智通财经网·2025-07-18 04:04Core Viewpoint - HSBC has assigned a "Reduce" rating to CoreWeave (CRWV.US) with a target price of $32, which is 76% lower than the stock's closing price on Thursday [1] Financial Performance - HSBC analysts expect CoreWeave's revenue to be significantly impacted by maintenance capital expenditures, with approximately 35% of revenue allocated to this by 2030 due to GPU aging [1] - The analysts project CoreWeave's earnings per share from 2027 to 2030 to be about 45% lower than market consensus [1] Competitive Position - CoreWeave lacks a differentiated competitive advantage and is highly dependent on Microsoft (MSFT.US) and NVIDIA (NVDA.US), with over 72% of its revenue and order backlog coming from these two companies by Q1 2025 [1] - The company has limited bargaining power with NVIDIA, its sole GPU supplier, which poses a long-term weakness [1] Customer Dependency - CoreWeave's relationship with Microsoft is characterized by a lack of bargaining power, as Microsoft contributed over 70% of its revenue in Q1 2025 [1] - The reliance on a few major clients results in lower sales and marketing costs for CoreWeave [1]