중국 증권사 GF Securities, 코어웨이브 '구매' 추천…AI 인프라 부문 선두주자 평가
Wall Street Is Warming Back Up to CoreWeave Stock. Long-Term Demand Is Helping.
코어웨이브 주식은 연초 대비 47.8% 급등했으며, GF Securities는 2028년 흑자 전환 전망을 내세워 '매수' 등급을 부여해 장기적인 수요 전망이 투자심리를 자극하고 있습니다.
핵심 요약
GF Securities는 코어웨이브(CRWV)에 '구매' 추천을 내리며, 연초부터 주가가 47.8% 상승한 배경으로 AI 인프라 분야의 선도적 위치를 꼽았습니다.
핵심요약
- CRWV 주가 연초부터 47.8% 급등
- GF Securities, '구매' 추천 및 2028년 수익성 회복 전망
- 마이크로소프트(MSFT)와의 협력 강화
- AI 인프라 부문 선도적 위치 확보
- 주요 하이퍼스케일러와의 장기 계약 체결
도입
이번 분석은 코어웨이브가 AI 인프라 분야에서 어떻게 경쟁력을 확보하고 있는지, 그리고 이 기업이 왜 투자자들에게 주목받고 있는지 심층적으로 탐구합니다. 특히 중국 증권사 GF Securities의 '구매' 추천이 한국 투자자들에게 어떤 의미를 지니는지 분석합니다.
본문 1: AI 인프라 수요 증가와 CRWV의 시장 점유율 확대
GF Securities는 코어웨이브가 AI 인프라 부문에서 선도적 위치를 확보하고 있다고 평가했습니다. 이 기업은 2028년까지 수익성을 회복할 전망이며, 주요 하이퍼스케일러와의 장기 계약(LTAs)을 통해 안정적인 수요를 확보하고 있습니다. 특히 Nvidia와의 협력은 코어웨이브가 GPU 배치를 선도적으로 수행하고 있음을 보여줍니다. 이는 AI 인프라 수요가 지속적으로 증가함에 따라 코어웨이브의 시장 점유율이 확대될 가능성을 시사합니다.
본문 2: 마이크로소프트와의 협력과 기술적 경쟁력
마이크로소프트는 코어웨이브의 주요 고객 중 하나입니다. 이 협력은 코어웨이브가 기술적으로 경쟁력 있는 네오클라우드 서비스를 제공하고 있음을 보여줍니다. GF Securities는 코어웨이브가 AI 전용 전략을 통해 효율성을 극대화하고 있다고 평가했습니다. 이는 코어웨이브가 다른 클라우드 서비스 제공업체와 차별화된 경쟁력을 확보하고 있음을 의미합니다. 또한, 마이크로소프트와의 협력은 코어웨이브가 글로벌 기술 기업들과의 네트워크를 강화할 수 있는 계기가 될 것입니다.
본문 3: 장기적 전망과 리스크 요인
코어웨이브는 AI 인프라 부문에서 장기적으로 성장할 전망입니다. 그러나 이 기업이 직면한 리스크도 고려해야 합니다. 예를 들어, AI 기술의 빠른 발전은 코어웨이브가 지속적으로 기술 투자를 해야 하는 부담을 안겨줄 수 있습니다. 또한, 글로벌 기술 기업들과의 경쟁이 심화될 가능성도 있습니다. 그러나 GF Securities는 코어웨이브가 선도적인 GPU 배치와 AI 전용 전략을 통해 이러한 리스크를 극복할 수 있을 것이라고 전망했습니다.
결론
코어웨이브는 AI 인프라 부문에서 선도적 위치를 확보하고 있으며, GF Securities의 '구매' 추천은 이 기업이 장기적으로 성장할 가능성을 시사합니다. 그러나 투자자들은 기술적 리스크와 경쟁 심화를 고려해야 합니다. 앞으로 코어웨이브의 기술 개발 동향과 시장 점유율 확대 여부가 주목받을 것입니다.
Original Article
Wall Street Is Warming Back Up to CoreWeave Stock. Long-Term Demand Is Helping.
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Amid all the distrust between China and the United States concerning artificial intelligence, an endorsement from a Chinese brokerage for an American neocloud company is certainly noteworthy. That is exactly what happened with CoreWeave (CRWV) , when Chinese brokerage firm GF Securities initiated coverage on the former's stock with a “Buy.”
Citing long-term demand, close relationships with major hyperscalers, and eventual profitability by 2028, the firm said this in a note to clients: “Backed by first-mover GPU deployment, exclusive AI-only focus, best-in-class efficiency, and LTAs with major AI hyperscalers, CoreWeave is positioned as a long-term winner in the AI infra boom. We are positive on 1) accelerating demand for AI buildouts; 2) RPO that largely underpin our 2026–2027 revenue forecasts; 3) declining debt financing costs; 4) profitability to inflect sharply as large contracts mature; 5) new LTAs benefiting from higher GPU rental pricing.”
GF's optimism is certainly not misplaced, as CRWV stock is up 47.8% YTD.
What started as a cryptocurrency mining company has now become one of the world's largest neocloud players. The story is akin to one of its closest partners and investors, Nvidia (NVDA) , which pivoted from a company focused on graphics for gaming to becoming what it is today — the linchpin of the AI industry.
However, while I have recently discussed what makes CoreWeave unique , the company is also converting this uniqueness into customers. And not just any customers, CoreWeave is the neocloud of choice for many of the largest hyperscalers in the world.
Notably, while the company's Nvidia connection is not there to hide from anyone, it is actually another tech titan that first onboarded CoreWeave. It is Microsoft (MSFT) .
Before other big tech players began aggressively courting specialized cloud providers, Microsoft recognized the potential in CoreWeave infrastructure to support its massive demand for AI reasoning and model training. By 2024, this relationship had matured significantly, with Microsoft accounting for approximately 62% of the annual revenue of CoreWeave, providing the financial stability and credibility necessary for the firm to scale its data center footprint and procure high-end hardware from partners like Nvidia.
And if there is Microsoft and we are talking about AI, can OpenAI be left far behind? In March 2025 , OpenAI signed a five-year agreement with CoreWeave valued at $11.9 billion. This contract was later expanded twice, bringing the total commitment from OpenAI to about $22.4 billion .
Beyond the massive commitment from OpenAI, the partnership with Meta has been equally transformative for the long-term outlook of CoreWeave. In a deal that underscores the race for resilient data center capacity, Meta (META) solidified its existing relationship with an expanded agreement that runs through December 2032. This deal, valued at roughly $21 billion , focuses on scaling infrastructure to support the complex AI operations of Meta. When aggregated with earlier commitments, the total value of the agreements with Meta reaches roughly $35.2 billion. This multi-year visibility is critical for a company like CoreWeave because it allows for disciplined capacity planning and provides a strong foundation for ongoing investment in next-generation architectures such as the Nvidia Vera Rubin platform.
Finally, it's not just hyperscalers; financial institutions are also opting for CoreWeave for their AI workloads. For instance, in April 2026, Jane Street entered into a $6 billion AI cloud agreement, signaling that the demand for this specialized infrastructure extends well beyond traditional consumer tech giants and into the realm of quantitative finance. Overall, the company's financial services backlog stands at $10 billion.
Furthermore, the company has begun integrating its services more deeply with Google Cloud through new interconnect and orchestration services announced in April 2026.
These developments suggest that while the initial hyperscaler deals provided the necessary capital for takeoff, CoreWeave is now shifting toward a more diversified model that integrates its specialized GPU clusters into a broader multi-cloud ecosystem.
CoreWeave's financials are a mixed bag , marked by unprofitability but strong growth.
The first quarter of 2026 presented a complex picture for the company, characterized by revenue growth that outpaced expectations even as bottom-line results failed to meet analyst targets. Specifically, the firm generated $2.08 billion in revenue for the quarter, representing an impressive 111.6% increase over the previous year. Despite this top-line success, the company reported a loss of $1.40 per share, which was worse than the projected loss of $1.20 per share. Although this loss was slightly narrower than the $1.49 per share recorded in the same period last year, operating loss margins widened to 7% from 3%, suggesting that the cost of scaling operations is currently rising faster than revenue gains.
However, a distinct positive in the recent financial update is the massive improvement in liquidity.
Net cash from operating activities soared to about $3 billion, compared to just $61 million in the prior year. This jump was bolstered by a significant reduction in accounts receivable of about $1 billion, which reflects a more effective collection of payments from its client base compared to the previous year. Nevertheless, the balance sheet remains a point of scrutiny for some.
The company finished the quarter with a cash position of $2.2 billion, a total that appears constrained when weighed against short-term debt obligations reaching $8.1 billion. Investors will likely be watching closely to see if the company can maintain its rapid revenue trajectory and convert those gains into a more stable financial position while managing its substantial debt load.
Valuation metrics for the stock present a divided outlook for potential investors. On one hand, the forward P/S ratio of 4.36x sits slightly above the sector median of 3.30x, indicating a premium pricing relative to its peers. On the other hand, the forward P/CF ratio of 6.15x is distinctly lower than the sector median of 18.98x, suggesting that the company is more efficient at generating cash flow than its current market valuation might imply. This contrast highlights the ongoing debate surrounding the firm as it attempts to balance aggressive infrastructure spending with the need to demonstrate long-term financial viability in a competitive cloud computing environment.
Taking all this into account, analysts have attributed an overall rating of “Moderate Buy” for CRWV stock. The mean target price of $133.26 denotes an upside potential of 23.9% from current levels. Out of 33 analysts covering the stock, 19 have a “Strong Buy” rating, one has a “Moderate Buy," 12 have a “Hold," and one has a “Strong Sell” rating.