<p>作者：Emily Bary</p>
<p>美光的财报正在提振整体人工智能股票，但 Seaport 的一位分析师也在思考投资者是否对债务问题反应过于激烈。</p>
<p>Nebius 的股价在最近几周大幅下跌。</p>
<p>Seaport Research 的 Jay Goldberg 对 Nvidia 的股票持看空态度，对 Advanced Micro Devices 的股票持中立观点，他并不认为人工智能交易是乐观的。</p>
<p>但在周四，他探讨了投资者是否对 CoreWeave（CRWV）和 Nebius Group（NBIS）这两家在最近几周股价承压的 neocloud 公司过于苛刻。</p>
<p>尽管由于美光科技（MU）发布的乐观预测，周四早盘这些股票有所上涨，但近期的下跌幅度表明，投资者仍然担心融资人工智能繁荣所需的债务。</p>
<p>不要错过：美光刚刚经历了它的 Nvidia 时刻。接下来这只股票会怎样？</p>
<p>“考虑到这两家公司明年很可能需要筹集更多债务，升级它们的评级是困难的，但也许最近的抛售过度了，” Goldberg 写道。</p>
<p>另见：甲骨文是大型科技公司债务驱动的人工智能消费狂潮中的金丝雀。</p>
<p>本周，他在这两家公司股价下跌、信用利差扩大时进行了调研。他看到了一些投资者可能不必过于担忧的理由。</p>
<p>例如，Goldberg 指出，延期提款的定期贷款是 CoreWeave 债务的最大组成部分，但这些 “在很大程度上与这些设施所资助的具体合同相匹配。”</p>
<p>“这些合同包括固定租金价格，为现金流提供了一定程度的确定性（并可能带来上行空间），” 他写道。</p>
<p>此外，该公司的信用状况 “在今年似乎有所改善，对其 DDTLs 的修订显著降低了资本成本，其信用状况接近一些客户的水平，” Goldberg 补充道。</p>
<p>还有理由对这些股票保持更为谨慎的看法，包括 “它们周围的不确定性实在太多。” 在 Goldberg 看来，最大的问题是市场对如何评估 neocloud 公司并不十分清楚，尤其是它们交易的定价细节仍然有些神秘。</p>
<p>而债务担忧虽然可能被夸大，但也并非无关紧要。“这两家公司仍然需要筹集大量债务，而这些债务的成本现在已经变得更高，” 他写道。“CoreWeave 似乎也失去了一些按时交付项目的 ‘魔力’。”</p>
<p>此外，尽管 CoreWeave 和 Nebius 与甲骨文没有直接关联，但华尔街显然对该公司的交易和债务义务感到担忧，这些担忧在整个人工智能领域产生了连锁反应。</p>
<p>阅读：甲骨文的股价因一位分析师称其担忧 “几乎无关紧要” 而下跌。</p>
<p>-Emily Bary</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>12-18-25 1011ET</p>

NBIS

CRWV

<p>Seaport Research 的 Jay Goldberg 质疑投资者对 CoreWeave 和 Nebius 债务的担忧是否过于极端，尽管近期股票反弹。尽管美光的积极预测推动了人工智能股票的上涨，Goldberg 指出在评估新云公司及其债务需求时存在不确定性。CoreWeave 的信用状况有所改善，但这两家公司都面临高昂的债务要求。市场对这些公司的不明确估值进一步增加了不确定性</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>Micron's earnings report is lifting AI stocks in general, but a Seaport analyst also wonders if investors have been reacting too severely to debt concerns</p>
<div class="lb-trans"><p>美光的财报正在提振整体人工智能股票，但 Seaport 的一位分析师也在思考投资者是否对债务问题反应过于激烈。</p>
</div><p>Nebius shares have fallen sharply in recent weeks.</p>
<div class="lb-trans"><p>Nebius 的股价在最近几周大幅下跌。</p>
</div><p>With a bearish call on Nvidia's stock and a neutral view of Advanced Micro Devices' stock, Seaport Research's Jay Goldberg is by no means looking at the artificial-intelligence trade with rose-colored glasses.</p>
<div class="lb-trans"><p>Seaport Research 的 Jay Goldberg 对 Nvidia 的股票持看空态度，对 Advanced Micro Devices 的股票持中立观点，他并不认为人工智能交易是乐观的。</p>
</div><p>But on Thursday, he explored whether investors have been too harsh toward CoreWeave (CRWV) and Nebius Group (NBIS), two neocloud companies whose shares have come under extreme pressure in recent weeks.</p>
<div class="lb-trans"><p>但在周四，他探讨了投资者是否对 CoreWeave（CRWV）和 Nebius Group（NBIS）这两家在最近几周股价承压的 neocloud 公司过于苛刻。</p>
</div><p>While the stocks were moving higher in Thursday morning action thanks to an upbeat forecast from Micron Technology (MU), which is serving as a source of comfort regarding the broader AI trade, the scope of recent declines signals that investors remain worried about the debt required to finance the AI boom.</p>
<div class="lb-trans"><p>尽管由于美光科技（MU）发布的乐观预测，周四早盘这些股票有所上涨，但近期的下跌幅度表明，投资者仍然担心融资人工智能繁荣所需的债务。</p>
</div><p>Don't miss: Micron just had its Nvidia moment. What comes next for the stock?</p>
<div class="lb-trans"><p>不要错过：美光刚刚经历了它的 Nvidia 时刻。接下来这只股票会怎样？</p>
</div><p>&#34;Given the likelihood that both companies are going to need to raise more debt next year it is tough to upgrade them, but maybe the recent selloff is overdone,&#34; Goldberg wrote.</p>
<div class="lb-trans"><p>“考虑到这两家公司明年很可能需要筹集更多债务，升级它们的评级是困难的，但也许最近的抛售过度了，” Goldberg 写道。</p>
</div><p>See also: Oracle is the canary in the coal mine for Big Tech's debt-fueled AI spending spree</p>
<div class="lb-trans"><p>另见：甲骨文是大型科技公司债务驱动的人工智能消费狂潮中的金丝雀。</p>
</div><p>He checked in with both companies this week as their shares sank and as credit spreads widened. He saw some reasons why investors might not have to worry quite so much.</p>
<div class="lb-trans"><p>本周，他在这两家公司股价下跌、信用利差扩大时进行了调研。他看到了一些投资者可能不必过于担忧的理由。</p>
</div><p>For instance, Goldberg noted that delayed drawdown term loans are the biggest piece of CoreWeave's debt, but those &#34;are largely matched to the specific contracts those facilities are funding.&#34;</p>
<div class="lb-trans"><p>例如，Goldberg 指出，延期提款的定期贷款是 CoreWeave 债务的最大组成部分，但这些 “在很大程度上与这些设施所资助的具体合同相匹配。”</p>
</div><p>&#34;Those contracts include fixed rental prices, giving some degree of certainty to cash flow streams (and potentially upside),&#34; he wrote.</p>
<div class="lb-trans"><p>“这些合同包括固定租金价格，为现金流提供了一定程度的确定性（并可能带来上行空间），” 他写道。</p>
</div><p>Plus, the company's credit profile &#34;actually seems to have improved during the year, with amendments to its DDTLs bringing its cost of capital down meaningfully, with its credit profile approaching that of some of its customers,&#34; Goldberg added.</p>
<div class="lb-trans"><p>此外，该公司的信用状况 “在今年似乎有所改善，对其 DDTLs 的修订显著降低了资本成本，其信用状况接近一些客户的水平，” Goldberg 补充道。</p>
</div><p>There are also reasons to stick with a more measured view of the stocks, including that there's &#34;just too much uncertainty around them.&#34; The biggest issue, in Goldberg's view, is that the market isn't quite clear on how to value the neocloud players, especially with the pricing specifics of their deals still somewhat of a mystery.</p>
<div class="lb-trans"><p>还有理由对这些股票保持更为谨慎的看法，包括 “它们周围的不确定性实在太多。” 在 Goldberg 看来，最大的问题是市场对如何评估 neocloud 公司并不十分清楚，尤其是它们交易的定价细节仍然有些神秘。</p>
</div><p>And the debt worries, while potentially overblown, are also not nothing. &#34;Both companies still need to raise a lot of debt, and the price of that has now gotten more expensive,&#34; he wrote. &#34;CoreWeave also seems to have lost some of its 'magic' in delivering projects on time.&#34;</p>
<div class="lb-trans"><p>而债务担忧虽然可能被夸大，但也并非无关紧要。“这两家公司仍然需要筹集大量债务，而这些债务的成本现在已经变得更高，” 他写道。“CoreWeave 似乎也失去了一些按时交付项目的 ‘魔力’。”</p>
</div><p>Plus, while CoreWeave and Nebius aren't tied to Oracle, Wall Street has clearly become concerned about that company's deals and debt obligations, and those fears are having ripple effects across the AI universe.</p>
<div class="lb-trans"><p>此外，尽管 CoreWeave 和 Nebius 与甲骨文没有直接关联，但华尔街显然对该公司的交易和债务义务感到担忧，这些担忧在整个人工智能领域产生了连锁反应。</p>
</div><p>Read: Oracle's stock falls on a fear one analyst says should be 'almost irrelevant'</p>
<div class="lb-trans"><p>阅读：甲骨文的股价因一位分析师称其担忧 “几乎无关紧要” 而下跌。</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</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>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>12-18-25 1011ET</p>
<div class="lb-trans"><p>12-18-25 1011ET</p>
</div>

CoreWeave 和 Nebius 的股票出现反弹。此前的债务恐慌是否过于夸张？