中文翻译
@R42t0r 自去年以来，我一直非常明确地看空 $CRWV，相较于 $NBIS 和其他新云厂商。需求并非真正的问题，其超1000亿美元的积压订单，营收及59%的调整后EBITDA利润率看起来不错。但潜在的融资方式真的很糟糕……Coreweave的债务利息（例如Q2利息支出达6.4亿美元）过度侵蚀了自由现金流……作为参考，该数字约占Coreweave 15.1亿美元调整后EBITDA的42%。
· 个股论点
尽管积压订单充足，但高额利息侵蚀现金流，持续看空Coreweave。
相关概念： Coreweave 模式新云算力 Neoclouds
英文原文
@R42t0r I've been pretty vocally bearish on $CRWV since last year compared to $NBIS and other neoclouds. Demand isn't really much of a problem with their $100B+ backlog, their revenue + 59% adjusted EBITDA margin looks good. But underlying financing methods is really bad... Coreweave's debt interest (eg. Q2 interest expense reached $640m), which eats into FCF way too much... That figure is like 42% of Coreweaves $1.51B adjusted EBITDA for reference.