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18_capex_vs_revenue.svg
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15 <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 18</text>
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17 <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">资本与营收的鸿沟：<tspan fill="#E63946">$725B</tspan> 投入 vs <tspan fill="#E63946">$100B</tspan> 营收</text>
18 <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Hyperscaler capex (LHS, $B) vs Global Enterprise AI revenue (RHS, $B), 2020–2026</text>
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31 <text x="130" y="225" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$800B</text>
32 <text x="130" y="310" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$600B</text>
33 <text x="130" y="395" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$400B</text>
34 <text x="130" y="480" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$200B</text>
35 <text x="130" y="565" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$0</text>
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37 <text x="1150" y="225" font-family="Cambria, serif" font-size="11" fill="#52B788">$160B</text>
38 <text x="1150" y="305" font-family="Cambria, serif" font-size="11" fill="#52B788">$120B</text>
39 <text x="1150" y="385" font-family="Cambria, serif" font-size="11" fill="#52B788">$80B</text>
40 <text x="1150" y="465" font-family="Cambria, serif" font-size="11" fill="#52B788">$40B</text>
41 <text x="1150" y="565" font-family="Cambria, serif" font-size="11" fill="#52B788">$0</text>
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43 <text x="180" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2020</text>
44 <text x="338" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2021</text>
45 <text x="496" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2022</text>
46 <text x="654" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2023</text>
47 <text x="812" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2024</text>
48 <text x="970" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2025</text>
49 <text x="1128" y="590" font-family="Cambria, serif" font-size="12" fill="#E63946" font-weight="bold" text-anchor="middle">2026</text>
50
51
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73 <text x="1108" y="240" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946" text-anchor="end">$725B</text>
74 <text x="1108" y="318" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#52B788" text-anchor="end">~$100B</text>
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88 <text x="182" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Hyperscaler Capex (左轴 LHS, $B)</text>
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92 <text x="542" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Enterprise AI Revenue (右轴 RHS, $B)</text>
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94 <text x="900" y="635" font-family="Cambria, serif" font-size="13" fill="#E63946" font-weight="bold">差距 +46pt</text>
95 <text x="1010" y="635" font-family="Cambria, serif" font-size="13" fill="#8A857E">vs 2001 电信泡沫期 +32pt</text>
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100 <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Goldman Sachs · Allianz Economic Research · KuCoin · Tom's Hardware · revenue 估算口径以行业披露为准</text>
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