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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PROLOGUE · 02</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">编辑导语 / Editor's Note</text> |
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| 17 | <text x="160" y="240" font-family="Cambria, "Microsoft YaHei", serif" font-size="30" font-weight="bold" fill="#E8E6E1">三组数字，足以定义 2026 年的 AI 资本格局。</text> |
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| 21 | <text x="60" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$297B</text> |
| 22 | <text x="60" y="380" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">单季全球 VC 总额 · AI 占 <tspan fill="#E8E6E1" font-weight="bold">81%</tspan></text> |
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| 27 | <text x="450" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$188B</text> |
| 28 | <text x="450" y="380" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">四笔交易合计 · 占全季 VC <tspan fill="#E8E6E1" font-weight="bold">65%</tspan></text> |
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| 33 | <text x="840" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">+46pt</text> |
| 34 | <text x="840" y="380" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">Capex 与 AI 收入增速差距 · 已超 <tspan fill="#E8E6E1" font-weight="bold">2001 电信泡沫</tspan></text> |
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| 39 | <text x="60" y="470" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" fill="#C9C5BE"> |
| 40 | <tspan x="60" dy="0">这一期，我们用 18 张数据图，回答一个问题：</tspan> |
| 41 | <tspan x="60" dy="28">当全球风险资本以前所未有的集中度涌入 AI，<tspan fill="#E8E6E1" font-weight="bold">这究竟是基建周期的开端，还是泡沫膨胀的中段？</tspan></tspan> |
| 42 | <tspan x="60" dy="28">不要急着下结论。我们先把六个维度的数字铺开。</tspan> |
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| 48 | <text x="60" y="644" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">— Editorial Desk, 2026-05-16</text> |
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| 52 | <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/> |
| 53 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · 2026 Industry Briefing</text> |
| 54 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">02 / 20</text> |
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