火热AI和加密货币IPO妖股双雄：Coreweave和Circle，今天将迎来财报检验........

Core Viewpoints - The performance of CoreWeave and Circle will directly influence investor confidence in future IPOs within the AI and cryptocurrency sectors [1][3] - CoreWeave's stock price has surged nearly 250% since its IPO in March, while Circle's stock price has increased fivefold since its IPO in June [3] CoreWeave Analysis - CoreWeave faces significant challenges in its ability to raise capital, which is critical for its growth [6][7] - 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 [7][8] - Investors are keen to understand how CoreWeave plans to address its substantial funding gap in its financial report [8] Circle Analysis - Circle's future revenue is heavily dependent on the U.S. interest rate environment, as most of its income comes from interest on short-term U.S. Treasury securities backing its USDC stablecoin [9] - A loose monetary policy could decrease interest income for Circle, but may also increase market risk appetite, potentially driving more investors into the cryptocurrency market [9] - Analysts expect speculative activity in the crypto space to rise under a loose monetary policy, with one analyst giving Circle a "buy" rating and a target price of $250, indicating a 55% upside [10] IPO Dynamics - New companies that have reported strong earnings this year have alleviated investor concerns about high valuations, leading to further stock price increases [11] - For companies like CoreWeave and Circle, meeting or exceeding high market expectations is crucial for their success [12] - The successful IPOs of CoreWeave and Circle exemplify a strategy of starting with reasonable valuations and leveraging strong market demand to drive subscription [12][13]