拿到 OpenAI 最高 224 億美元合約，股價卻跌了六成！挖礦出身的 AI 房東穩不穩？｜CoreWeave 輝達 黃仁勳

0:00 挖礦公司的新客戶 0:51 AI 晶片的另一條路 2:09 礦場留下的本事 3:23 先借錢 再收租 4:58 十月的下跌 6:29 債比合約長 7:59 到底穩不穩 OpenAI、微軟要用 AI 晶片，一定都是直接跟輝達買嗎？ 其實它們也會向 CoreWeave 租整座裝好的 GPU 機櫃。這家挖礦出身的公司，光是 OpenAI 的合約就最高 224 億美元，已簽約、還沒交貨的生意超過 1,000 億美元。可是 2026 年 10 月中，它的股價一個星期跌掉將近四分之一，一張公司債的殖利率還一度衝過 15%。訂單這麼多，市場到底在擔心什麼？ 看完這支影片，你會知道： 1. CoreWeave 到底做什麼生意？輝達賣晶片、設備商組機櫃，CoreWeave 買下機器、接好電和網路，再依合約租給 OpenAI 和微軟。 2. 它怎麼賺錢？先簽長約、拿合約當擔保借錢、買機器蓋機房，機器上線後收租還債，剩下的才是利潤。 3. 為什麼 10 月的下跌讓人擔心？一季利息 6.4 億美元、債借五年但客戶合約平均三年，而輝達大約每年推出新一代晶片。 【資料來源】 ‧Big Technology，CoreWeave 共同創辦人 Michael Intrator、Brian Venturo 訪談（片中原音），2026-01-07，https://www.youtube.com/watch?v=m1uh7Ka6868 ‧CoreWeave，Q2 2026 財報新聞稿（8-K），2026-08-11，https://www.sec.gov/Archives/edgar/data/1769628/000176962826000362/coreweave2q26earningspress.htm ‧CoreWeave，10-Q 季報（至 2026-06-30），https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm ‧CoreWeave，公開說明書 424B4，2025-03，https://www.sec.gov/Archives/edgar/data/1769628/000119312525067651/d899798d424b4.htm ‧CoreWeave，CoreWeave Expands Agreement with OpenAI by up to $6.5B，2025-09-25，https://www.coreweave.com/news/coreweave-expands-agreement-with-openai-by-up-to-6-5b ‧CoreWeave，85 億美元以 GPU 擔保、獲投資等級評等的融資（DDTL 4.0），2026-03-31，https://investors.coreweave.com/news/news-details/2026/CoreWeave-Closes-Landmark-8-5-Billion-Financing-Facility-Achieving-First-Investment-Grade-Rated-GPU-backed-Financing/default.aspx ‧CoreWeave，26 億美元貸款（DDTL 5.5），2026-08-10，https://investors.coreweave.com/news/news-details/2026/CoreWeave-Closes-2-6-Billion-Loan-Facility-Expanding-Financing-Flexibility-for-AI-Infrastructure/default.aspx ‧CoreWeave，發行 2032 年到期優先債公告，2026-06-11，https://investors.coreweave.com/news/news-details/2026/CoreWeave-Announces-Pricing-of-1-25-Billion-of-Senior-Notes-and-2-Billion-of-Senior-Notes/default.aspx ‧CoreWeave，CoreWeave: Past, Present & Future，2021-11-03，https://www.coreweave.com/blog/coreweave-past-present-future ‧CoreWeave，About Us，https://www.coreweave.com/about-us ‧CoreWeave，First cloud provider with GA GB200 NVL72，https://coreweave.com/blog/coreweave-becomes-the-first-cloud-provider-with-generally-available-nvidia-gb200-nvl72-instances ‧TechCrunch，CoreWeave co-founder explains how a closet of crypto mining GPUs led to a $1.5B IPO，2025-03-29，https://techcrunch.com/2025/03/29/coreweave-co-founder-explains-how-a-closet-of-crypto-mining-gpus-led-to-a-1-5b-ipo ‧StorageReview，CoreWeave unveils first Dell XE9712 GB200 NVL72，https://www.storagereview.com/news/coreweave-unveils-first-dell-xe9712-gb200-nvl-72-system ‧DatacenterDynamics，Microsoft signs multi-billion dollar deal with CoreWeave，https://datacenterdynamics.com/en/news/microsoft-signs-multi-billion-dollar-deal-with-gpu-cloud-provider-coreweave-to-meet-ai-needs ‧NVIDIA，NVIDIA and CoreWeave Strengthen Collaboration，2026-01-26，https://nvidianews.nvidia.com/news/nvidia-and-coreweave-strengthen-collaboration-to-accelerate-buildout-of-ai-factories ‧NVIDIA，Computex 2024 黃仁勳主題演講（一年一代節奏），https://nvidianews.nvidia.com/news/computex-2024-jensen-huang ‧Reuters（經 Investing.com），CoreWeave CEO notes strong backlog in memo to reassure staff，2026-10-14，https://www.investing.com/news/stock-market-news/coreweave-ceo-notes-strong-backlog-in-memo-to-reassure-staff-over-market-scrutiny-4949998 ‧CNBC，CoreWeave、Oracle 的 AI 信用壓力，2026-10-19，https://www.cnbc.com/2026/10/19/coreweave-oracle-ai-credit-stress.html ‧Benzinga，CoreWeave Bond Yields Hit 15.5%, Shares at 17-Month Lows，2026-10，https://www.benzinga.com/markets/tech/26/10/62470728/coreweave-bond-yields-15-5-percent-shares-17-month-lows ‧Yahoo Finance，Nvidia CEO Jensen Huang addresses CoreWeave stock plunge，2026-10-16，https://finance.yahoo.com/markets/article/nvidia-ceo-jensen-huang-addresses-coreweave-stock-plunge-im-optimistic-161504419.html ‧Motley Fool，CoreWeave Stock Is Getting Crushed，2026-10-21，https://www.fool.com/investing/2026/10/21/coreweave-stock-is-getting-crushed-heres-what/ ‧edgar.tools，CoreWeave 不動產、廠房及設備揭露（折舊年限），https://app.edgar.tools/companies/CRWV/disclosures/property-plant-equipment ‧ethereum.org，The Merge，https://ethereum.org/roadmap/merge/ ‧OpenAI，Introducing ChatGPT，2022-11-30，https://openai.com/index/chatgpt/ 合作邀約：collab@blocktrend.today #CoreWeave #輝達 #GPU #OpenAI #AI基礎設施 #美股 #區塊勢