CoreWeave 手握巨额合同积压和 112% 的营收增长，需求并非其担忧所在；但沉重的资本开支、数百亿美元债务以及 GAAP 净亏损使其风险偏高。目前股价约 63 美元，低于其移动平均线，我现在买入，并预计将反弹至 80-85 美元，甚至可能到 80 多美元的高位。
逐段跳播
第一个箭头是CoreWeave，代码是CRWV。我认为理解CoreWeave最简单的方式是，这家公司出售支撑AI热潮的基础设施。
The first arrow is CoreWeave, its symbol is CRWV. I think the easiest way to understand CoreWeave is that this company sells the infrastructure that underpins the AI boom.
CoreWeave运营着一个专为人工智能设计的云平台。公司需要借助图形处理器（GPU）获得海量算力来训练人工智能模型，而且越来越多地通过推理来实际运行这些模型。
CoreWeave operates a cloud platform specifically designed for artificial intelligence. Companies need enormous amounts of computing power using graphics processing units (GPUs) to train artificial intelligence models , and increasingly to actually run these models through inference.
CoreWeave建设基础设施，获取大量图形处理器、数据中心容量和电力，然后把算力出售给一些全球最大的AI科技公司。
CoreWeave builds the infrastructure, acquires massive amounts of graphics processing units, data center capacity and power, and then sells computing capacity to some of the world’s largest AI technology companies.
我真正看好的一点是，CoreWeave 并不一定需要预测出哪个 AI 模型会胜出。如果人工智能的应用继续呈指数级增长——我相信这会发生——那就必然需要有实体来提供算力。可以把它想象成淘金热中卖铲子和镐头的人。
所有人都在竞相打造最好的人工智能模型，而 CoreWeave 卖给他们的是构建模型所需的基础设施。
What I really like here is that CoreWeave doesn't necessarily have to predict the winning AI model. If the use of artificial intelligence continues to grow exponentially, which I believe will happen, there must be an entity that provides the computing power.
Think of it as if you were selling picks and shovels during a gold rush. Everyone is competing to build the best artificial intelligence model , but CoreWeave sells them the infrastructure needed to build it.
上个季度，CoreWeave 实现了约26亿美元的收入，同比增长112%。多么惊人的数字！
In the last quarter, CoreWeave generated revenues of approximately $2.6 billion, an increase of 112% year-over-year. What an amazing number!
但有一个数字真正引起了我的注意。CoreWeave 上季度末的累计收入接近1040亿美元。当我展望未来时，我发现这笔累计收入其实就是未来的收入。它同比增长了246%。
But there is one number that really catches my attention. CoreWeave ended the last quarter with cumulative revenues of nearly $104 billion. Well, when I look at what will happen in the future, I find that this accumulated revenue is just future revenue.
It has increased by 246% compared to the previous year.
更令人惊讶的是，这1040亿美元并不包括 CoreWeave 在第三季度早些时候新增的超过250亿美元的额外客户承诺。因此，需求显然不是这家公司最大的担忧。
Even more surprisingly, the $104 billion does not include more than $25 billion in additional customer commitments that CoreWeave added earlier in the third quarter. Therefore, demand is clearly not this company's biggest concern.
该公司本季度还实现了约15亿美元的调整后息税折旧摊销前利润，调整后利润率达到59%。然而，CoreWeave 正在花费巨额资金建设这些基础设施。仅第二季度的资本支出就达到约94亿美元，同时公司背负着数百亿美元的债务。
按照公认会计原则（GAAP），公司本季度还录得约6.26亿美元的净亏损。
The company also achieved approximately $1.5 billion in adjusted earnings before interest, taxes, depreciation and amortization during the quarter, giving it an adjusted profit margin of 59% .
However, CoreWeave is spending enormous sums of money building this infrastructure. Capital expenditures reached approximately $9.4 billion in the second quarter alone, while the company carries tens of billions of dollars in debt.
The company also recorded a net loss, according to Generally Accepted Accounting Principles (GAAP), of approximately $626 million for the quarter.
因此，它并不是一家完美的低风险 AI 公司。事实上，它的股票被归类为高风险，这也是我交易 CoreWeave 期权的原因。我认为这些期权看起来非常有利可图。
Therefore, it is not a perfect low-risk AI company. In fact, its stocks are classified as high-risk, which is why I trade CoreWeave options. I think these options look very profitable.
如果你真的想扩大投资组合，你需要隐含波动率高的股票，而 CoreWeave 的股票波动性极大。因此，我现在有兴趣买入它。
If you really want to expand your investment portfolio, you need stocks with high implied volatility, and CoreWeave stock has tremendous volatility. Therefore, I am interested in buying it now.
有利的一面是，CoreWeave 拥有巨大的合同需求、令人印象深刻的收入增长，以及随着基础设施投入运营而改善公司经济效益的潜力。不利的一面是，为了实现这种增长，它已经花费了数百万甚至数十亿美元——这是极其庞大的金额——此外还背负了巨额债务。
The upside is that CoreWeave has huge demand for contracts, impressive revenue growth, and the potential for improved corporate economics as its infrastructure gets up and running.
The downside is that it has spent millions, even billions, of dollars, which is a huge amount, in addition to incurring enormous debts to achieve this growth.
我认为这是好事，但它对公司的未来构成了风险，而这正是股价对 CoreWeave 如此重要的原因。如果你支付的价格过高，一个出色的增长故事也可能变成一笔糟糕的投资。
I think this is good, but it poses a risk to the company's future, and that is precisely why the share price is so important for CoreWeave. A great growth story can turn into a bad investment if you pay too high a price.
CoreWeave 的股价目前在63美元左右。它的波动性极大。今天股价下跌了8%，我想指出的是，7月底股价曾跌至每股近60美元，而我现在关注的就是这一点，因为股价已低于移动平均线。它明显低于移动平均线，也低于布林带。
CoreWeave's stock price is currently around $63. It is extremely volatile. The stock price fell by 8% today, and what I would like to point out is that in late July, the stock price fell to nearly $60 per share , and that is what I am focusing on now because the stock is below the moving average.
It is significantly lower than the moving average, and lower than the Bollinger Band .
我认为这些价位大致相当于7月底的水平，当时该股出现了大幅上涨。我认为现在的情况是，整个股市正在经历抛售压力。会有波动，但坦率地说，我认为它们不会持续。因此，我相信 CoreWeave 的股价将回到移动平均线附近，也就是每股80到85美元之间，甚至可能回到80多美元的高位。
I believe these levels are roughly equivalent to the level of late July, when the stock saw a significant rise. I think what's happening now is that the stock market in general is experiencing selling pressure.
There are fluctuations, but I don't think they will last, frankly. Therefore, I believe Coreweave stock will return to approximately the moving average level, i.e., between $80 and $85 per share, and perhaps even to the late 80s.
因此，我现在把这看作一个绝佳的机会，因为该股被明显低估了。
Therefore, I now see this as a great opportunity, as the stock is significantly undervalued.
这个频道对 $CRWV 的历次判断
Invest with Henry 在这只股票上共 2 条判断，这里只列相邻的几条。