· 个股论点
是的，如果仅如你所说比较高性能计算(HPC)板块，我可能会将 $GLXY 降级至与 $APLD 相同的 C 级。但由于其其他业务板块，其资产负债表要稳健得多，因此需要动用较少的债务/信贷额度，这就是它评级更高的原因。他们还从事大量其他业务，如与 $HOOD 竞争的经纪业务、加密货币流动性提供商等，这改善了自由现金流(FCF)，但这样比较有点不公平。他们确实通过与 $CRWV 在 Helios 园区的合作获得了长期的超大规模客户可见性，当时的利率约为 9.10%。但这方面的 downside 是 Coreweave，且其破产的可能性不为零。
Yeah I'd might move $GLXY down to a C tier alongside $APLD if we just had to compare HPC sector as you mentioned. But because of their other segments, their balance sheet is vastly better so they had to tap into less debt/crdit facilitaties, which is why it's a grade higher. They do a ton of other stuff like $HOOD competitor brokerage, crypto liquidity providers, etc. and it improves fcf but a bit of an unfair comparison. They do have long term hyperscaler visibility with $CRWV on their Helios campus with the the interest rate was ≈9.10%. Downside of that is Coreweave, and there's a nonzero chance it goes under.