CoreWave 在 AI 云容量方面领先，营收同比增长112%，容量约1.5吉瓦，同时向企业业务和托管推理扩张。其积压订单可能超过1300亿美元，但增速应会放缓，因为近期容量已售罄；24个月内确认超过500亿美元收入是积极信号。

It's crazy that shares of Nebulae and Corvo have dropped by about 25%, isn't it? Funding for the AI world is really concentrated in CoreWave, but this raises general risks and questions in the market about "how will we really be able to fund this?"

Core Wave's revenues are still huge, aren't they? The last quarter saw growth of 112% year-on-year. Here the company continues to demonstrate that it is a leader in capacity, isn't it?

They have approximately 1.5 gigawatts of capacity and are growing significantly. For me, 1.5 gigawatts is a very large number , isn't it? No one in the new cloud computing field is growing at this level, or has this kind of active power currently available.

Now, the other things I really like about CoreWave are that they are expanding. Normally, they focused mainly on leading prototype laboratories, but that has changed, hasn't it ?

That has changed, and in their latest earnings reports they stated that artificial intelligence is no longer confined to leading model labs. They have recently begun to focus more on the corporate sector.

In recent earnings reports, they listed companies such as Bentley Systems, Caterpillar, and Isomorphic Labs. They also expanded their relationships with other major players such as Cognition, DataBrex, and Hudson River Trading.

This shows that they are expanding beyond prototype labs, and these expansions into the enterprise sector usually tend to offer solutions with higher profit margins or generate better revenue for them.

The other thing is that they are also working on improving their software, and software can deepen their relationships with customers. They have solutions to support computing and storage for workloads.

They have operating software and tools for building models in all different fields. So, this is what you'd like to keep seeing, isn't it?

CoreWave is trying to follow suit here and is attempting to enter this market. Their annual recurring revenue rate for managed inference services exceeded $100 million in August, and they expect that rate to reach $250 million by the end of this year.

Therefore, they are expected to continue to see growth in managed inference solutions. With the entry of more corporate firms, I believe this opportunity can continue to grow.

Record the backlog of orders. The backlog of orders is another impressive success story for CoreWave. They have approximately $105 billion as they announced on June 30, but more importantly, in early third quarter, which they have not yet announced, they stated that more than $25 billion was added.

Therefore, their actual order balance at this figure likely exceeds $130 billion.

Now, in my opinion, their order book will not grow as quickly as it did before. The main reason is that they cannot build quickly enough, isn't that right? Their near-term production capacity has already been almost entirely sold out .

So, if their power has already been sold out , not many players will come to increase that record because they prefer to get that computing power as quickly as possible. This is why these big players continue to invest heavily, because they want to get those backlogged orders again and again.

Now, the great thing is that recognition of this accumulated record is expected within the next 24 months, 39% within 25 to 48 months, and then we have 21% later. So, the timing is estimated based on them, but 40% of the backlog of work , which is more than $50 billion , is expected within the next 24 months alone, and I think that will be very positive for them.

Again, there are lots of computers running, and they have lots and lots of power available.