| 1 | <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720"> |
| 2 | <g id="background"> |
| 3 | <rect width="1280" height="720" fill="#0E1116" /> |
| 4 | </g> |
| 5 | |
| 6 | <g id="page-header"> |
| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 15</text> |
| 8 | <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" /> |
| 9 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">单点风险：Nvidia 收入 <tspan fill="#E63946">85%</tspan> 来自 <tspan fill="#E63946">6 个客户</tspan></text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Pareto view — when six customers carry the entire upstream supply chain</text> |
| 11 | </g> |
| 12 | |
| 13 | <g id="chartArea"> |
| 14 | <line x1="120" y1="200" x2="120" y2="560" stroke="#5C5852" stroke-width="1.5" /> |
| 15 | <line x1="120" y1="560" x2="900" y2="560" stroke="#5C5852" stroke-width="1.5" /> |
| 16 | |
| 17 | <line x1="120" y1="200" x2="900" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 18 | <line x1="120" y1="290" x2="900" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 19 | <line x1="120" y1="380" x2="900" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 20 | <line x1="120" y1="470" x2="900" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 21 | |
| 22 | <text x="110" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">100%</text> |
| 23 | <text x="110" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">75%</text> |
| 24 | <text x="110" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">50%</text> |
| 25 | <text x="110" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">25%</text> |
| 26 | <text x="110" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">0</text> |
| 27 | |
| 28 | |
| 29 | |
| 30 | <g id="bar-1"> |
| 31 | <rect x="160" y="495.2" width="80" height="64.8" fill="#E63946" /> |
| 32 | <text x="200" y="483" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">18%</text> |
| 33 | |
| 34 | <g transform="translate(189.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 35 | <path d="M0 0v11.408h11.408V0zm12.594 0v11.408H24V0zM0 12.594V24h11.408V12.594zm12.594 0V24H24V12.594z" /> |
| 36 | </g> |
| 37 | <text x="200" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">MSFT</text> |
| 38 | </g> |
| 39 | |
| 40 | <g id="bar-2"> |
| 41 | <rect x="280" y="502.4" width="80" height="57.6" fill="#E63946" /> |
| 42 | <text x="320" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">16%</text> |
| 43 | |
| 44 | <g transform="translate(309.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 45 | <path d="M6.915 4.03c-1.968 0-3.683 1.28-4.871 3.113C.704 9.208 0 11.883 0 14.449c0 .706.07 1.369.21 1.973a6.624 6.624 0 0 0 .265.86 5.297 5.297 0 0 0 .371.761c.696 1.159 1.818 1.927 3.593 1.927 1.497 0 2.633-.671 3.965-2.444.76-1.012 1.144-1.626 2.663-4.32l.756-1.339.186-.325c.061.1.121.196.183.3l2.152 3.595c.724 1.21 1.665 2.556 2.47 3.314 1.046.987 1.992 1.22 3.06 1.22 1.075 0 1.876-.355 2.455-.843a3.743 3.743 0 0 0 .81-.973c.542-.939.861-2.127.861-3.745 0-2.72-.681-5.357-2.084-7.45-1.282-1.912-2.957-2.93-4.716-2.93-1.047 0-2.088.467-3.053 1.308-.652.57-1.257 1.29-1.82 2.05-.69-.875-1.335-1.547-1.958-2.056-1.182-.966-2.315-1.303-3.454-1.303zm10.16 2.053c1.147 0 2.188.758 2.992 1.999 1.132 1.748 1.647 4.195 1.647 6.4 0 1.548-.368 2.9-1.839 2.9-.58 0-1.027-.23-1.664-1.004-.496-.601-1.343-1.878-2.832-4.358l-.617-1.028a44.908 44.908 0 0 0-1.255-1.98c.07-.109.141-.224.211-.327 1.12-1.667 2.118-2.602 3.358-2.602zm-10.201.553c1.265 0 2.058.791 2.675 1.446.307.327.737.871 1.234 1.579l-1.02 1.566c-.757 1.163-1.882 3.017-2.837 4.338-1.191 1.649-1.81 1.817-2.486 1.817-.524 0-1.038-.237-1.383-.794-.263-.426-.464-1.13-.464-2.046 0-2.221.63-4.535 1.66-6.088.454-.687.964-1.226 1.533-1.533a2.264 2.264 0 0 1 1.088-.285z" /> |
| 46 | </g> |
| 47 | <text x="320" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Meta</text> |
| 48 | </g> |
| 49 | |
| 50 | <g id="bar-3"> |
| 51 | <rect x="400" y="506" width="80" height="54" fill="#E63946" /> |
| 52 | <text x="440" y="494" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">15%</text> |
| 53 | |
| 54 | <g transform="translate(429.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 55 | <path d="M12.48 10.92v3.28h7.84c-.24 1.84-.853 3.187-1.787 4.133-1.147 1.147-2.933 2.4-6.053 2.4-4.827 0-8.6-3.893-8.6-8.72s3.773-8.72 8.6-8.72c2.6 0 4.507 1.027 5.907 2.347l2.307-2.307C18.747 1.44 16.133 0 12.48 0 5.867 0 .307 5.387.307 12s5.56 12 12.173 12c3.573 0 6.267-1.173 8.373-3.36 2.16-2.16 2.84-5.213 2.84-7.667 0-.76-.053-1.467-.173-2.053H12.48z" /> |
| 56 | </g> |
| 57 | <text x="440" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Google</text> |
| 58 | </g> |
| 59 | |
| 60 | <g id="bar-4"> |
| 61 | <rect x="520" y="520.4" width="80" height="39.6" fill="#F4A261" /> |
| 62 | <text x="560" y="508" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">11%</text> |
| 63 | |
| 64 | <g transform="translate(549.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 65 | <path d="M.045 18.02c.072-.116.187-.124.348-.022 3.636 2.11 7.594 3.166 11.87 3.166 2.852 0 5.668-.533 8.447-1.595l.315-.14c.138-.06.234-.1.293-.13.226-.088.39-.046.525.13.12.174.09.336-.12.48-.256.19-.6.41-1.006.654-1.244.743-2.64 1.316-4.185 1.726a17.617 17.617 0 01-10.951-.577 17.88 17.88 0 01-5.43-3.35c-.1-.074-.151-.15-.151-.22 0-.047.021-.09.051-.13zm6.565-6.218c0-1.005.247-1.863.743-2.577.495-.71 1.17-1.25 2.04-1.615.796-.335 1.756-.575 2.912-.72.39-.046 1.033-.103 1.92-.174v-.37c0-.93-.105-1.558-.3-1.875-.302-.43-.78-.65-1.44-.65h-.182c-.48.046-.896.196-1.246.46-.35.27-.575.63-.675 1.096-.06.3-.206.465-.435.51l-2.52-.315c-.248-.06-.372-.18-.372-.39 0-.046.007-.09.022-.15.247-1.29.855-2.25 1.82-2.88.976-.616 2.1-.975 3.39-1.05h.54c1.65 0 2.957.434 3.888 1.29.135.15.27.3.405.48.12.165.224.314.283.45.075.134.15.33.195.57.06.254.105.42.135.51.03.104.062.3.076.615.01.313.02.493.02.553v5.28c0 .376.06.72.165 1.036.105.313.21.54.315.674l.51.674c.09.136.136.256.136.36 0 .12-.06.226-.18.314-1.2 1.05-1.86 1.62-1.963 1.71-.165.135-.375.15-.63.045a6.062 6.062 0 01-.526-.496l-.31-.347a9.391 9.391 0 01-.317-.42l-.3-.435c-.81.886-1.603 1.44-2.4 1.665-.494.15-1.093.227-1.83.227-1.11 0-2.04-.343-2.76-1.034-.72-.69-1.08-1.665-1.08-2.94l-.05-.076zm3.753-.438c0 .566.14 1.02.425 1.364.285.34.675.512 1.155.512.045 0 .106-.007.195-.02.09-.016.134-.023.166-.023.614-.16 1.08-.553 1.424-1.178.165-.28.285-.58.36-.91.09-.32.12-.59.135-.8.015-.195.015-.54.015-1.005v-.54c-.84 0-1.484.06-1.92.18-1.275.36-1.92 1.17-1.92 2.43l-.035-.02zm9.162 7.027c.03-.06.075-.11.132-.17.362-.243.714-.41 1.05-.5a8.094 8.094 0 011.612-.24c.14-.012.28 0 .41.03.65.06 1.05.168 1.172.33.063.09.099.228.099.39v.15c0 .51-.149 1.11-.424 1.8-.278.69-.664 1.248-1.156 1.68-.073.06-.14.09-.197.09-.03 0-.06 0-.09-.012-.09-.044-.107-.12-.064-.24.54-1.26.806-2.143.806-2.64 0-.15-.03-.27-.087-.344-.145-.166-.55-.257-1.224-.257-.243 0-.533.016-.87.046-.363.045-.7.09-1 .135-.09 0-.148-.014-.18-.044-.03-.03-.036-.047-.02-.077 0-.017.006-.03.02-.063v-.06z" /> |
| 66 | </g> |
| 67 | <text x="560" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Amazon</text> |
| 68 | </g> |
| 69 | |
| 70 | <g id="bar-5"> |
| 71 | <rect x="640" y="513.2" width="80" height="46.8" fill="#F4A261" /> |
| 72 | <text x="680" y="501" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">13%</text> |
| 73 | |
| 74 | <g transform="translate(669.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 75 | <path d="M22.2819 9.8211a5.9847 5.9847 0 0 0-.5157-4.9108 6.0462 6.0462 0 0 0-6.5098-2.9A6.0651 6.0651 0 0 0 4.9807 4.1818a5.9847 5.9847 0 0 0-3.9977 2.9 6.0462 6.0462 0 0 0 .7427 7.0966 5.98 5.98 0 0 0 .511 4.9107 6.051 6.051 0 0 0 6.5146 2.9001A5.9847 5.9847 0 0 0 13.2599 24a6.0557 6.0557 0 0 0 5.7718-4.2058 5.9894 5.9894 0 0 0 3.9977-2.9001 6.0557 6.0557 0 0 0-.7475-7.0729zm-9.022 12.6081a4.4755 4.4755 0 0 1-2.8764-1.0408l.1419-.0804 4.7783-2.7582a.7948.7948 0 0 0 .3927-.6813v-6.7369l2.02 1.1686a.071.071 0 0 1 .038.052v5.5826a4.504 4.504 0 0 1-4.4945 4.4944zm-9.6607-4.1254a4.4708 4.4708 0 0 1-.5346-3.0137l.142.0852 4.783 2.7582a.7712.7712 0 0 0 .7806 0l5.8428-3.3685v2.3324a.0804.0804 0 0 1-.0332.0615L9.74 19.9502a4.4992 4.4992 0 0 1-6.1408-1.6464zM2.3408 7.8956a4.485 4.485 0 0 1 2.3655-1.9728V11.6a.7664.7664 0 0 0 .3879.6765l5.8144 3.3543-2.0201 1.1685a.0757.0757 0 0 1-.071 0l-4.8303-2.7865A4.504 4.504 0 0 1 2.3408 7.872zm16.5963 3.8558L13.1038 8.364 15.1192 7.2a.0757.0757 0 0 1 .071 0l4.8303 2.7913a4.4944 4.4944 0 0 1-.6765 8.1042v-5.6772a.79.79 0 0 0-.407-.667zm2.0107-3.0231l-.142-.0852-4.7735-2.7818a.7759.7759 0 0 0-.7854 0L9.409 9.2297V6.8974a.0662.0662 0 0 1 .0284-.0615l4.8303-2.7866a4.4992 4.4992 0 0 1 6.6802 4.66zM8.3065 12.863l-2.02-1.1638a.0804.0804 0 0 1-.038-.0567V6.0742a4.4992 4.4992 0 0 1 7.3757-3.4537l-.142.0805L8.704 5.459a.7948.7948 0 0 0-.3927.6813zm1.0976-2.3654l2.602-1.4998 2.6069 1.4998v2.9994l-2.5974 1.4997-2.6067-1.4997Z" /> |
| 76 | </g> |
| 77 | <text x="680" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">OpenAI</text> |
| 78 | </g> |
| 79 | |
| 80 | <g id="bar-6"> |
| 81 | <rect x="760" y="516.8" width="80" height="43.2" fill="#F4A261" /> |
| 82 | <text x="800" y="504" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">12%</text> |
| 83 | <text x="800" y="595" text-anchor="middle" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#E8E6E1">CoreWeave</text> |
| 84 | <text x="800" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">+ Oracle</text> |
| 85 | </g> |
| 86 | |
| 87 | <g id="cumulative-line"> |
| 88 | <polyline points="200,496 320,438 440,384 560,344 680,297 800,254" fill="none" stroke="#E8E6E1" stroke-width="2.5" /> |
| 89 | <circle cx="200" cy="496" r="5" fill="#E8E6E1" /> |
| 90 | <circle cx="320" cy="438" r="5" fill="#E8E6E1" /> |
| 91 | <circle cx="440" cy="384" r="5" fill="#E8E6E1" /> |
| 92 | <circle cx="560" cy="344" r="5" fill="#E8E6E1" /> |
| 93 | <circle cx="680" cy="297" r="5" fill="#E8E6E1" /> |
| 94 | <circle cx="800" cy="254" r="6" fill="#E63946" stroke="#E8E6E1" stroke-width="2" /> |
| 95 | |
| 96 | <text x="213" y="500" font-family="Cambria, serif" font-size="10" fill="#8A857E">18%</text> |
| 97 | <text x="333" y="442" font-family="Cambria, serif" font-size="10" fill="#8A857E">34%</text> |
| 98 | <text x="453" y="388" font-family="Cambria, serif" font-size="10" fill="#8A857E">49%</text> |
| 99 | <text x="573" y="348" font-family="Cambria, serif" font-size="10" fill="#8A857E">60%</text> |
| 100 | <text x="693" y="301" font-family="Cambria, serif" font-size="10" fill="#8A857E">73%</text> |
| 101 | <text x="815" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">85%</text> |
| 102 | </g> |
| 103 | </g> |
| 104 | |
| 105 | <g id="callout-right"> |
| 106 | <line x1="950" y1="180" x2="950" y2="620" stroke="#2A2F36" stroke-width="1" /> |
| 107 | |
| 108 | <text x="970" y="210" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">CONCENTRATION RISK</text> |
| 109 | |
| 110 | <text x="970" y="270" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">85%</text> |
| 111 | <text x="970" y="298" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 收入来自 6 个客户</text> |
| 112 | |
| 113 | <line x1="970" y1="330" x2="1200" y2="330" stroke="#2A2F36" stroke-width="1" /> |
| 114 | |
| 115 | <text x="970" y="370" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">前 4 名 = 60%</text> |
| 116 | <text x="970" y="395" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">MSFT + Meta + Google + Amazon</text> |
| 117 | |
| 118 | <line x1="970" y1="420" x2="1200" y2="420" stroke="#2A2F36" stroke-width="1" /> |
| 119 | |
| 120 | <text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="970" y="466">任一家 hyperscaler 砍 capex</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="970" y="490">→ 级联打击 Nvidia 财报</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="970" y="514">→ 全 AI 供应链承压</text><line x1="970" y1="570" x2="1200" y2="570" stroke="#E63946" stroke-width="1" /> |
| 121 | <text x="970" y="598" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"Binary risk — by design."</text> |
| 122 | </g> |
| 123 | |
| 124 | <g id="page-footer"> |
| 125 | <line x1="60" y1="650" x2="1220" y2="650" stroke="#2A2F36" stroke-width="1" /> |
| 126 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Nvidia 10-Q · Seeking Alpha · KuCoin · 估算口径以官方披露为准</text> |
| 127 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">15 / 20</text> |
| 128 | </g> |
| 129 | </svg> |