Chip Stock Investor 对 $AKAM 的判断变化
我们接着上次的话题，继续讨论CDN市场，包括Cloudflare、Akamai和Fastly，如果你还没看过那个视频，可以去看看。
Let's just continue with where we left off, talking about the CDN market, Cloudflare, Akamai, and Fastly, which, if you haven't watched that, check out the video.
Fastly与规模大得多的Cloudflare和Akamai竞争。
Fastly competes against much larger Cloudflare and Akamai,
这是因为大公司实际上已经建立了自己的CDN，并逐步将像Akamai这样的传统提供商排除在外。
It's because the big guys have actually built their own CDNs and have progressively cut legacy providers like Akamai out of the mix.
如果一家公司想真正从CoreWeave或Nebius云运营其AI，那么实际上需要付费购买CDN服务，并接入CDN，比如Cloudflare、Akamai或Fastly。
If a company wanted to actually operate their AI from a CoreWeave or Nebius cloud, will actually then need to go pay for a CDN service and hook up the CDN, like let's say Cloudflare, Akamai, or Fastly.
Airbnb、Akamai、Booking Holdings、Akamai以及AWS。SAP、Akamai、Palo Alto、Akamai和AWS。
Airbnb, Akamai, Booking Holdings, Akamai, as well as AWS. SAP, Akamai, Palo Alto, Akamai and AWS.
有趣的是，我们确实看到Akamai出现了不少。也许Akamai值得更仔细地研究一下，尽管收入有所下降。或者这可能只是表明这些大型企业软件公司目前已经相当成熟，所以Akamai只是其中的一部分。也许Akamai的管理团队预期会有强劲的增长。
Interesting here. We actually saw Akamai come up quite a bit. Maybe Akamai is worth taking a closer look at, even though the revenue has kind of fallen off. Or maybe this is just indicative of these really big enterprise software companies being pretty well tenured at this point, and so Akamai is just there in the mix. Maybe Akamai's management team is expecting some robust growth.
Akamai似乎已经相当稳固地扎根了。你看到这里有很多下游客户使用Akamai。但我们需要财务复苏，正如我们已经讨论过的。
Akamai, it seems, has gotten itself fairly well-entrenched. You see a lot of downstream customers here using Akamai. But we need a financial recovery, as we talked about already.
这是来自Akamai的示例。他们有这些边缘POP（存在点）、他们的核心网络。Akamai还提供一些实际的云服务。
Here's a look at the one from Akamai. They have these edge POPs, points of presence, their core network as well. Akamai also provides some actual cloud services.
Akamai的这些额外产品和服务主要是通过收购构建的。
Akamai has largely built these extra products and services via acquisition.
所以我从Cloudflare开始，然后是Akamai，再然后是Fastly，它们就在这里。我们有一些各自的财务细分，这相当惊人。Cloudflare现在的市值超过1100亿美元，而相比之下，历史更悠久、更成熟、而且坦率地说收入规模大得多的Akamai，市值不到180亿美元，然后是小型的后起之秀Fastly，市值不到50亿美元。
So I started with Cloudflare, then Akamai, and then Fastly, and here they are. We've got some financial breakdowns of each, and this is pretty wild. Cloudflare now trading at over $110 billion market cap, compared to the far older, more mature, and frankly much larger by revenue company, Akamai, at just under $18 billion, and then the small upstart at under $5 billion, Fastly.
是的，Cloudflare的收入比Akamai小得多，但看看他们追赶得有多快。过去十二个月的收入增长为33.5%。他们刚刚公布了2026年第二季度财报，收入增长仍超过30%。
Yes, the revenue for Cloudflare is much smaller than Akamai's, but see how they're catching up so quickly. Revenue growth just over the last twelve months at 33.5%. They just reported, Q2 2026, and still north of 30% revenue growth.
所以用不了多久，市场完全预期Cloudflare的收入将远远超过Akamai，因为后者正以中个位数的速度增长。
So before too long, the market fully expects Cloudflare will far exceed Akamai's revenue because they're growing at a mid-single digit pace.
不难想象，这家公司的营业利润率最终将远远超过甚至像Akamai这样的传统公司。而且你已经在自由现金流利润率中看到了这一点，过去十二个月为14%，Akamai为22%，Fastly略低于7.5%，尽管随着他们再次获得一些动力，这也可能会有所改善。
It's not hard to imagine this company's operating margin eventually far exceeds that of even legacy Akamai. And you can see it already in the free cash flow margin at 14% over the last twelve-month period, 22% for Akamai and Fastly at just shy of 7.5%, though that is also probably going to be improving here, as they pick up some steam again.
然后最后，净现金，或者就Akamai而言，净债务为42亿美元。我提到他们主要通过收购构建了新的下一代服务，包括进入云基础设施和云计算服务。这就是结果，42亿美元的净债务，相对于现金和投资。
And then finally, net cash, or in the case of Akamai, net debt of 4.2 billion. I mentioned they've largely built their new next gen services via acquisition, including getting into cloud infrastructure and cloud compute services. That is the result here, 4.2 billion net debt over cash and investments.
尤其是在收入方面，这就是市场给予Cloudflare如此高估值的原因。预期是，在未来十年内，其收入将远远超过Akamai，并且盈利强劲，因为他们在这方面稳步取得了进展。
Especially on revenue, this is why the market has valued Cloudflare so high. The expectation is this revenue far exceeds Akamai over the course of the next decade and is robustly profitable, as they've steadily made progress on that front.
在这三家公司中，Akamai是我们个人不感兴趣的。一般来说，我们不会尝试购买可能被标记为陷入困境或表现不佳的资产。
Now, of the three, Akamai is the one we're personally not interested in. Generally speaking, we don't try to purchase assets that could be labeled as distressed or underperforming.
然而，也许这些收购即将带来增长加速。也许这将帮助他们开始修复资产负债表和所有这些净债务，这些债务会使他们相对于一些更年轻、更灵活、资产负债表上有净现金的同行处于长期劣势。所以如果这种情况发生，也许那会引起我们的兴趣。
However, perhaps those acquisitions are about to lead to an acceleration in growth as well. Maybe it will help them begin to repair their balance sheet and all that net debt, which would leave them at a long-term disadvantage, versus some of their younger, scrappier peers that have net cash on balance. So if that were to happen, maybe that would be of interest, at least for us.
如果你在寻找扭亏为盈的故事，如果那是你的风格，Akamai可能符合要求。如果他们能够重振一些增长和利润增长，并开始扭转局面，它可能是一只潜在的价值股。
If you're looking for turnaround stories, if that's your style, Akamai may fit the bill. Maybe it's a potential value stock if they're able to reinvigorate some growth and some profit growth and begin to turn things around.