Coreweave和Circle，两大美国“IPO妖股”将迎来财报检验，就在今天

Core Viewpoints - CoreWeave and Circle have seen significant stock price increases since their IPOs, with CoreWeave's stock rising nearly 250% and Circle's stock increasing fivefold since their respective listings [1] - The performance of these companies will directly impact investor confidence in future IPOs within the AI and cryptocurrency sectors [1] - Meeting or exceeding market expectations is crucial for companies in hot industries like AI and cryptocurrency [4] CoreWeave - CoreWeave's growth is driven by strong demand for AI infrastructure, but analysts express concerns about the company's ability to raise capital, which is a key challenge [1][2] - The company has projected capital expenditures between $20 billion and $23 billion for the year but has only raised $5 billion in debt funding so far, leaving a significant funding gap [2] Circle - Circle's future revenue is heavily dependent on the direction of U.S. interest rates, as most of its income comes from interest on short-term U.S. Treasury securities backing its USDC stablecoin [3] - A loose monetary policy could decrease interest income for Circle, but it may also increase market risk appetite, potentially driving more investors into the cryptocurrency market [3] - Analysts predict that speculative activity in the cryptocurrency space will rise under a loose monetary policy, with one analyst giving Circle a "buy" rating and a target price of $250, indicating a potential 55% upside [3] IPO Dynamics - New companies that have reported strong earnings this year have alleviated investor concerns about high valuations, leading to further stock price increases [4] - The success of CoreWeave and Circle's IPOs reflects a strategy of starting with reasonable valuations and conducting price discovery favorably for issuers, driven by strong institutional interest and retail investor enthusiasm [5]