CoreWeave股价再度遭遇重挫，本周累计跌幅已扩大至25%。该公司面临的部分困境在于，其数据中心及所搭载英伟达芯片的融资主要依赖债务。截至6月，这家云计算公司的无担保票据被标普全球评级给予“B”级评级，稳稳落在垃圾级区间。在最近一季的申报文件中，CoreWeave资产负债表上列示的总债务高达356亿美元，此外还有数十亿美元与数据中心房东之间的租赁义务。“它们某种程度上代表了AI交易中的次级档，”D.A. Davidson科技分析师Gil Luria如此评价，他一直对CoreWeave依赖债务驱动的商业模式持批评态度。Luria援引该公司最新业绩指出，当季调整后营运利润为1.28亿美元，这意味着年度调整后利润约为5.12亿美元。他将这一数字与CoreWeave在不动产及设备方面的467亿美元净资产进行对比，该数字反映了公司对AI基础设施的资本投入规模。两者相除，隐含的投资回报率仅为1%。Luria认为，鉴于CoreWeave以9%或更高的利率借贷来为其投资融资，其收益必须大幅改善，银行才会继续安心向其放贷。
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