<p><strong>CoreWeave, Inc</strong>. (NASDAQ: CRWV) 分析师强调了强劲的需求、不断扩大的订单积压和积极的基础设施增长，同时警告称，巨额资本支出和执行风险可能会使股票波动性加大。</p>
<h2>美国银行证券：强劲的需求和订单积压支持长期增长</h2>
<p><strong>美国银行证券</strong> 分析师 Tal Liani 重申了对 CoreWeave 的买入评级，并在公司第一季度收入增长 112%（高于市场预期的 101%）后维持 140 美元的价格预测。</p>
<p>Liani 表示，强劲的数据中心执行推动了业绩上升，而订单积压季度环比增长 49%，达到 994 亿美元，得益于包括之前宣布的 210 亿美元 <strong>Meta Platforms Inc</strong>. (NASDAQ: META) 合同在内的大型协议。</p>
<p>分析师表示，CoreWeave 在本季度新增了约 150 兆瓦的活跃电力，使活跃电力超过 1GW，合同电力达到 3.5GW。他预计到 2026 年底，公司将达到 1.7GW 的活跃电力。</p>
<p>Liani 还预测 2026 年下半年的收入增长将比上半年高出 72%，并预计运营利润率将在 2026 年逐步改善，尽管由于公司积极的资本支出计划，全年利润率预计约为 8%。</p>
<p>他补充说，推理工作负载现在占 CoreWeave 计算使用量的一半以上，并表示推理将继续是长期需求的主要驱动因素。</p>
<h2>高盛：尽管资本支出上升，需求仍在加速</h2>
<p><strong>高盛</strong> 分析师 Gabriela Borges 重申了对 CoreWeave 的中性评级，并在公司报告的收入略高于预期后维持 85 美元的价格预测，同时保持其 2026 年的收入和利润率展望。</p>
<p>Borges 表示，投资者对资本支出指引上调反应消极，因组件价格上涨使中值增加了 5 亿美元。然而，她表示，由于采取或支付合同和新协议的定价灵活性，CoreWeave 的单位经济仍然具有韧性。</p>
<p>分析师强调需求加速，收入订单积压达到 994 亿美元，CoreWeave 在 2026 年的产能基本售罄。她还指出，Blackwell、Hopper 和 Ampere 的需求保持强劲，而 AI 芯片的平均价格季度环比上涨。</p>
<p>Borges 表示，管理层仍然预计活跃电力将在 2026 年底达到 1.7GW，并预计公司 3.5GW 的合同电力将在 2027 年底之前上线，支持 2027 年超过 300 亿美元的年度经常性收入。</p>
<p>她还指出，软件、网络、存储和开发工具产品的增长将成为未来尚未反映在当前指引中的高利润增长机会。</p>
<h2>摩根大通：强劲的订单抵消波动担忧</h2>
<p><strong>摩根大通</strong> 分析师 Mark R. Murphy 维持对 CoreWeave 的中性评级，并将其价格预测从 90 美元上调至 105 美元，此前公司重申了其全年展望，并发布了创纪录的订单增长。</p>
<p>Murphy 表示，第一季度收入为 20.8 亿美元，超过市场共识预期约 6%。相比之下，公司重申了其 2026 年收入展望为 120 亿至 130 亿美元，运营收入指引为 9 亿至 11 亿美元。</p>
<p>分析师指出，CoreWeave 将其 2026 年年末经常性收入底线提高至 180 亿至 190 亿美元，高于之前的范围，而订单积压在本季度新增承诺超过 400 亿美元后，环比增长 49%，达到 994 亿美元。</p>
<p>Murphy 还强调了客户多样性的改善，指出非投资级的 AI 原生和基础模型客户现在占订单积压的比例低于 30%。他补充说，金融服务客户，包括 Jane Street 和 Hudson River Trading，现在在订单积压中占据近 100 亿美元。</p>
<p>与此同时，Murphy 警告称，由于执行风险、资本支出需求高企和更广泛的经济不确定性，CoreWeave 可能会继续经历 “波动性较大的旅程”。</p>
<p><strong>CRWV 价格动态：</strong> 截至周五发布时，CoreWeave 的股票下跌 11.71%，报 113.75 美元， 根据 Benzinga Pro 数据。</p>
<p><em>照片来源于 Shutterstock</em></p>

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<p>分析师警告称，CoreWeave 股票（NASDAQ:CRWV）可能会保持波动，尽管其收入增长了 112%，并且有 990 亿美元的订单积压。美银证券维持 “买入” 评级，目标价为 140 美元，理由是强劲的需求和基础设施增长。高盛维持 “中性” 评级，目标价为 85 美元，指出资本支出担忧上升。摩根大通也维持 “中性” 评级，将其目标价上调至 105 美元，同时强调创纪录的订单增长。在发布时，CoreWeave 股票下跌了 11.71%，报 113.75 美元</p>

<p><strong>CoreWeave, Inc</strong>. (NASDAQ: CRWV) analysts highlighted strong demand, expanding backlog, and aggressive infrastructure growth while also warning that heavy capital spending and execution risks could keep the stock volatile.</p>
<div class="lb-trans"><p><strong>CoreWeave, Inc</strong>. (NASDAQ: CRWV) 分析师强调了强劲的需求、不断扩大的订单积压和积极的基础设施增长，同时警告称，巨额资本支出和执行风险可能会使股票波动性加大。</p>
</div><h2>BofA Securities: Strong Demand And Backlog Support Long-Term Growth</h2>
<div class="lb-trans"><h2>美国银行证券：强劲的需求和订单积压支持长期增长</h2>
</div><p><strong>Bank of America Securities</strong> analyst Tal Liani reiterated a Buy rating on CoreWeave and maintained a $140 price forecast after the company delivered first-quarter revenue growth of 112%, above Street expectations of 101%.</p>
<div class="lb-trans"><p><strong>美国银行证券</strong> 分析师 Tal Liani 重申了对 CoreWeave 的买入评级，并在公司第一季度收入增长 112%（高于市场预期的 101%）后维持 140 美元的价格预测。</p>
</div><p>Liani said strong data center execution drove the upside, while backlog jumped 49% quarter over quarter to $99.4 billion, supported by large agreements, including the previously announced $21 billion <strong>Meta Platforms Inc</strong>. (NASDAQ: META) deal.</p>
<div class="lb-trans"><p>Liani 表示，强劲的数据中心执行推动了业绩上升，而订单积压季度环比增长 49%，达到 994 亿美元，得益于包括之前宣布的 210 亿美元 <strong>Meta Platforms Inc</strong>. (NASDAQ: META) 合同在内的大型协议。</p>
</div><p>The analyst said CoreWeave added about 150 megawatts of active power during the quarter, pushing active power above 1GW and contracted power to 3.5GW. He expects the company to reach 1.7GW of active power by the end of 2026.</p>
<div class="lb-trans"><p>分析师表示，CoreWeave 在本季度新增了约 150 兆瓦的活跃电力，使活跃电力超过 1GW，合同电力达到 3.5GW。他预计到 2026 年底，公司将达到 1.7GW 的活跃电力。</p>
</div><p>Liani also projected second-half 2026 revenue growth of 72% versus the first half and expects operating margins to improve sequentially through 2026, reaching roughly 8% for the full year despite pressure from the company's aggressive capex ramp.</p>
<div class="lb-trans"><p>Liani 还预测 2026 年下半年的收入增长将比上半年高出 72%，并预计运营利润率将在 2026 年逐步改善，尽管由于公司积极的资本支出计划，全年利润率预计约为 8%。</p>
</div><p>He added that inference workloads now account for more than half of CoreWeave's compute usage and said inference should remain the primary long-term demand driver.</p>
<div class="lb-trans"><p>他补充说，推理工作负载现在占 CoreWeave 计算使用量的一半以上，并表示推理将继续是长期需求的主要驱动因素。</p>
</div><h2>Goldman Sachs: Demand Accelerates Despite Rising Capex</h2>
<div class="lb-trans"><h2>高盛：尽管资本支出上升，需求仍在加速</h2>
</div><p><strong>Goldman Sachs</strong> analyst Gabriela Borges reiterated a Neutral rating on CoreWeave with an $85 price forecast after the company reported revenue slightly above expectations and maintained its 2026 revenue and margin outlook.</p>
<div class="lb-trans"><p><strong>高盛</strong> 分析师 Gabriela Borges 重申了对 CoreWeave 的中性评级，并在公司报告的收入略高于预期后维持 85 美元的价格预测，同时保持其 2026 年的收入和利润率展望。</p>
</div><p>Borges said investors reacted negatively to higher capex guidance, which increased by $500 million at the midpoint because of rising component prices. However, she said CoreWeave's unit economics remain resilient due to take-or-pay contracts and pricing flexibility on new agreements.</p>
<div class="lb-trans"><p>Borges 表示，投资者对资本支出指引上调反应消极，因组件价格上涨使中值增加了 5 亿美元。然而，她表示，由于采取或支付合同和新协议的定价灵活性，CoreWeave 的单位经济仍然具有韧性。</p>
</div><p>The analyst highlighted accelerating demand, with revenue backlog reaching $99.4 billion and CoreWeave remaining largely sold out of 2026 capacity. She also noted that Blackwell, Hopper, and Ampere demand stayed strong, while average pricing for AI chips increased quarter over quarter.</p>
<div class="lb-trans"><p>分析师强调需求加速，收入订单积压达到 994 亿美元，CoreWeave 在 2026 年的产能基本售罄。她还指出，Blackwell、Hopper 和 Ampere 的需求保持强劲，而 AI 芯片的平均价格季度环比上涨。</p>
</div><p>Borges said management still expects active power to reach 1.7GW by year-end 2026 and anticipates most of the company's 3.5GW of contracted power will come online by the end of 2027, supporting more than $30 billion in annual recurring revenue exiting 2027.</p>
<div class="lb-trans"><p>Borges 表示，管理层仍然预计活跃电力将在 2026 年底达到 1.7GW，并预计公司 3.5GW 的合同电力将在 2027 年底之前上线，支持 2027 年超过 300 亿美元的年度经常性收入。</p>
</div><p>She also pointed to growing software, networking, storage, and developer tool offerings as future high-margin growth opportunities not yet reflected in current guidance.</p>
<div class="lb-trans"><p>她还指出，软件、网络、存储和开发工具产品的增长将成为未来尚未反映在当前指引中的高利润增长机会。</p>
</div><h2>JP Morgan: Strong Bookings Offset Volatility Concerns</h2>
<div class="lb-trans"><h2>摩根大通：强劲的订单抵消波动担忧</h2>
</div><p><strong>JP Morgan</strong> analyst Mark R. Murphy maintained a Neutral rating on CoreWeave and raised his price forecast to $105 from $90 after the company reaffirmed its full-year outlook and posted record bookings growth.</p>
<div class="lb-trans"><p><strong>摩根大通</strong> 分析师 Mark R. Murphy 维持对 CoreWeave 的中性评级，并将其价格预测从 90 美元上调至 105 美元，此前公司重申了其全年展望，并发布了创纪录的订单增长。</p>
</div><p>Murphy said first-quarter revenue of $2.08 billion exceeded consensus estimates by roughly 6%. In comparison, the company reaffirmed its 2026 revenue outlook of $12 billion to $13 billion and operating income guidance of $900 million to $1.1 billion.</p>
<div class="lb-trans"><p>Murphy 表示，第一季度收入为 20.8 亿美元，超过市场共识预期约 6%。相比之下，公司重申了其 2026 年收入展望为 120 亿至 130 亿美元，运营收入指引为 9 亿至 11 亿美元。</p>
</div><p>The analyst noted that CoreWeave raised its 2026 exit annual recurring revenue floor to $18 billion-$19 billion, up from the prior range, while backlog expanded 49% sequentially to $99.4 billion after more than $40 billion in new commitments during the quarter.</p>
<div class="lb-trans"><p>分析师指出，CoreWeave 将其 2026 年年末经常性收入底线提高至 180 亿至 190 亿美元，高于之前的范围，而订单积压在本季度新增承诺超过 400 亿美元后，环比增长 49%，达到 994 亿美元。</p>
</div><p>Murphy also highlighted improving customer diversification, noting that non-investment-grade AI-native and foundation model customers now account for less than 30% of backlog. He added that financial services customers, including Jane Street and Hudson River Trading, now represent nearly $10 billion in backlog.</p>
<div class="lb-trans"><p>Murphy 还强调了客户多样性的改善，指出非投资级的 AI 原生和基础模型客户现在占订单积压的比例低于 30%。他补充说，金融服务客户，包括 Jane Street 和 Hudson River Trading，现在在订单积压中占据近 100 亿美元。</p>
</div><p>At the same time, Murphy warned that CoreWeave could continue delivering a &#34;lumpy, volatile ride&#34; because of execution risks, elevated capex needs, and broader economic uncertainty.</p>
<div class="lb-trans"><p>与此同时，Murphy 警告称，由于执行风险、资本支出需求高企和更广泛的经济不确定性，CoreWeave 可能会继续经历 “波动性较大的旅程”。</p>
</div><p><strong>CRWV Price Action:</strong> CoreWeave shares were down 11.71% at $113.75 at the time of publication on Friday, according to Benzinga Pro data.</p>
<div class="lb-trans"><p><strong>CRWV 价格动态：</strong> 截至周五发布时，CoreWeave 的股票下跌 11.71%，报 113.75 美元， 根据 Benzinga Pro 数据。</p>
</div><p><em>Photo via Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源于 Shutterstock</em></p>
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Analyst Warns CoreWeave Stock Could Stay 'Lumpy, Volatile'

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分析师警告称，CoreWeave 的股票可能会保持 ‘不稳定且波动’