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| 15 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 14</text> |
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| 17 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">钱怎么转：Nvidia 的<tspan fill="#E63946">圆形投资</tspan></text> |
| 18 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">$40B equity out → AI labs → multi-year compute commitments back to Nvidia</text> |
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| 22 | <text x="140" y="195" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">SOURCE</text> |
| 23 | <text x="640" y="195" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">RECIPIENT</text> |
| 24 | <text x="1140" y="195" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">RETURN FLOW</text> |
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| 31 | <text x="140" y="380" text-anchor="middle" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">Nvidia</text> |
| 32 | <text x="140" y="420" text-anchor="middle" font-family="Cambria, serif" font-size="44" font-weight="bold" fill="#E8E6E1">$40B+</text> |
| 33 | <text x="140" y="450" text-anchor="middle" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="12" fill="#E8E6E1" opacity="0.85">equity invested</text> |
| 34 | <text x="140" y="475" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E8E6E1" opacity="0.7">YTD 2026</text> |
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| 40 | <path d="M 220,378 C 350,378 410,396 540,396" fill="none" stroke="#E63946" stroke-opacity="0.42" stroke-width="10"/> |
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| 48 | <path d="M 740,396 C 870,396 950,378 1080,378" fill="none" stroke="#F4A261" stroke-opacity="0.42" stroke-width="10"/> |
| 49 | <path d="M 740,466 C 870,466 950,392 1080,392" fill="none" stroke="#F4A261" stroke-opacity="0.36" stroke-width="7"/> |
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| 56 | <text x="600" y="262" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">OpenAI</text> |
| 57 | <text x="730" y="262" text-anchor="end" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#0E1116">$30B</text> |
| 58 | |
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| 60 | <text x="560" y="332" font-family="Cambria, "Microsoft YaHei", serif" font-size="15" font-weight="bold" fill="#0E1116">xAI</text> |
| 61 | <text x="730" y="332" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$3B</text> |
| 62 | |
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| 64 | <text x="560" y="402" font-family="Cambria, "Microsoft YaHei", serif" font-size="15" font-weight="bold" fill="#0E1116">Anthropic</text> |
| 65 | <text x="730" y="402" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$2B</text> |
| 66 | |
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| 68 | <text x="560" y="472" font-family="Cambria, "Microsoft YaHei", serif" font-size="15" font-weight="bold" fill="#0E1116">Mistral</text> |
| 69 | <text x="730" y="472" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$1B</text> |
| 70 | |
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| 72 | <text x="560" y="542" font-family="Cambria, serif" font-size="15" font-weight="bold" fill="#0E1116">CoreWeave + 其他</text> |
| 73 | <text x="730" y="542" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$4B</text> |
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| 78 | <text x="1160" y="270" text-anchor="middle" font-family="Cambria, "Microsoft YaHei", serif" font-size="16" font-weight="bold" fill="#E8E6E1">芯片采购</text> |
| 79 | <text x="1160" y="294" text-anchor="middle" font-family="Cambria, serif" font-size="12" fill="#E8E6E1" opacity="0.85">multi-year compute</text> |
| 80 | <text x="1160" y="312" text-anchor="middle" font-family="Cambria, serif" font-size="12" fill="#E8E6E1" opacity="0.85">commitments</text> |
| 81 | |
| 82 | <text x="1160" y="380" text-anchor="middle" font-family="Cambria, serif" font-size="36" font-weight="bold" fill="#E8E6E1">$100B+</text> |
| 83 | <text x="1160" y="410" text-anchor="middle" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="12" fill="#E8E6E1" opacity="0.85">implied return</text> |
| 84 | |
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| 86 | |
| 87 | <text x="1160" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">10GW (OpenAI)</text> |
| 88 | <text x="1160" y="512" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">+ multi-cluster GPU</text> |
| 89 | <text x="1160" y="534" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">deployment</text> |
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| 94 | <text x="60" y="636" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">WEDBUSH</text> |
| 95 | <text x="60" y="664" font-family="Cambria, "Microsoft YaHei", serif" font-size="16" font-style="italic" fill="#E8E6E1">"It fits <tspan fill="#E63946" font-weight="bold">squarely into the circular investment theme</tspan> that's been driving fears around the market's durability."</text> |
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| 97 | |
| 98 | <g id="page-footer"> |
| 99 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: CNBC · The Decoder · NVIDIA newsroom · Bloomberg AI Circular Deals visualization</text> |
| 100 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">14 / 20</text> |
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