过去几个月对“新云公司”来说十分艰难——这些公司建造满载计算机芯片的工厂，将芯片出租给Anthropic和OpenAI等人工智能公司——它们一直承受着华尔街对人工智能建设紧张情绪的主要冲击。
It has been a difficult few months for the neoclouds — those companies that build factories full of computer chips to be rented out to AI companies like Anthropic and OpenAI — as they have borne the brunt of Wall Street’s nerves about the artificial-intelligence buildout.
受打击最严重的公司之一CoreWeave Inc.，股价今年已下跌39%。但周二，该公司公布第三季度业绩，销售额超出分析师预期，并预计今年收入将达到130亿至133亿美元，高于共识预期最高值3.4%。这为担心放缓的投资者提供了急需的强心剂。季度营收高于预期，达到36.6亿美元，每股亏损1.27美元，小于市场担忧。该公司仍在借入巨额资金，为一个可能永远不会实现的人工智能经济进行建设。
Shares of CoreWeave Inc., among the worst hit, were down 39% on the year. But on Tuesday, the company reported third-quarter results and beat analysts’ expectations for sales, projecting $13 billion to $13.3 billion this year, 3.4% above the top-end consensus. That provided a much-needed tonic for investors fearing a slowdown. Quarterly revenue came in above estimates, at $3.66 billion, and its losses were smaller than feared at $1.27 a The company is still borrowing huge sums to pay for the buildout for an AI economy that may simply never materialize.
暂且不提这个小问题，如今看起来更健康的CoreWeave至少为更广泛的人工智能市场，尤其是正准备于下周末进行市场首次亮相的Anthropic，提供了一些安慰。
That minor matter aside, a healthier-looking CoreWeave today at least provides some reassurance to the broader AI market and especially to Anthropic as it gears up for its market debut at the end of next week.
首先，CoreWeave的业绩表明，尽管人们对人工智能项目投资回报率持续存在担忧，但对人工智能算力的需求依然旺盛，不仅来自人工智能实验室本身。CoreWeave首席执行官迈克尔·因特拉特在与分析师的电话会议上表示，该公司今年新增客户中，超过一半“不属于人工智能领域”。
First, CoreWeave’s performance suggests sustained interest in AI computing power despite persistent concerns about return on investment on AI projects, not just from the AI labs themselves. More than half of the new customers that CoreWeave added this year were “not within the AI space,” Chief Executive Officer Michael Intrator said on a call with analysts.
第二，Anthropic 是 CoreWeave 的客户。它使用 CoreWeave 以及其他一些新兴云服务商，为其 Claude 产品提供算力（除了与谷歌等超大规模云服务商签订的合同之外）。双方从未披露条款，但四月份，Intrator 将与 Anthropic 的交易描述为一份“数十亿美元的合同”。新兴云服务商的健康状况对 Anthropic 的未来至关重要，因为它需要保持领先于其服务需求。
Second, Anthropic is a client. It uses CoreWeave, and a number of other neoclouds, to help power its Claude products (in addition to contracts with hyperscalers such as Google). The companies have never disclosed terms, but in April, Intrator described the deal with Anthropic as a “multibillion-dollar contract.”The health of neoclouds is important to Anthropic’s future if it is to stay ahead of demand for its services.
它正在转向几家前景不确定的公司，其中最引人注目的是 Nscale，据报道，该公司正考虑推迟自身的首次公开募股，此前微软公司退出了一项重大交易。
It is turning to several other companies with uncertain futures, most notably Nscale, reported to be considering delaying its own IPO after Microsoft Corp. pulled out of a significant deal.
虽然现在还为时过早，无法真正评估中期公投和由民主党控制的国会对建设数据中心能力的影响，但 Intrator 在电话会议上试图稳住人们对近期供应紧张的担忧。
While it’s too soon to truly assess what impact midterm referendums and a Congress controlled by Democrats will have on the ability to build data centers, Intrator used the call to steady some nerves around a near-term crunch.
“我们不预计会受到已经发生的重大监管转变的任何影响，”他说。“我们认为，所发生的事是关于如何建设的表态。”上周，Intrator 致信当选德克萨斯州州长吉娜·希诺霍萨，后者在竞选中主张对数据中心实施暂停令，希望就“获准项目的负责任完成”以及未来可能出现的项目的“持久标准”达成一致。
“We do not anticipate any impact from the seismic regulatory shift that’s occurred,” he said. “We believe that what has occurred is a statement around how you build.”Last week, Intrator wrote to Texas Governor-elect Gina Hinojosa, who campaigned on a moratorium for data centers, hoping to find agreement on “responsible completion” of permitted projects and “durable standards” for those that might come in the future.
总体而言，在数月的“新兴云阴霾”之后，CoreWeave 为市场带来了一些喘息，但并非更多。德意志银行的布拉德·泽尔尼克说，感谢这些“令人安心的细节”，总结了市场情绪。这种情绪能持续多久，还有待观察。2025 年 3 月，当 CoreWeave 正准备上市时，我曾警告说，它将成为人工智能革命的第一个真正风向标股票。事实证明，情况确实如此，CoreWeave 的股票已成为市场波动的主要靶子。
Overall, CoreWeave offered some respite, though not more than that, after months of neocloudiness. Thanks for the “comforting details,” said Brad Zelnick of Deutsche Bank, summing up the mood. How long it lasts remains to be seen. In March 2025, as CoreWeave was gearing up to go public, I warned it would be the first true bellwether stock of the AI revolution. That has proved to very much be the case as CoreWeave’s stock has been a primary punching bag of market volatility.
毋庸置疑：Anthropic 作为第一个跨出这一步的美国人工智能前沿实验室，也不会例外——它是一个人工智能投资标的，没有其拥有搜索引擎、社交媒体应用或云服务公司的竞争对手所能依靠的那种传统避风港。
Make no mistake: Anthropic, the first American AI frontier lab to take the leap, will be no different — an AI play without the kind of legacy hedges its competitors with search engines or social media apps or cloud companies can hide behind.
在Anthropic首次公开募股前夕，投资者尝到了些滋味，其估值目标随市场起伏不定。作为一个信号，CoreWeave的强劲财报应该有助于Anthropic的估值小幅上升，我猜想。下周，英伟达公司的财报可能会带来更多乐观理由，只要投资者能放下对黄仁勋和众所周知的问题的担忧。让一家人工智能实验室上市从来都不会简单。
The run-up to Anthropic’s debut has given investors a taste, with its valuation target yo-yoing along with the markets. As a signal, CoreWeave’s strong earnings should help Anthropic’s number tick up, I’d imagine. Next week, Nvidia Corp.’s earnings might present more reasons to be optimistic if investors can look past worries about Jensen Huang and the you-know-what. Taking an AI lab public was never going to be straightforward.