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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> |
| 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">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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| 12 | |
| 13 | <g id="chartArea"> |
| 14 | <line x1="180" y1="200" x2="850" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 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"/> |
| 27 | <line x1="180" y1="560" x2="850" y2="560" stroke="#5C5852" stroke-width="1"/> |
| 28 | <!-- chart-plot-area: 180,200,850,560 --> |
| 29 | |
| 30 | <g id="bar-amazon"> |
| 31 | <rect x="240" y="200" width="100" height="360" fill="#E63946"/> |
| 32 | <text x="290" y="185" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$200B</text> |
| 33 | <use data-icon="simple-icons/amazon" x="278" y="572" width="24" height="24" fill="#C9C5BE"/> |
| 34 | <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> |
| 35 | </g> |
| 36 | |
| 37 | <g id="bar-msft"> |
| 38 | <rect x="395" y="218" width="100" height="342" fill="#C9C5BE"/> |
| 39 | <text x="445" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text> |
| 40 | <use data-icon="simple-icons/microsoft" x="433" y="572" width="24" height="24" fill="#C9C5BE"/> |
| 41 | <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> |
| 42 | </g> |
| 43 | |
| 44 | <g id="bar-google"> |
| 45 | <rect x="550" y="218" width="100" height="342" fill="#C9C5BE"/> |
| 46 | <text x="600" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text> |
| 47 | <use data-icon="simple-icons/google" x="588" y="572" width="24" height="24" fill="#C9C5BE"/> |
| 48 | <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> |
| 49 | </g> |
| 50 | |
| 51 | <g id="bar-meta"> |
| 52 | <rect x="705" y="299" width="100" height="261" fill="#8A857E"/> |
| 53 | <text x="755" y="284" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$145B+</text> |
| 54 | <use data-icon="simple-icons/meta" x="743" y="572" width="24" height="24" fill="#C9C5BE"/> |
| 55 | <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> |
| 56 | </g> |
| 57 | </g> |
| 58 | |
| 59 | <g id="callout-right"> |
| 60 | <line x1="900" y1="190" x2="900" y2="600" stroke="#2A2F36" stroke-width="1"/> |
| 61 | |
| 62 | <text x="920" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">KEY OBSERVATION</text> |
| 63 | |
| 64 | <text x="920" y="280" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$725B</text> |
| 65 | <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> |
| 66 | |
| 67 | <line x1="920" y1="340" x2="1160" y2="340" stroke="#2A2F36" stroke-width="1"/> |
| 68 | |
| 69 | <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> |
| 70 | |
| 71 | <text x="920" y="420" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#C9C5BE"> |
| 72 | <tspan x="920" dy="0"><tspan fill="#E63946" font-weight="bold">60%+</tspan> 资本流向电力基础设</tspan> |
| 73 | <tspan x="920" dy="22">施、冷却、土建——而不是</tspan> |
| 74 | <tspan x="920" dy="22">芯片本身。</tspan> |
| 75 | </text> |
| 76 | |
| 77 | <text x="920" y="510" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#C9C5BE"> |
| 78 | <tspan x="920" dy="0">下一道护城河不是算力，</tspan> |
| 79 | <tspan x="920" dy="22">是 <tspan fill="#E63946" font-weight="bold">GW 级供电</tspan>。</tspan> |
| 80 | </text> |
| 81 | |
| 82 | <text x="920" y="595" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Tom's Hardware / Statista, 2026 outlook</text> |
| 83 | </g> |
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| 86 | <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/> |
| 87 | <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> |
| 88 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">05 / 20</text> |
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