CRWV 目前略微低估，凭借强劲需求具备巨大上行空间，但鉴于其风险特征，说话者选择不持有该股。
逐段跳播
我将详细讲述这次公告的要点、它对 Nvidia 可能意味着什么、与你分享我对 Nvidia 股票的合理价值估算、与你分享我对 Coreweave 的合理价值估算，并更新对这两家公司的买入、持有或卖出评级。
I'm going to detail the highlights of this announcement, what it could mean for Nvidia, share with you my fair value estimate for Nvidia stock, and share with you my fair value estimate for Cororeweave, and update the buy, hold, or sell rating for each of these two companies.
Coreweave 的管理团队接受了 Yahoo Finance 的采访，他们告知投资者，我们每天都在艰难地满足需求。我们拥有的每一块 GPU 都可以卖给多个不同的客户。这是一个独特的时刻，而且它仍在持续。
So, Cororeweave's management team had an interview with Yahoo Finance and they were formed they informed investors that we are struggling to meet demand every day. Every GPU we have could be sold to multiple different clients. It's a unique moment and it continues to be.
他们不仅已经售罄，而且管理团队在这里暗示的是，他们可能被超额认购好几倍。有好几个客户正在排队等待购买这一产品。
Not only are they sold out, but what the management team is insinuating here is they could be sold out multiple times over. There are several customers that are waiting in line to purchase this product.
现在，这很有意思，因为其中一些公司，像 Coreweave 这样的 Neocloud 以及其他公司，选择不签署较长期协议，因为他们认为今天的价格低于 3 个月后和 6 个月后的价格。
所以，他们从市场上扣留一部分产能，以便从这种供给持续短缺、一切售罄的动态中获益。这样，下一个进入市场、想要立即获得算力的客户，能够找到算力并支付溢价来获取它。它会流向出价最高者。
而当出现短缺时，就会形成竞价战，这对像 Coreweave 这样的公司有利。
Now, this is interesting because some of these companies, the Neoclouds like Core Weeave and others have chosen to not sign longerterm agreements because they believe that prices today are lower than what they will be 3 months from now and 6 months from now. So, they withhold some of their capacity from the marketplace so they can benefit from this dynamic where supply remains short, everything is sold out. So that next customer that comes into the market that wants to get computing power right away, they're able to find it and pay that premium price to access that. It'll go to the highest bidder. And when there are shortages, that creates a bidding war that's good for companies like Core Weeave.
规模小得多的 Coreweave 报告第二季度销售额同比增长 112%。当然，同样地，Coreweave 也受到供给约束。如果他们有更多供给，就能产生更多销售额。他们的积压订单现已飙升至 140 亿美元。
由于这些蓬勃的业绩，管理层将 2026 全年收入指引上调至 124 亿至 132 亿美元区间。
Coreweave being a much smaller company reported second quarter sales surging by 112% year-over-year. And of course, again, Core Weave is also supply constrained. If they had more supply, they would be able to generate more sales. Their backlog has now soared to $14 billion. And because of these booming results, management raised their fullear 2026 revenue guidance to a range of 12.4 to 13.2 billion.
所以今天，我更新了对Core Weave的公允价值估算。我现在计算出这家企业每股价值11美元，而当前市场价格为每股89美元。我会说，它略微被低估了。对Core Weave，我在这里采用了更宽的的安全边际。
通常，我在这里的估值中采用5%到10%的安全边际。但对于Core Weave，我扩大了这一幅度，因为它是一项风险更高的业务。我把安全边际扩大到10%到15%。所以，它落在10%到15%这个区间内。因此，我会称它略微被低估。
So today, I updated my estimate for fair value for Core Weave. I now calculate the business to be worth $11 per share compared to the current market price of $89 per share. It's slightly undervalued, I would say. And I apply a wider margin of safety here of Core Weave. Typically, I apply a 5 to 10% margin of safety in the evaluation here. But for Core Weeave, I expand that because it's a riskier business. I expand the margin of safety to 10 to 15%. So, it's within that range of 10 to 15%. So, I would call it slightly undervalued.
Coreweave我不持有，也没有兴趣持有。这类公司不是我感兴趣持有的类型。不过，如果你有兴趣持有Core Weave的股票，我也不会怪你，因为它有巨大的上行空间。它的产品已经售罄。
它处于一个蓬勃发展的行业，而且股价看起来相对有吸引力。
Coreweave I don't own and I'm not interested in owning. These are not the types of companies I interested in owning. Although I wouldn't blame you if you were interested in owning Core Weeave stock as it has huge upside. It's sold out. It's in a booming business and the stock price looks relatively attractive.
这个频道对 $CRWV 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。