CoreWeave财报提振AI股，美国CPI超预期推升美债收益率
AI Stocks Rally After Coreweave's Results; Treasury Market Closed
核心资产（AI算力与模型）业绩验证了需求持续性，同时宏观通胀数据强化了紧缩预期，两者共振影响全球风险定价，建议关注美股科技板块与美债收益率的联动走势。
♪ANNA: IT IS 5:00 A.M. IN NEW YORK CITY, 10:00 A.M. IN LONDON. GOOD MORNING. I AM ANNA EDWARDS WITH YOUR "BLOOMBERG BRIEF." LET'S GET YOU SET UP FOR THE DAY. EQUITIES GET A BOOST AFTER STRONGER-THAN-EXPECTED QUARTERLY RESULTS FROM COREWEAVE, REVIVING INVESTOR CONFIDENCE IN THE AI CONSIDERING A HIGHER VALUATION FOR THE FIRM'S BLOCKBUSTER IPO AT $1.5 TRILLION OR MORE. A HOT CPI PRINT RAMPS UP RATE HIKE THAT'S. CASH TREASURY MARKETS ARE CLOSED FOR VETERANS DAY AFTER A SURGE IN YIELDS.
♪安娜：现在是纽约时间早上5点，伦敦时间上午10点。早上好。我是安娜·爱德华兹，为您带来《彭博简报》。让我们为您开启新的一天。在CoreWeave公布超出预期的季度业绩后，股市获得提振，投资者对人工智能领域的信心得以恢复，考虑到该公司 blockbuster（重磅）IPO的估值可能达到1.5万亿美元或更高。一份强劲的消费者物价指数（CPI）数据加剧了加息预期。现金国债市场因退伍军人节休市，此前收益率曾一度飙升。
HERE IS WINNIE HSU IN HONG KONG FOR THE LATEST ON THE ASIAN TRADE.
以下是徐慧（Winnie Hsu）从香港发回的亚洲交易最新报道。
GOOD MORNING. ASIA TODAY AND ACTUALLY ASIAN STOCKS RISING FOR A THIRD DAY, HAD ITS OR ITS BEST THREE DAYS GAIN SINCE AUGUST. AS YOU MENTIONED, WE HAVE THE BETTER THAN EXPECTED RESULTS FROM COREWEAVE THAT REALLY REASSURED INVESTORS THAT THE AI COMPUTING DEMAND IS STILL THERE IS NOT, PLUS WE HAD THAT REPORT SAYING THAT ANTHROPIC BANKERS ARE CONSIDERING RAISING IPO VALUATION FOR THE COMPANY. YOU'RE SEEING TECH STOCKS IN ASIA LEADING GAINS WITH TAIWAN'S TAIEX INDEX UP, ALSO BEING LIFTED BY THE GAINS IN TSMC.
早上好。今天的亚洲市场，实际上亚洲股市连续第三天上涨，录得自8月以来最佳的三日涨幅。正如您提到的，CoreWeave超预期的业绩结果真正让投资者安心，表明人工智能计算需求依然存在。此外，还有报道称Anthropic的银行家正在考虑提高该公司的IPO估值。我们看到亚洲科技股领涨，台湾加权指数（TAIEX）上涨，也受益于台积电（TSMC）股价的上涨。
WE DID HAVE THE 60% JUMP IN REVENUE FOR OCTOBER AND PLUS THE COMPANY SAYING THAT IT IS INVESTING $500 MILLION EACH IN ANTHROPIC AND OPENAI. FLIP THE BOARD AND TAKE A LOOK AT THE BOND SPACE BECAUSE WE ARE SEEING THE IMPACT FROM THAT HOTTER THAN EXPECTED U.S. CPI NUMBERS RAISING EXPECTATION FOR THE FED TO TIGHTEN MORE AGGRESSIVELY. THAT IS WHY YOU ARE SEEING JAPAN'S 10 YEAR AND FIVE YEAR HIGHER BY ABOUT NINE BASIS POINTS FOR THE YIELDS.
我们确实看到了该公司10月收入激增60%，加上公司表示将分别向Anthropic和OpenAI各投资5亿美元。翻转版面，看看债券市场，因为我们正看到比预期更强劲的美国CPI数据对美联储更激进收紧政策的预期产生影响。这就是为什么日本10年期和5年期国债收益率分别上升了约9个基点。
WE ARE ALSO SEEING A BIT OF A WEAKNESS IN THE JAPANESE YEN, IN FACT, WEAKENING TO ITS WEAKEST LEVEL IN MORE THAN A MONTH AFTER WE SAW A BIT OF YEN STRENGTH WHEN IT COMES TO U.S. DOLLAR.
我们还看到日元出现一定程度的疲软，事实上，在美元走强之后，日元跌至一个多月来的最弱水平。
THANKS VERY MUCH. WINNIE HSU WITH A LOOK AT ASIA. NOW TO EUROPE. THIS IS A SNAPSHOT OF WHAT WE SEE IN THE EUROPEAN SESSION. THE STOXX 600 UP, CATCHING UP WITH THE U.S., A STRONG EARNINGS STORY TO TELL AND SOME PEOPLE POINT TO THE EUROPEAN EQUITY MARKETS AS A BIT OF A HAVEN AWAY FROM TURMOIL AND U.S. TECH. EUROPEAN TECH BENEFITING TODAY. KEEPING AN EYE ON WHAT'S GOING ON IN FIXED INCOME OF ALL SORTS. NO CASH TRADING IN THE TREASURY MARK IN THE UNITED STATES BUT YESTERDAY WE SAW TREASURIES AND EUROPEAN BOND MARKETS ROILED BY THAT HIGHER PRINT THAN EXPECTED ON CPI AND WHAT THAT DID TO YIELDS SO WE CAN TO WATCH WHERE YIELDS ARE MOVING.
非常感谢。徐慧关注亚洲市场。现在转向欧洲。这是我们在欧洲交易时段看到的景象。斯托克600指数（STOXX 600）上涨，紧追美国市场，强劲的财报故事值得讲述，一些人指出欧洲股市作为远离动荡和美国科技股的避风港。欧洲科技股今日受益。密切关注各类固定收益市场的动向。美国国债市场没有现金交易，但昨天我们看到国债和欧洲债券市场因CPI数据高于预期而剧烈波动，这对收益率产生了影响，因此我们要密切关注收益率的走势。
WITH THAT IN MIND, WE'VE GOT U.S. TWO YEAR FUTURES ON THE BOARD FOR YOU AS WE CONTINUE TO ATTRACT THE FALLOUT FROM THAT CPI PRINT ON THE HAWKISH COMMENTARY FROM THE FED AND REASSESSMENT OF FED RATE HIKE BETS THAT WE HAVE SEEN AS A RESULT. S&P FUTURES UP BY 0.8%. SOME OF THE NEWS COMING THROUGH FROM COREWEAVE AND ANTHROPIC, AS WE MENTIONED, HEADLINES ACTING AS SOME OF A COMFORT TO THE TECH TRADE.
考虑到这一点，我们将美国两年期期货行情展示给您，因为我们继续追踪CPI数据发布后的余波、美联储鹰派评论以及由此引发的对美联储加息押注的重新评估。标普期货上涨0.8%。正如我们提到的，来自CoreWeave和Anthropic的一些新闻头条为科技股交易提供了一些慰藉。
YOU WOULD BE HARD-PRESSED TO FIND A PART OF THE TAPE ABOVE GLOBALLY AND IN U.S. PREMARKET THAT ISN'T DOMINATED RIGHT NOW BY THE AI TRADE, PARTICULARLY THIS MORNING, WE ARE FOCUSING ON COREWEAVE. THEY LIFTED FULL YEAR GUIDANCE AND BEAT UNCLEAR REVENUE, HELPING, INVESTOR NERVES OF COREWEAVE'S DEBT LADEN BUSINESSES AND THE CHARGES FACING THE DATA CENTER INDUSTRY. THAT IS LIFTING AI STOCKS ACROSS THE BOARD. ANOTHER AREA WE ARE FOCUSED ON IS THE AI PHOTONICS COMPLEX.
在全球范围内以及美国盘前交易中，你很难找到不受AI交易主导的市场部分，尤其是今天早上，我们聚焦于CoreWeave。该公司上调了全年指引并超出模糊的收入预期，有助于缓解CoreWeave这家负债累累的企业以及数据中心行业所面临压力的投资者情绪。这推动了AI股票的全面上涨。另一个我们关注的领域是AI光子学板块。
COHERENT AND NUMENTUM BOTH HIGHER IN PREMARKET TRADING. PHOTONICS DEMAND IS STILL INCREDIBLY STRONG. IT IS A KEY COMPONENT IN DATA CENTERS. FINALLY, WE HAVE RESULTS FROM ALCON. THEY ARE DOWN IN EUROPE AND RESULTS LED BY A WEAKNESS IN THEIR IMPLANTABLES BUSINESS. ANNA: OLIVIA WITH YOUR PREMARKET MOVERS. . WE WILL GET INTO CONVERSATION ABOUT THE TECH TRADE TO TALK ABOUT THE AI REALLY AND HOW THAT RUBS UP AGAINST MOVES AND BOND MARKETS.
Coherent和Numentum在盘前交易中均走高。光子学需求依然极其强劲，它是数据中心的关键组成部分。最后，我们有Alcon的结果。其在欧洲下跌，结果受其植入物业务疲软的影响。Anna：Olivia，请介绍你的盘前异动股。我们将进入关于科技股的对话，探讨AI究竟如何与股市和债券市场产生互动。
LET'S GET BACK TO COREWEAVE, TALKING OF AI. SHARES ARE EXTENDING GAINS AFTER POSTING STRONG RESULTS ON AN UPBEAT FORECAST WITH THE CEO CALLING IT A BREAKOUT QUARTER FOR THE FIRM. LET'S BRING IN TOM MACKENZIE, ANCHOR OF THE OPENING TRADE IN LONDON, WITH ME OF COURSE, AND HERE TO TELL ME ALL THE THINGS WE NEED TO KNOW ABOUT THE TECH TRADE. LET'S START WITH COREWEAVE. WHAT WAS COMFORTING ABOUT WHAT COREWEAVE HAD TO SAY?
让我们回到CoreWeave，谈谈AI。在发布强劲业绩和乐观预测后，其股价延续涨势，首席执行官称这是公司的突破季度。让我们请出伦敦《开盘交易》节目的主持人Tom Mackenzie，当然还有我本人，他将告诉我们关于科技股交易我们需要知道的一切。我们从CoreWeave开始。CoreWeave的言论中哪些令人感到宽慰？
YOU COULD ALMOST PICK UP ON THE RELIEF OF THE CEO OF THIS COMPANY ON THE BACK OF THE FORECAST. THEY ARE FORECASTING $13.3 BILLION OF REVENUE FOR THE YEAR. LOSSES FOR THE COMPANY HAVE NARROWED. THEY HAVE THIS CHUNKY BACKLOG OF ABOUT 132 BILLION, ABOVE $132 BILLION IN TERMS OF ORDERS THAT THEY NOW NEED TO EXECUTE ON. AND HOW VIABLE IT IS BECAUSE THEY HAVE TO BORROW AT A HIGH RATE TO BUILD OUT THE INFRASTRUCTURE, BUILD OUT THE DATA CENTERS AND BY THE CHIPS THAT THEY LEASE OUT TO MICROSOFT AND OPENAI.
从这份预测中，你几乎能感受到该公司CEO的如释重负。他们预计全年收入为133亿美元。公司亏损收窄。他们拥有约1320亿美元的庞大积压订单，即目前需要执行的订单金额超过1320亿美元。其可行性如何呢？因为他们必须以高利率借款来建设基础设施、扩建数据中心，并向微软和OpenAI租赁芯片。
THIS ISN'T COMPLETELY OUT OF THE WOODS FOR COREWEAVE. THEY HAVE NET DEBT OF ABOUT 62 BILLION U.S. DOLLARS BUT CERTAINLY IT IS A TICK IN THE BOX AND THEY NEED TO CONTINUE PERFORMING TO REALLY ASSUAGE CONCERNS. THE STOCK IS CALLED HIGHER THIS MORNING. ANNA: EVEN IF WE STILL HAVE QUESTIONS AND CONCERNS ABOUT THE ROLE OF NVIDIA, IT SEEMS LIKE THE NARRATIVE AROUND COREWEAVE IS POSITIVE IN THE SHORT-TERM. WHAT ELSE HAVE A GUN THE MIX?
CoreWeave尚未完全脱离困境。其净债务约为620亿美元，但此举无疑是一个积极的信号，公司仍需持续表现优异以真正缓解市场担忧。该股今晨走高。Anna：尽管我们对英伟达的角色仍存疑问和担忧，但围绕CoreWeave的短期叙事似乎偏向积极。还有哪些消息值得关注？
ANTHROPIC AND WE KNOW MORE ABOUT THE TIMING OF THIS IPO, THE PLANNED TIMING AND PLANNED VALUATIONS. WHAT ARE THE REPORTS LIKE ABOUT JUST HOW HIGH OR LOW THE VALUATION MICHAEL? TOM: THERE IS HUGE DEMAND FOR ANTHROPIC'S IPO. FINANCIAL TIMES LOOKING AT A VALUATION OF POTENTIALLY MORE THAN $1.5 TRILLION. THAT WOULD MAKE IT THE BIGGEST IPO EVER ON RECORD. THEY HAD SET A PRICE YESTERDAY AND THE UPDATE TO THE S1 OF BETWEEN 70 TO $78 PER SHARE.
Anthropic方面，我们更了解此次IPO的时间安排、计划时间表及预期估值。Michael，关于估值高低的具体报道如何？Tom：Anthropic IPO需求巨大。《金融时报》报道称其潜在估值可能超过1.5万亿美元。这将成为史上最大规模的IPO。该公司昨日设定了价格区间，S-1文件更新显示每股发行价在70至78美元之间。
THEY NOW MAY INCREASE THAT PRICING, WHICH IS UNUSUAL GIVEN THE DEMAND THEY HAVE SEEN. IN TERMS OF THE FORWARD PICTURE, THIS IS TO A COMPANY THAT IS PROJECTING INTO THE 2030'S COMMITMENTS OF AROUND 900 BILLION U.S. DOLLARS BUT REVENUES ARE GROWING. THE REVENUE GROWTH IS PHENOMENAL, IT IS NEARLY 50%. THE REVENUE GROWTH HAS SLOWED BUT FROM A VERY HIGH LEVEL. IT SEEMS RIGHT NOW THIS IPO WILL GET THROUGH, THAN IN THE SECONDARIES, HOW TO THE PUBLIC MARKETS REACT?
鉴于已观察到的强劲需求，他们现在可能会提高定价，这并不寻常。从前瞻性视角来看，这是一家承诺到2030年代投入约9000亿美元的公司，但其收入正在增长。收入增长极为显著，接近50%。虽然增速有所放缓，但基数非常高。目前看来，此次IPO将顺利通过，随后在二级市场，公众市场会作何反应？
IS THERE A POP, DOES IT SUSTAIN IT, OR DO PEOPLE TAKE CASH OFF THE TABLE? ANNA: WE HAD ONE GUEST WHO WAS A LITTLE BIT CAUTIOUS ON WHAT HAPPENS WHEN LOCKUPS COME TO AN END AND THAT SORT OF THINK. OPENAI, THIRD-QUARTER REVENUE NUMBERS COMING THROUGH FROM OPENAI, UP 50%, TELLING US A COMFORTING STORY ABOUT MONETIZATION AND THE ABILITY TO MONETIZE THESE MODELS? TOM: I THINK IF YOU PUT ALL THREE OF THESE BUSINESSES TOGETHER, COREWEAVE, ANTHROPIC, AND OPENAI, THE ONE CLICK TO CLEAR FROM THE BULLS IS THE DEMAND CONTINUES TO BE THERE.
股价是否会飙升？能否维持？还是有人会选择套现离场？Anna：我们曾有一位嘉宾对锁定期结束后的情况持谨慎态度，并提及类似考量。OpenAI第三季度营收数据出炉，同比增长50%，这为我们描绘了一幅令人安心的故事：即这些模型具备货币化能力。Tom：我认为，如果将这三家业务——CoreWeave、Anthropic和OpenAI——放在一起看，多头观点中唯一需要确认的就是需求是否持续存在。
MASSIVE DEMAND. MASSIVE DEMAND FOR COMPUTE, MASSIVE DEMAND FOR THE FRONT YOUR MODELS. OPENAI, 10 BILLION U.S. DOLLARS IN THE MOST RECENT QUARTER IN TERMS OF THE REVENUE THAT CAME THROUGH SO ON AN ANNUALIZED RATE, YOU ARE LOOKING AT REVENUES NOW OF ABOUT 50, $50 BILLION ANNUALIZED REVENUES FOR OPENAI. THEY ARE CATCHING UP WITH ANTHROPIC AND THEY ARE PROVING THAT THERE IS STILL DEMAND. THEY ARE STILL MAKING A LOSS AND THE MARGIN IS STILL VERY MUCH A NEGATIVE TERRITORY FOR OPENAI BUT THOSE LOSSES HAVE NARROWED.
巨大的需求。对算力的巨大需求，对前沿模型的巨大需求。OpenAI在最近一个季度的收入达到100亿美元，按年化计算，OpenAI目前的年收入约为500亿美元。它们正在追赶Anthropic，并证明需求依然存在。OpenAI仍在亏损，利润率仍处于负值区域，但这些亏损正在收窄。
ANNA: THANK YOU VERY MUCH. TOM MACKENZIE WITH THE LATEST ON THOSE TECH THEMES. THE U.S. THE LATEST CPI REPORT CAME IN HOT, SENDING TO YEAR TREASURY YIELDS SOARING BY THE MOST IN 19 MONTHS. CHICAGO FED PRESIDENT AUSTAN GOOLSBEE WEIGHED IN ON THE REPORT ON PBS NEWS HOUR. TAKE A LISTEN.
安娜：非常感谢。汤姆·麦肯齐为您带来这些科技主题的最新报道。美国最新消费者物价指数（CPI）报告出炉，数据强劲，推动两年期国债收益率飙升，创下19个月来的最大涨幅。芝加哥联邦储备银行行长奥斯汀·古尔斯比在PBS新闻一小时节目中对该报告发表了评论。请听录音。
IT'S ANOTHER DISTRESSING REPORT, BORDERLINE DISTURBING, SO WE'VE GOT A REAL INFLATION ISSUE ON OUR HANDS THAT HAS BEEN DEVELOPING AND WE ARE GOING TO HAVE TO DEAL WITH THAT. ANNA: THE CASH TREASURY MARKET IS CLOSED TODAY IN THE U.S. BUT THERE WAS PLENTY OF MOVEMENT IN YESTERDAY'S SESSION. VEN RAM JOINS US. WITH ESTABLISHED IN THE LAST 24 HOURS THAT STOCKS LIKE TECH AND THE BOND MARKETS ONCE AGAIN DO NOT LIKE INFLATION AND THAT IS CERTAINLY WE SAW -- WHAT WE SAW AT THE FRONT END OF THE WHISKER.
这是一份令人沮丧的报告，近乎令人不安，我们手头确实存在一个正在发展的真实通胀问题，我们必须加以应对。安娜：美国的现金国债市场今天休市，但昨天的交易时段出现了大量波动。文·拉姆加入我们。在过去24小时内，事实已经确立，像科技股和债券市场这样的资产再次不喜欢通胀，这确实是我们所看到的——我们在短期端观察到的情况。
HOW SURPRISED WERE YOU -- FRONT END OF THE U.S. CURVE. HOW SURPRISED WERE YOU?
你对美国收益率曲线的前端感到惊讶吗？你有多惊讶？
I DON'T THINK I WAS SURPRISED AT ALL BECAUSE THIS WAS AN ACCIDENT THAT WAS WAITING TO HAPPEN. WE HAVE DISCUSSED IN RECENT SESSIONS HOW WELL THE U.S. ECONOMY HAS BEEN
我一点也不感到惊讶，因为这是一个迟早会发生的意外。在最近几期的节目中，我们已经讨论了美国经济表现如何出色
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力