从野心勃勃到向市场妥协，"英伟达亲儿子"CoreWeave IPO规模大幅缩水。 据媒体报道，周四美国收盘后CoreWeave确定其IPO发行价格为40美元/股，预计融资规模将缩减至约15 亿美元。这与该公司最初的40亿美元目标相去甚远，甚至比上周路演时宣布的27亿美元还要低。 另一位投资者提出了更深层次的担忧： 这一连串的缩减表明，市场对CoreWeave的兴趣并不如预期强烈，投资者认为CoreWeave存在客户高度 集中的风险，其与英伟达和微软深度绑定，也让投资者信心不足，同时对公司可持续性商业模式感到忧 虑。 CoreWeave与英伟达之间的关系错综复杂且相互依赖。英伟达不仅是CoreWeave的唯一GPU供应商，还 是持有5.97%股份的股东以及第二大客户。这种深度交织的关系让人质疑：为何英伟达需要付费使用自 己生产的GPU？一名匿名分析师指出： 英伟达占CoreWeave收入的15%，而后者又借了数十亿美元购买英伟达的GPU。为什么英伟 达需要付钱给别人来使用自己的GPU？这看起来像是一种策略，旨在为英伟达在大型云服务 商之外创造GPU的竞争张力，从而获得定价杠杆。 作为CoreWeave的孵化者， ...

Core Viewpoint - The U.S. stock market is currently in a "super bubble," with a significant downturn predicted, as stated by renowned investor Jeremy Grantham [1][2]. Valuation Concerns - Grantham highlights that U.S. stock valuations have surpassed historical peaks, exceeding levels seen in 1929 and 2021, and are only second to Japan's 1989 bubble [1][3]. - Traditional valuation metrics, including the Shiller P/E ratio, are at historical highs, with most indicators in the top 1% or 2% of their historical ranges [3][5]. - Grantham's models suggest that the U.S. stock market has a potential downside of 50% to return to normal valuation levels [5]. Long-term Economic Trends - Grantham expresses concern over the long-term impact of declining population, which he believes will lead to a loss of "animal spirits," resulting in slower economic growth and decreased productivity [1][8]. - He notes that a declining labor force directly affects GDP growth, citing that Europe's labor force has decreased by nearly 0.5% over the past 15 years, leading to a 2% decline in GDP growth [9]. Investment Strategies - In light of potential market declines, Grantham advises investors to focus on companies with long-term growth potential and strong financial health, particularly in the green economy sector [6]. - He warns against excessive leverage, suggesting that investors should choose companies with lower debt levels and higher profit margins to withstand market shocks [7]. Global Market Perspective - Despite a pessimistic view on U.S. stocks, Grantham sees non-U.S. markets as relatively reasonable and believes they may outperform U.S. markets in the next 5 to 10 years [11]. - Grantham views cryptocurrencies as speculative instruments rather than viable mediums of exchange, criticizing the influx of capital into this market during the 2020 stimulus period [11]. Gold vs. Bitcoin - Grantham expresses a cautious stance on gold but considers it a better hedge asset compared to Bitcoin, acknowledging that both are largely speculative [12].

警惕AI泡沫。 作者 I 王露 报道 I 投资界PEdaily 你方唱罢我登场。融资竞赛还在AI江湖里不停上演。但争议随之而来：这会是有史以来 最大的一场估值泡沫吗？ 三个00后，退学创业 故事要从三位00后说起。 出生于20 04年的Br e n da n Fo ody，年纪虽小却是一位连续创业者，早在高中时期就创立 一家数字咨询公司。期间，他在学校辩论队结识了Ada rs h Hir ema t h和Sur ya Mi d ha，三 人曾组队赢得一场美国政策辩论赛冠军。 20 21年，Fo ody和Mi dha顺利考入美国乔治敦大学，分别就读经济学和外交专业。 Hir ema t h则进入哈佛大学攻读计算机专业。大二那年，三位大学生一拍即合，在宿舍里 创立Me r c or。 最初，Me r c or只是简单地为印度工程师和需要编程的初创公司牵线搭桥。仅仅几个月， 在没有任何外部资金支持的情况下，营收达到了100万美元，净赚8万美元。 19岁的他们雄心勃勃，决定退学全职创业。彼时Cha tGPT已横空出世，Me r c or顺势利用 人工智能大模型收集数据并简化招聘流程。在Foody看来，招聘是最被低估的 ...