高盛表示，投资者应在上周过度抛售后买入CoreWeave股票，因为该公司相较于竞争对手具有关键优势。该投资银行将新云股票的评级从中性上调至买入。尽管该行将股票的目标价从139美元下调至106美元，但这仍暗示较周五收盘价有近73%的上涨空间。分析师加布里埃拉·博尔赫斯周一在给客户的报告中表示：“并非所有新云公司都一样，我们认为CoreWeave在生态系统质量排名中处于领先位置。”
Investors should scoop up CoreWeave following an overblown sell-off last week, as it has key advantages over competitors, according to Goldman Sachs. The investment bank upgraded the neocloud stock to buy from neutral. It did trim pits price target on shares to $106 from $139, though that still implies nearly 73% upside from Friday's close. "Not all neoclouds are created equal, and we view CoreWeave as being toward the top of the quality rankings in the ecosystem," analyst Gabriela Borges said Monday in a note to clients.
她补充道：“我们将质量定义为：a) 执行能力，包括以高速部署和扩展高性能[图形处理单元]集群；b) 通过超越纯GPU-[即服务]基础设施向上层堆叠来建立持久护城河的潜力。”新云公司是专注于提供定制基础设施以支持人工智能工作负载的云计算企业。评级调整后，CoreWeave股价在盘前交易中上涨6%。CRWV 5D 山形图 CRWV 5日走势图 上周，CoreWeave股价暴跌25%，原因是信贷市场担忧该公司为其人工智能扩张借入了过多资金。
"We define quality as: a) the ability to execute, including deploying and scaling high performance [graphics processing unit] clusters at speed; and b) the potential to build durable moats by moving up the stack beyond pure GPU-[as a service] infrastructure." Neocloud companies are cloud computing firms that specialize in infrastructure tailored to supporting artificial intelligence workloads. CoreWeave popped 6% in the premarket following the rating change. CRWV 5D mountain CRWV 5-day chart Shares of CoreWeave plunged 25% last week to worries in the credit market that the company had borrowed too much money for its artificial intelligence build-out.
CoreWeave已借出超过510亿美元的债务用于融资人工智能基础设施。但博尔赫斯表示，由于许多交易采用资产支持融资，CoreWeave的资本成本不会显著上升，而这种融资方式的利率较低。“CoreWeave扩大人工智能基础设施的主要融资方式是通过DDTLs（延迟提取定期贷款）——这些是资产支持的项目融资，而非传统的公司债务，”博尔赫斯写道。
CoreWeave has takne out more $51 billion of debt to finance AI infrastructure. But Borges said that CoreWeave's cost of capital will not rise significantly as many of its deals use asset-backed financing, which will have lower rates. "CoreWeave's primary funding method for scaling AI infrastructure is via DDTLs (delayed draw term loans) - these are asset-backed project financings rather than traditional corporate debt," Borges wrote.
“到合同到期时，相关债务通常已被大幅或全部偿还，使CoreWeave能够在无需承担持续利息支出负担的情况下，从GPU车队中获取剩余价值或潜在的再租赁机会。”分析师补充称，CoreWeave的“混合债务成本”可能上升100至200个基点。
"By the time the contract expires, the associated debt has often been substantially or fully repaid, leaving CoreWeave to capture any residual value from the GPU fleet or potential re-leasing opportunities without the burden of ongoing interest expense." The analyst added that CoreWeave's "blended cost of debt" is likely to rise between 100 and 200 basis points.
然而，该公司应对其加权平均资本成本设定上限，“以确保股东回报仍具吸引力”，她在报告中表示。高盛的这一观点与华尔街共识一致。LSEG数据显示，在覆盖CoreWeave的45名分析师中，31人对该股票给出买入或强烈买入评级。
However, the firm should put a cap on its weighted average cost of capital "such that equity return profiles will still be attractive," she said in a note. Goldman Sachs' call falls in line with consensus on Wall Street. Of the 45 analysts covering CoreWeave, 31 have a buy or strong buy rating on the stock, LSEG data shows.