<p><strong>CoreWeave 首席執行官 Michael Intrator 在週五於舊金山舉行的 Fortune Brainstorm AI 會議上表示，所謂的循環 AI 經濟標籤與行業內發生的情況不符。</strong></p>
<p>Michael 駁斥了當前 AI 熱潮是由同一家公司之間資金循環而非真實需求驅動的説法。</p>
<p>Michael 表示，關注循環模型忽視了他所描述的與硬件、能源和基礎設施相關的全球供應失衡。他在談話中説：“循環是看待這個問題的錯誤方式。許多公司正在努力解決扭曲全球的失衡問題。”</p>
<h3>CoreWeave 認為物理限制是減緩 AI 硬件交付的原因</h3>
<p>“主要的限制是與將最強大的計算能力交到最前沿的參與者手中相關的物理瓶頸，” Michael 説。</p>
<p>Michael 補充説，這種壓力遠遠超出了雲公司和芯片供應商。他分享了與一位未透露姓名的礦業公司高管的最近對話，討論了建設基礎設施所需的材料。他表示，這位礦業高管解釋説，這種壓力深入到供應鏈的兩個層次，涉及支持 AI 系統所需的原材料和銅。</p>
<p>Michael 説，這位礦業高管直接請求跨行業合作以增加產出。“我們需要作為一個團隊共同合作，” 這位高管告訴他。Michael 説，AI 公司內部領導的類似評論常常被批評為循環經濟的證據。“如果我在 AI 領域説這個，我就會被指責為處於循環經濟中，” 他説。“所以我對循環經濟的看法就是，你需要通過合作來實現。”</p>
<p>批評者的擔憂還集中在與債務和客户風險相關的問題上。一些人警告説，如果 CoreWeave 未能再融資或失去主要客户，貸方可能會將大量二手 GPU 投放到二級市場，導致價格下跌並造成干擾。Michael 通過指出需求趨勢來應對這種情況。他表示，他看到的增長是快速而激進的，而不是脆弱的。</p>
<h3>CoreWeave 面臨股價波動，因為大科技公司的需求依然強勁</h3>
<p>Michael 表示，CoreWeave 處於需求上升的中心，因為它專注於並行計算，支持現代 AI 工作負載。他説，大型科技公司的請求持續不斷。</p>
<p>自上市以來，CoreWeave 的股價一直不穩定，但 Michael 僅指出目前股價接近 90 美元，而 IPO 價格為 40 美元。</p>
<p>Michael 還談到了過去對微軟的依賴，微軟曾佔公司收入的 85%，他説這種依賴在積極多元化後已經下降。他聲稱，現在沒有單一客户佔據超過 30% 的積壓訂單，敦促投資者忽視那些引發強烈反應的短期延誤，例如數據中心推遲一週開業，他表示這引發了短期觀察者的 “混亂”。</p>
<p>Michael 將當前階段描述為一個宏觀超級週期，驅動因素是從順序計算到並行計算的轉變，這為更大的計算能力打開了通道。</p>
<p>Michael 表示，減緩交付的挑戰仍然與政策限制、物理基礎設施和能源獲取相關。“你在交付計算能力時遇到挑戰的原因是政策、物理基礎設施和能源，” 他説。“你需要通過合作來解決這些問題。”</p>
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CRWV

<p>CoreWeave 首席執行官 Michael Intrator 在財富腦力風暴 AI 大會上駁斥了循環 AI 經濟的説法，認為 AI 硬件交付延遲是由於供應鏈中的物理瓶頸，包括原材料和基礎設施。他強調了跨行業合作以解決這些問題的必要性。Intrator 還指出，儘管股票波動和過去對微軟的依賴，CoreWeave 仍然受到大型科技公司的強勁需求和多元化努力的推動。他將當前階段描述為由並行計算進步驅動的宏觀超級週期</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 首席執行官 Michael Intrator 在週五於舊金山舉行的 Fortune Brainstorm AI 會議上表示，所謂的循環 AI 經濟標籤與行業內發生的情況不符。</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 駁斥了當前 AI 熱潮是由同一家公司之間資金循環而非真實需求驅動的説法。</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，關注循環模型忽視了他所描述的與硬件、能源和基礎設施相關的全球供應失衡。他在談話中説：“循環是看待這個問題的錯誤方式。許多公司正在努力解決扭曲全球的失衡問題。”</p>
</div><h3>CoreWeave believes physical limits is what is slowing AI hardware delivery</h3>
<div class="lb-trans"><h3>CoreWeave 認為物理限制是減緩 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>“主要的限制是與將最強大的計算能力交到最前沿的參與者手中相關的物理瓶頸，” Michael 説。</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 補充説，這種壓力遠遠超出了雲公司和芯片供應商。他分享了與一位未透露姓名的礦業公司高管的最近對話，討論了建設基礎設施所需的材料。他表示，這位礦業高管解釋説，這種壓力深入到供應鏈的兩個層次，涉及支持 AI 系統所需的原材料和銅。</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 説，這位礦業高管直接請求跨行業合作以增加產出。“我們需要作為一個團隊共同合作，” 這位高管告訴他。Michael 説，AI 公司內部領導的類似評論常常被批評為循環經濟的證據。“如果我在 AI 領域説這個，我就會被指責為處於循環經濟中，” 他説。“所以我對循環經濟的看法就是，你需要通過合作來實現。”</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>批評者的擔憂還集中在與債務和客户風險相關的問題上。一些人警告説，如果 CoreWeave 未能再融資或失去主要客户，貸方可能會將大量二手 GPU 投放到二級市場，導致價格下跌並造成干擾。Michael 通過指出需求趨勢來應對這種情況。他表示，他看到的增長是快速而激進的，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 面臨股價波動，因為大科技公司的需求依然強勁</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 處於需求上升的中心，因為它專注於並行計算，支持現代 AI 工作負載。他説，大型科技公司的請求持續不斷。</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>自上市以來，CoreWeave 的股價一直不穩定，但 Michael 僅指出目前股價接近 90 美元，而 IPO 價格為 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 還談到了過去對微軟的依賴，微軟曾佔公司收入的 85%，他説這種依賴在積極多元化後已經下降。他聲稱，現在沒有單一客户佔據超過 30% 的積壓訂單，敦促投資者忽視那些引發強烈反應的短期延誤，例如數據中心推遲一週開業，他表示這引發了短期觀察者的 “混亂”。</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 將當前階段描述為一個宏觀超級週期，驅動因素是從順序計算到並行計算的轉變，這為更大的計算能力打開了通道。</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，減緩交付的挑戰仍然與政策限制、物理基礎設施和能源獲取相關。“你在交付計算能力時遇到挑戰的原因是政策、物理基礎設施和能源，” 他説。“你需要通過合作來解決這些問題。”</p>
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CoreWeave 認為物理限制是導致 AI 硬件交付速度減慢的原因