<p>作者：Emily Bary</p>
<p>美光的財報正在提振整體人工智能股票，但 Seaport 的一位分析師也在思考投資者是否對債務問題反應過於激烈。</p>
<p>Nebius 的股價在最近幾周大幅下跌。</p>
<p>Seaport Research 的 Jay Goldberg 對 Nvidia 的股票持看空態度，對 Advanced Micro Devices 的股票持中立觀點，他並不認為人工智能交易是樂觀的。</p>
<p>但在週四，他探討了投資者是否對 CoreWeave（CRWV）和 Nebius Group（NBIS）這兩家在最近幾周股價承壓的 neocloud 公司過於苛刻。</p>
<p>儘管由於美光科技（MU）發佈的樂觀預測，週四早盤這些股票有所上漲，但近期的下跌幅度表明，投資者仍然擔心融資人工智能繁榮所需的債務。</p>
<p>不要錯過：美光剛剛經歷了它的 Nvidia 時刻。接下來這隻股票會怎樣？</p>
<p>“考慮到這兩家公司明年很可能需要籌集更多債務，升級它們的評級是困難的，但也許最近的拋售過度了，” Goldberg 寫道。</p>
<p>另見：甲骨文是大型科技公司債務驅動的人工智能消費狂潮中的金絲雀。</p>
<p>本週，他在這兩家公司股價下跌、信用利差擴大時進行了調研。他看到了一些投資者可能不必過於擔憂的理由。</p>
<p>例如，Goldberg 指出，延期提款的定期貸款是 CoreWeave 債務的最大組成部分，但這些 “在很大程度上與這些設施所資助的具體合同相匹配。”</p>
<p>“這些合同包括固定租金價格，為現金流提供了一定程度的確定性（並可能帶來上行空間），” 他寫道。</p>
<p>此外，該公司的信用狀況 “在今年似乎有所改善，對其 DDTLs 的修訂顯著降低了資本成本，其信用狀況接近一些客户的水平，” Goldberg 補充道。</p>
<p>還有理由對這些股票保持更為謹慎的看法，包括 “它們周圍的不確定性實在太多。” 在 Goldberg 看來，最大的問題是市場對如何評估 neocloud 公司並不十分清楚，尤其是它們交易的定價細節仍然有些神秘。</p>
<p>而債務擔憂雖然可能被誇大，但也並非無關緊要。“這兩家公司仍然需要籌集大量債務，而這些債務的成本現在已經變得更高，” 他寫道。“CoreWeave 似乎也失去了一些按時交付項目的 ‘魔力’。”</p>
<p>此外，儘管 CoreWeave 和 Nebius 與甲骨文沒有直接關聯，但華爾街顯然對該公司的交易和債務義務感到擔憂，這些擔憂在整個人工智能領域產生了連鎖反應。</p>
<p>閲讀：甲骨文的股價因一位分析師稱其擔憂 “幾乎無關緊要” 而下跌。</p>
<p>-Emily Bary</p>
<p>本文由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>12-18-25 1011ET</p>

NBIS

CRWV

<p>Seaport Research 的 Jay Goldberg 質疑投資者對 CoreWeave 和 Nebius 債務的擔憂是否過於極端，儘管近期股票反彈。儘管美光的積極預測推動了人工智能股票的上漲，Goldberg 指出在評估新雲公司及其債務需求時存在不確定性。CoreWeave 的信用狀況有所改善，但這兩家公司都面臨高昂的債務要求。市場對這些公司的不明確估值進一步增加了不確定性</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>美光的財報正在提振整體人工智能股票，但 Seaport 的一位分析師也在思考投資者是否對債務問題反應過於激烈。</p>
</div><p>Nebius shares have fallen sharply in recent weeks.</p>
<div class="lb-trans"><p>Nebius 的股價在最近幾周大幅下跌。</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 對 Nvidia 的股票持看空態度，對 Advanced Micro Devices 的股票持中立觀點，他並不認為人工智能交易是樂觀的。</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>但在週四，他探討了投資者是否對 CoreWeave（CRWV）和 Nebius Group（NBIS）這兩家在最近幾周股價承壓的 neocloud 公司過於苛刻。</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>儘管由於美光科技（MU）發佈的樂觀預測，週四早盤這些股票有所上漲，但近期的下跌幅度表明，投資者仍然擔心融資人工智能繁榮所需的債務。</p>
</div><p>Don't miss: Micron just had its Nvidia moment. What comes next for the stock?</p>
<div class="lb-trans"><p>不要錯過：美光剛剛經歷了它的 Nvidia 時刻。接下來這隻股票會怎樣？</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>“考慮到這兩家公司明年很可能需要籌集更多債務，升級它們的評級是困難的，但也許最近的拋售過度了，” Goldberg 寫道。</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>另見：甲骨文是大型科技公司債務驅動的人工智能消費狂潮中的金絲雀。</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>本週，他在這兩家公司股價下跌、信用利差擴大時進行了調研。他看到了一些投資者可能不必過於擔憂的理由。</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，延期提款的定期貸款是 CoreWeave 債務的最大組成部分，但這些 “在很大程度上與這些設施所資助的具體合同相匹配。”</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>“這些合同包括固定租金價格，為現金流提供了一定程度的確定性（並可能帶來上行空間），” 他寫道。</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，該公司的信用狀況 “在今年似乎有所改善，對其 DDTLs 的修訂顯著降低了資本成本，其信用狀況接近一些客户的水平，” Goldberg 補充道。</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>還有理由對這些股票保持更為謹慎的看法，包括 “它們周圍的不確定性實在太多。” 在 Goldberg 看來，最大的問題是市場對如何評估 neocloud 公司並不十分清楚，尤其是它們交易的定價細節仍然有些神秘。</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>而債務擔憂雖然可能被誇大，但也並非無關緊要。“這兩家公司仍然需要籌集大量債務，而這些債務的成本現在已經變得更高，” 他寫道。“CoreWeave 似乎也失去了一些按時交付項目的 ‘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，儘管 CoreWeave 和 Nebius 與甲骨文沒有直接關聯，但華爾街顯然對該公司的交易和債務義務感到擔憂，這些擔憂在整個人工智能領域產生了連鎖反應。</p>
</div><p>Read: Oracle's stock falls on a fear one analyst says should be 'almost irrelevant'</p>
<div class="lb-trans"><p>閲讀：甲骨文的股價因一位分析師稱其擔憂 “幾乎無關緊要” 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 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>12-18-25 1011ET</p>
<div class="lb-trans"><p>12-18-25 1011ET</p>
</div>

CoreWeave 和 Nebius 的股票出現反彈。此前的債務恐慌是否過於誇張？