<p>在每個季度結束後，管理超過 1 億美元股票的金融服務公司需要向證券交易委員會（SEC）提交 13F 表格。這些文件代表了基金在最近一個季度內買賣的所有股票的詳細清單。</p>
<p>雖然投資者可能沒有意識到，企業也可以將現金投資於其他公司的股權。根據 <strong>Nvidia</strong> 最近的 13F 文件，這家半導體明星目前在六隻股票中持有頭寸。其中兩隻持股分佈在人工智能（AI）數據中心股票 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong>（CRWV -3.50%）之間。</p>
<p>在今年早些時候成功進行首次公開募股（IPO）後，CoreWeave 已成為 AI 基礎設施市場的重要參與者。讓我們深入瞭解 CoreWeave 的業務，探索該公司如何改變 AI 領域。</p>
<h2>CoreWeave 的業務是什麼？</h2>
<p>在過去幾年中，投資者瞭解到被稱為圖形處理單元（GPU）的先進芯片組在生成性 AI 開發中扮演的重要角色。GPU 市場主要由 Nvidia 和 <strong>Advanced Micro Devices</strong> 主導，這兩家公司能夠為其備受追捧的數據中心硬件收取高昂的價格。</p>
<p>雖然 AI 為芯片市場提供了前所未有的助力，但其中一個微妙的細節是，這種需求給供需動態帶來了一系列複雜性。</p>
<p>這就是 CoreWeave 發揮作用的地方。CoreWeave 作為一個 “新雲” 運營，這是一種特殊類型的業務，允許公司通過基於雲的基礎設施訪問 GPU 架構。這種靈活的模式吸引了那些由於價格上漲而無法直接從 Nvidia 或其合作伙伴購買 GPU 的企業。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvY29yZXdlYXZlLWJ1c2luZXNzLW1vZGVsLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvY29yZXdlYXZlLWJ1c2luZXNzLW1vZGVsLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：CoreWeave。</p>
<p>通過提供比 <strong>Microsoft</strong> Azure、<strong>Amazon</strong> Web Services 和 Google Cloud Platform 等雲計算巨頭更靈活且可能更實惠的模型，CoreWeave 能夠吸引眾多知名客户，並簽署了一系列數十億美元的多年合同。</p>
<h2>CoreWeave 的增長情況如何？</h2>
<p>截至 3 月 31 日的季度，CoreWeave 的收入為 9.82 億美元，同比增長 420%。儘管公司的淨虧損較去年同期擴大了兩倍多，但 CoreWeave 有一些催化劑可以迅速扭轉其盈利能力的動態。請參見下圖中的估計。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.png"/></p>
<p>CRWV 當前財政年度收入估計數據來源於 YCharts</p>
<p>在財報電話會議上，管理層提高了對收入和資本支出（capex）的指導。儘管更多的支出可能在短期內抑制盈利能力，但這些投資是 AI 基礎設施長期機會的必要基礎。</p>
<p>正如上圖中華爾街的估計所示，CoreWeave 今天的投資應有助於確保更多訪問 Nvidia 的 Blackwell GPU 架構，並最終為未來的加速增長提供助力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvZ2V0dHlpbWFnZXMtMTQwODcxNTMwMy02LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvZ2V0dHlpbWFnZXMtMTQwODcxNTMwMy02LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>CoreWeave 的股票現在值得買嗎？</h2>
<p>在下圖中，我將 CoreWeave 與 <strong>Oracle</strong> 在市銷率（P/S）基礎上進行了比較。Oracle 也是基礎設施即服務（IaaS）領域的領先參與者，剛剛簽署了一項 300 億美元的雲計算合同，因此可以與 CoreWeave 進行比較。該單一合同預計將帶來幾乎是 CoreWeave2027 年總收入的兩倍。然而，投資者在 CoreWeave 的 P/S 倍數上給予了 Oracle 兩倍的溢價。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.png"/></p>
<p>CRWV 市銷率數據來源於 YCharts</p>
<p>我認為在 CoreWeave 的估值相對於同行如 Oracle 時，有幾個細微之處需要指出。</p>
<p>首先，Oracle 正在經歷一個過渡期——有效地用其新興的數據中心基礎設施業務替代增長緩慢（或沒有增長）的業務部分。因此，投資者可能會對 Oracle 相對於高增長的 AI 股票如 CoreWeave 施加折扣。</p>
<p>此外，CoreWeave 在今年早些時候完成了 IPO。自那時以來，該公司與 OpenAI 簽署了一項 112 億美元的合同，宣佈計劃收購 <strong>Core Scientific</strong> 以增強其平台，並在華爾街一些最受尊敬的機構投資組合中獲得了一席之地。</p>
<p>這些因素的匯聚足以引發投資者的極大興奮和熱情。因此，我並不驚訝看到 CoreWeave 以如此高的溢價交易。</p>
<p>我認為，對於投資者來説，最明智的做法是在較長的時間範圍內以不同的價格點購買 CoreWeave 的股票。如果你在設定的時間間隔內投資相同金額，這被稱為定投，可以通過消除特定的時機和價格點來幫助降低風險。</p>
<p>總體而言，我認為 CoreWeave 是一個引人注目的機會，能夠在 AI 敍事的基礎設施篇章中佔據主導地位。如果我只能購買一隻 Nvidia 支持的數據中心股票，那就是 CoreWeave。</p>

CRWV

<p>CoreWeave 是一家在人工智能基礎設施領域的重要參與者，因 Nvidia 的 13F 文件披露其對該公司的投資而引起關注。CoreWeave 作為 “新雲” 運營，通過雲基礎設施提供 GPU 訪問，吸引那些無法直接購買 GPU 的企業。該公司報告第一季度收入為 9.82 億美元，同比增長 420%，儘管淨虧損有所擴大。憑藉與 OpenAI 達成的 112 億美元交易等重大投資和合作，CoreWeave 被視為一個強勁的長期投資機會，鼓勵潛在投資者進行定投</p>

<p>Following the end of each quarter, financial services firms that manage over $100 million in stocks are required to file a form 13F with the Securities and Exchange Commission (SEC). These filings represent an itemized breakdown of all the stocks that the fund bought and sold during the most recent quarter.</p>
<div class="lb-trans"><p>在每個季度結束後，管理超過 1 億美元股票的金融服務公司需要向證券交易委員會（SEC）提交 13F 表格。這些文件代表了基金在最近一個季度內買賣的所有股票的詳細清單。</p>
</div><p>While investors may not realize it, corporations can also invest their cash into equity positions of other businesses. According to <strong>Nvidia</strong>'s recent 13F filing, the semiconductor darling currently holds positions across six stocks. Two of its holdings are spread between artificial intelligence (AI) data center stocks, <strong>Nebius Group</strong> and <strong>CoreWeave</strong>(CRWV -3.50%).</p>
<div class="lb-trans"><p>雖然投資者可能沒有意識到，企業也可以將現金投資於其他公司的股權。根據 <strong>Nvidia</strong> 最近的 13F 文件，這家半導體明星目前在六隻股票中持有頭寸。其中兩隻持股分佈在人工智能（AI）數據中心股票 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong>（CRWV -3.50%）之間。</p>
</div><p>Fresh off a hot initial public offering (IPO) earlier this year, CoreWeave has emerged as an integral player in the AI infrastructure market. Let's dive into CoreWeave's business and explore how the company is transforming the AI landscape.</p>
<div class="lb-trans"><p>在今年早些時候成功進行首次公開募股（IPO）後，CoreWeave 已成為 AI 基礎設施市場的重要參與者。讓我們深入瞭解 CoreWeave 的業務，探索該公司如何改變 AI 領域。</p>
</div><h2>What does CoreWeave do?</h2>
<div class="lb-trans"><h2>CoreWeave 的業務是什麼？</h2>
</div><p>For the last few years, investors have learned about the important role that advanced chipsets known as graphics processing units (GPUs) play in the development of generative AI. The GPU market is largely dominated by Nvidia and <strong>Advanced Micro Devices</strong>, both of which are able to command hefty price tags for their coveted data center hardware.</p>
<div class="lb-trans"><p>在過去幾年中，投資者瞭解到被稱為圖形處理單元（GPU）的先進芯片組在生成性 AI 開發中扮演的重要角色。GPU 市場主要由 Nvidia 和 <strong>Advanced Micro Devices</strong> 主導，這兩家公司能夠為其備受追捧的數據中心硬件收取高昂的價格。</p>
</div><p>While AI has served as an unprecedented tailwind for the chip market, one of the subtle nuances is that this demand has brought a series of complications to supply and demand dynamics.</p>
<div class="lb-trans"><p>雖然 AI 為芯片市場提供了前所未有的助力，但其中一個微妙的細節是，這種需求給供需動態帶來了一系列複雜性。</p>
</div><p>This is where CoreWeave comes into play. CoreWeave operates as a &#34;neocloud,&#34; which is a specialized type of business that allows companies to access GPU architecture through cloud-based infrastructure. This flexible model appeals to businesses that may not be able to purchase GPUs directly from Nvidia or its cohorts due to rising price dynamics.</p>
<div class="lb-trans"><p>這就是 CoreWeave 發揮作用的地方。CoreWeave 作為一個 “新雲” 運營，這是一種特殊類型的業務，允許公司通過基於雲的基礎設施訪問 GPU 架構。這種靈活的模式吸引了那些由於價格上漲而無法直接從 Nvidia 或其合作伙伴購買 GPU 的企業。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvY29yZXdlYXZlLWJ1c2luZXNzLW1vZGVsLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825895%2Fcoreweave-business-model.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: CoreWeave.</p>
<div class="lb-trans"><p>圖片來源：CoreWeave。</p>
</div><p>By offering an agile and potentially more affordable model than cloud hyperscalers such as <strong>Microsoft</strong> Azure, <strong>Amazon</strong> Web Services, and Google Cloud Platform, CoreWeave has been able to attract a number of high-profile customers and ink a series of multiyear, billion-dollar deals.</p>
<div class="lb-trans"><p>通過提供比 <strong>Microsoft</strong> Azure、<strong>Amazon</strong> Web Services 和 Google Cloud Platform 等雲計算巨頭更靈活且可能更實惠的模型，CoreWeave 能夠吸引眾多知名客户，並簽署了一系列數十億美元的多年合同。</p>
</div><h2>What does CoreWeave's growth look like?</h2>
<div class="lb-trans"><h2>CoreWeave 的增長情況如何？</h2>
</div><p>For the quarter ended March 31, CoreWeave generated $982 million in revenue -- up 420% year over year. While the company's net loss widened more than twofold compared to the year-ago quarter, CoreWeave has some catalysts that should quickly turn around the dynamics of its profitability profile. See estimates in the chart below.</p>
<div class="lb-trans"><p>截至 3 月 31 日的季度，CoreWeave 的收入為 9.82 億美元，同比增長 420%。儘管公司的淨虧損較去年同期擴大了兩倍多，但 CoreWeave 有一些催化劑可以迅速扭轉其盈利能力的動態。請參見下圖中的估計。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.png" alt="" original-src="https://media.ycharts.com/charts/1abb2f56318358e3e58f3e9051ebefbc.png"/></p>
<p>CRWV Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>CRWV 當前財政年度收入估計數據來源於 YCharts</p>
</div><p>During the earnings call, management raised guidance for both revenue and capital expenditures (capex). While more spending may stifle profitability in the short term, these investments are necessary foundations for the longer-term opportunity in AI infrastructure.</p>
<div class="lb-trans"><p>在財報電話會議上，管理層提高了對收入和資本支出（capex）的指導。儘管更多的支出可能在短期內抑制盈利能力，但這些投資是 AI 基礎設施長期機會的必要基礎。</p>
</div><p>As Wall Street's estimates pictured in the chart above showcase, CoreWeave's investments today should help secure more access to Nvidia's Blackwell GPU architecture and should ultimately serve as a tailwind for more accelerated growth down the road.</p>
<div class="lb-trans"><p>正如上圖中華爾街的估計所示，CoreWeave 今天的投資應有助於確保更多訪問 Nvidia 的 Blackwell GPU 架構，並最終為未來的加速增長提供助力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4OTUvZ2V0dHlpbWFnZXMtMTQwODcxNTMwMy02LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825895%2Fgettyimages-1408715303-6.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Is CoreWeave stock a buy right now?</h2>
<div class="lb-trans"><h2>CoreWeave 的股票現在值得買嗎？</h2>
</div><p>In the chart below, I compare CoreWeave to <strong>Oracle</strong> on a price-to-sales (P/S) basis. Oracle is also a leading player in infrastructure-as-a-service (IaaS), having just signed a $30 billion cloud deal of its own, so it's comparable to CoreWeave. That single deal is expected to bring in nearly twice the amount of CoreWeave's total 2027 revenue. And yet, investors are placing a twofold premium on CoreWeave's P/S multiple when compared to Oracle.</p>
<div class="lb-trans"><p>在下圖中，我將 CoreWeave 與 <strong>Oracle</strong> 在市銷率（P/S）基礎上進行了比較。Oracle 也是基礎設施即服務（IaaS）領域的領先參與者，剛剛簽署了一項 300 億美元的雲計算合同，因此可以與 CoreWeave 進行比較。該單一合同預計將帶來幾乎是 CoreWeave2027 年總收入的兩倍。然而，投資者在 CoreWeave 的 P/S 倍數上給予了 Oracle 兩倍的溢價。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.png" alt="" original-src="https://media.ycharts.com/charts/273cb0acef15d4ac372bb92c03c5a4a7.png"/></p>
<p>CRWV PS Ratio data by YCharts</p>
<div class="lb-trans"><p>CRWV 市銷率數據來源於 YCharts</p>
</div><p>I think there are a couple of nuances to point out when it comes to CoreWeave's valuation relative to a peer such as Oracle.</p>
<div class="lb-trans"><p>我認為在 CoreWeave 的估值相對於同行如 Oracle 時，有幾個細微之處需要指出。</p>
</div><p>First, Oracle is experiencing a transition period -- effectively replacing slow-growth (or no-growth) segments of the business with its new, budding data center infrastructure operation. For this reason, investors are likely applying a discount to Oracle relative to a high-growth AI stock such as CoreWeave.</p>
<div class="lb-trans"><p>首先，Oracle 正在經歷一個過渡期——有效地用其新興的數據中心基礎設施業務替代增長緩慢（或沒有增長）的業務部分。因此，投資者可能會對 Oracle 相對於高增長的 AI 股票如 CoreWeave 施加折扣。</p>
</div><p>Moreover, CoreWeave completed an IPO earlier this year. Since then, the company has inked an $11.2 billion deal with OpenAI, announced the planned acquisition of <strong>Core Scientific</strong> to bolster its platform, and earned a spot in some of Wall Street's most respected institutional portfolios.</p>
<div class="lb-trans"><p>此外，CoreWeave 在今年早些時候完成了 IPO。自那時以來，該公司與 OpenAI 簽署了一項 112 億美元的合同，宣佈計劃收購 <strong>Core Scientific</strong> 以增強其平台，並在華爾街一些最受尊敬的機構投資組合中獲得了一席之地。</p>
</div><p>This confluence of factors is more than enough to garner outsize excitement and enthusiasm from investors. For these reasons, I'm not surprised to see CoreWeave trading at such a premium.</p>
<div class="lb-trans"><p>這些因素的匯聚足以引發投資者的極大興奮和熱情。因此，我並不驚訝看到 CoreWeave 以如此高的溢價交易。</p>
</div><p>I think the most prudent course of action for investors is to buy CoreWeave stock at different price points over a long-term time horizon. If you invest the same amount of money at set time intervals, that is known as dollar-cost averaging, and can help mitigate risk by removing specific timing and price points from the equation.</p>
<div class="lb-trans"><p>我認為，對於投資者來説，最明智的做法是在較長的時間範圍內以不同的價格點購買 CoreWeave 的股票。如果你在設定的時間間隔內投資相同金額，這被稱為定投，可以通過消除特定的時機和價格點來幫助降低風險。</p>
</div><p>Overall, I see CoreWeave as a compelling opportunity that is well positioned to dominate the infrastructure chapter of the AI narrative. If I could buy only one Nvidia-backed data center stock, CoreWeave would be it.</p>
<div class="lb-trans"><p>總體而言，我認為 CoreWeave 是一個引人注目的機會，能夠在 AI 敍事的基礎設施篇章中佔據主導地位。如果我只能購買一隻 Nvidia 支持的數據中心股票，那就是 CoreWeave。</p>
</div>

If I Could Buy Only 1 Nvidia-Backed Data Center Stock, This Would Be It (Hint: It's Not Nebius)

- Nvidia 的 13F 文件顯示其持有六隻股票，包括 CoreWeave。  
- CoreWeave 在 AI 基礎設施市場中增長迅速，收入同比增長 420%。  
- 投資者被建議在不同價格點長期持有 CoreWeave 股票。  

如果我只能選擇購買一隻由英偉達支持的數據中心股票，那就是這隻（提示：不是 Nebius）