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| 8 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 15</text> |
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| 10 | <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> |
| 11 | <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> |
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| 18 | <line x1="120" y1="200" x2="900" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 19 | <line x1="120" y1="290" x2="900" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 20 | <line x1="120" y1="380" x2="900" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 21 | <line x1="120" y1="470" x2="900" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" /> |
| 22 | |
| 23 | <text x="110" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">100%</text> |
| 24 | <text x="110" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">75%</text> |
| 25 | <text x="110" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">50%</text> |
| 26 | <text x="110" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">25%</text> |
| 27 | <text x="110" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">0</text> |
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| 29 | |
| 30 | |
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| 33 | <text x="200" y="483" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">18%</text> |
| 34 | <use data-icon="simple-icons/microsoft" x="189" y="575" width="22" height="22" fill="#E8E6E1" /> |
| 35 | <text x="200" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">MSFT</text> |
| 36 | </g> |
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| 39 | <rect x="280" y="502.4" width="80" height="57.6" fill="#E63946" /> |
| 40 | <text x="320" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">16%</text> |
| 41 | <use data-icon="simple-icons/meta" x="309" y="575" width="22" height="22" fill="#E8E6E1" /> |
| 42 | <text x="320" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Meta</text> |
| 43 | </g> |
| 44 | |
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| 46 | <rect x="400" y="506" width="80" height="54" fill="#E63946" /> |
| 47 | <text x="440" y="494" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">15%</text> |
| 48 | <use data-icon="simple-icons/google" x="429" y="575" width="22" height="22" fill="#E8E6E1" /> |
| 49 | <text x="440" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Google</text> |
| 50 | </g> |
| 51 | |
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| 53 | <rect x="520" y="520.4" width="80" height="39.6" fill="#F4A261" /> |
| 54 | <text x="560" y="508" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">11%</text> |
| 55 | <use data-icon="simple-icons/amazon" x="549" y="575" width="22" height="22" fill="#E8E6E1" /> |
| 56 | <text x="560" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Amazon</text> |
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| 60 | <rect x="640" y="513.2" width="80" height="46.8" fill="#F4A261" /> |
| 61 | <text x="680" y="501" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">13%</text> |
| 62 | <use data-icon="simple-icons/openai" x="669" y="575" width="22" height="22" fill="#E8E6E1" /> |
| 63 | <text x="680" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">OpenAI</text> |
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| 65 | |
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| 67 | <rect x="760" y="516.8" width="80" height="43.2" fill="#F4A261" /> |
| 68 | <text x="800" y="504" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">12%</text> |
| 69 | <text x="800" y="595" text-anchor="middle" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#E8E6E1">CoreWeave</text> |
| 70 | <text x="800" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">+ Oracle</text> |
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| 82 | <text x="213" y="500" font-family="Cambria, serif" font-size="10" fill="#8A857E">18%</text> |
| 83 | <text x="333" y="442" font-family="Cambria, serif" font-size="10" fill="#8A857E">34%</text> |
| 84 | <text x="453" y="388" font-family="Cambria, serif" font-size="10" fill="#8A857E">49%</text> |
| 85 | <text x="573" y="348" font-family="Cambria, serif" font-size="10" fill="#8A857E">60%</text> |
| 86 | <text x="693" y="301" font-family="Cambria, serif" font-size="10" fill="#8A857E">73%</text> |
| 87 | <text x="815" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">85%</text> |
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| 93 | |
| 94 | <text x="970" y="210" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">CONCENTRATION RISK</text> |
| 95 | |
| 96 | <text x="970" y="270" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">85%</text> |
| 97 | <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> |
| 98 | |
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| 100 | |
| 101 | <text x="970" y="370" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">前 4 名 = 60%</text> |
| 102 | <text x="970" y="395" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">MSFT + Meta + Google + Amazon</text> |
| 103 | |
| 104 | <line x1="970" y1="420" x2="1200" y2="420" stroke="#2A2F36" stroke-width="1" /> |
| 105 | |
| 106 | <text x="970" y="466" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#C9C5BE"> |
| 107 | <tspan x="970" dy="0">任一家 hyperscaler 砍 capex</tspan> |
| 108 | <tspan x="970" dy="24">→ 级联打击 Nvidia 财报</tspan> |
| 109 | <tspan x="970" dy="24">→ 全 AI 供应链承压</tspan> |
| 110 | </text> |
| 111 | |
| 112 | <line x1="970" y1="570" x2="1200" y2="570" stroke="#E63946" stroke-width="1" /> |
| 113 | <text x="970" y="598" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"Binary risk — by design."</text> |
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| 118 | <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> |
| 119 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">15 / 20</text> |
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