当GPU价格开始下跌，用“英伟达卡抵贷”的CoreWeave模式要凉了？

华尔街见闻11-04 16:41

近两年，AI的发展让英伟达的芯片成为全球最火热的“时尚单品”之一。这一现象也让华尔街兴起了“GPU经济”，一批靠着收购并抵押英伟达芯片获取债务融资的初创企业走上发家致富的道路。他们也被称为“GPU黄牛”，其中最有名的便是CoreWeave。这家算力租赁商过去一年靠着英伟达芯片抵押，从黑石、Magnetar Capital等金融机构拿到逾100亿元的债务融资，公司估值也在短短18个月从20亿美元...

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href=https://wallstreetcn.com/articles/3732805><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近两年，AI的发展让英伟达的芯片成为全球最火热的“时尚单品”之一。这一现象也让华尔街兴起了“GPU经济”，一批靠着收购并抵押英伟达芯片获取债务融资的初创企业走上发家致富的道路。\n他们也被称为“GPU黄牛”，其中最有名的便是CoreWeave。这家算力租赁商过去一年靠着英伟达芯片抵押，从黑石、Magnetar Capital等金融机构拿到逾100亿元的债务融资，公司估值也在短短18个月从20亿美元...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3732805\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0009356076.USD","symbol_name":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) 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Capital等金融机构拿到逾100亿元的债务融资，公司估值也在短短18个月从20亿美元飙升至190亿美元。\n然而，随着英伟达GPU价格明显下滑，“CoreWeave模式”开始引发担忧。据金融时报11月4日报道，部分市场GPU的交易价格在最近几个月暴跌，现在一小时的GPU算力价格约为2美元，远低于今年早些时候的8美元。\n批评人士质疑，随着新的先进GPU版本上市，或者科技巨头当前在人工智能上的高额支出开始收缩，这些“贷款抵押”芯片的持续价值将受到质疑。\n对冲基金Orso Partners的Nate Koppikar表示：\n\n所有进场的贷款方都在推动这个故事，称你可以用这些芯片做抵押贷款，这进一步加剧GPU贷款的狂热。但芯片是贬值资产，而非增值资产。\n\n抵押贷款、再囤更多芯片\nCoreWeave、Crusoe和Lambda Labs等云计算和“算力租赁商”已获得数万颗英伟达的高性能计算芯片。这些芯片对于开发生成式AI模型至关重要，也被用作巨额贷款的抵押品。\nCoreWeave过去12个月从黑石、对冲基金Magnetar Capital等贷款方那里筹集了超过100亿美元的债务融资，这些债务是以公司持有的英伟达GPU库存作为抵押，所筹集的资金再用于购买更多的芯片。这些巨额融资也意味着CoreWeave的杠杆率极高。\nCoreWeave的同行Lambda Labs今年4月也从麦格理获取到5亿美元贷款，Crusoe去年则从纽约投资者Upper 90筹集了2亿美元的债务融资。与传统的资产支持贷款一样，在违约的情况下，贷款人将拥有GPU以及与CoreWeave等公司签署的合同（即电力购买协议）。\n上述这些公司高度依赖英伟达，尽管英伟达否认向任何客户提供优先获取芯片的机会。然而，随着GPU价格大跌和供应链改善，未来AI芯片也不再是稀缺产品，因此用作贷款抵押品的英伟达芯片的未来价值持续遭受质疑。\nGPU价格大跌，“英伟达卡抵贷”是否可行\n近几个月来，部分市场的GPU交易价格大跌，当前每小时GPU算力的交易价格约为2美元，远低于今年早些时候的8美元。\n同时，尽管需求仍然旺盛，但当前AI芯片供应链已有所改善，英伟达的霸主地位也正遭受挑战。多个技巨头正在开发自己的AI芯片，竞争对手AMD在紧锣密鼓地发布自己高性能GPU。\nCoreWeave一家大型贷款机构的一名高管感慨：\n\n一年前，拥有GPU就像拥有一张进入威利·旺卡（Willy Wonka，其发表过小说《查理与巧克力工厂》）工厂的金票。现在情况已经不同了。\n\n此外，在AI基础设施上投入数十亿美元的科技巨头广泛存在投入不及产出的压力。今年6月，红杉资本合伙人David Cahn表示，科技公司AI基础设施建设所暗示的收入预期与AI生态系统的实际收入增长之间存在5000亿美元的差距。\n报道称，CoreWeave、Crusoe等与科技巨头签署的抵押贷款合同即将于未来几年开始到期，这可能导致市场上出现大量芯片。\n批评人士质疑，随着新的先进GPU版本上市，或者科技巨头当前在人工智能上的高额支出开始收缩，这些“贷款抵押”芯片的持续价值将受到质疑。风险提示及免责条款\n\n            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