购买，帮助公司成功上市。在 IPO 后的几周内，CoreWeave 的股票走势平稳，但在五月开始上涨，并在六月达到 187 美元的峰值，几乎是其 40 美元 IPO 价格的五倍。此后，股价下跌超过 50%，但又恢复了一部分损失。</p>
<p>公司的商业模式是建立数据中心并购买 Nvidia 的 GPU，以便客户能够运行高强度的人工智能工作负载，这在本质上是全新的。<strong>Nebius Group</strong> 是唯一一家做类似事情的公司，但其规模仍远小于 CoreWeave。</p>
<p>CoreWeave 的季度收入已经超过 10 亿美元，并且增长速度异常迅猛，第二季度收入增长了 206%。然而，由于为资助数据中心建设而承担的高额债务利息支出，公司深陷亏损。</p>
<p>这就是为什么投资者在周一欢呼的原因，当 CoreWeave 与 Nvidia 签署了一份价值 63 亿美元的产能订单后，CoreWeave 的股票在周一上涨了 8%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NzQvZGl2ZXJzZS1idXNpbmVzcy10ZWFtLWRhdGEtY2VudGVyLWl0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NzQvZGl2ZXJzZS1idXNpbmVzcy10ZWFtLWRhdGEtY2VudGVyLWl0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 与 Nvidia 之间发生了什么</h2>
<p>在一份文件中，CoreWeave 表示它与 Nvidia 签订了一份初始价值为 63 亿美元的新订单，给予 Nvidia 访问剩余未售出产能的权利。根据协议，Nvidia 有义务在 2032 年 4 月之前购买剩余未售出产能。</p>
<p>该交易加强了两家公司之间已经紧密的关系。Nvidia 是 CoreWeave 的主要股东，在第二季度结束时持有 2430 万股，现值约 30 亿美元。</p>
<p>这并不是 Nvidia 同意购买高达 63 亿美元的多余产能的唯一原因。CoreWeave 还将其大部分资本支出用于 Nvidia 硬件，并且在资本支出方面投入巨大，今年上半年账面上有 39 亿美元的支出。</p>
<p>此外，CoreWeave 可以提前获得 Nvidia 组件。在第二季度，它成为第一家大规模提供完整 Blackwell GPU 产品组合的公司。</p>
<h2>对 Nvidia 和 CoreWeave 的双赢局面</h2>
<p>总体而言，这笔交易对两家公司来说都是明智之举。对 CoreWeave 而言，这不仅是信心的投票，还为其可能拥有的任何多余产能提供了出口。此外，维持与 Nvidia 的紧密关系符合公司的利益，因为 Nvidia 的支持为公司增添了实质价值，并让投资者感到安心。</p>
<p>对于 Nvidia 而言，确保 CoreWeave 的成功在长期内只会对其有利。新兴的人工智能云基础设施业务可以通过帮助超大规模企业、初创公司和其他 CoreWeave 及 Nvidia 也持有股份的 Nebius 客户轻松扩展人工智能应用和工作负载，推动人工智能行业的更大增长。</p>
<p>Nvidia 需要对其 GPU 和人工智能组件的需求持续增长，而支持一个更广泛的人工智能生态系统以实现这一目标是一种聪明的方式。</p>
<p>对于 Nvidia 来说，评估 CoreWeave 交易的最佳方式不是将其视为实力的象征或潜在的过度扩张。这是一项明智的战略举措，将加强关键合作伙伴关系，给予其访问人工智能云产能的机会，并为 CoreWeave 及更广泛的人工智能产能提供支持。</p>
<p>迄今为止，Nvidia 对 CoreWeave 的投资已经获得丰厚回报，作为人工智能芯片的领导者，Nvidia 可能会尽其所能确保这种情况持续下去。</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

半导体 3 倍做多 - Direxion

<p>CoreWeave 与英伟达签署了一项价值 63 亿美元的产能订单，进一步巩固了双方的合作关系。尽管 CoreWeave 的盈利能力极差，但其第二季度收入激增 206%，超过 10 亿美元。作为主要股东，英伟达通过这项交易获得了对多余产能的访问权，并支持不断增长的人工智能云基础设施市场。这项协议被视为双方的战略举措，提升了 CoreWeave 的价值，并确保了英伟达对其 GPU 的持续需求</p>

<p><strong>CoreWeave</strong>(CRWV 2.86%) has been one of the most unpredictable stocks on the market this year. The AI cloud infrastructure stock debuted in late March, but its IPO was undersubscribed. It was forced to lower its offering price, and <strong>Nvidia</strong>(NVDA 0.34%) made a significant stock purchase, helping the company go public. In the weeks that followed the IPO, CoreWeave stock traded sideways, but it then started to climb in May, surging to a peak of $187 in June, nearly five times its IPO price of $40. Since then, it fell by more than 50% before recovering some of those losses.</p>
<div class="lb-trans"><p><strong>CoreWeave</strong>（CRWV 2.86%）是今年市场上最不可预测的股票之一。这家人工智能云基础设施股票于三月底首次亮相，但其首次公开募股（IPO）未能达到预期认购。它被迫降低发行价格，而 <strong>Nvidia</strong>（NVDA 0.34%）进行了大规模股票购买，帮助公司成功上市。在 IPO 后的几周内，CoreWeave 的股票走势平稳，但在五月开始上涨，并在六月达到 187 美元的峰值，几乎是其 40 美元 IPO 价格的五倍。此后，股价下跌超过 50%，但又恢复了一部分损失。</p>
</div><p>The company's business model, setting up data centers and buying Nvidia GPUs so its customers can run intense AI workloads, is essentially brand new. <strong>Nebius Group</strong> is the only other company doing something similar, and it's still much smaller than CoreWeave.</p>
<div class="lb-trans"><p>公司的商业模式是建立数据中心并购买 Nvidia 的 GPU，以便客户能够运行高强度的人工智能工作负载，这在本质上是全新的。<strong>Nebius Group</strong> 是唯一一家做类似事情的公司，但其规模仍远小于 CoreWeave。</p>
</div><p>CoreWeave has already topped $1 billion in quarterly revenue, and it's growing exceptionally fast, with revenue up 206% in the second quarter. However, the company is deeply unprofitable in large part due to the high interest expense it has from the debt it's taken on to fund its data center buildouts.</p>
<div class="lb-trans"><p>CoreWeave 的季度收入已经超过 10 亿美元，并且增长速度异常迅猛，第二季度收入增长了 206%。然而，由于为资助数据中心建设而承担的高额债务利息支出，公司深陷亏损。</p>
</div><p>That's why investors cheered on Monday when CoreWeave signed a $6.3 billion capacity order with Nvidia, as CoreWeave stock jumped 8% on Monday after the company reported the deal.</p>
<div class="lb-trans"><p>这就是为什么投资者在周一欢呼的原因，当 CoreWeave 与 Nvidia 签署了一份价值 63 亿美元的产能订单后，CoreWeave 的股票在周一上涨了 8%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NzQvZGl2ZXJzZS1idXNpbmVzcy10ZWFtLWRhdGEtY2VudGVyLWl0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833874%2Fdiverse-business-team-data-center-it.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>What's happening between CoreWeave and Nvidia</h2>
<div class="lb-trans"><h2>CoreWeave 与 Nvidia 之间发生了什么</h2>
</div><p>In a filing, CoreWeave said that it and Nvidia entered into a new order form with an initial value of $6.3 billion, giving Nvidia access to residual unsold capacity. According to the deal, Nvidia is obligated to purchase residual unsold capacity through April 2032.</p>
<div class="lb-trans"><p>在一份文件中，CoreWeave 表示它与 Nvidia 签订了一份初始价值为 63 亿美元的新订单，给予 Nvidia 访问剩余未售出产能的权利。根据协议，Nvidia 有义务在 2032 年 4 月之前购买剩余未售出产能。</p>
</div><p>The deal strengthens the already tight relationship between the two companies. Nvidia is a major shareholder in CoreWeave, finishing the second quarter with 24.3 million shares, which is worth around $3 billion today.</p>
<div class="lb-trans"><p>该交易加强了两家公司之间已经紧密的关系。Nvidia 是 CoreWeave 的主要股东，在第二季度结束时持有 2430 万股，现值约 30 亿美元。</p>
</div><p>That's not the only reason for Nvidia to agree to purchase up to $6.3 billion of excess capacity. CoreWeave also spends much of its capital expenditures on Nvidia hardware, and it is spending heavily on capex, with $3.9 billion on the books for the first half of the year.</p>
<div class="lb-trans"><p>这并不是 Nvidia 同意购买高达 63 亿美元的多余产能的唯一原因。CoreWeave 还将其大部分资本支出用于 Nvidia 硬件，并且在资本支出方面投入巨大，今年上半年账面上有 39 亿美元的支出。</p>
</div><p>Additionally, CoreWeave gets early access to Nvidia components. In the second quarter, it became the first company to offer the complete Blackwell GPU portfolio at scale.</p>
<div class="lb-trans"><p>此外，CoreWeave 可以提前获得 Nvidia 组件。在第二季度，它成为第一家大规模提供完整 Blackwell GPU 产品组合的公司。</p>
</div><h2>A win-win for Nvidia and CoreWeave</h2>
<div class="lb-trans"><h2>对 Nvidia 和 CoreWeave 的双赢局面</h2>
</div><p>Overall, the deal looks like a smart move for both companies. It's more important for CoreWeave as it acts as a vote of confidence and provides an outlet for any excess capacity it might have. Additionally, it's in the company's interest to maintain a close relationship with Nvidia as its backing adds substantial value to the company and reassures investors.</p>
<div class="lb-trans"><p>总体而言，这笔交易对两家公司来说都是明智之举。对 CoreWeave 而言，这不仅是信心的投票，还为其可能拥有的任何多余产能提供了出口。此外，维持与 Nvidia 的紧密关系符合公司的利益，因为 Nvidia 的支持为公司增添了实质价值，并让投资者感到安心。</p>
</div><p>For Nvidia, ensuring CoreWeave's success should only benefit it in the long run. The emerging AI cloud infrastructure business can help drive the larger growth in the AI industry by allowing hyperscalers, start-ups, and other customers of CoreWeave and Nebius, which Nvidia also owns shares in, to easily scale up AI applications and workloads.</p>
<div class="lb-trans"><p>对于 Nvidia 而言，确保 CoreWeave 的成功在长期内只会对其有利。新兴的人工智能云基础设施业务可以通过帮助超大规模企业、初创公司和其他 CoreWeave 及 Nvidia 也持有股份的 Nebius 客户轻松扩展人工智能应用和工作负载，推动人工智能行业的更大增长。</p>
</div><p>Nvidia needs demand for its GPUs and AI components to continue to grow, and supporting a broader AI ecosystem that can help accomplish this is a clever way of doing it.</p>
<div class="lb-trans"><p>Nvidia 需要对其 GPU 和人工智能组件的需求持续增长，而支持一个更广泛的人工智能生态系统以实现这一目标是一种聪明的方式。</p>
</div><p>For Nvidia, the best way to look at the CoreWeave deal isn't as a sign of strength or even potential overreach. It's a smart strategic move that will strengthen a key partnership, give it access to AI cloud capacity, and give CoreWeave and AI capacity more generally a boost.</p>
<div class="lb-trans"><p>对于 Nvidia 来说，评估 CoreWeave 交易的最佳方式不是将其视为实力的象征或潜在的过度扩张。这是一项明智的战略举措，将加强关键合作伙伴关系，给予其访问人工智能云产能的机会，并为 CoreWeave 及更广泛的人工智能产能提供支持。</p>
</div><p>Thus far, Nvidia's investment in CoreWeave has paid off handsomely, and the AI chip leader is likely to do what it can to ensure that continues.</p>
<div class="lb-trans"><p>迄今为止，Nvidia 对 CoreWeave 的投资已经获得丰厚回报，作为人工智能芯片的领导者，Nvidia 可能会尽其所能确保这种情况持续下去。</p>
</div>

Nvidia Guarantees CoreWeave Capacity -- A Sign of Strength or Overreach?

- CoreWeave 与 Nvidia 签署了价值 63 亿美元的订单，增强了双方关系。  
- CoreWeave 的季度收入已超过 10 亿美元，第二季度增长 206%。  
- 该交易为 CoreWeave 提供了信心，并有助于 Nvidia 扩大 AI 生态系统。  

英伟达对 CoreWeave 产能的保证——是实力的象征还是过度扩张？