绩后暴跌21%，AI算力神话要凉？

Core Viewpoints - CoreWeave, known as the "child of Nvidia," recently experienced a significant stock drop of 21% after its earnings report, despite impressive revenue growth [1][2] - The company, founded in 2017, transitioned from cryptocurrency mining to becoming a leading player in AI computing power rental, heavily supported by Nvidia [1][2] - CoreWeave's revenue for Q2 reached $1.213 billion, a year-over-year increase of 206%, but it reported a net loss of $130.8 million, raising concerns about its profitability [1][2] Financial Performance - Q2 revenue of $1.213 billion exceeded expectations of $1.08 billion, driven by increased demand in media, healthcare, and finance sectors [1][2] - The company's EPS was -$0.60, worse than the expected -$0.52, with net losses widening from $5.1 million in the same quarter last year [1][2] - Operating profit for Q2 was $199.8 million, a 134% increase year-over-year, but the Q3 guidance for adjusted operating profit is lower than market expectations [2] Strategic Initiatives - CoreWeave is heavily investing in data centers and GPU acquisitions, with capital expenditures reaching $2.9 billion in Q2 and projected to remain between $20 billion and $23 billion for the year [1][2] - The company has a high remaining performance obligation (RPO) of $30.1 billion, indicating strong future revenue potential, including a $4 billion expansion deal with OpenAI [2][3] - Recent acquisitions and partnerships aim to enhance its AI toolchain and expand into new markets, such as visual effects and cloud services [4][5] Market Position and Future Outlook - CoreWeave's technological advancements include being the first to deploy Nvidia's GB200NVL72 system at scale, significantly outperforming competitors in testing metrics [3] - The company is strategically timing its capital expenditures to align with anticipated demand from major clients like Microsoft, which contributed 62% of its revenue in 2024 [6] - Despite current market volatility and concerns over profitability, CoreWeave's long-term strategy focuses on capturing the growing AI computing market, similar to Amazon's early cloud service investments [6][7]