CNBC主持人吉姆·克雷默周二警告称，投资者可能过早地宣称人工智能交易已重回正轨。
CNBC's Jim Cramer warned Tuesday that investors may be getting ahead of themselves by declaring the artificial intelligence trade back on track.
在一组银行和黑石集团宣布为Anthropic提供630亿美元融资以采购博通的计算硬件后，芯片股重燃热情，推动AI相关股票连续第二个交易日上涨。此前周一因Anthropic提交S-1注册声明而引发了一波反弹。但克雷默警告称，这种重燃的乐观情绪并未消除数据中心板块面临的压力，该板块上周晚些时候遭受重创。
AI-related stocks rallied for a second straight session, fueled by renewed enthusiasm for chipmakers after a group of banks and Blackstone announced $63 billion in financing for Anthropic to purchase Broadcom's computing hardware. The gains followed Monday's rally, sparked in part by Anthropic's S-1 filing. But Cramer cautioned the renewed optimism doesn't resolve the pressures facing the data center trade, which was hit hard late last week.
“Mad Money”（疯钱）节目主持人表示：“我很高兴大家觉得如此安心，认为科技股一切就绪，因为资金正在流回。但我不认为这是宣布一切安全的理由。我认为这是审视经济中其他板块的理由。”克雷默的怀疑集中在三个挥之不去的风险上。
"I'm pleased that people feel so comfortable that tech is all good to go because there is money flowing back in," the "Mad Money" host said. "I don't think that's a reason to call all clear. I think it's a reason to look at other sectors in the economy." Cramer's skepticism centers on three lingering risks.
首先，克雷默仍担心被称为“新云”（neoclouds）的小型AI基础设施公司，它们承担大量债务以资助数据中心建设。利率上升加剧了对其能否维持这些借贷成本的担忧。克雷默点名了CoreWeave，其债券收益率一度高达15%，以及Nebius和Iren。尽管CoreWeave股价周二反弹近8%，但他警告称，围绕CoreWeave的新负面消息可能会出现。
First, Cramer remains concerned about smaller AI infrastructure companies, known as neoclouds, that are taking on significant debt to fund the data center build-out. Rising interest rates have intensified worries about their ability to sustain those borrowing costs. Cramer singled out CoreWeave, whose bonds have yielded as much as 15%, along with Nebius and Iren. Despite an almost 8% rebound in CoreWeave shares Tuesday, he warned that fresh negativity around CoreWeave could emerge.
克雷默说：“我了解到，在数据中心领域的每一个利好故事之后，都会出现大量负面故事，指出某些地方出了问题，包括CoreWeave。”
"I have learned that after every positive story about anything in the data center, there will be a plethora of negative stories about something wrong, including Coreweave," Cramer said.
其次，克拉默质疑博通与Anthropic的融资交易是否真的像投资者认为的那样令人放心。虽然这笔630亿美元的融资方案表明，贷款方仍愿意为大规模AI投资提供资金，但克拉默担忧的是，Anthropic是通过借钱来购买博通的技术，而不是用自身业务的利润来支付。“人们似乎不明白，[Anthropic]在博通安排的融资交易中拿到的钱，是用来向博通采购设备的，”他说。
Second, Cramer questioned whether the Broadcom-Anthropic financing deal was as reassuring as investors believed. While the $63 billion package demonstrated that lenders were still willing to finance massive AI investments, Cramer raised concerns that Anthropic is borrowing money to buy Broadcom's technology, rather than paying for it with profits from its own business. "People don't seem to grasp that [Anthropic] got the money in the Broadcom-arranged financing deal to purchase equipment from Broadcom," he said.
最后，克拉默表示，周二债券市场的平静可能只是暂时的。油价下跌，10年期美债收益率跌破5%，缓解了那些需要大量借贷为数据中心投资融资的AI公司的部分压力。但这些状况可能会逆转，尤其是美联储定于周三下午宣布最新利率决定，随后主席凯文·沃什将举行会后新闻发布会。下周的中期选举和中东局势潜在的升级，可能代表额外的波动来源。
Finally, Cramer said that Tuesday's calmer bond market could prove short-lived. Oil prices declined and the 10-year Treasury yield fell below 5%, easing some pressure on AI companies that need to borrow heavily to fund their data center investments. But those conditions could reverse, particularly with the Federal Reserve set to announce its latest interest rate decision Wednesday afternoon, followed by Chairman Kevin Warsh's post-meeting press conference. The midterm elections next week and potential flare-ups in the Middle East may represent additional sources of volatility.
“除英伟达外，这些数据中心公司并没有很多钱。所以它们不得不借钱，”克拉默说。“利率变得如此之高，回报变得不确定。这一点完全没有改变。”克拉默强调，他依然是“AI建设热潮毫不掩饰的信仰者”。但在行业的融资挑战缓解之前，他还不准备宣布一切风平浪静。进入克拉默的世界？找他聊聊吧！《疯钱》推特
"With the exception of Nvidia, these data center companies don't have a lot of money. So they have to borrow the money," Cramer said. "The rates are getting so high that the return is getting uncertain. That hasn't changed at all." Cramer emphasized that he remains "an unabashed believer in the AI build-out." But until the industry's financing challenges ease, he isn't ready to declare the coast clear. e into Cramer's world? Hit him up! Mad Money Twi