| 1 | # global_ai_capital_2026 - Design Spec |
| 2 | |
| 3 | ## I. Project Information |
| 4 | |
| 5 | | Item | Value | |
| 6 | | ---- | ----- | |
| 7 | | **Project Name** | global_ai_capital_2026 | |
| 8 | | **Canvas Format** | PPT 16:9 (1280×720) | |
| 9 | | **Page Count** | 18 | |
| 10 | | **Design Style** | B) General Consulting + Bloomberg/Economist 新闻信息图风 | |
| 11 | | **Target Audience** | 科技/金融行业研究者、AI 从业者、风险投资圈、媒体编辑 | |
| 12 | | **Use Case** | 行业洞察分享 / 投资简报 / 媒体解读专栏 | |
| 13 | | **Created Date** | 2026-05-16 | |
| 14 | |
| 15 | --- |
| 16 | |
| 17 | ## II. Canvas Specification |
| 18 | |
| 19 | | Property | Value | |
| 20 | | -------- | ----- | |
| 21 | | **Format** | PPT 16:9 | |
| 22 | | **Dimensions** | 1280×720 | |
| 23 | | **viewBox** | `0 0 1280 720` | |
| 24 | | **Margins** | 左右 60px / 上下 50px | |
| 25 | | **Content Area** | 1160×620（页眉 80 + 主体 560 + 页脚 30） | |
| 26 | |
| 27 | --- |
| 28 | |
| 29 | ## III. Visual Theme |
| 30 | |
| 31 | ### Theme Style |
| 32 | |
| 33 | - **Style**: B) General Consulting + Bloomberg/Economist 新闻信息图风 |
| 34 | - **Theme**: Dark theme |
| 35 | - **Tone**: 冷静、克制、出版级、数据导向；不是 keynote 冲击力，而是夜读财经长稿的深思感 |
| 36 | |
| 37 | ### Color Scheme |
| 38 | |
| 39 | | Role | HEX | Purpose | |
| 40 | | ---- | --- | ------- | |
| 41 | | **Background** | `#0E1116` | 深石墨黑（不是纯黑） | |
| 42 | | **Secondary bg** | `#1A1F26` | 卡片 / 分区底色 | |
| 43 | | **Primary** | `#E8E6E1` | 报纸暖白 — 主文字、标题 | |
| 44 | | **Accent** | `#E63946` | 财经红 — 风险、警示、关键数字 | |
| 45 | | **Secondary accent** | `#F4A261` | 琥珀金 — 次级强调（中国 / 二线公司） | |
| 46 | | **Body** | `#C9C5BE` | 暖灰白 — 正文 | |
| 47 | | **Secondary text** | `#8A857E` | 注释 / 页脚 | |
| 48 | | **Tertiary text** | `#5C5852` | 极轻信息 / 来源行 | |
| 49 | | **Border** | `#2A2F36` | 极细分割线 | |
| 50 | | **Success** | `#52B788` | 正向趋势（绿涨） | |
| 51 | | **Warning** | `#E63946` | 复用 accent | |
| 52 | |
| 53 | ### AI Image Strategy |
| 54 | |
| 55 | - **Image Rendering**: editorial |
| 56 | - **Image Palette**: dark-cinematic |
| 57 | |
| 58 | ### Gradient Scheme |
| 59 | |
| 60 | ```xml |
| 61 | <linearGradient id="scrim_v" x1="0%" y1="0%" x2="0%" y2="100%"> |
| 62 | <stop offset="0%" stop-color="#0E1116" stop-opacity="0.3"/> |
| 63 | <stop offset="100%" stop-color="#0E1116" stop-opacity="0.92"/> |
| 64 | </linearGradient> |
| 65 | |
| 66 | <linearGradient id="accentLine" x1="0%" y1="0%" x2="100%" y2="0%"> |
| 67 | <stop offset="0%" stop-color="#E63946" stop-opacity="1"/> |
| 68 | <stop offset="100%" stop-color="#E63946" stop-opacity="0"/> |
| 69 | </linearGradient> |
| 70 | ``` |
| 71 | |
| 72 | --- |
| 73 | |
| 74 | ## IV. Typography System |
| 75 | |
| 76 | **Typography direction**: 报刊编辑派 — 西文衬线 Cambria 扛标题与大字 hero number，中文走 Microsoft YaHei，正文 Latin 用 Arial 走数字精度 |
| 77 | |
| 78 | | Role | Chinese | English | Fallback tail | |
| 79 | | ---- | ------- | ------- | ------------- | |
| 80 | | **Title** | `"Microsoft YaHei"` | `Cambria` | `serif` | |
| 81 | | **Body** | `"Microsoft YaHei", "PingFang SC"` | `Arial` | `sans-serif` | |
| 82 | | **Emphasis** | `"Microsoft YaHei"` | `Georgia` | `serif` | |
| 83 | | **Code** | — | `Consolas, "Courier New"` | `monospace` | |
| 84 | |
| 85 | **Per-role font stacks**: |
| 86 | |
| 87 | - Title: `Cambria, "Microsoft YaHei", serif` |
| 88 | - Body: `"Microsoft YaHei", "PingFang SC", Arial, sans-serif` |
| 89 | - Emphasis: `Georgia, "Microsoft YaHei", serif` |
| 90 | - Code: `Consolas, "Courier New", monospace` |
| 91 | |
| 92 | ### Font Size Hierarchy |
| 93 | |
| 94 | **Baseline**: Body font size = **16px**（chart-heavy 高密度） |
| 95 | |
| 96 | | Purpose | Ratio to body | Px @ 16 | Weight | |
| 97 | | ------- | ------------- | ------- | ------ | |
| 98 | | Cover title (hero headline) | 4-5x | 64-80px | Bold | |
| 99 | | Chapter / section opener | 2.5-3x | 40-48px | Bold | |
| 100 | | Page title | 1.5-2x | 24-32px | Bold | |
| 101 | | Hero number (大数字) | 4-6x | 64-96px | Bold（Cambria） | |
| 102 | | Subtitle | 1.2-1.5x | 19-24px | SemiBold | |
| 103 | | **Body content** | **1x** | **16px** | Regular | |
| 104 | | Annotation / caption | 0.7-0.85x | 11-14px | Regular | |
| 105 | | Page number / footnote | 0.6-0.7x | 10-11px | Regular | |
| 106 | |
| 107 | --- |
| 108 | |
| 109 | ## V. Layout Principles |
| 110 | |
| 111 | ### Page Structure |
| 112 | |
| 113 | - **Header area**: 上 50px — 章节番号 + 章节名（左对齐，11px tertiary） + 极细分割线 |
| 114 | - **Content area**: 中 560px — 主可视化 / hero number / chart |
| 115 | - **Footer area**: 下 30px — 页码 + Sources 注脚 + 极细顶部分割线 |
| 116 | |
| 117 | ### Layout Pattern Library |
| 118 | |
| 119 | > 本 deck 主导布局：**Asymmetric split（3:7 chart vs 注解）/ Single column centered（封面 / 章节）/ Three-column（KPI cards）/ Top-bottom split（带 hero band 的图表 + 注脚）/ Full-bleed + floating text（3 张氛围图章节页）**。Z-pattern 与 Matrix grid 出现在 quadrant_text_bullets 页。 |
| 120 | |
| 121 | ### Spacing Specification |
| 122 | |
| 123 | **Universal**: |
| 124 | |
| 125 | | Element | Range | This Deck | |
| 126 | | ------- | ----- | --------- | |
| 127 | | Safe margin | 40-60px | 60px | |
| 128 | | Content block gap | 24-40px | 28px | |
| 129 | | Icon-text gap | 8-16px | 10px | |
| 130 | |
| 131 | **Card-based**: |
| 132 | |
| 133 | | Element | Range | This Deck | |
| 134 | | ------- | ----- | --------- | |
| 135 | | Card gap | 20-32px | 24px | |
| 136 | | Card padding | 20-32px | 22px | |
| 137 | | Card border radius | 8-16px | 6px（克制，不要圆胖） | |
| 138 | |
| 139 | **Non-card** (breathing 页 / 氛围底图): |
| 140 | - Line-height: 1.5× body |
| 141 | - Full-bleed text 用 `scrim_v` 渐变扛 legibility |
| 142 | - 不强行列宽对齐，按报刊导语自由 inset |
| 143 | |
| 144 | --- |
| 145 | |
| 146 | ## VI. Icon Usage Specification |
| 147 | |
| 148 | ### Source |
| 149 | |
| 150 | - **Library**: `tabler-outline`（stroke 1.5） |
| 151 | - **Brand-logo library**: `simple-icons`（用于 OpenAI / Anthropic / xAI / Nvidia / Google / Microsoft / Amazon / Meta / Oracle / SoftBank 等 logo 标识） |
| 152 | - **Usage**: `<use data-icon="library/icon-name" .../>` |
| 153 | |
| 154 | ### Recommended Icon List |
| 155 | |
| 156 | | Purpose | Icon Path | Page | |
| 157 | | ------- | --------- | ---- | |
| 158 | | Trending up（资本流入） | `tabler-outline/trending-up` | P04, P05, P11 | |
| 159 | | Currency dollar（估值） | `tabler-outline/currency-dollar` | P04, P06, P09 | |
| 160 | | Building（公司） | `tabler-outline/building` | P06, P09 | |
| 161 | | Chart bar（数据） | `tabler-outline/chart-bar` | P05, P15 | |
| 162 | | Server（基建） | `tabler-outline/server` | P14, P15 | |
| 163 | | Bolt（电力） | `tabler-outline/bolt` | P05, P14 | |
| 164 | | Alert triangle（风险） | `tabler-outline/alert-triangle` | P15, P16, P17 | |
| 165 | | Globe（全球） | `tabler-outline/globe` | P04, P09 | |
| 166 | | Cpu（芯片） | `tabler-outline/cpu` | P12, P13 | |
| 167 | | Trending down（衰减） | `tabler-outline/trending-down` | P15, P16 | |
| 168 | | Arrow right（流向） | `tabler-outline/arrow-right` | P12, P14 | |
| 169 | | Bookmark（章节标志） | `tabler-outline/bookmark` | 章节页 | |
| 170 | | OpenAI 品牌 | `simple-icons/openai` | P06, P08, P14 | |
| 171 | | Anthropic | `simple-icons/anthropic` | P06 | |
| 172 | | Nvidia | `simple-icons/nvidia` | P12, P13 | |
| 173 | | Google | `simple-icons/google` | P05, P06 | |
| 174 | | Microsoft | `simple-icons/microsoft` | P05 | |
| 175 | | Amazon | `simple-icons/amazon` | P05 | |
| 176 | | Meta | `simple-icons/meta` | P05 | |
| 177 | | Oracle | `simple-icons/oracle` | P14 | |
| 178 | | SoftBank | `simple-icons/softbank` | P14 | |
| 179 | |
| 180 | --- |
| 181 | |
| 182 | ## VII. Visualization Reference List |
| 183 | |
| 184 | Catalog read: 71 templates |
| 185 | |
| 186 | | Page | Template | Path | Summary-quote (verbatim) | Usage | |
| 187 | | ---- | -------- | ---- | ------------------------ | ----- | |
| 188 | | P04 | kpi_cards | `templates/charts/kpi_cards.svg` | "Pick for 4-8 standalone numeric metrics shown as overview cards (2x2 or 1x4) — exec summary opener, " | Q1 风投总盘子四大 KPI（VC 总额 / AI 占比 / 三笔大单 / 集中度） | |
| 189 | | P05 | bar_chart | `templates/charts/bar_chart.svg` | "Pick for single-series category value comparison, 3-8 categories. Skip for >12 long-label items (use" | Amazon / Microsoft / Google / Meta 四家 capex 对比 | |
| 190 | | P07 | dumbbell_chart | `templates/charts/dumbbell_chart.svg` | "Pick for before-vs-after or two-state difference across 5-10 items. Skip for single snapshot (use ba" | OpenAI/Anthropic/xAI 估值前后对比（年初 vs Q2） | |
| 191 | | P08 | bubble_chart | `templates/charts/bubble_chart.svg` | "Pick for 3-axis data (x position, y position, size). Skip for plain x-y correlation (use scatter_cha" | 三巨头 估值 × ARR × 投资人数 散点 | |
| 192 | | P09 | donut_chart | `templates/charts/donut_chart.svg` | "Pick for 3-6 part proportions where a center KPI/total deserves emphasis. Skip if no center value to" | OpenAI $122B 投资人构成（Amazon/Nvidia/SoftBank/MSFT/其他） | |
| 193 | | P10 | horizontal_bar_chart | `templates/charts/horizontal_bar_chart.svg` | "Pick for ranking 5-12 items, especially with long labels. Skip if <=8 short-label items (use bar_cha" | 中国阵营 5 家估值排名（DeepSeek/Zhipu/MiniMax/Moonshot/StepFun） | |
| 194 | | P11 | comparison_table | `templates/charts/comparison_table.svg` | "Pick for 2-4 plans/products compared across many feature rows (dense matrix). Skip for pricing-tier " | 中美 AI 资本路径双轨对比（私募规模/IPO/政府/估值峰值/退出方式） | |
| 195 | | P12 | sankey_chart | `templates/charts/sankey_chart.svg` | "Pick for 3-stage flow with magnitude (sources -> nodes -> sinks). Skip for simple linear conversion " | Nvidia 闭环：股权投资 → AI 公司 → 芯片采购回流 | |
| 196 | | P13 | pareto_chart | `templates/charts/pareto_chart.svg` | "Pick for 80/20 contribution: descending bars + cumulative line. Skip if cumulative line is not t" | Nvidia 客户集中度 85% 来自 6 家 | |
| 197 | | P14 | hub_spoke | `templates/charts/hub_spoke.svg` | "Pick for 1 core capability + 4-8 surrounding capabilities (platform/ecosystem); each spoke = title o" | Stargate 项目 hub + 7 个数据中心站点 | |
| 198 | | P16 | dual_axis_line_chart | `templates/charts/dual_axis_line_chart.svg` | "Pick when 2 metrics with different units/scales must be compared over time. Skip if both metrics sha" | 2020-2026 Capex（左轴 $B）vs Enterprise AI Revenue（右轴 $B）剪刀差 | |
| 199 | | P17 | quadrant_text_bullets | `templates/charts/quadrant_text_bullets.svg` | "Pick for any 2×2 framework where each quadrant holds a titled bullet list — SWOT (Strengths/Weakness" | 四大风险象限：资本鸿沟 / 企业 ROI / 客户集中 / 融资结构 | |
| 200 | |
| 201 | **Runners-up considered**: |
| 202 | |
| 203 | - `donut_chart` | rejected for P04: KPI cards 更适合 4 个独立指标并列展示，donut 强调比例切分而非单独读取 |
| 204 | - `stacked_bar_chart` | rejected for P05: 单一指标（capex 金额）对比，无内部分组结构 |
| 205 | - `grouped_bar_chart` | rejected for P07: dumbbell 更适合"两状态差值"叙事，grouped bar 适合 YoY 多类别 |
| 206 | - `treemap_chart` | rejected for P09: OpenAI 投资人只有 5-6 个独立份额，donut 中心可显总额 $122B，treemap 强调层级 |
| 207 | - `radar_chart` | rejected for P10: 5 家公司单一指标（估值）排名，radar 适合多维能力 |
| 208 | - `hub_inward_arrows` | rejected for P12: sankey 才能表达"金额流量"，hub_inward 只有方向无量值 |
| 209 | - `bar_chart` | rejected for P13: pareto 同时显示个体贡献 + 累积占比，bar 只有前者 |
| 210 | - `process_flow` | rejected for P14: hub_spoke 表达"一个中枢 + 多个外围站点"的 Stargate 拓扑，process_flow 暗示线性 |
| 211 | |
| 212 | --- |
| 213 | |
| 214 | ## VIII. Image Resource List |
| 215 | |
| 216 | | Filename | Dimensions | Ratio | Purpose | Type | Layout pattern | Acquire Via | Status | Reference | text_policy | page_role | |
| 217 | | -------- | --------- | ----- | ------- | ---- | -------------- | ----------- | ------ | --------- | ----------- | --------- | |
| 218 | | cover_atmosphere.png | 1280×720 | 1.78 | 封面氛围底图 | Background | #1 full-bleed background with floating title + #29 two-stop scrim | ai | Pending | Abstract nighttime aerial of a vast data-center campus, faint server-rack lights forming a constellation pattern; quiet wide-angle composition with reserved dark sky for title overlay; sense of capital flowing through silent infrastructure | none | hero_page | |
| 219 | | nvidia_circular.png | 1280×720 | 1.78 | Part V Nvidia 闭环章节锚点 | Background | #1 full-bleed background with floating title + #29 two-stop scrim | ai | Pending | Abstract macro shot of a circular wafer-like geometry with subtle red glow at the rim suggesting circulation; central dark void reserved for chapter title; metallic finish but no recognizable logos | none | hero_page | |
| 220 | | bubble_tension.png | 1280×720 | 1.78 | Part VI 泡沫论章节锚点 | Background | #1 full-bleed background with floating title + #29 two-stop scrim | ai | Pending | Abstract atmospheric image of a single iridescent soap-bubble suspended in deep dark space, surface tension catching a faint warning-red highlight; quiet composition with negative space; sense of fragile inflation | none | hero_page | |
| 221 | |
| 222 | --- |
| 223 | |
| 224 | ## IX. Content Outline |
| 225 | |
| 226 | ### Part 0: 开场（封面 + 导语 + 目录） |
| 227 | |
| 228 | #### Slide 01 - 封面 |
| 229 | |
| 230 | - **Layout**: Full-bleed 氛围底图 + 底部 scrim + 左下大字标题 |
| 231 | - **Title**: 2026 全球 AI 资本格局 |
| 232 | - **Subtitle**: Capital, Compute, and the Closed Loop |
| 233 | - **Info**: 2026 年 5 月 · 行业洞察 · 数据截至 2026-05-15 |
| 234 | |
| 235 | #### Slide 02 - 编辑导语 |
| 236 | |
| 237 | - **Layout**: 单栏居中 + 大引号 + 三行核心叙述 |
| 238 | - **Title**: 编辑导语 | Editor's Note |
| 239 | - **Content**: |
| 240 | - 单季 2970 亿美元 VC，AI 拿走 81% |
| 241 | - 四笔交易 1880 亿美元，65% 流向四家公司 |
| 242 | - 资本与商业 ROI 的鸿沟，已超 2001 电信泡沫期 |
| 243 | |
| 244 | #### Slide 03 - 目录 |
| 245 | |
| 246 | - **Layout**: 左侧六部分罗马字 + 右侧每部分页码与一句话标题 |
| 247 | - **Title**: 目录 | Contents |
| 248 | - **Content**: |
| 249 | - I. 全景 — P04-P05 |
| 250 | - II. 三巨头 — P06-P09 |
| 251 | - III. 中国阵营 — P10-P11 |
| 252 | - IV. 二线梯队 — P12 |
| 253 | - V. 基建与闭环 — P13-P15 |
| 254 | - VI. 泡沫与判断 — P16-P18 |
| 255 | |
| 256 | ### Part I: 全景 |
| 257 | |
| 258 | #### Slide 04 - Q1 风投全景 |
| 259 | |
| 260 | - **Layout**: 四象限 KPI cards + 顶部小字章节标记 |
| 261 | - **Title**: 2026 Q1 全球风投：$297B 创纪录，AI 拿走 81% |
| 262 | - **Visualization**: kpi_cards |
| 263 | - **Content**: |
| 264 | - $297B — 单季 VC 总额（Crunchbase） |
| 265 | - 81% — AI 占比（约 $242B） |
| 266 | - $188B — Top 4 笔大单合计（OpenAI + Anthropic + xAI + Waymo） |
| 267 | - 65% — 集中度（前 4 单占全季 VC） |
| 268 | |
| 269 | #### Slide 05 - Hyperscaler Capex |
| 270 | |
| 271 | - **Layout**: Bar chart 左 7 右 3 + 右侧三条关键注解 |
| 272 | - **Title**: 四家 Hyperscaler 2026 年 Capex：$725B，同比 +77% |
| 273 | - **Visualization**: bar_chart |
| 274 | - **Content**: |
| 275 | - Amazon $200B / Microsoft $190B / Alphabet $190B / Meta $145B+ |
| 276 | - 60%+ 流向电力 / 冷却 / 土建，非芯片 |
| 277 | - 资源约束已从"算力"转向"电力" |
| 278 | |
| 279 | ### Part II: 三巨头 |
| 280 | |
| 281 | #### Slide 06 - 估值前后对比 |
| 282 | |
| 283 | - **Layout**: Dumbbell chart + 顶部章节标记 |
| 284 | - **Title**: 三巨头 2026 估值跃迁：从年初到 Q2 的双倍线 |
| 285 | - **Visualization**: dumbbell_chart |
| 286 | - **Content**: |
| 287 | - OpenAI: $300B → $852B（Mar 2026） |
| 288 | - Anthropic: $61.5B → $380B（Series G）→ $900B（在谈） |
| 289 | - xAI: $50B → $230B（Jan 2026）→ $1.25T 合并 SpaceX |
| 290 | |
| 291 | #### Slide 07 - 估值 × 收入 × 投资人 |
| 292 | |
| 293 | - **Layout**: Bubble chart 全屏 + 角落数据来源 |
| 294 | - **Title**: 估值兑现度：收入越高，估值越实 |
| 295 | - **Visualization**: bubble_chart |
| 296 | - **Content**: |
| 297 | - X 轴：ARR（$B），Y 轴：估值（$B），气泡大小：投资人数量 |
| 298 | - OpenAI: ARR $24B / Val $852B / 7 大投资人 |
| 299 | - Anthropic: ARR $30B+ / Val $380B（在谈 $900B）/ 5 大投资人 |
| 300 | - xAI: ARR $5B（est）/ Val $230B / 8+ 投资人 |
| 301 | |
| 302 | #### Slide 08 - OpenAI 投资人结构 |
| 303 | |
| 304 | - **Layout**: Donut chart 居左 + 右侧投资人列表 |
| 305 | - **Title**: OpenAI $122B 这笔钱从哪来 |
| 306 | - **Visualization**: donut_chart |
| 307 | - **Content**: |
| 308 | - Amazon $50B（41%） |
| 309 | - Nvidia $30B（25%） |
| 310 | - SoftBank $30B（25%） |
| 311 | - Microsoft + 其他 $12B（10%） |
| 312 | - 中心：$122B / $852B 估值 |
| 313 | |
| 314 | #### Slide 09 - 三巨头综合对比 |
| 315 | |
| 316 | - **Layout**: 三列对照 + 顶部小标 + 底部一行总结 |
| 317 | - **Title**: OpenAI vs Anthropic vs xAI：三种成长曲线 |
| 318 | - **Content**: |
| 319 | - OpenAI：消费驱动 + 强 IPO 预期 |
| 320 | - Anthropic：企业驱动 + 估值反超 OpenAI（$900B vs $852B） |
| 321 | - xAI：合并叙事 + SpaceX 协同 |
| 322 | |
| 323 | ### Part III: 中国阵营 |
| 324 | |
| 325 | #### Slide 10 - 中国五雄 |
| 326 | |
| 327 | - **Layout**: Horizontal bar chart + 顶部一行总结 |
| 328 | - **Title**: 中国 AI 五雄：DeepSeek 领跑，估值阶梯分明 |
| 329 | - **Visualization**: horizontal_bar_chart |
| 330 | - **Content**: |
| 331 | - DeepSeek $50B（国家大基金领投） |
| 332 | - Zhipu AI（港股市值）$56B |
| 333 | - MiniMax（港股市值）$37B |
| 334 | - Moonshot (Kimi) $20B |
| 335 | - StepFun ~$8B |
| 336 | |
| 337 | #### Slide 11 - 中美双轨 |
| 338 | |
| 339 | - **Layout**: Comparison table（5 行 × 2 列）+ 顶部小标 |
| 340 | - **Title**: 中美 AI 资本：两条路径，两种节奏 |
| 341 | - **Visualization**: comparison_table |
| 342 | - **Content**: |
| 343 | - 私募规模：美国 $30-122B 单轮 vs 中国 $2-4B 单轮 |
| 344 | - IPO 节奏：美国推迟 vs 中国 Q1 已落港 |
| 345 | - 政府角色：美国市场驱动 vs 中国大基金领投 |
| 346 | - 估值峰值：美 $852B vs 中 $56B（市值） |
| 347 | - 退出方式：私募延后 IPO vs 二级市场优先 |
| 348 | |
| 349 | ### Part IV: 二线梯队 |
| 350 | |
| 351 | #### Slide 12 - 二线 $10-50B 阵营 |
| 352 | |
| 353 | - **Layout**: 四列卡片（每列：公司 logo + 估值 hero number + 一行特点）+ 顶部小标 |
| 354 | - **Title**: 二线梯队：$10-50B 的精英层 |
| 355 | - **Content**: |
| 356 | - SSI $32B（Sutskever，6 倍跳涨） |
| 357 | - Perplexity $21B（月活 4500 万） |
| 358 | - Mistral $13.7B（巴黎数据中心 13800 GPU） |
| 359 | - Cohere + Aleph Alpha 合并 $20B（跨大西洋主权 AI） |
| 360 | |
| 361 | ### Part V: 基建与闭环 |
| 362 | |
| 363 | #### Slide 13 - Nvidia 闭环（章节锚点页） |
| 364 | |
| 365 | - **Layout**: Full-bleed 氛围底图（nvidia_circular.png）+ 大字章节标 + 底部 scrim + 三句导语 |
| 366 | - **Title**: V. 闭环 |
| 367 | - **Subtitle**: 当芯片商同时是大股东 |
| 368 | - **Content**: |
| 369 | - Nvidia 2026 至今股权投资 $40B+ |
| 370 | - OpenAI $30B + xAI + Anthropic + Mistral 全到位 |
| 371 | - 收入 85% 来自 6 个客户 |
| 372 | |
| 373 | #### Slide 14 - Nvidia 资本流图 |
| 374 | |
| 375 | - **Layout**: Sankey chart 全幅 + 顶部章节标 + 底部 source |
| 376 | - **Title**: 钱怎么转：Nvidia 的圆形投资 |
| 377 | - **Visualization**: sankey_chart |
| 378 | - **Content**: |
| 379 | - 左侧：Nvidia $40B 投资 |
| 380 | - 中间：OpenAI / xAI / Anthropic / Mistral / CoreWeave |
| 381 | - 右侧：Nvidia 芯片销售回流（数百亿美元算力承诺） |
| 382 | |
| 383 | #### Slide 15 - Nvidia 客户集中度 |
| 384 | |
| 385 | - **Layout**: Pareto chart + 右下风险注解 |
| 386 | - **Title**: 单点风险：Nvidia 收入 85% 来自 6 个客户 |
| 387 | - **Visualization**: pareto_chart |
| 388 | - **Content**: |
| 389 | - 前 4 名客户占近 60%（MSFT / Meta / Google / Amazon） |
| 390 | - 6 名累积 85% |
| 391 | - 任一家砍 capex 都会级联打击全链 |
| 392 | |
| 393 | #### Slide 16 - Stargate |
| 394 | |
| 395 | - **Layout**: Hub-spoke chart（中心 Stargate logo + 7 个站点辐射）+ 顶部章节标 |
| 396 | - **Title**: Stargate：$500B / 10GW / 7 个站点 |
| 397 | - **Visualization**: hub_spoke |
| 398 | - **Content**: |
| 399 | - 中心：Stargate（OpenAI + Oracle + SoftBank） |
| 400 | - 7 辐射：Abilene TX（运行）/ Shackelford TX / Doña Ana NM / Midwest / Lordstown OH / Milam TX / Saline MI |
| 401 | - 已规划近 7GW，未来 3 年投入 $400B |
| 402 | |
| 403 | ### Part VI: 泡沫与判断 |
| 404 | |
| 405 | #### Slide 17 - 泡沫论章节锚点 |
| 406 | |
| 407 | - **Layout**: Full-bleed 氛围底图（bubble_tension.png）+ 章节大字 + 底部 scrim + 三行核心论点 |
| 408 | - **Title**: VI. 泡沫 |
| 409 | - **Subtitle**: 资本主义 vs 商业现实的剪刀差 |
| 410 | - **Content**: |
| 411 | - Capex 增速比 AI 收入快 46 个百分点 |
| 412 | - 2001 电信泡沫期差距为 32% |
| 413 | - **当前差距已超 2001 电信泡沫** |
| 414 | |
| 415 | #### Slide 18 - Capex vs Revenue 剪刀差 |
| 416 | |
| 417 | - **Layout**: Dual-axis line chart + 顶部章节标 + 底部 source |
| 418 | - **Title**: 资本与营收的鸿沟：$400B 投入 vs $100B 营收 |
| 419 | - **Visualization**: dual_axis_line_chart |
| 420 | - **Content**: |
| 421 | - 左轴：Hyperscaler Capex（$B）2020-2026 |
| 422 | - 右轴：Enterprise AI Revenue（$B）2020-2026 |
| 423 | - 阴影：两线之间的 ROI Gap |
| 424 | |
| 425 | #### Slide 19 - 四大风险 |
| 426 | |
| 427 | - **Layout**: 2×2 quadrant + 每象限标题 + 2-3 行 bullet |
| 428 | - **Title**: 四大风险，互相放大 |
| 429 | - **Visualization**: quadrant_text_bullets |
| 430 | - **Content**: |
| 431 | - 左上 Capex/Revenue 鸿沟：差距已超 2001 电信泡沫 |
| 432 | - 右上 企业 ROI：MIT 95% 试点未产生商业价值 |
| 433 | - 左下 客户集中：Nvidia 85% 来自 6 家 |
| 434 | - 右下 融资结构：经营现金流 → 举债融资 |
| 435 | |
| 436 | #### Slide 20 - 六大判断与结语 |
| 437 | |
| 438 | - **Layout**: 单栏 6 行编号列表 + 底部 Sources 致谢 |
| 439 | - **Title**: 六大判断 | Closing |
| 440 | - **Content**: |
| 441 | - ① 资本集中度是 2026 主旋律 |
| 442 | - ② 算力是真硬通货 |
| 443 | - ③ 电力 > 芯片 |
| 444 | - ④ 中美双轨结构 |
| 445 | - ⑤ 真实 ROI 滞后但巨头未止血 |
| 446 | - ⑥ Anthropic 估值反超 OpenAI |
| 447 | |
| 448 | > 注：实际页数 = 20（封面 1 + 导语 1 + 目录 1 + 内容 16 + 结语 1）。Strategist 在八项确认中报告 18 页，含编辑导语后微调至 20 页以保持单页一论点的密度。 |
| 449 | |
| 450 | --- |
| 451 | |
| 452 | ## X. Speaker Notes Requirements |
| 453 | |
| 454 | - 文件命名：与 SVG 同名（`01_cover.svg` → `notes/01_cover.md`） |
| 455 | - 单页 100-150 字，编辑导语派口吻，不是销售也不是教学 |
| 456 | - 全 deck 总时长目标：15-20 分钟 |
| 457 | |
| 458 | --- |
| 459 | |
| 460 | ## XI. Technical Constraints Reminder |
| 461 | |
| 462 | ### SVG Generation Must Follow: |
| 463 | |
| 464 | 1. viewBox: `0 0 1280 720` |
| 465 | 2. Background 用 `<rect>` |
| 466 | 3. Text wrap 用 `<tspan>` |
| 467 | 4. 透明度用 `fill-opacity` / `stroke-opacity` |
| 468 | 5. FORBIDDEN: `mask`, `<style>`, `class`, `foreignObject`, `textPath`, `animate*`, `script`, `<symbol>`+`<use>` 自定义 |
| 469 | - Transparency defaults to explicit alpha attributes; `rgba()` and `<g opacity>` remain converter-compatible, with group opacity carrying an approximate-fidelity warning. |
| 470 | 6. HTML named entities 禁用，写 raw Unicode |
| 471 | 7. `marker-start` / `marker-end` 仅 `<marker>` in `<defs>` 且 orient="auto" |
| 472 | 8. `clipPath` 仅作用于 `<image>`，且 single shape child |
| 473 | |
| 474 | ### PPT Compatibility: |
| 475 | |
| 476 | - Inline styles only |
| 477 | - 每个元素单独设 opacity |
| 478 | - 字体栈每条以预装字体收尾 |
| 479 |