柏林 —— Nebius 首席营收官周三对 CNBC 表示，该公司看到 AI 算力价格涨幅超出预期，对 neocloud（新型云服务）企业的商业模式日益受到审视之际，给出了乐观看法。
BERLIN — Nebius is seeing AI computing prices rise more than expected, a top executive told CNBC on Wednesday, offering a bullish view as neocloud firms' business model comes under increasing scrutiny.
投资者因 neocloud 龙头 CoreWeave 的融资成本飙升而变得谨慎。CoreWeave 的事态发展，以及关于用于数据中心建设的债务规模的疑虑，沉重打击了 Iren 和 Nebius 等其他 neocloud 企业，它们的股价在过去一个月大幅下跌。
Investors have grown wary after CoreWeave, one of the biggest neocloud players, saw its cost of borrowing spike. The CoreWeave developments and questions around the amount of debt being used to fund the data center buildout have weighed heavily on other neoclouds like Iren and Nebius, whose stocks have dropped sharply over the last month.
Nebius 首席营收官 Marc Boroditsky 表示，公司并未处于 CoreWeave 的境地，因为“我们背负的债务规模不像他们那么大”。他还表示，如果这家 AI 基础设施公司将 2027 年的产能投入使用，将会售罄。2028 年可能出现“同类动态”，支撑积极的长期需求前景，因为企业竞相争取算力接入。
Marc Boroditsky, chief revenue officer at Nebius, said his company wasn't in CoreWeave's position because "we're not carrying the kind of debt that they are." He also said that if the AI infrastructure company brought its 2027 capacity online, it would sell out. There could be "the same type of dynamic" in 2028, supporting a positive longer-term demand outlook, he said, as companies race to secure access to computing power.
当被问及是否看到每兆瓦价格持续超预期上涨时，Boroditsky 回答：“是的。” Nebius 属于新一波 neocloud 企业，它们投入数十亿美元采购 Nvidia 图形处理单元、建设数据中心并出租算力。
When asked whether he sees the price per megawatt continuing to rise ahead of expectations, Boroditsky replied: "Yeah." Nebius is among a new wave of Neocloud companies that are investing billions to buy up Nvidia's graphics processing units, build data centers and rent that capacity.
Boroditsky 表示，Nebius 周二举行了一场算力容量拍卖，显示价格持续上涨。“我们看到每兆瓦价格持续呈上升趋势，”他对 CNBC 说。
Nebius ran an auction for computing capacity on Tuesday, which showed continued price rises, the revenue chief said. "We're seeing continued upward mobility in terms of the kind of price per megawatt," he told CNBC.
每兆瓦价格是新型云企业的关键指标，反映公司向客户收取特定算力容量的费用。
Price per megawatt, a key measure among new cloud companies, shows how much a company can charge customers for a certain amount of computing capacity.
Nvidia 支持的 AI 公司 Crusoe 首席执行官 Chase Lochmiller 对定价同样持乐观态度，表示公司看到 GPU 价格上涨，包括旧款 Nvidia 芯片。
Chase Lochmiller, CEO of Crusoe, an Nvidia-backed AI company that is building data centers, was also bullish on pricing, saying the company was seeing rising prices for GPUs, including older Nvidia chips.
“我们今天看到的 A100 定价比 2020 年或 2021 年更高。我们看到的 H100 定价比它们 2023 年首次部署时更高，”Lochmiller 说。
"We're seeing higher pricing today for A100s than we saw in 2020 or 2021. We're seeing higher pricing for H100s than what we saw when they were first deployed in 2023," Lochmiller said.
“需求极其旺盛，很大程度上是因为底层模型能力变得先进得多，人们从算力基础设施中创造的价值多得多。”此番言论正值投资者就 Nvidia GPU 随着更强大芯片进入市场而失去经济价值的速度展开辩论之际。
"There's tremendous demand and a lot of it is because the underlying model capabilities have gotten so much more advanced that people are just creating so much more value out of the compute infrastructure." The comments come amid an investor debate over how quickly Nvidia's GPUs lose their economic value as more powerful chips enter the market.
对于需要收回投资并获利、同时在 GPU 上投入数十亿美元的 AI 基础设施公司而言，能否继续以有吸引力的价格出租旧款芯片至关重要。
The ability to continue renting out older chips at attractive prices is crucial to AI infrastructure companies that need to recover their investments and generate profits, while spending billions on GPUs.
Lochmiller 的言论表明，至少对 Crusoe 而言，Nvidia 旧款芯片的租赁价格高于其首次部署时的水平，这有可能增强其 AI 云业务的经济性。
Lochmiller's comments suggest that, at least for Crusoe, older generations of Nvidia chips are commanding higher rental prices than when they were first deployed, potentially strengthening the economics of its AI cloud business.
Nebius 股价周三上涨，此前 SpaceX 报告其 AI 业务收入激增九倍至 75.6 亿美元。SpaceX 首席财务官 Bret Johnsen 表示，定价“目前略高于每瓦 30 美元至 50 美元区间的高端”，凸显了出租算力的定价能力。
Nebius stock rose on Wednesday after SpaceX reported revenue at its AI business jumped ninefold to $7.56 billion. SpaceX CFO Bret Johnsen said pricing is "currently tracking slightly above the high end of the $30 to $50 per watt range," underscoring the pricing power for those renting out compute capacity.
云服务商 CoreWeave、Iren 和 Applied Digital 在周三盘前交易中也因 Johnsen 的言论而上涨。
Cloud providers CoreWeave, Iren, and Applied Digital also rose in premarket trading on Wednesday following Johnsen's comments.
“我对 SpaceX 的业绩感到振奋。这证实了我们已知的情况，即这是一个非常动态的市场，供应持续远远落后于需求，”Boroditsky 说。
"I'm thrilled by SpaceX's results. It's confirming what we already know, which is that it's a very dynamic market and that supply continues to fall far behind demand," Boroditsky said.