CoreWeave擬用看跌期權對沖存儲芯片價格風險

環球市場播報

07/16

　　人工智能雲計算公司CoreWeave正在探索使用金融衍生品，以對沖未來存儲芯片價格下跌的風險。據知情人士透露，相關討論尚處初期階段，公司尚未執行任何對沖操作。

　　這一罕見舉措凸顯了AI熱潮如何將雲服務提供商與波動劇烈的芯片市場深度綁定。為在AI基礎設施建設需求激增之際鎖定供應，CoreWeave已與美光和閃迪等芯片製造商簽署長期採購協議，其中許多協議設有DRAM和存儲芯片的價格下限保障。

　　這類安排是一把雙刃劍：既能在市場下行時保護芯片製造商收益，也讓CoreWeave面臨風險——一旦芯片價格下跌，公司仍需按協議高價採購，實際成本將遠超市價。

　　為應對這一敞口，CoreWeave高管討論的方案包括看跌期權，即賦予持有方在未來以預定價格出售標的資產權利的合約。其邏輯在於：若存儲芯片價格下跌，相關芯片股通常隨之下行，CoreWeave可通過看跌期權獲利，對沖長協採購中的超額成本。

　　存儲芯片價格近月大幅上漲，但該行業歷來具有強周期性，新產能投產後價格往往回落。SK海力士和美光均表示，新建產能預計於2028年初全面投產，屆時價格下行壓力窗口相對明確。

　　能源、航空等行業早已將衍生品對沖納入常規財務管理。CoreWeave此舉能否成功運用華爾街金融工具應對芯片市場波動，仍有待驗證。

新浪合作大平台期貨開戶安全快捷有保障

海量資訊、精準解讀，盡在新浪財經APP

責任編輯：張俊 SF065

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

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SF065</p>\n</div></body></html>","source":"sina_us","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CoreWeave擬用看跌期權對沖存儲芯片價格風險</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">環球市場播報</strong><span class=\"h-time small\">2026-07-16 02:55</span>\n</p>\n</h4>\n</header>\n<article>\n<html><body><div>\n<p>　　人工智能雲計算公司<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>正在探索使用金融衍生品，以對沖未來存儲芯片價格下跌的風險。據知情人士透露，相關討論尚處初期階段，公司尚未執行任何對沖操作。</p>\n<p>　　這一罕見舉措凸顯了AI熱潮如何將雲服務提供商與波動劇烈的芯片市場深度綁定。為在AI基礎設施建設需求激增之際鎖定供應，CoreWeave已與<span><a href=\"https://laohu8.com/S/MU\">美光</a></span><span></span>和<span><a href=\"https://laohu8.com/S/SNDK\">閃迪</a></span><span></span>等芯片製造商簽署長期採購協議，其中許多協議設有DRAM和存儲芯片的價格下限保障。</p>\n<p>　　這類安排是一把雙刃劍：既能在市場下行時保護芯片製造商收益，也讓CoreWeave面臨風險——一旦芯片價格下跌，公司仍需按協議高價採購，實際成本將遠超市價。</p>\n<p>　　為應對這一敞口，CoreWeave高管討論的方案包括看跌期權，即賦予持有方在未來以預定價格出售標的資產權利的合約。其邏輯在於：若存儲芯片價格下跌，相關芯片股通常隨之下行，CoreWeave可通過看跌期權獲利，對沖長協採購中的超額成本。</p>\n<p>　　存儲芯片價格近月大幅上漲，但該行業歷來具有強周期性，新產能投產後價格往往回落。<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>和美光均表示，新建產能預計於2028年初全面投產，屆時價格下行壓力窗口相對明確。</p>\n<p>　　能源、航空等行業早已將衍生品對沖納入常規財務管理。CoreWeave此舉能否成功運用華爾街金融工具應對芯片市場波動，仍有待驗證。</p>\n<div>\n<span>新浪合作大平台期貨開戶 安全快捷有保障</span>\n<img src=\"\"/>\n</div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量資訊、精準解讀，盡在新浪財經APP</div>\n</div>\n<p>責任編輯：張俊 SF065</p>\n</div></body></html>\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-07-16/doc-inihxnuv7970857.shtml\">環球市場播報</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ZOCT","symbol_name":"Innovator Equity Defined Protection ETF - 1 Yr October","start_time":0,"source_url":"https://finance.sina.com.cn/stock/usstock/c/2026-07-16/doc-inihxnuv7970857.shtml","article_id":"2651980774","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2651980774","pubTimestamp":1784141731,"columns":[],"sourceInfo":{"source_id":"sina_us","name":"新浪美股"},"weMediaInfo":null,"summary":"人工智能雲計算公司CoreWeave正在探索使用金融衍生品，以對沖未來存儲芯片價格下跌的風險。為在AI基礎設施建設需求激增之際鎖定供應，CoreWeave已與美光和閃迪等芯片製造商簽署長期採購協議，其中許多協議設有DRAM和存儲芯片的價格下限保障。　　為應對這一敞口，CoreWeave高管討論的方案包括看跌期權，即賦予持有方在未來以預定價格出售標的資產權利的合約。CoreWeave此舉能否成功運用華爾街金融工具應對芯片市場波動，仍有待驗證。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"ZOCT":"Innovator Equity Defined Protection ETF - 1 Yr October","UJUN":"Innovator U.S. Equity Ultra Buffer ETF - June","APRZ":"TrueShares Structured Outcome (April) ETF","NOVP":"PGIM S&P 500 Buffer 12 ETF - November","PJUL":"Innovator U.S. Equity Power Buffer ETF - 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安全快捷有保障\n\n\n\n\n海量資訊、精準解讀，盡在新浪財經APP\n\n責任編輯：張俊 SF065","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}