微软再度砸盘后，这只股票周五IPO将成为“AI算力风向标”

Core Viewpoints - Microsoft has abandoned new data center projects in the US and Europe, raising concerns about potential oversupply in AI computing power [3] - CoreWeave is set to price its IPO this week, potentially raising up to $3 billion, despite the backdrop of Microsoft's withdrawal from a $12 billion power collaboration [3][6] - The market sentiment towards CoreWeave's IPO may be cautious due to doubts about AI's exponential growth potential [3] Financial Performance - CoreWeave's revenue grew over 8 times in 2024, reaching $1.9 billion, with $15.1 billion in remaining performance obligations expected to be recognized as revenue by the end of 2026 [6] - The company has incurred nearly $6 billion in cash expenditures for AI infrastructure in the past year, up from $1.1 billion the previous year [8] - CoreWeave carries a total debt of approximately $8 billion, primarily from NVIDIA GPUs to support AI workloads [10] Competitive Landscape - CoreWeave, initially a cryptocurrency mining company, has become a direct cloud computing power supplier for NVIDIA, competing with larger firms [12] - Major companies like Microsoft, Amazon, Meta, and Alphabet are projected to spend nearly $340 billion on capital expenditures this year, a 39% increase from 2024 [12] - Despite CoreWeave's capital expenditures being over four times its revenue last year, it remains a small fraction of the spending by larger competitors [12]