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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 06</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">三巨头估值跃迁：从年初到 Q2 的 <tspan fill="#E63946">双倍线</tspan></text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI · Anthropic · xAI — six-month valuation deltas</text> |
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| 17 | <line x1="380" y1="220" x2="380" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 18 | <line x1="540" y1="220" x2="540" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 19 | <line x1="700" y1="220" x2="700" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 20 | <line x1="860" y1="220" x2="860" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 21 | <line x1="1020" y1="220" x2="1020" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 22 | <line x1="1180" y1="220" x2="1180" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 23 | |
| 24 | <text x="220" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text> |
| 25 | <text x="380" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$200B</text> |
| 26 | <text x="540" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$400B</text> |
| 27 | <text x="700" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$600B</text> |
| 28 | <text x="860" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$800B</text> |
| 29 | <text x="1020" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$1.0T</text> |
| 30 | <text x="1180" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$1.2T</text> |
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| 35 | <circle cx="220" cy="195" r="5" fill="#8A857E"/> |
| 36 | <text x="232" y="200" font-family="Cambria, serif" font-size="12" fill="#C9C5BE">Year-Start 2026</text> |
| 37 | <circle cx="380" cy="195" r="5" fill="#E63946"/> |
| 38 | <text x="392" y="200" font-family="Cambria, serif" font-size="12" fill="#C9C5BE">Latest (May 2026)</text> |
| 39 | </g> |
| 40 | |
| 41 | <g id="row-openai"> |
| 42 | <text x="210" y="265" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">OpenAI</text> |
| 43 | <text x="210" y="284" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">consumer + IPO</text> |
| 44 | <line x1="460" y1="270" x2="900" y2="270" stroke="#C9C5BE" stroke-width="2"/> |
| 45 | <circle cx="460" cy="270" r="9" fill="#8A857E"/> |
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| 47 | <text x="448" y="252" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$300B</text> |
| 48 | <text x="912" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$852B</text> |
| 49 | <text x="912" y="290" font-family="Cambria, serif" font-size="11" fill="#5C5852">+184%</text> |
| 50 | </g> |
| 51 | |
| 52 | <g id="row-anthropic"> |
| 53 | <text x="210" y="375" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">Anthropic</text> |
| 54 | <text x="210" y="394" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">enterprise</text> |
| 55 | <line x1="269" y1="380" x2="524" y2="380" stroke="#C9C5BE" stroke-width="2"/> |
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| 60 | <text x="257" y="362" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$61.5B</text> |
| 61 | <text x="536" y="362" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$380B (G)</text> |
| 62 | <text x="958" y="362" font-family="Cambria, serif" font-size="12" fill="#F4A261" text-anchor="end">→ $900B (在谈)</text> |
| 63 | <text x="269" y="400" font-family="Cambria, serif" font-size="11" fill="#5C5852">+518% (locked) / +1364% (in-talks)</text> |
| 64 | </g> |
| 65 | |
| 66 | <g id="row-xai"> |
| 67 | <text x="210" y="485" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">xAI</text> |
| 68 | <text x="210" y="504" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">SpaceX merger</text> |
| 69 | <line x1="260" y1="490" x2="404" y2="490" stroke="#C9C5BE" stroke-width="2"/> |
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| 74 | <text x="248" y="472" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$50B</text> |
| 75 | <text x="416" y="472" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$230B</text> |
| 76 | <text x="1208" y="472" font-family="Cambria, serif" font-size="12" fill="#F4A261" text-anchor="end">→ $1.25T (合并)</text> |
| 77 | <text x="260" y="510" font-family="Cambria, serif" font-size="11" fill="#5C5852">+360% (Jan E) / +2400% (post-merger)</text> |
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| 82 | <line x1="60" y1="630" x2="1220" y2="630" stroke="#2A2F36" stroke-width="1"/> |
| 83 | <text x="60" y="660" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL TAKE</text> |
| 84 | <text x="640" y="660" text-anchor="middle" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-style="italic" fill="#E8E6E1">六个月里，三家公司的合计估值从 <tspan font-weight="bold">$411B</tspan> 跃至 <tspan fill="#E63946" font-weight="bold">$1.46T</tspan>——3.6 倍。</text> |
| 85 | </g> |
| 86 | |
| 87 | <g id="page-footer"> |
| 88 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: CNBC · Bloomberg · TechCrunch · Anthropic / OpenAI press · Fortune Feb 2026</text> |
| 89 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">06 / 20</text> |
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| 92 |