AI算力持续短缺至2026 富国银行上调CoreWeave(CRWV.US)评级至“增持“

Core View - Wells Fargo upgraded CoreWeave (CRWV.US) from "Hold" to "Buy" and raised its target price from $105 to $170, citing increasingly strong demand signals that cannot be ignored [1] Demand and Market Position - Analysts led by Michael Treynor noted that while other software companies struggle to monetize AI, CoreWeave is benefiting from the current construction cycle and will continue to benefit from an industry supply shortage expected to last until 2026 [1] - The long-term outlook for the AI market remains uncertain, but CoreWeave has demonstrated the ability to expand into the largest consumer base for AI computing power, potentially gaining greater market share over time [1] Key Considerations - Optimistic considerations include evidence from large enterprises indicating AI demand is stronger than expected, significant order volumes from recent AI labs across the industry, and substantial adjustments in capital expenditures from large enterprises [1] - Updated unit economic assumptions from Wells Fargo suggest higher demand will increase the hourly GPU pricing from $2 to $2.5, with NVIDIA (NVDA) committing to underwrite all unused computing power, which may be favorable for CoreWeave [1] Additional Supporting Factors - Profit margin estimates show potential for upside as the vertically integrated technology stack matures and financing rates are better than expected [2] - Continuous expansion with benchmark clients such as Microsoft (MSFT.US), OpenAI, and Google (GOOGL.US) [2] - The end of the company's IPO lock-up period is expected to reduce future stock price volatility [2]