CNBC的吉姆·克莱默周三表示，在新型云服务商CoreWeave公布强劲财报、其首席执行官发表“令人耳目一新且令人安心”的言论后，他对该公司的怀疑态度正在减弱。
CNBC's Jim Cramer said Wednesday that he's becoming less skeptical of CoreWeave after the neocloud's strong earnings and the CEO's "refreshing and reassuring" comments.
CoreWeave股价周三飙升近25%，此前该公司公布的季度营收好于预期，并上调了2026年业绩指引。周二晚间出炉的财报结果有助于缓解市场对人工智能基础设施支出放缓的担忧。华尔街开盘钟声敲响后不久，CoreWeave首席执行官迈克尔·因特拉特随即接受了克莱默在CNBC的采访，为市场乐观情绪提供了更多理由。
CoreWeave shares surged nearly 25% on Wednesday after the company reported better-than-expected quarterly revenue and raised its 2026 guidance. The results, which were out Tuesday evening, helped ease concerns about a slowdown in AI infrastructure spending. CoreWeave CEO Michael Intrator's subsequent interview with Cramer on CNBC just after Wall Street's opening bell offered further reasons for optimism.
因特拉特言论中最令人鼓舞的要点之一是，他透露市场对CoreWeave计算能力的需求是该公司供应能力的10倍。这一点在财报发布后的电话会议上也得到了讨论。这种供需关系使CoreWeave得以持续提价，在斥巨资扩张基础设施的同时支撑更高的毛利率。
One of the most encouraging takeaways from Intrator was disclosure that demand for CoreWeave's computing capacity is 10 times greater than what the company can supply. It was also discussed on the post-earnings conference call. That dynamic has allowed CoreWeave to consistently increase prices, supporting stronger gross margins even as it spends heavily to expand its infrastructure.
因特拉特还回应了市场对CoreWeave巨额债务负担的担忧，这一负担严重拖累其股价。尽管周三股价大涨，该股今年以来仍下跌15%，较5月6日创下的138美元52周高点下跌55%。过去一个月对新型云服务商来说尤为动荡，这些公司还包括IREN和Nebius。IREN上周公布了强劲财报。Nebius将于周四上午公布季度业绩。
Intrator also addressed concerns about CoreWeave's substantial debt load, which has weighed heavily on its stock. Despite Wednesday's surge, shares are still down 15% year to date and down 55% from its 52-week high of $138 on May 6. The past month has been particularly tumultuous for the neoclouds, which also include Iren and Nebius. Iren reported strong earnings last week. Nebius reports its quarter Thursday morning.
核心基础设施公司CoreWeave越来越多地转向以其设备和客户合同为依据的融资，而非仅依赖传统债券市场。Cramer说：“当我追问他为何不直接进入公开市场购买那些交易表现不佳的债券时，他承认自己曾考虑过，但最终仍相信通过建造数据中心能获得更高回报，‘把红旗挪开表面’。”关于CoreWeave的Nvidia芯片价值，另一项令人惊讶的发现是：Intrator表示，四年前购买的部分H100芯片如今已以比原成本高出20%至50%的溢价进行合同，这表明设备的经济价值保留时间比许多投资者预期的更长。
Rather than relying solely on traditional bond markets, CoreWeave has increasingly turned to financing backed by its equipment and customer contracts. "When I pressed him, asking why he doesn't just go into the open market and buy these bonds that are trading so poorly, he admitted that he's been tempted to, but ultimately he still believes he can make an even better return building data centers," Cramer said. "Take that red flag off the table." Another surprising revelation involved the value of CoreWeave's Nvidia chips. Intrator said some H100 chips purchased four years ago are now being contracted at premiums of 20% to 50% above its original cost, suggesting the equipment is retaining its economic value longer than many investors anticipated.
Intrator的访谈也缓解了日益增长的政治反对声浪对数据中心建设的担忧。该CEO表示，计算能力需求的持续增长将推动扩张，即便更严格的监管促使部分项目转移海外。
The Intrator interview also helped ease concerns about growing political opposition to data center construction. The CEO maintained that demand for computing power would continue to drive expansion, even if stricter regulations pushed some projects overseas.
对于Cramer而言，这些评论为近期关于AI基础设施股票悲观情绪提供了欢迎的对比。尽管他因政治与融资风险已对该领域保持更为谨慎，但“Mad Money”主持人认为，完全放弃该领域可能意味着错失巨大的上行空间。“我们不得不从表格中剔除一些数据中心及相关股票，令人遗憾地是不包括Nvidia，[为CNBC投资俱乐部] 因为我们的从容与谨慎要求数据中心持仓过多仍然风险过大。不过，我们仍保留了充足的群体敞口，该群体包括半导体、软件、网络设备、建设商、涡轮及冷却设备，因为我们认为AI主题仍有大量增长空间。”
For Cramer, the comments offered a welcome counterpoint to the recent pessimism surrounding AI infrastructure stocks. While he has grown more cautious about the sector amid political and financing risks, the "Mad Money" host maintained that abandoning it altogether could mean missing substantial upside. "We've taken some data center and related stocks off the table, unfortunately not Nvidia, [for the CNBC Investing Club] because our composure and our prudence dictates that to have too much data center is still too dicey. Still, we've left plenty of exposure to the group, which includes semis, software, networking, builders, turbines and cooling equipment, because we think the AI theme has much more room to run." The Club does not own any neoclouds. But it does have diversified, albeit recently reduced, exposure to the AI boom via chip stocks and names that help run and power data centers. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market. Questions for Cramer?
该俱乐部不持有任何新云服务公司，但通过芯片股及协助运营和供电数据中心的名称，拥有经过最近削减的AI热潮多元化敞口。
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