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| 11 | |
| 12 | <g id="header-folio"> |
| 13 | <line x1="48" y1="34" x2="1232" y2="34" stroke="#111111" stroke-width="1" /> |
| 14 | <text x="48" y="26" font-family="Consolas, "Courier New", monospace" font-size="10" font-weight="700" fill="#111111" letter-spacing="2">THE AI INDUSTRY 2026 · ANNUAL REPORT</text> |
| 15 | <text x="640" y="26" font-family="Consolas, "Courier New", monospace" font-size="10" font-weight="700" fill="#111111" text-anchor="middle" letter-spacing="2">CLOSING READ</text> |
| 16 | <text x="1232" y="26" font-family="Consolas, "Courier New", monospace" font-size="10" font-weight="700" fill="#111111" text-anchor="end" letter-spacing="2">VOL. 1 · NO. 1 · MAY 2026</text> |
| 17 | </g> |
| 18 | |
| 19 | <g id="header"> |
| 20 | <text x="48" y="58" font-family=""Arial Black", SimHei, sans-serif" font-size="11" font-weight="900" fill="#C8102E" letter-spacing="3.5">SECTION VIII · CLOSING</text> |
| 21 | <text x="48" y="110" font-family="Impact, "Arial Black", SimHei, sans-serif" font-size="48" font-weight="900" fill="#111111" letter-spacing="-1">WHAT CHANGED. WHAT DIDN'T.</text> |
| 22 | <text x="48" y="138" font-family=""Times New Roman", SimSun, serif" font-size="16" font-style="italic" fill="#111111">Eight observations to carry forward.</text> |
| 23 | <line x1="48" y1="156" x2="1232" y2="156" stroke="#111111" stroke-width="2" /> |
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| 27 | <line x1="640" y1="180" x2="640" y2="540" stroke="#111111" stroke-width="1"/> |
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| 31 | <text x="48" y="206" font-family="Impact, "Arial Black", SimHei, sans-serif" font-size="22" font-weight="900" fill="#C8102E" letter-spacing="3">CHANGED</text> |
| 32 | <line x1="48" y1="220" x2="612" y2="220" stroke="#C8102E" stroke-width="2" /> |
| 33 | </g> |
| 34 | |
| 35 | <g id="changed-1"> |
| 36 | <text x="48" y="252" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#C8102E" letter-spacing="2">I.</text> |
| 37 | <text x="76" y="252" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">REVENUE LEADER NO LONGER USER-COUNT LEADER.</text> |
| 38 | <text x="76" y="276" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">Anthropic leads on revenue with a 7× smaller user base than OpenAI.</text> |
| 39 | </g> |
| 40 | |
| 41 | <g id="changed-2"> |
| 42 | <line x1="48" y1="306" x2="612" y2="306" stroke="#3A3A3A" stroke-width="0.5" /> |
| 43 | <text x="48" y="332" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#C8102E" letter-spacing="2">II.</text> |
| 44 | <text x="76" y="332" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">TRAINING COST CROSSED THE HALF-BILLION LINE.</text> |
| 45 | <text x="76" y="356" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">2026 frontier runs land $200 – $500 M; the 2027 cohort heads to $1 – 3 B.</text> |
| 46 | </g> |
| 47 | |
| 48 | <g id="changed-3"> |
| 49 | <line x1="48" y1="386" x2="612" y2="386" stroke="#3A3A3A" stroke-width="0.5" /> |
| 50 | <text x="48" y="412" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#C8102E" letter-spacing="2">III.</text> |
| 51 | <text x="86" y="412" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">INFERENCE BECAME A 4.6× DISCRIMINATOR.</text> |
| 52 | <text x="86" y="436" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">Inside the frontier class: 5 W vs 23 W per medium prompt — same task.</text> |
| 53 | </g> |
| 54 | |
| 55 | <g id="changed-4"> |
| 56 | <line x1="48" y1="466" x2="612" y2="466" stroke="#3A3A3A" stroke-width="0.5" /> |
| 57 | <text x="48" y="492" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#C8102E" letter-spacing="2">IV.</text> |
| 58 | <text x="86" y="492" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">BENCHMARK HALF-LIFE DROPPED YEARS → MONTHS.</text> |
| 59 | <text x="86" y="516" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">Static benchmarks are losing meaning faster than bench-designers can write new ones.</text> |
| 60 | </g> |
| 61 | |
| 62 | |
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| 64 | <text x="660" y="206" font-family="Impact, "Arial Black", SimHei, sans-serif" font-size="22" font-weight="900" fill="#111111" letter-spacing="3">DID NOT CHANGE</text> |
| 65 | <line x1="660" y1="220" x2="1232" y2="220" stroke="#111111" stroke-width="2" /> |
| 66 | </g> |
| 67 | |
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| 69 | <text x="660" y="252" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#3A3A3A" letter-spacing="2">I.</text> |
| 70 | <text x="688" y="252" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">FRONTIER COHORT STILL ~5 LABS.</text> |
| 71 | <text x="688" y="276" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">No Tier-1 lab has been added or removed since 2024.</text> |
| 72 | </g> |
| 73 | |
| 74 | <g id="constant-2"> |
| 75 | <line x1="660" y1="306" x2="1232" y2="306" stroke="#3A3A3A" stroke-width="0.5" /> |
| 76 | <text x="660" y="332" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#3A3A3A" letter-spacing="2">II.</text> |
| 77 | <text x="688" y="332" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">CHINA FRONTIER LABS = $0 OF EU-MARKET REVENUE.</text> |
| 78 | <text x="688" y="356" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">Three-rulebook divergence keeps the trade barrier where it was.</text> |
| 79 | </g> |
| 80 | |
| 81 | <g id="constant-3"> |
| 82 | <line x1="660" y1="386" x2="1232" y2="386" stroke="#3A3A3A" stroke-width="0.5" /> |
| 83 | <text x="660" y="412" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#3A3A3A" letter-spacing="2">III.</text> |
| 84 | <text x="698" y="412" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">OPEN-WEIGHTS ≠ DIRECT REVENUE.</text> |
| 85 | <text x="698" y="436" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">DeepSeek 0.2 %, Zhipu 0.1 %. Distribution and monetisation still decoupled.</text> |
| 86 | </g> |
| 87 | |
| 88 | <g id="constant-4"> |
| 89 | <line x1="660" y1="466" x2="1232" y2="466" stroke="#3A3A3A" stroke-width="0.5" /> |
| 90 | <text x="660" y="492" font-family="Consolas, "Courier New", monospace" font-size="11" font-weight="700" fill="#3A3A3A" letter-spacing="2">IV.</text> |
| 91 | <text x="698" y="492" font-family=""Arial Black", SimHei, sans-serif" font-size="14" font-weight="900" fill="#111111" letter-spacing="1">POWER & GRID INTERCONNECT — STILL THE HARDEST INPUT.</text> |
| 92 | <text x="698" y="516" font-family=""Times New Roman", SimSun, serif" font-size="13" fill="#111111">Harder than chips, harder than capital, harder than talent. No 2025 progress.</text> |
| 93 | </g> |
| 94 | |
| 95 | |
| 96 | <line x1="48" y1="560" x2="1232" y2="560" stroke="#111111" stroke-width="2" /> |
| 97 | <g id="closing-aside"> |
| 98 | <text x="640" y="600" font-family=""Times New Roman", SimSun, serif" font-size="18" font-style="italic" fill="#111111" text-anchor="middle">— what the next twelve months will test —</text> |
| 99 | <text x="640" y="640" font-family="Impact, "Arial Black", SimHei, sans-serif" font-size="28" font-weight="900" fill="#C8102E" text-anchor="middle" letter-spacing="-0.5">Can the second wave land the half-billion runs?</text> |
| 100 | </g> |
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| 102 | |
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| 104 | <rect x="48" y="676" width="1184" height="2" fill="#C8102E" /> |
| 105 | <text x="48" y="696" font-family=""Arial Black", SimHei, sans-serif" font-size="10" font-weight="900" fill="#111111" letter-spacing="2">THE AI INDUSTRY 2026 · ANNUAL REPORT · VOL. 1 · NO. 1 · MAY 2026</text> |
| 106 | <text x="48" y="710" font-family="Consolas, "Courier New", monospace" font-size="9" fill="#3A3A3A" letter-spacing="2">PPT MASTER · BRUTALIST NEWSPAPER DEMO · ROADMAP §P0-2 · CAPABILITY-SHOWCASE DECK · COMPILED IN ONE WEEK</text> |
| 107 | <text x="1232" y="710" font-family="Consolas, "Courier New", monospace" font-size="9" font-weight="700" fill="#111111" text-anchor="end" letter-spacing="2">PAGE 10 / 10 · END</text> |
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