Investing.com——CoreWeave股价周四下跌15%，回吐了前一交易日近25%涨幅的大部分。此前，黄仁勋卸任英伟达CEO震动了AI基础设施板块，而Nebius令人失望的业绩指引进一步加剧了投资者的担忧。
Investing.com -- CoreWeave shares fell 15% on Thursday, giving back much of the previous session’s nearly 25% rally, as Jensen Huang’s departure as Nvidia CEO rattled the AI infrastructure sector and disappointing guidance from Nebius added to investor concerns.
英伟达证实黄仁勋即将卸任，首席财务官科莱特·克雷斯将出任临时CEO，同时公司正在寻找正式继任者。此次离任标志着这家全球主导AI芯片制造商发生重大领导层变动，也给业务与英伟达生态系统紧密相连的公司带来了新的不确定性。
Nvidia confirmed that Huang is stepping down, with Chief Financial Officer Colette Kress taking over as interim CEO while the company searches for a permanent successor. The departure marks a major leadership change at the world’s dominant AI chipmaker and introduces fresh uncertainty for companies whose businesses are closely tied to Nvidia’s ecosystem.
CoreWeave尤其容易受到英伟达动向的影响，英伟达既是其战略投资者，也是其关键的技术合作伙伴。这家芯片制造商还在为AI基础设施生态系统提供融资和支持方面发挥着更广泛的作用，这使得此次领导层动荡的影响可能超出英伟达自身。
CoreWeave is particularly exposed to developments at Nvidia, which is both a strategic investor and a key technology partner. The chipmaker also plays a broader role in financing and supporting the AI infrastructure ecosystem, making the leadership upheaval potentially significant beyond Nvidia itself.
担忧还延伸至支撑AI基础设施热潮的财务关系。投资者已在审视英伟达支持的融资在多大程度上帮助维持了对其自身芯片以及围绕这些芯片所建设基础设施的需求。
The concerns extend to the financial relationships underpinning the AI infrastructure boom, with investors already scrutinizing the extent to which Nvidia-backed financing helps sustain demand for its own chips and the infrastructure built around them.
Nebius集团的季度业绩和展望加剧了压力。这家总部位于阿姆斯特丹的AI云服务提供商公布第三季度营收为9.81亿美元，高于分析师预期的9.075亿美元，但其更新的支出计划以及新增产能上线延迟令投资者失望。
The pressure was compounded by Nebius Group’s quarterly results and outlook. Although the Amsterdam-based AI cloud provider reported third-quarter revenue of $981 million, above analyst expectations of $907.5 million, its updated spending plans and delays in bringing additional capacity online disappointed investors.
Nebius表示，原预计今年内可用的一部分第三方产能已被推迟至2027年上半年。公司预计达到年化运行率营收超过70亿美元的目标将比原计划晚约两个月。
Nebius said some third-party capacity originally expected to become available this year has been pushed into the first half of 2027. The company expects to reach its target of more than $7 billion in annualized run-rate revenue approximately two months later than initially planned.
与此同时，Nebius将2026年资本支出预测上调至约270亿美元，高于此前200亿至250亿美元的区间，并预计明年支出为400亿至450亿美元。
At the same time, Nebius raised its 2026 capital expenditure forecast to approximately $27 billion, up from a previous range of $20 billion to $25 billion, and projected spending of $40 billion to $45 billion next year.
公司预计2027年营收为120亿至130亿美元，同时表示客户预付款和资产支持融资将覆盖明年约75%至85%的支出。
The company expects 2027 revenue of $12 billion to $13 billion, while saying that customer prepayments and asset-backed financing will cover approximately 75% to 85% of next year’s spending.
这一展望凸显出，即便算力需求依然强劲，AI云服务提供商仍面临巨额资本需求和执行挑战。
The outlook highlights the enormous capital requirements and execution challenges facing AI cloud providers, even as demand for computing capacity remains strong.
就在前一个交易日，CoreWeave刚刚给投资者注入了一剂信心。公司公布第三季度营收为36.6亿美元，同比增长168%，并将全年营收预测上调至130亿至133亿美元。其营收积压订单达到约1325亿美元。
CoreWeave had offered investors a dose of reassurance just one session earlier. The company reported third-quarter revenue of $3.66 billion, up 168% year over year, and raised its full-year revenue forecast to $13 billion to $13.3 billion. Its revenue backlog reached approximately $132.5 billion.
首席执行官迈克尔·因特拉托还表示，公司到2027年的产能基本已售罄，这进一步印证了AI算力需求持续超过可用供给的说法。
CEO Michael Intrator also said the company was largely sold out through 2027, reinforcing the argument that demand for AI computing continues to outstrip available supply.
周四的逆转表明，强劲的需求和不断增长的积压订单，不足以让该板块免受更广泛担忧的冲击——这些担忧涉及对英伟达的依赖、融资需求以及新基础设施的交付速度。你现在应该买入NVDA吗？
Thursday’s reversal suggests that strong demand and growing backlogs are not enough to shield the sector from broader concerns about its dependence on Nvidia, financing requirements and the pace at which new infrastructure can be delivered. Should you enter a trade in NVDA right now?
在入场前先为NVDA制定一份计划。波段交易NVDA意味着要花数小时翻阅日线和周线图，入场后还要花几天时间反复质疑计划。
Get a plan for NVDA before you enter. Swing trading NVDA means hours spent flipping through daily and weekly charts, then days second-guessing the plan once you're in.
WarrenAI图表分析可在60秒内为你生成NVDA的交易计划。它会读取多个时间周期、指标、形态、新闻和基本面数据，并给出包含入场点、止损点和盈利目标的交易方案。问两次，得到同样的计划。然后它帮你坚持执行。
WarrenAI chart analysis gives you a trading plan for NVDA in under 60 seconds. It reads multiple timeframes, indicators, patterns, news and fundamental data, and hands you setups with entry, stop-loss and profit targets. Ask twice, get the same plan. Then it helps you stick to it.
设置建议的提醒，你就能在NVDA触及你的价位时收到通知，而无需整周盯着屏幕。
Set the suggested alerts and you'll know when NVDA hits your levels, without watching the screen all week.