人工智能云服务商CoreWeave, Inc.（股票代码：CRWV）今日盘中大跌5.06%，引发市场关注。这一跌势很可能与汇丰银行最新发布的研究报告有关。
据悉，汇丰银行给予CoreWeave"减持"评级，将目标价定为32美元，较前一交易日收盘价低76%。汇丰分析师给出的主要理由包括：公司回报相对较低、缺乏差异化竞争优势，以及对微软和英伟达的高度依赖。这份报告无疑给CoreWeave的股价带来了巨大压力。
汇丰的分析师还指出，CoreWeave面临多重挑战。首先，公司需要成功转型为通用型云计算服务提供商，并扩大客户群。其次，由于GPU老化，预计从2030年起，公司约35%的收入将用于维护性资本开支，这将削弱其自由现金流。此外，CoreWeave对微软作为客户和英伟达作为GPU供应商的过度依赖被视为潜在的长期弱点。尽管如此，分析师也承认，依赖少数客户使得CoreWeave的销售和市场营销成本相对较低，这是一个小小的优势。
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