<p>作者：Britney Nguyen</p>
<p>人工智能交易正在退潮——投资者对像 Oracle 和 CoreWeave 等公司为融资 AI 数据中心建设而增加的债务越来越担忧</p>
<p>博通的股票在周三下跌超过 5%。</p>
<p>对数据中心建设债务融资的担忧在最近几周扰乱了人工智能交易，周三在对 Oracle 的新担忧中，抛售加剧。</p>
<p>芯片制造商博通的股票（AVGO）在交易日结束时下跌超过 5%，其五天的跌幅已超过 21%——这是自 2020 年 3 月 28 日结束的五天交易以来的最差表现，依据道琼斯市场数据。</p>
<p>其他芯片公司的股票，包括英伟达（NVDA）、超微（AMD）和美光科技（MU）——后者将在收盘后公布财年第一季度的财报——周三也在交易中下跌。根据道琼斯市场数据，PHLX 半导体指数 SOX 连续第五天下跌，在此期间累计下滑超过 9%。</p>
<p>D.A. Davidson 分析师 Gil Luria 在给 MarketWatch 的邮件评论中表示：“对 neoclouds Oracle 和 CoreWeave 能够融资其数据中心建设的担忧正在影响整个 AI 行业。”</p>
<p>他补充说，无法筹集更多债务意味着这些公司无法继续在芯片上花费。</p>
<p>周三，Oracle 的股票（ORCL）下跌 5%，此前有报道称该公司与另类资产管理公司 Blue Owl Capital（OWL）之间关于一个 100 亿美元数据中心项目的谈判已停滞。金融时报援引知情人士的消息称，这两家公司正在谈判在密歇根州为 OpenAI 建设一个 1 千兆瓦的数据中心。</p>
<p>Oracle 的一位发言人此前告诉 MarketWatch，金融时报的报道是 “错误的”，并表示该公司正在与房地产开发商 Related Digital 合作。“他们的股权交易的最终谈判正在按计划推进，” 发言人说。</p>
<p>查看更多：Oracle 的股票因一位分析师称的担忧而下跌，该分析师表示这种担忧 “几乎不相关”</p>
<p>瑞穗的桌面分析师 Jordan Klein 同意，Oracle 的融资担忧正在影响 AI 股票。此外，他在邮件评论中表示，年底市场 “没有真正的成交量”。</p>
<p>与此同时，CoreWeave 的股票（CRWV）在周三下跌超过 5%，此前这家 AI 云服务提供商遭到做空者 Jim Chanos 的批评，并且有关于数据中心延迟的报道。</p>
<p>在周一发布的《货币事务》播客中，曾预测安然倒闭的 Chanos 称像 CoreWeave 这样的 neoclouds 是 “商品业务”，并表示作为英伟达芯片的主机，该公司 “没有从运行这些芯片中获益”。CoreWeave 利用债务购买放置在租赁数据中心的英伟达图形处理单元。该公司的客户随后支付费用使用这些芯片。Chanos 补充说，AI 芯片的折旧率对 CoreWeave 的业务构成风险。</p>
<p>《华尔街日报》周一还报道了 CoreWeave 在德克萨斯州的数据中心集群面临的延迟。根据该报的报道，该集群的完工现在已经延迟数月，该集群将被 OpenAI 使用，引用了知情人士的消息。</p>
<p>不要错过：博通自 2020 年以来最糟糕的三天股票下跌标志着某种程度的谦卑</p>
<p>但并不是华尔街上的每个人都对 AI 交易感到担忧。</p>
<p>Futurum 首席执行官 Daniel Newman 表示，他看到 “几乎没有证据表明 AI 建设放缓”——这是另一个影响股票的担忧。虽然投资者对债务融资的担忧是 “目前最大的市场压力”，但 Newman 在邮件评论中表示，他认为这些担忧与 AI 的收入机会相比，“严重偏向于对真实 AI 需求的崩溃”，而他并不认为这种崩溃会发生。</p>
<p>他补充说，抛售是 “投资者消化 [资本支出]、债务和建设风险的一个速度障碍”。在他看来，“基本面依然完好，AI 需求依然旺盛。”</p>
<p>Christine Ji 参与了报道。</p>
<p>-Britney Nguyen</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻社</p>
<p>12-17-25 1515ET</p>

CRWV

甲骨文

英伟达

<p>AI 股票，包括英伟达和博通，因投资者对甲骨文和 CoreWeave 等公司数据中心建设的债务融资担忧而下跌。博通的股价下跌超过 5%，连续五个交易日累计下跌超过 21%。甲骨文停滞的 100 亿美元数据中心项目以及 CoreWeave 的延误和批评加剧了抛售。尽管存在这些担忧，一些分析师认为 AI 需求依然强劲</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>The AI trade is unwinding - with investors increasingly worried about debt raising by companies like Oracle and CoreWeave used to finance AI data-center buildouts</p>
<div class="lb-trans"><p>人工智能交易正在退潮——投资者对像 Oracle 和 CoreWeave 等公司为融资 AI 数据中心建设而增加的债务越来越担忧</p>
</div><p>Broadcom's stock was down more than 5% on Wednesday.</p>
<div class="lb-trans"><p>博通的股票在周三下跌超过 5%。</p>
</div><p>Fears over debt financing for data-center buildouts have roiled the artificial-intelligence trade in recent weeks, with the selloff intensifying Wednesday on fresh concerns around Oracle.</p>
<div class="lb-trans"><p>对数据中心建设债务融资的担忧在最近几周扰乱了人工智能交易，周三在对 Oracle 的新担忧中，抛售加剧。</p>
</div><p>Chip maker Broadcom's stock (AVGO) was down more than 5% late in the trading day, extending its five-session slide to more than 21% - its worst performance over such a stretch since the five-day run that ended March 28, 2020, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>芯片制造商博通的股票（AVGO）在交易日结束时下跌超过 5%，其五天的跌幅已超过 21%——这是自 2020 年 3 月 28 日结束的五天交易以来的最差表现，依据道琼斯市场数据。</p>
</div><p>Shares of other chip players including Nvidia (NVDA), Advanced Micro Devices (AMD) and Micron Technology (MU) - the latter of which reports fiscal first-quarter earnings results after the bell - were also trading lower on Wednesday. The PHLX Semiconductor Index SOX was down for a fifth consecutive day, having slid more than 9% across that period, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>其他芯片公司的股票，包括英伟达（NVDA）、超微（AMD）和美光科技（MU）——后者将在收盘后公布财年第一季度的财报——周三也在交易中下跌。根据道琼斯市场数据，PHLX 半导体指数 SOX 连续第五天下跌，在此期间累计下滑超过 9%。</p>
</div><p>&#34;The increasing concerns about the ability of neoclouds Oracle and CoreWeave to be able to finance their data-center buildouts is weighing on the entire AI sector,&#34; D.A. Davidson analyst Gil Luria told MarketWatch in emailed comments.</p>
<div class="lb-trans"><p>D.A. Davidson 分析师 Gil Luria 在给 MarketWatch 的邮件评论中表示：“对 neoclouds Oracle 和 CoreWeave 能够融资其数据中心建设的担忧正在影响整个 AI 行业。”</p>
</div><p>Not being able to raise more debt would mean the companies can't continue spending on chips, he added.</p>
<div class="lb-trans"><p>他补充说，无法筹集更多债务意味着这些公司无法继续在芯片上花费。</p>
</div><p>Oracle's stock (ORCL) was sliding 5% on Wednesday after a report said that talks between the company and alternative-asset manager Blue Owl Capital (OWL) for a $10 billion data-center project have stalled. The companies were negotiating a 1 gigawatt data center to be built in Michigan for OpenAI, the Financial Times reported, citing unnamed people familiar with the matter.</p>
<div class="lb-trans"><p>周三，Oracle 的股票（ORCL）下跌 5%，此前有报道称该公司与另类资产管理公司 Blue Owl Capital（OWL）之间关于一个 100 亿美元数据中心项目的谈判已停滞。金融时报援引知情人士的消息称，这两家公司正在谈判在密歇根州为 OpenAI 建设一个 1 千兆瓦的数据中心。</p>
</div><p>An Oracle spokesperson previously told MarketWatch that the Financial Times report was &#34;incorrect,&#34; and that the company is working with real-estate developer Related Digital. &#34;Final negotiations for their equity deal are moving forward on schedule and according to plan,&#34; the spokesperson said.</p>
<div class="lb-trans"><p>Oracle 的一位发言人此前告诉 MarketWatch，金融时报的报道是 “错误的”，并表示该公司正在与房地产开发商 Related Digital 合作。“他们的股权交易的最终谈判正在按计划推进，” 发言人说。</p>
</div><p>See more: Oracle's stock falls on a fear one analyst says should be 'almost irrelevant'</p>
<div class="lb-trans"><p>查看更多：Oracle 的股票因一位分析师称的担忧而下跌，该分析师表示这种担忧 “几乎不相关”</p>
</div><p>Mizuho desk-based analyst Jordan Klein agreed that concerns over Oracle's funding were weighing on AI stocks. Plus, there's &#34;no real volume,&#34; in the market at the end of the year, he said in emailed comments.</p>
<div class="lb-trans"><p>瑞穗的桌面分析师 Jordan Klein 同意，Oracle 的融资担忧正在影响 AI 股票。此外，他在邮件评论中表示，年底市场 “没有真正的成交量”。</p>
</div><p>Meanwhile, CoreWeave's stock (CRWV) was down more than 5% on Wednesday after the AI cloud provider was criticized by short seller Jim Chanos, and following a report about data-center delays.</p>
<div class="lb-trans"><p>与此同时，CoreWeave 的股票（CRWV）在周三下跌超过 5%，此前这家 AI 云服务提供商遭到做空者 Jim Chanos 的批评，并且有关于数据中心延迟的报道。</p>
</div><p>During an appearance on the Monetary Matters podcast that was published on Monday, Chanos, who predicted the fall of Enron, called neoclouds like CoreWeave a &#34;commodity business,&#34; and said that as a host of Nvidia's chips, the company is &#34;not benefitting from&#34; the value that will be produced from running the chips. CoreWeave uses debt to buy Nvidia's graphics processing units that are placed in rented data centers. The company's customers then pay it to use the chips. Chanos added that the depreciation rate of AI chips is risky for CoreWeave's business.</p>
<div class="lb-trans"><p>在周一发布的《货币事务》播客中，曾预测安然倒闭的 Chanos 称像 CoreWeave 这样的 neoclouds 是 “商品业务”，并表示作为英伟达芯片的主机，该公司 “没有从运行这些芯片中获益”。CoreWeave 利用债务购买放置在租赁数据中心的英伟达图形处理单元。该公司的客户随后支付费用使用这些芯片。Chanos 补充说，AI 芯片的折旧率对 CoreWeave 的业务构成风险。</p>
</div><p>The Wall Street Journal also reported on Monday about delays that CoreWeave is facing at a data-center cluster in Texas. Completion of the cluster, which will be used by OpenAI, is now months behind, according to the Journal, which cited unnamed people familiar with the matter.</p>
<div class="lb-trans"><p>《华尔街日报》周一还报道了 CoreWeave 在德克萨斯州的数据中心集群面临的延迟。根据该报的报道，该集群的完工现在已经延迟数月，该集群将被 OpenAI 使用，引用了知情人士的消息。</p>
</div><p>Don't miss: Broadcom's worst three-day stock slide since 2020 marks a humbling of sorts</p>
<div class="lb-trans"><p>不要错过：博通自 2020 年以来最糟糕的三天股票下跌标志着某种程度的谦卑</p>
</div><p>But not everyone on Wall Street is worried about the AI trade.</p>
<div class="lb-trans"><p>但并不是华尔街上的每个人都对 AI 交易感到担忧。</p>
</div><p>Futurum CEO Daniel Newman said he sees &#34;little to no evidence of a slowdown in the AI buildout&#34; - another concern that has been weighing on the stocks. And while investors' fears about debt financing are &#34;the biggest market overhang right now,&#34; Newman said in emailed comments that he thinks those concerns, compared to the revenue opportunity for AI, are &#34;heavily biased toward a breakdown in real AI demand&#34; and that he doesn't see one taking place.</p>
<div class="lb-trans"><p>Futurum 首席执行官 Daniel Newman 表示，他看到 “几乎没有证据表明 AI 建设放缓”——这是另一个影响股票的担忧。虽然投资者对债务融资的担忧是 “目前最大的市场压力”，但 Newman 在邮件评论中表示，他认为这些担忧与 AI 的收入机会相比，“严重偏向于对真实 AI 需求的崩溃”，而他并不认为这种崩溃会发生。</p>
</div><p>The selloff is &#34;a speed bump as investors are digesting [capital expenditures], debt and risk to the buildout,&#34; he added. In his view, &#34;the fundamentals are intact and AI demand remains insatiable.&#34;</p>
<div class="lb-trans"><p>他补充说，抛售是 “投资者消化 [资本支出]、债务和建设风险的一个速度障碍”。在他看来，“基本面依然完好，AI 需求依然旺盛。”</p>
</div><p>Christine Ji contributed reporting.</p>
<div class="lb-trans"><p>Christine Ji 参与了报道。</p>
</div><p>-Britney Nguyen</p>
<div class="lb-trans"><p>-Britney Nguyen</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>12-17-25 1515ET</p>
<div class="lb-trans"><p>12-17-25 1515ET</p>
</div>

Why Nvidia, Broadcom and other AI stocks are falling sharply

- 投资者对 Oracle 和 CoreWeave 的债务融资担忧加剧，影响 AI 行业。  
- Broadcom 股价周三下跌超过 5%，连续五日下滑超过 21%。  
- 其他芯片制造商股价也走低，市场关注 Oracle 和 CoreWeave 的融资能力。

为什么英伟达、博通及其他 AI 股票大幅下跌