“大空头”交易员做空CoreWeave,称能否持续取得低成本资金是关键

格隆汇
Oct 28
由三位“大空头”交易员Vincent Daniel、Danny Moses与Porter Collins共同创立的Seawolf Capital已建立CoreWeave空头部位,认为这家AI新贵的商业模式似曾相识,能否持续取得低成本资金,才是支撑营运的关键。CoreWeave主要出租以英伟达GPU为主的高效能AI算力,属于“新云企业”。Seawolf将其与传统资产租赁业者相比,包括向石油公司出租钻井平台的Transocean,以及航空设备租赁公司Aercap。Seawolf也持有上述两家公司的部位,但相较之下更偏好这两家公司,原因在于资产经济寿命与供给限制有所不同。GPU的经济寿命可能远不及钻井平台、飞机或航运设备,且面临更大不确定性。另一方面,CoreWeave必须持续大规模采购昂贵的AI芯片,营运高度仰赖资金投入。Daniel表示,考量预估2027年的自由现金流缺口,以及目前资产负债表的杠杆程度,尤其是有形普通股权益占总资产比率,情况令人却步。

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