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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART I · LANDSCAPE · 05</text> |
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| 9 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">四家 Hyperscaler 2026 Capex：<tspan fill="#E63946">$725B</tspan>，同比 <tspan fill="#E63946">+77%</tspan></text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Microsoft · Alphabet · Amazon · Meta — combined AI infrastructure capex</text> |
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| 15 | <line x1="180" y1="290" x2="850" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 16 | <line x1="180" y1="380" x2="850" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 17 | <line x1="180" y1="470" x2="850" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 18 | <line x1="180" y1="560" x2="850" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 19 | |
| 20 | <text x="170" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$200B</text> |
| 21 | <text x="170" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$150B</text> |
| 22 | <text x="170" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$100B</text> |
| 23 | <text x="170" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$50B</text> |
| 24 | <text x="170" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$0</text> |
| 25 | |
| 26 | <line x1="180" y1="200" x2="180" y2="560" stroke="#5C5852" stroke-width="1" /> |
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| 32 | <text x="290" y="185" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$200B</text> |
| 33 | |
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| 37 | <text x="290" y="624" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">行业最高</text> |
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| 40 | <g id="bar-msft"> |
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| 42 | <text x="445" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text> |
| 43 | |
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| 45 | <path d="M0 0v11.408h11.408V0zm12.594 0v11.408H24V0zM0 12.594V24h11.408V12.594zm12.594 0V24H24V12.594z" /> |
| 46 | </g> |
| 47 | <text x="445" y="624" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">含 $25B 存储芯片</text> |
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| 49 | |
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| 51 | <rect x="550" y="218" width="100" height="342" fill="#C9C5BE" /> |
| 52 | <text x="600" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text> |
| 53 | |
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| 56 | </g> |
| 57 | <text x="600" y="624" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">指引上调 $5B</text> |
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| 59 | |
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| 61 | <rect x="705" y="299" width="100" height="261" fill="#8A857E" /> |
| 62 | <text x="755" y="284" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$145B+</text> |
| 63 | |
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| 67 | <text x="755" y="624" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">电力土地紧张</text> |
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| 70 | |
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| 72 | <line x1="900" y1="190" x2="900" y2="600" stroke="#2A2F36" stroke-width="1" /> |
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| 74 | <text x="920" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">KEY OBSERVATION</text> |
| 75 | |
| 76 | <text x="920" y="280" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$725B</text> |
| 77 | <text x="920" y="306" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">2026 合计 Capex · 同比 <tspan fill="#E8E6E1" font-weight="bold">+77%</tspan></text> |
| 78 | |
| 79 | <line x1="920" y1="340" x2="1160" y2="340" stroke="#2A2F36" stroke-width="1" /> |
| 80 | |
| 81 | <text x="920" y="378" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">资源约束已转向电力</text> |
| 82 | |
| 83 | <text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="920" y="420"><tspan><tspan fill="#E63946" font-weight="bold">60%+</tspan> 资本流向电力基础设</tspan> |
| 84 | </text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="920" y="442">施、冷却、土建——而不是</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="920" y="464">芯片本身。</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="920" y="510">下一道护城河不是算力，</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="920" y="532"><tspan>是 <tspan fill="#E63946" font-weight="bold">GW 级供电</tspan>。</tspan> |
| 85 | </text><text x="920" y="595" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Tom's Hardware / Statista, 2026 outlook</text> |
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| 89 | <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1" /> |
| 90 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Tom's Hardware · Statista · NextWaves · Company guidance Q1 2026</text> |
| 91 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">05 / 20</text> |
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