本周CoreWeave Inc.股价的剧烈抛售，仅在四个交易日内就抹去了超过100亿美元的市值，原因是该公司的信用状况持续恶化。但德意志银行认为，这对投资者来说是一个“买入机会”。
The bruising selloff in CoreWeave Inc. shares this week has wiped out more than $10 billion in market value in just four sessions due to the company’s deteriorating credit profile. But this represents a “buying opportunity” for investors, according to Deutsche Bank.
周四早盘，这家位于新泽西州利文斯顿的公司股价一度下跌9.5%，其信用风险指标升至历史最高，高收益债券跌幅扩大。周三，CoreWeave债券暴跌至通常表明债务困境的水平。本周该股累计下跌超过22%。
Shares of the Livingston, New Jersey-based company’s fell as much as 9.5% on Thursday morning as a measure of its credit risk climbed to an all-time high and its high-yield bonds extended declines. On Wednesday, Coreweave bonds plunged to levels that typically indicate distress. The stock is down more than 22% this week.
“过去一周，多种因素似乎共同导致了CoreWeave公开股票和债券的剧烈抛售。”分析师布拉德·泽尔尼克周四在给客户的报告中写道。不过，他补充说，“我们很难找到能够证明近期走势合理的公司特定因素。”泽尔尼克写道，市场正在低估CoreWeave的“强大客户基础、良好的执行记录、订单转化率和领先的基础设施性能”。他对该股给予买入评级。他还写道，虽然该公司需要筹集更多资金，但可以稳步进行，并得到强劲的客户订单积压的支持。
“A confluence of factors appear to have led to a sharp selloff in CoreWeave’s public equity and debt over the past week.” analyst Brad Zelnick wrote in a note to clients Thursday. However, he added, “we struggle to find company specific factors that justify the recent move.”The market is discounting CoreWeave’s “strong customer base, established record of execution, backlog conversion and leading infrastructure performance,” wrote Zelnick, who has a buy rating on the stock. While the company will need to raise more capital, it can happen at a steady pace and is supported by a robust customer backlog, he wrote.
周四，在英伟达公司首席执行官黄仁勋表示CoreWeave的“资本成本实际上正在下降”后，股价有所回升。黄仁勋补充说，英伟达不需要为该公司提供担保，因为其“实力每天都在增强”。另据报道，Gartner Inc.警告称，人工智能基础设施热潮可能超过了证明其合理性所需的收入，预计到2030年，超过3.5万亿美元的支出可能面临减值风险。该研究机构预测，成本压力和缺乏差异化将迫使超过80%的新兴云服务提供商在2030年前停止独立运营。
The shares recovered some on Thursday after Nvidia Corp. Chief Executive Officer Jensen Huang said CoreWeave’s “cost of capital is actually decreasing.”Huang added that Nvidia doesn’t need to backstop the company because it’s “strength is improving every day.”Separately, Gartner Inc. has warned that the AI infrastructure boom may be running ahead of the revenue needed to justify it, estimating that more than $3.5 trillion of spending could be at risk of impairment by 2030. The research firm predicts that cost pressures and limited differentiation will force more than 80% of neocloud providers to cease operating independently by 2030.
Gartner表示，对于像CoreWeave和Nebius Group NV这样的公司，风险尤为突出，因为它们的商业模式更直接地与算力需求挂钩。周四午盘，Nebius股价下跌5.4%，使其四日累计跌幅达到20%。
The risk as particularly acute for companies like CoreWeave and Nebius Group NV, whose business models are more directly tied to demand for computing capacity, Gartner said. Shares in Nebius were down 5.4% at midday Thursday, bringing their four-day decline to 20%.