Hwang In-hoon voiced CoreWeave (CRWV.US)'s intraday horror to reveal the core elements of computing power operations

1. Intraday horror: from -10% to +6%, just because of one sentence

The Zhitong Finance App learned that on October 15, the US stock market, CoreWeave (CRWV.US) performed a thrilling scene: it fell more than 10% during the intraday period, closed up 5.94% at the end of the day, and traded US$8.337 billion, ranking 14th in terms of turnover of the day. What turned the situation around was a few words from Nvidia CEO Hwang In-hoon at the Stockholm event: “CoreWeave's strength is growing every day,” “their capital costs are falling,” and “there is no need for Nvidia to provide financial guarantees for them.” (Source: Futu News, citing Bloomberg, 2026-10-15)

The background is uncomplicated: previously, the credit market's confidence in CoreWeave deteriorated. The credit default swap (CDS) showed that the market believed that the risk of default was rising, and there were also opinions that “suppliers support customers to borrow money to buy their own cards” constituted revolving financing. Huang Renxun's statement is tantamount to the supplier personally endorsing the customer's credit — the market immediately voted with real money.

2. Why is it said that the key to life is “financing costs” rather than “whether there are any orders”

Computing power operations are typical asset-heavy, long-term businesses: equipment is invested in advance, and revenue is recovered in installments over a long period of time. The most sensitive variable on the balance sheet is not the order amount, but the price of capital. Interest rate spreads of one percentage point are significant fluctuations in net profit when accumulated over contracts with a term of three to five years; widening credit spreads will directly raise refinancing costs and reduce room for expansion.

The pricing logic of Neocloud in this round of US stocks is already very clear: with orders in hand, the market gives a premium to companies that “have declining financing costs and a clear repayment structure” and discounts to companies that “borrow faster than delivery.” The deep root of CoreWeave intraday is that credit pricing was corrected within a day.

3. Three samples under the same ruler

This “financing cost+repayment certainty” test framework also applies to domestic computing power operators. Referring to the 2026 interim reporting standards of each company, we can see three different funding structures:

Co-Creation Data (300857.SZ) follows the “leverage for scale” route: revenue of 12.523 billion yuan in the first half of 2026, net profit to mother of 1,838 billion yuan (+325.5% year-on-year), and the revenue scale was the highest in the industry; the cost was a balance ratio of 86.79%, and long-term payables increased from 905 million yuan at the beginning of the period to 11.306 billion yuan (mainly financial leasing after-sales and leaseback payments) — leverage also amplified flexibility and sensitivity to the financing environment.

Wanguo Data (09698) follows the “no dispute” cash flow route: 757 MW of on-hand orders, a record 470 MW of new contracts in the first half of the year, about 1.45 times the PB. It has heavy assets and solid orders, but expansion also depends on a continuous supply of capital, and financing costs are one of its core variables.

The caliber of Guangdong-Hong Kong Bay Intelligent Computing (01396) is a combination of “long-term agreement+advance payment+low-cost capital”: According to the company's disclosure, as of mid-2026, orders for planned computing power technology services exceeded 37 billion yuan, of which the delivered and stable billing scale exceeded 20 billion yuan; more than 95% of the new orders signed this year were about three to five years, and more than 95% included advance payments; the credit scale of financial institutions exceeded 50 billion yuan, and the weighted cost of additional financing was about 3.5%. During the year, strategic investors such as Futian Capital and Shenzhen State-owned Background Boyue Fund took shares successively.

Putting the three samples together, the weight of the phrase “the cost of capital is falling” in Hwang In-hoon's words is clear: for highly leveraged expanders, it determines margin of safety; for asset-heavy operators, it determines profit margins; and for companies that have already managed financing costs, advance payments, and long-term contracts, it is a fait accompli that has been disclosed — not a market expectation requiring endorsement from suppliers.

Hwang In-hoon “put out the fire” for CoreWeave. The real inspiration was not that a certain company went down or went up, but that the market finally moved the spotlight from “whose story is big” to “whose capital is cheap and whose repayment is solid.” For computing power operators, this is the hardest pass for the second half.