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| 17 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 17</text> |
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| 22 | <text x="60" y="280" font-family="Cambria, serif" font-size="180" font-weight="bold" fill="#E63946" opacity="0.85">VI.</text> |
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| 26 | <text x="60" y="420" font-family="Cambria, "Microsoft YaHei", serif" font-size="64" font-weight="bold" fill="#E8E6E1">泡沫</text> |
| 27 | <text x="200" y="420" font-family="Cambria, serif" font-size="32" font-style="italic" fill="#C9C5BE">/ The Bubble Question</text> |
| 28 | <text x="60" y="468" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" fill="#C9C5BE">资本与商业现实的剪刀差</text> |
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| 33 | <text x="60" y="550" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E"> |
| 34 | <tspan x="60" dy="0">Hyperscaler capex <tspan fill="#E63946" font-weight="bold">$400B</tspan> · 企业 AI 收入仅 <tspan fill="#E63946" font-weight="bold">$100B</tspan></tspan> |
| 35 | <tspan x="60" dy="24">增速差距 <tspan fill="#E63946" font-weight="bold">46 个百分点</tspan> · 2001 电信泡沫期为 32%</tspan> |
| 36 | <tspan x="60" dy="24">MIT 研究：<tspan fill="#E63946" font-weight="bold">95%</tspan> 生成式 AI 试点未产生商业价值</tspan> |
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| 42 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · Part VI opens at P17</text> |
| 43 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">17 / 20</text> |
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