CoreWeave 从市场宠儿惊人坠落，凸显 AI 泡沫担忧

CoreWeave从市场宠⼉惊⼈坠落，凸显AI泡沫担忧 The data-center provider’s terrible six-week slide picked up speed whena famous short seller piled concerns on top of delays 这家数据中⼼服务商在六周内持续暴跌的股价，因⼀位知名做空机构趁延期交付问题落井下⽯⽽加速下滑 ByRobbie Whelan罗⽐·惠兰Follow关注 Dec. 15, 2025 9:27 pmET CoreWeave⾸席执⾏官Michael Intrator在公司IPO时。BRENDANMCDERMID/REUTERS CoreWeave’s value dropped by $33 billion due to AI bubble concerns, a failed merger, andshort-seller criticism. View more 受AI泡沫担忧、合并失败及做空机构批评影响，CoreWeave市值缩⽔330亿美元。查看更多 CoreWeave, the largest of a new breed of companies driving theartificial-intelligence boom, has watched $33 billion of value vaporize in six weeks.CRWV-7.94% 作为推动⼈⼯智能热潮的新兴企业中规模最⼤的代表，CoreWeave CRWV-7.94%在六周内市值蒸发330亿美元。 The share-price plunge comes as investors worry about a possible AI bubble, thefallout from a failed merger and public criticism from high-profile short sellerJimChanos, known for predicting the collapse of Enron. 股价暴跌之际，投资者正担忧可能存在的AI泡沫、⼀宗失败并购案的余波，以及知名做空者吉姆·查诺斯（曾成功预⾔安然公司倒闭）的公开抨击。 But some of the high-tech company’s biggest problems began with a very low-technuisance: unexpectedly turbulent rainstorms in North Texas. 但这家⾼科技公司⾯临的最⼤问题，却始于⼀个极其低科技的困扰——北德克萨斯州突如其来的狂暴暴⾬。 Over the summer, heavy rains and winds caused a roughly 60-day delay at aconstruction site in Denton, a small city north of Dallas, preventing contractors frompouring concrete for a major AI data-center complex, according to people familiarwith the matter. 据知情⼈⼠透露，今年夏季，达拉斯北部⼩城丹顿的⼀处建筑⼯地因暴⾬⼤风天⽓导致施⼯延误约60天，致使承包商⽆法为⼀座⼤型⼈⼯智能数据中⼼综合体进⾏混凝⼟浇筑作业。 As a result, the completion date for the huge data-center cluster, consisting of about260 megawatts of computing power that CoreWeave plans to lease to OpenAI, hasbeen pushed back several months. There were additional delays caused by revisionsto design plans for some of the data centers a partner is building for CoreWeave inTexas and elsewhere, according tofilings. 因此，由CoreWeave计划租赁给OpenAI、总计算能⼒约260兆⽡的⼤型数据中⼼集群的完⼯⽇期已推迟数⽉。据⽂件显⽰，合作伙伴在德克萨斯州及其他地区为CoreWeave建造的部分数据中⼼因设计图纸修改⽽遭遇了额外延误。 The slowdown was compounded by mixed messaging from CoreWeave’s chiefexecutive,Michael Intrator, which spooked investors and accelerated the company’sshare-price decline at a particularly vulnerable moment for the AI trade. CoreWeave⾸席执⾏官迈克尔·因特拉托尔发出的混乱信息加剧了这种放缓，在⼈⼯智能⾏业尤为脆弱的时刻，这吓坏了投资者，并加速了公司股价的下跌。 CoreWeave’s business model involves using high-interest debt to buy thousands ofadvanced AI chips fromNvidia, installing them in server racks inside data centersthat it leases from third-party landlords, then renting access to the chips to AIcompanies. CoreWeave的业务模式涉及利⽤⾼息债务从英伟达购买数千块先进AI芯⽚，将其安装于从第三⽅业主租赁的数据中⼼服务器机架内，随后向AI企业出租这些芯⽚的使⽤权。 As capital spending on AI infrastructure has intensified, CoreWeave, which is 7%owned by Nvidia and backed by hedge funds such as Magnetar Capital and CoatueManagement, has become the standard-bearer for both the promise and the risk ofthe AI boom. 随着⼈⼯智能基础设施的资本⽀出不断加码，由英伟达持股7%、并获得MagnetarCapital与Coatue Management等对冲基⾦⽀持的CoreWeave公司，已成为⼈⼯智能热潮中机遇与风险并存的标杆企业。 Some critics point to thehigh levels of debtit has taken on tofinance its data-centerbuild-out, while others worry that the company depends on just a handful of largecustomers, such as OpenAI, Microsoft and Meta, for the bulk of its revenue.CoreWeave saw sales more than double in the most recent quarter to nearly $1.4billion, from $583 million a year earlier, but the company is unprofitable and lost $110million in its most recent quarter. ⼀些批评者指出，该公司为数据中⼼建设承担了⾼额债务，⽽另⼀些⼈则担忧其收⼊过于依赖少数⼤客户，如OpenAI、微软和Meta。CoreWeave最近⼀个季度的销售额从⼀年前的5.83亿美元激增⾄近14亿美元，增幅超过⼀倍，但公司仍处于亏损状态，最近⼀季度亏损达1.1亿美元。 In early November, before the construction delays were widely discussed, Intratorplayed down fears of an AI bubble at a Wall Street Journal event in NorthernCalifornia. 11⽉初，在数据中⼼建设延误问题被⼴泛讨论之前，因特拉托在北加州举⾏的⼀场《华尔街⽇报》活动上淡化了⼈们对AI泡沫的担忧。 “If you’re building something that accelerates the economy and has fundamentalvalue to the world, the world willfind ways tofinance an enormous amount ofbusiness,” he said, adding that the high number of buyers of data center computingservices had convinced him that there is not a bubble inflating. "如果你正在构建的东西能够加速经济发展并对世界具有基本价值，世界将找到⽅法为⼤量业务提供资⾦，"他表⽰，并补充说数据中⼼计算服务的⼤量买家使他确信并没有泡沫在形成。 因特拉托将施⼯延误称为"系统性挑战"。MICHAEL NAGLE/彭博新闻 One of those major buyers is OpenAI, the company behind popular AI modelsChatGPT and Sora. CoreWeave plans to rent the chips at its Denton data-centercluster to OpenAI once it is built. The builder isCore Scientific, a former crypto-mining company based in Austin that has emerged as one of CoreWeave’s biggestlandlords. OpenAI是这些主要客户之⼀，这家公司开发了⼴受欢迎的AI模型ChatGPT和Sora。CoreWeave计划在丹顿数据中⼼集群建成后将其芯⽚租赁给OpenAI。施⼯单位CoreScientific是⼀家总部位于奥斯汀的前加密货币挖矿公司，现已成为CoreWeave最⼤的房东之⼀。 On Nov. 10, Intrator spoke to investors during a quarterly earnings call and delivereda confusing, contradictory message about the construction problems. 11⽉10⽇，因特拉托在季度财报电话会议上向投资者发表讲话，就施⼯问题传递了令⼈困惑且⾃相⽭盾的信息。 At one point in the call, he attempted to quash a string of questions about the