作者：Siddarth S摩根大通周二估计，鉴于这家获英伟达支持的云服务公司股价和债券上周因投资者对债务融资的担忧而大跌，大多数全球银行对CoreWeave（CRWV.O）的风险敞口有限。
By Siddarth S Most global banks have limited exposure to CoreWeave (CRWV.O), J.P. Morgan estimated on Tuesday, after the Nvidia-backed cloud company's stocks and bonds slumped last week on investor worries over debt financing.
由于科技公司正疯狂地从私募信贷投资者、银行和债券市场筹集资金以实现快速扩张，同时这些投资回报的疑问也不断增加，人工智能基础设施支出一直在令全球投资者感到不安。
AI infrastructure spending has been rattling investors globally as tech companies are on a fundraising spree from private-credit investors, banks and bond markets to rapidly expand, while questions over returns on these investments swell.
这家华尔街券商表示，虽然美国大型投资银行以及日本的三菱日联金融集团（8306.T）对CoreWeave的风险敞口可能在10亿美元至30亿美元左右，但大多数欧洲和亚洲参与者的敞口均低于5亿美元。
While large US investment banks along with Japan's MUFG (8306.T) could potentially have exposure of about $1 billion to $3 billion in CoreWeave, most European and Asian players have less than $500 million, the Wall Street brokerage said.
摩根大通表示，其中大部分是通过延期提取定期贷款的形式进行的，这些贷款主要通过特殊目的实体持有，并在项目达到里程碑时释放资金。
Much of this is through delayed draw term loans, J.P. Morgan said, which are largely held through special-purpose vehicles, with capital released as projects meet milestones.
以基安·阿布胡塞因（Kian Abouhossein）为首的摩根大通分析师在报告中写道：“从融资银行的角度来看，我们认为银行对CoreWeave的风险敞口得到了很好的管理且担保非常充分。”
"From the perspective of financing banks, we view bank exposures to CoreWeave as well managed and very well secured," J.P. Morgan analysts led by Kian Abouhossein said in a note.
该券商表示，这些估计是基于“简化假设”，因为银行对其在人工智能投资周期中的风险敞口披露有限。
The brokerage said estimates are based on "simplified assumptions" because banks provide limited disclosure on their exposure to the AI investment cycle.
摩根大通给予CoreWeave“增持”评级，2027年底的目标价为125美元。
J.P. Morgan has an "overweight" rating on CoreWeave with a target price of $125 for 2027-end.
该券商的数据显示，这家云服务公司拥有约240亿美元的承诺延期提取定期贷款，其中包括已提取的150亿美元和未提取的9亿美元。
The cloud company has about $24 billion of committed delayed draw term loans, including $15 billion drawn and $9 billion undrawn, according to the brokerage.
CoreWeave为人工智能提供高性能计算基础设施，已与各大科技公司获得了数百亿美元的合同。该公司拥有约500亿美元的债务。
CoreWeave, which provides high-performance computing infrastructure for AI, has secured tens of billions of dollars in contracts with major technology companies. The company has about $50 billion in debt.
上周，CoreWeave于2031年到期的票据收益率触及近16%，而为该公司债务提供保险的成本则升至约1000个基点。
Last week, the yield on CoreWeave's notes due 2031 touched almost 16%, while the cost of insuring against the company's debt rose to around 1,000 basis points.
摩根大通表示，银行面临的关键风险是人工智能基础设施的前期支出与随时间推移收到的收入之间存在错配，并补充说预计CoreWeave的自由现金流将在2030年之前保持负值。
The key risk facing banks is a mismatch between upfront spending on AI infrastructure and revenue received over time, J.P. Morgan said, adding that it expects CoreWeave's free cash flow to remain negative until 2030.