汇丰唱衰CoreWeave(CRWV.US)将暴跌76%：缺乏差异化竞争优势过度依赖微软与英伟达

智通财经2025-07-18

智通财经APP获悉，汇丰予人工智能云服务商CoreWeave(CRWV.US)“减持”评级，目标价仅为32美元，这一目标价较该股周四收盘价低了76%。该行给出的原因是，回报相对较低、缺乏差异化竞争优势以及对微软(MSFT.US)和英伟达(NVDA.US)的高度依赖。以Abhishek Shukla为首的汇丰分析师在一份投资者报告中表示：“像通用型云服务提供商那样，通过软件栈推动更多增值服务的销售，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2552145986?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-18 11:59","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2552145986","market":"fut","top_or_hot":-1,"title":"汇丰唱衰CoreWeave(CRWV.US)将暴跌76%：缺乏差异化竞争优势 过度依赖微软与英伟达","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，汇丰予人工智能云服务商CoreWeave(CRWV.US)“减持”评级，目标价仅为32美元，这一目标价较该股周四收盘价低了76%。该行给出的原因是，回报相对较低、缺乏差异化竞争优势以及对微软(MSFT.US)和英伟达(NVDA.US)的高度依赖。以Abhishek Shukla为首的汇丰分析师在一份投资者报告中表示：“像通用型云服务提供商那样，通过软件栈推动更多增值服务的销售，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1319331.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>汇丰唱衰CoreWeave(CRWV.US)将暴跌76%：缺乏差异化竞争优势 过度依赖微软与英伟达</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n汇丰唱衰CoreWeave(CRWV.US)将暴跌76%：缺乏差异化竞争优势 过度依赖微软与英伟达\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-18 11:59 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1319331.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，汇丰予人工智能云服务商CoreWeave(CRWV.US)“减持”评级，目标价仅为32美元，这一目标价较该股周四收盘价低了76%。该行给出的原因是，回报相对较低、缺乏差异化竞争优势以及对微软(MSFT.US)和英伟达(NVDA.US)的高度依赖。以Abhishek Shukla为首的汇丰分析师在一份投资者报告中表示：“像通用型云服务提供商那样，通过软件栈推动更多增值服务的销售，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1319331.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1435385759.SGD","symbol_name":"Natixis Loomis Sayles US Growth Equity RA SGD-H","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1319331.html","article_id":"2552145986","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2552145986","pubTimestamp":1752811144,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，汇丰予人工智能云服务商CoreWeave“减持”评级，目标价仅为32美元，这一目标价较该股周四收盘价低了76%。汇丰预计，由于GPU老化，从2030年起，CoreWeave约35%的收入将用于维护性资本开支，这将削弱公司的自由现金流。汇丰还指出，CoreWeave对微软作为客户和英伟达作为GPU供应商的过度依赖是潜在的长期弱点。分析师补充称：“我们认为，CoreWeave在与微软的关系中缺乏议价能力，微软在2025年第一季度贡献了其超过70%的营收。”","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","3NVD.UK":"LS 3X NVIDIA","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","NVDU":"2倍做多NVDA ETF-Direxion","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","NVDX":"2倍做多NVDA ETF-T-Rex","NVD3.UK":"LS 3X NVIDIA","BK4579":"人工智能","LU1236620834.HKD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (HKD) INC","NVD":"2倍做空NVDA ETF-GraniteShares","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","NVD2.UK":"2X NVIDIA ETP","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","NVDY":"NVDA期权收益策略ETF-YieldMax","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","NVDS.UK":"LS -1X NVIDIA","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","NVDD":"1倍做空NVDA ETF-Direxion","2NVD.UK":"2X NVIDIA ETP","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","CRWV":"CoreWeave, Inc.","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","NVIW.SI":"NVDA 3xLongSG261006","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","HSBC":"汇丰","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","SNVD.UK":"LS -1X NVIDIA","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS"},"translate_title":"HSBC bad-mouths CoreWeave (CRWV.US) will plummet 76%: lack of differentiated competitive advantage and over-reliance on Microsoft and Nvidia","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVD2.UK":0.6,"3NVD.UK":0.6,"NVIW.SI":0.6,"SNVD.UK":0.6,"NVDS":0.6,"NVDU":0.6,"NVDY":0.6,"NVD":0.6,"NVDX":0.6,"NVDD":0.6,"HSBC":1,"NVDS.UK":0.6,"2NVD.UK":0.6,"NVD3.UK":0.6,"CRWV":1},"content_text":"智通财经APP获悉，汇丰予人工智能云服务商CoreWeave(CRWV.US)“减持”评级，目标价仅为32美元，这一目标价较该股周四收盘价低了76%。该行给出的原因是，回报相对较低、缺乏差异化竞争优势以及对微软(MSFT.US)和英伟达(NVDA.US)的高度依赖。以Abhishek Shukla为首的汇丰分析师在一份投资者报告中表示：“像通用型云服务提供商那样，通过软件栈推动更多增值服务的销售，可能是实现更高回报的关键。但在此之前，CoreWeave需要成功转型为通用型云计算服务，并将客户群从微软与OpenAI(两者在2025年第一季度合计占其营收与大部分订单储备的72%以上)拓展至更依赖其完整软件栈的客户。”汇丰预计，由于GPU老化，从2030年起，CoreWeave约35%的收入将用于维护性资本开支，这将削弱公司的自由现金流。分析师指出：“我们对CoreWeave 2027至2030年的每股收益预期比市场共识低约45%。”“我们认为市场对公司长期非GAAP EBITDA(息税折旧摊销前利润)和经营利润率的预期显著高估。同时，市场也低估了公司债务所隐含的利率水平。”汇丰还指出，CoreWeave对微软作为客户和英伟达作为GPU供应商的过度依赖是潜在的长期弱点。分析师表示：“由于英伟达是CoreWeave唯一的GPU供应商，我们认为CoreWeave在议价方面几乎没有主动权。”“我们认为英伟达有意支持挑战传统超大规模云服务商的对手，以增强GPU租赁市场的竞争格局。”分析师补充称：“我们认为，CoreWeave在与微软的关系中缺乏议价能力，微软在2025年第一季度贡献了其超过70%的营收。”我们推测，微软之所以选择租用CoreWeave的GPU，很大程度上是由于市场上的GPU短缺。随着GPU供给的改善，我们预计微软将直接采购更多GPU，而不是从CoreWeave租赁后再转租给自己的客户。”不过，分析师也表示，过度依赖少数客户也有一个好处，那就是CoreWeave的销售和市场营销成本相对较低。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2552145986","isCrawlerRequest":true}

汇丰唱衰CoreWeave(CRWV.US)将暴跌76%：缺乏差异化竞争优势 过度依赖微软与英伟达

精彩评论

汇丰唱衰CoreWeave(CRWV.US)将暴跌76%：缺乏差异化竞争优势过度依赖微软与英伟达