<p>雲人工智能（AI）基礎設施提供商 <strong>CoreWeave</strong>（CRWV -2.48%）自五個月前上市以來，其股價經歷了驚人的增長。該公司的股票自那時以來上漲了令人矚目的 133%，儘管最近的走勢表明投資者在其驚人上漲後開始獲利了結。</p>
<p>具體來説，該股票自 6 月 20 日達到 52 周高點以來下跌了 50%。CoreWeave 最近的下滑可以歸因於其計劃的全股票收購 <strong>Core Scientific</strong>、最近的季度業績中公司出現了超出預期的虧損，以及首次公開募股（IPO）鎖定期的到期，這使得內部人士可以出售股票。</p>
<p>然而，這一近期的下跌對於那些希望以相對便宜的估值購買成長股的精明投資者來説，實際上是一個偽裝的機會，特別是考慮到 CoreWeave 在未來五年可能實現的驚人增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NjMvcGVyc29uLXNtaWxpbmctY29tcHV0ZXItY2hhcnRzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NjMvcGVyc29uLXNtaWxpbmctY29tcHV0ZXItY2hhcnRzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>CoreWeave 將從蓬勃發展的 AI 基礎設施需求中獲益良多</h2>
<p>CoreWeave 的業務正在以驚人的速度增長。該公司建立了由 <strong>Nvidia</strong> 的頂級圖形處理單元（GPU）驅動的數據中心，客户們紛紛搶着租用 CoreWeave 的計算能力。</p>
<p>這解釋了為什麼 CoreWeave 在 2025 年前六個月的收入同比增長了 3.75 倍。值得注意的是，CoreWeave 目前沒有足夠的能力來滿足其所接收到的所有業務。這從其在第二季度末積壓的 300 億美元的巨大訂單中可以看出。</p>
<p>CoreWeave 的積壓訂單在上一季度同比增長了 140 億美元。這遠高於公司第二季度的收入 12 億美元。因此，CoreWeave 獲得新合同的速度遠遠快於其履行合同的速度。當我們考慮到全球雲基礎設施即服務（IaaS）市場的收入預計將從 2025 年的約 1900 億美元躍升至 2032 年的 7120 億美元時，這並不令人驚訝，數據來自《財富商業洞察》。</p>
<p>因此，尋求開發和部署 AI 應用程序的公司正在儘可能獲取數據中心的計算能力。CoreWeave 則在盡力將更多的數據中心能力上線。首席執行官 Michael Intrator 在最近的財報電話會議上指出：“擴大我們的能力和服務仍然是我們在這個結構性供不應求市場中成功的關鍵因素。”</p>
<p>因此，CoreWeave 計劃到 2025 年底將其活躍電力容量提高到 900 兆瓦，而上個季度末為 470 兆瓦。此外，CoreWeave 指出，其在上個季度末的總合同電力容量已增加至 2.2 吉瓦。</p>
<p>合同容量是 CoreWeave 為未來供電其數據中心而確保的電力數量。通過部署更多設備，如圖形卡和存儲，它可以將其轉化為活躍容量，從而使其能夠履行更多合同。值得注意的是，CoreWeave 能夠獲得來自全球領先的 AI 芯片公司的最新最強硬件。</p>
<p>該公司幾個月前指出，它將成為第一家提供 Nvidia 旗艦 GB300 NVL72 系統的 AI 雲基礎設施公司。根據 CoreWeave 的説法，該系統提供了 “令人震驚的 50 倍推理模型推斷輸出提升，使您能夠開發和部署比以往更大、更復雜的 AI 模型，速度也快得多”，與上一代 Hopper 芯片相比。</p>
<p>這並不令人驚訝，因為為該芯片平台提供動力的 Blackwell Ultra GPU 的計算能力是普通 Blackwell 卡的 1.5 倍。由於能夠提供旗艦 AI 芯片系統以及積極擴展能力，CoreWeave 在未來五年內可能繼續吸引更多客户並在 IaaS 市場中佔據更大份額。</p>
<h2>該股票在未來五年內有能力實現可觀的收益</h2>
<p>分析師預計 CoreWeave 在未來幾年將實現可觀的增長，他們甚至提高了對該公司的增長預期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7ed913ff9011f181cfc6bfca2c79b4.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/4c7ed913ff9011f181cfc6bfca2c79b4.png"/></p>
<p>CRWV 當前財政年度的收入預估數據來自 YCharts</p>
<p>CoreWeave 已經擁有足夠的積壓訂單來滿足未來三年的收入目標。此外，AI 基礎設施市場的巨大可尋址機會應有助於該公司在 2028 年之後維持其穩健增長。但即使 CoreWeave 的增長放緩，其收入在 2029 年和 2030 年以相對保守的 20% 增長率躍升，其收入在五年後也可能接近 250 億美元。</p>
<p>假設 CoreWeave 在 2030 年的交易市盈率為 5 倍，符合 <strong>納斯達克綜合指數</strong> 的市銷率，其市值可能躍升至 1250 億美元。這將是其當前市值的近 2.75 倍，表明這隻 AI 股票近期的下跌是一個買入機會，因為它在未來五年內可能實現可觀的收益。</p>

CRWV

<p>CoreWeave (CRWV) 自上市以來股價上漲了 133%，但最近從其 52 周高點下跌了 50%。這一下跌與其收購計劃、令人失望的季度業績以及 IPO 鎖定期的結束有關。儘管如此，CoreWeave 的收入同比激增了 3.75 倍，主要受 AI 基礎設施高需求的推動。該公司擁有 300 億美元的訂單積壓，並計劃大幅擴展其產能。分析師預測強勁增長，預計五年內潛在收入將接近 250 億美元，使其成為一個有吸引力的投資機會</p>

<p>Cloud artificial intelligence (AI) infrastructure provider <strong>CoreWeave</strong>(CRWV -2.48%) witnessed a stunning increase in its stock price since going public just over five months ago. Shares of the company shot up a remarkable 133% since then, though the recent action suggests that investors have been booking profits following its phenomenal rise.</p>
<div class="lb-trans"><p>雲人工智能（AI）基礎設施提供商 <strong>CoreWeave</strong>（CRWV -2.48%）自五個月前上市以來，其股價經歷了驚人的增長。該公司的股票自那時以來上漲了令人矚目的 133%，儘管最近的走勢表明投資者在其驚人上漲後開始獲利了結。</p>
</div><p>Specifically, the stock has slipped 50% from the 52-week high it hit on June 20. CoreWeave's recent slip can be attributed to a combination of its planned all-stock acquisition of <strong>Core Scientific</strong>, its recent quarterly results in which the company delivered a bigger-than-expected loss, and the expiration of the post-IPO (initial public offering) lock-up period, which allowed insiders to sell the stock.</p>
<div class="lb-trans"><p>具體來説，該股票自 6 月 20 日達到 52 周高點以來下跌了 50%。CoreWeave 最近的下滑可以歸因於其計劃的全股票收購 <strong>Core Scientific</strong>、最近的季度業績中公司出現了超出預期的虧損，以及首次公開募股（IPO）鎖定期的到期，這使得內部人士可以出售股票。</p>
</div><p>However, this recent decline is an opportunity in disguise for savvy investors looking to buy a growth stock at a relatively cheap valuation, especially considering the terrific growth CoreWeave could clock over the next five years.</p>
<div class="lb-trans"><p>然而，這一近期的下跌對於那些希望以相對便宜的估值購買成長股的精明投資者來説，實際上是一個偽裝的機會，特別是考慮到 CoreWeave 在未來五年可能實現的驚人增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NjMvcGVyc29uLXNtaWxpbmctY29tcHV0ZXItY2hhcnRzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831763%2Fperson-smiling-computer-charts.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>CoreWeave is going to win big from booming AI infrastructure demand</h2>
<div class="lb-trans"><h2>CoreWeave 將從蓬勃發展的 AI 基礎設施需求中獲益良多</h2>
</div><p>CoreWeave's business is growing at an incredible pace. The company built data centers powered by top-of-the-line graphics processing units (GPUs) from <strong>Nvidia</strong>, and customers have been rushing to rent that capacity from CoreWeave.</p>
<div class="lb-trans"><p>CoreWeave 的業務正在以驚人的速度增長。該公司建立了由 <strong>Nvidia</strong> 的頂級圖形處理單元（GPU）驅動的數據中心，客户們紛紛搶着租用 CoreWeave 的計算能力。</p>
</div><p>This explains why CoreWeave's revenue in the first six months of 2025 jumped 3.75 times from the same period last year. An important thing to note here is that CoreWeave doesn't have enough capacity at its disposal to fulfill all the business that it is receiving. This is evident from the massive backlog of $30 billion that it was sitting on at the end of Q2.</p>
<div class="lb-trans"><p>這解釋了為什麼 CoreWeave 在 2025 年前六個月的收入同比增長了 3.75 倍。值得注意的是，CoreWeave 目前沒有足夠的能力來滿足其所接收到的所有業務。這從其在第二季度末積壓的 300 億美元的巨大訂單中可以看出。</p>
</div><p>CoreWeave's backlog grew by a massive $14 billion year over year in the previous quarter. That's way higher than the company's Q2 revenue of $1.2 billion. So CoreWeave is winning new contracts far faster than it is fulfilling them. That's not surprising when we consider that the global cloud infrastructure-as-a-service (IaaS) market's revenue is expected to jump from an estimated $190 billion in 2025 to more than $712 billion in 2032, according to Fortune Business Insights.</p>
<div class="lb-trans"><p>CoreWeave 的積壓訂單在上一季度同比增長了 140 億美元。這遠高於公司第二季度的收入 12 億美元。因此，CoreWeave 獲得新合同的速度遠遠快於其履行合同的速度。當我們考慮到全球雲基礎設施即服務（IaaS）市場的收入預計將從 2025 年的約 1900 億美元躍升至 2032 年的 7120 億美元時，這並不令人驚訝，數據來自《財富商業洞察》。</p>
</div><p>So companies looking to develop and deploy AI applications are getting their hands on whatever data center capacity they can. CoreWeave, in turn, is doing its best to bring more data center capacity online. CEO Michael Intrator pointed out on the recent earnings conference call that &#34;scaling our capacity and services remains [a] key ingredient for our success in this structurally undersupplied market.&#34;</p>
<div class="lb-trans"><p>因此，尋求開發和部署 AI 應用程序的公司正在儘可能獲取數據中心的計算能力。CoreWeave 則在盡力將更多的數據中心能力上線。首席執行官 Michael Intrator 在最近的財報電話會議上指出：“擴大我們的能力和服務仍然是我們在這個結構性供不應求市場中成功的關鍵因素。”</p>
</div><p>As a result, CoreWeave is intent on increasing its active power capacity to 900 megawatts by the end of 2025, up from 470 at the end of the previous quarter. What's more, CoreWeave points out that it increased its total contracted power capacity to 2.2 gigawatts at the end of the previous quarter.</p>
<div class="lb-trans"><p>因此，CoreWeave 計劃到 2025 年底將其活躍電力容量提高到 900 兆瓦，而上個季度末為 470 兆瓦。此外，CoreWeave 指出，其在上個季度末的總合同電力容量已增加至 2.2 吉瓦。</p>
</div><p>Contracted capacity is the amount of power that CoreWeave secured for powering its data centers in the future. It can turn that into active capacity by deploying more equipment, such as graphics cards and storage, which should allow it to fulfill more contracts. It's worth noting that CoreWeave has been able to get its hands on the latest and greatest hardware from the world's leading AI chip company.</p>
<div class="lb-trans"><p>合同容量是 CoreWeave 為未來供電其數據中心而確保的電力數量。通過部署更多設備，如圖形卡和存儲，它可以將其轉化為活躍容量，從而使其能夠履行更多合同。值得注意的是，CoreWeave 能夠獲得來自全球領先的 AI 芯片公司的最新最強硬件。</p>
</div><p>The company pointed out a couple of months ago that it will be the first AI cloud infrastructure company to offer Nvidia's flagship GB300 NVL72 system. According to CoreWeave, this system offers &#34;a staggering 50 times increase in output for reasoning model inference, empowering you to develop and deploy larger, more complex AI models that are exponentially faster than ever before&#34; as compared to previous-generation Hopper chips.</p>
<div class="lb-trans"><p>該公司幾個月前指出，它將成為第一家提供 Nvidia 旗艦 GB300 NVL72 系統的 AI 雲基礎設施公司。根據 CoreWeave 的説法，該系統提供了 “令人震驚的 50 倍推理模型推斷輸出提升，使您能夠開發和部署比以往更大、更復雜的 AI 模型，速度也快得多”，與上一代 Hopper 芯片相比。</p>
</div><p>That's not surprising, as the Blackwell Ultra GPU powering this chip platform has 1.5 times more computing power than the regular Blackwell card. CoreWeave could continue attracting more customers and grab a bigger share of the IaaS market over the next five years thanks to its ability to offer flagship AI chip systems and its aggressive focus on capacity expansion.</p>
<div class="lb-trans"><p>這並不令人驚訝，因為為該芯片平台提供動力的 Blackwell Ultra GPU 的計算能力是普通 Blackwell 卡的 1.5 倍。由於能夠提供旗艦 AI 芯片系統以及積極擴展能力，CoreWeave 在未來五年內可能繼續吸引更多客户並在 IaaS 市場中佔據更大份額。</p>
</div><h2>The stock's capable of delivering terrific gains over the next five years</h2>
<div class="lb-trans"><h2>該股票在未來五年內有能力實現可觀的收益</h2>
</div><p>Analysts are expecting terrific growth from CoreWeave for the next couple of years, and they have even increased their growth expectations for the company.</p>
<div class="lb-trans"><p>分析師預計 CoreWeave 在未來幾年將實現可觀的增長，他們甚至提高了對該公司的增長預期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7ed913ff9011f181cfc6bfca2c79b4.png" alt="" original-src="https://media.ycharts.com/charts/4c7ed913ff9011f181cfc6bfca2c79b4.png"/></p>
<p>CRWV Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>CRWV 當前財政年度的收入預估數據來自 YCharts</p>
</div><p>CoreWeave already has a big enough backlog to meet its revenue targets for the next three years. On top of that, the sizable addressable opportunity in the AI infrastructure market should help the company sustain its solid growth beyond 2028. But even if CoreWeave's growth slows down and its top line jumps at a relatively conservative rate of 20% in 2029 and 2030, its revenue could hit almost $25 billion after five years.</p>
<div class="lb-trans"><p>CoreWeave 已經擁有足夠的積壓訂單來滿足未來三年的收入目標。此外，AI 基礎設施市場的巨大可尋址機會應有助於該公司在 2028 年之後維持其穩健增長。但即使 CoreWeave 的增長放緩，其收入在 2029 年和 2030 年以相對保守的 20% 增長率躍升，其收入在五年後也可能接近 250 億美元。</p>
</div><p>Assuming CoreWeave is trading at 5 times sales in 2030, in line with the <strong>Nasdaq Composite</strong> index's price-to-sales ratio, its market cap could jump to $125 billion. That would be almost 2.75 times its current market cap, suggesting that this AI stock's recent dip is a buying opportunity, as it could clock terrific gains in the next five years.</p>
<div class="lb-trans"><p>假設 CoreWeave 在 2030 年的交易市盈率為 5 倍，符合 <strong>納斯達克綜合指數</strong> 的市銷率，其市值可能躍升至 1250 億美元。這將是其當前市值的近 2.75 倍，表明這隻 AI 股票近期的下跌是一個買入機會，因為它在未來五年內可能實現可觀的收益。</p>
</div>

五年後 CoreWeave 的股票將會處於什麼位置？