中文翻译
$ALPD 承担了以 9.25% 利率发行的垃圾债券(junk bonds)等极差的债务，并与 $CRWV 有关联，后者也有大量不良债务严重侵蚀利润率/自由现金流(FCF) + OpenAI（目前也缺乏资金）占据了大量积压订单 + 产能建设。这在很大程度上增加了长期风险，我尚未对 $APLD 的利息成本进行定量建模。可能还有更好的新云(neocloud)板块标的，但这并不意味着我看空它。对于 $S，我研究得还不够深入，无法给出好的观点。
· 个股论点
ALPD高息债及OpenAI订单增加长期风险，新云板块或有更好标的。
英文原文
$ALPD took on really bad debt with junk bonds at 9.25% and is connected with $CRWV, which also has a lot of bad debt really cutting into margins/FCF + OpenAI (which also doesn't have the funds yet) taking up a lot of backlog + capacity buildout. That kind increases long term risks by a lot, I haven't done a quantitative modeling yet on $APLD from interest costs. There's probably better neocloud sector picks out ther but that doesn't mean I'm bearish on it. For $S, I haven't looked into it enough to give a good opinion.