· 个股论点
涉及标的： $CRWV
$CRWV 完全配得上 F 级评级。如果从发行条款(offering point)的角度看，它确实是一流的。但从资产负债表(balance sheet)来看，简直是一场噩梦，尤其是背负着 140 多亿美元的债务，加上为 OpenAI 建设所承担的 10 多亿美元债务利息，而 OpenAI 能否偿还尚不确定。此外，他们仅剩 19 亿美元现金。大量利润被用于支付债务利息，这严重损害了利润率(margins)（相比之下，其他通过可转换票据(convertible note)融资的新兴云厂商(neoclouds)没有这种利息负担）。
$CRWV is well deserving of F tier. If we go from an offering point of view, then it’s top of the line. Balance sheet wise, it’s a nightmare, especially with the $14B+ in debt plus the $1B+ debt interest for the buildout for OpenAi which may or may not be able to pay. They also have $1.9B cash left. A lot of the profit goes off to paying debt interest which hurts margins a lot (compared to other neoclouds that don’t have that interest since they did convertible note).