<p><strong>CoreWeave 首席执行官 Michael Intrator 在周五于旧金山举行的 Fortune Brainstorm AI 会议上表示，所谓的循环 AI 经济标签与行业内发生的情况不符。</strong></p>
<p>Michael 驳斥了当前 AI 热潮是由同一家公司之间资金循环而非真实需求驱动的说法。</p>
<p>Michael 表示，关注循环模型忽视了他所描述的与硬件、能源和基础设施相关的全球供应失衡。他在谈话中说：“循环是看待这个问题的错误方式。许多公司正在努力解决扭曲全球的失衡问题。”</p>
<h3>CoreWeave 认为物理限制是减缓 AI 硬件交付的原因</h3>
<p>“主要的限制是与将最强大的计算能力交到最前沿的参与者手中相关的物理瓶颈，” Michael 说。</p>
<p>Michael 补充说，这种压力远远超出了云公司和芯片供应商。他分享了与一位未透露姓名的矿业公司高管的最近对话，讨论了建设基础设施所需的材料。他表示，这位矿业高管解释说，这种压力深入到供应链的两个层次，涉及支持 AI 系统所需的原材料和铜。</p>
<p>Michael 说，这位矿业高管直接请求跨行业合作以增加产出。“我们需要作为一个团队共同合作，” 这位高管告诉他。Michael 说，AI 公司内部领导的类似评论常常被批评为循环经济的证据。“如果我在 AI 领域说这个，我就会被指责为处于循环经济中，” 他说。“所以我对循环经济的看法就是，你需要通过合作来实现。”</p>
<p>批评者的担忧还集中在与债务和客户风险相关的问题上。一些人警告说，如果 CoreWeave 未能再融资或失去主要客户，贷方可能会将大量二手 GPU 投放到二级市场，导致价格下跌并造成干扰。Michael 通过指出需求趋势来应对这种情况。他表示，他看到的增长是快速而激进的，而不是脆弱的。</p>
<h3>CoreWeave 面临股价波动，因为大科技公司的需求依然强劲</h3>
<p>Michael 表示，CoreWeave 处于需求上升的中心，因为它专注于并行计算，支持现代 AI 工作负载。他说，大型科技公司的请求持续不断。</p>
<p>自上市以来，CoreWeave 的股价一直不稳定，但 Michael 仅指出目前股价接近 90 美元，而 IPO 价格为 40 美元。</p>
<p>Michael 还谈到了过去对微软的依赖，微软曾占公司收入的 85%，他说这种依赖在积极多元化后已经下降。他声称，现在没有单一客户占据超过 30% 的积压订单，敦促投资者忽视那些引发强烈反应的短期延误，例如数据中心推迟一周开业，他表示这引发了短期观察者的 “混乱”。</p>
<p>Michael 将当前阶段描述为一个宏观超级周期，驱动因素是从顺序计算到并行计算的转变，这为更大的计算能力打开了通道。</p>
<p>Michael 表示，减缓交付的挑战仍然与政策限制、物理基础设施和能源获取相关。“你在交付计算能力时遇到挑战的原因是政策、物理基础设施和能源，” 他说。“你需要通过合作来解决这些问题。”</p>
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<p>CoreWeave 首席执行官 Michael Intrator 在财富脑力风暴 AI 大会上驳斥了循环 AI 经济的说法，认为 AI 硬件交付延迟是由于供应链中的物理瓶颈，包括原材料和基础设施。他强调了跨行业合作以解决这些问题的必要性。Intrator 还指出，尽管股票波动和过去对微软的依赖，CoreWeave 仍然受到大型科技公司的强劲需求和多元化努力的推动。他将当前阶段描述为由并行计算进步驱动的宏观超级周期</p>

<p><strong>CoreWeave CEO Michael Intrator said at the Fortune Brainstorm AI conference in San Francisco Friday that the so called circular AI economy label does not match what is happening inside the industry.</strong></p>
<div class="lb-trans"><p><strong>CoreWeave 首席执行官 Michael Intrator 在周五于旧金山举行的 Fortune Brainstorm AI 会议上表示，所谓的循环 AI 经济标签与行业内发生的情况不符。</strong></p>
</div><p>Michael rejected claims that the current AI boom is driven by money looping between the same companies rather than real demand.</p>
<div class="lb-trans"><p>Michael 驳斥了当前 AI 热潮是由同一家公司之间资金循环而非真实需求驱动的说法。</p>
</div><p>Michael said the focus on a circular model ignores what he described as a global supply imbalance tied to hardware, energy, and infrastructure. “Circular is the incorrect way of looking at it,” Michael said during the conversation. “It’s a lot of companies working to address an imbalance that is distorting the globe.”</p>
<div class="lb-trans"><p>Michael 表示，关注循环模型忽视了他所描述的与硬件、能源和基础设施相关的全球供应失衡。他在谈话中说：“循环是看待这个问题的错误方式。许多公司正在努力解决扭曲全球的失衡问题。”</p>
</div><h3>CoreWeave believes physical limits is what is slowing AI hardware delivery</h3>
<div class="lb-trans"><h3>CoreWeave 认为物理限制是减缓 AI 硬件交付的原因</h3>
</div><p>“The primary constraint is a physical bottleneck associated with getting the most performant compute into the hands of the most cutting edge players,” Michael said.</p>
<div class="lb-trans"><p>“主要的限制是与将最强大的计算能力交到最前沿的参与者手中相关的物理瓶颈，” Michael 说。</p>
</div><p>Michael added that this pressure reaches far beyond cloud firms and chip suppliers. Michael shared details from a recent conversation with a mining company executive, who he did not name, where the discussion focused on materials needed to build infrastructure. He said the mining executive explained that the strain goes two levels deeper into the supply chain, reaching raw metals and copper used to support AI systems.</p>
<div class="lb-trans"><p>Michael 补充说，这种压力远远超出了云公司和芯片供应商。他分享了与一位未透露姓名的矿业公司高管的最近对话，讨论了建设基础设施所需的材料。他表示，这位矿业高管解释说，这种压力深入到供应链的两个层次，涉及支持 AI 系统所需的原材料和铜。</p>
</div><p>Michael said the mining executive made a direct request for cooperation across industries to increase output. “We need to work together as a group,” the executive told him. Michael said similar comments from leaders inside AI companies are often criticized as proof of a circular economy. “If I say that in the AI space, I get accused of being in a circular economy,” he said. “So that’s all I’ll say on the circular economy is, like, you do that by working together.”</p>
<div class="lb-trans"><p>Michael 说，这位矿业高管直接请求跨行业合作以增加产出。“我们需要作为一个团队共同合作，” 这位高管告诉他。Michael 说，AI 公司内部领导的类似评论常常被批评为循环经济的证据。“如果我在 AI 领域说这个，我就会被指责为处于循环经济中，” 他说。“所以我对循环经济的看法就是，你需要通过合作来实现。”</p>
</div><p>Concerns from critics have also focused on risk tied to debt and customer exposure. Some warn that if CoreWeave fails to refinance obligations or loses a major client, lenders could release large volumes of used GPUs into secondary markets, hurting prices and causing disruption. Michael addressed that scenario by pointing to demand trends instead. He said the growth he sees is fast and aggressive, not fragile.</p>
<div class="lb-trans"><p>批评者的担忧还集中在与债务和客户风险相关的问题上。一些人警告说，如果 CoreWeave 未能再融资或失去主要客户，贷方可能会将大量二手 GPU 投放到二级市场，导致价格下跌并造成干扰。Michael 通过指出需求趋势来应对这种情况。他表示，他看到的增长是快速而激进的，而不是脆弱的。</p>
</div><h3>CoreWeave faces stock swings as demand from big tech stays intense</h3>
<div class="lb-trans"><h3>CoreWeave 面临股价波动，因为大科技公司的需求依然强劲</h3>
</div><p>Michael said CoreWeave sits at the center of rising demand because of its focus on parallel computing, which supports modern AI workloads. He said requests from large technology firms continue without pause.</p>
<div class="lb-trans"><p>Michael 表示，CoreWeave 处于需求上升的中心，因为它专注于并行计算，支持现代 AI 工作负载。他说，大型科技公司的请求持续不断。</p>
</div><p>Since its IPO, CoreWeave’s stock has been wobbly, but Michael only pointed out that shares now trade near $90, compared with an IPO price of $40.</p>
<div class="lb-trans"><p>自上市以来，CoreWeave 的股价一直不稳定，但 Michael 仅指出目前股价接近 90 美元，而 IPO 价格为 40 美元。</p>
</div><p>Michael also addressed past reliance on Microsoft, which once accounted for 85% of company revenue, saying that exposure has dropped after active diversification. He claims that no single customer now makes up more than 30% of the backlog, urging investors to ignore short delays that draw heavy reactions, such as a data center opening pushed back by a week, which he said triggered “bedlam” from short term observers.</p>
<div class="lb-trans"><p>Michael 还谈到了过去对微软的依赖，微软曾占公司收入的 85%，他说这种依赖在积极多元化后已经下降。他声称，现在没有单一客户占据超过 30% 的积压订单，敦促投资者忽视那些引发强烈反应的短期延误，例如数据中心推迟一周开业，他表示这引发了短期观察者的 “混乱”。</p>
</div><p>Michael described the current phase as a macro super cycle driven by a move from sequential to parallel computing that opens access to far greater compute capacity.</p>
<div class="lb-trans"><p>Michael 将当前阶段描述为一个宏观超级周期，驱动因素是从顺序计算到并行计算的转变，这为更大的计算能力打开了通道。</p>
</div><p>Michael said the challenges slowing delivery remain tied to policy limits, physical infrastructure, and energy access. “The reasons that you have challenges in delivering that compute is because of policy, because of physical infrastructure, because of energy,” he said. “You do that by working together.”</p>
<div class="lb-trans"><p>Michael 表示，减缓交付的挑战仍然与政策限制、物理基础设施和能源获取相关。“你在交付计算能力时遇到挑战的原因是政策、物理基础设施和能源，” 他说。“你需要通过合作来解决这些问题。”</p>
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CoreWeave 认为物理限制是导致 AI 硬件交付速度减慢的原因