{
 "generated": "2026-11-02",
 "node": {
  "id": "map:compute-industry",
  "type": "Map",
  "name": "AI 算力产业链",
  "slug": "compute-industry",
  "map_kind": "structure",
  "page": "/graph/e/map/compute-industry/",
  "h1": "AI 算力产业链",
  "scope": "这张图追的不是\"这周哪家公司融了多少钱\"，而是钱花在了产业链的哪一环、那一环现在是谁在领跑。范围：芯片设计 → 代工/先进封装 → HBM/内存 → 网络互联 → 数据中心建造与运营 → 电力/冷却 → 太空数据中心（地面之外的另一条路线）→ 支撑这一切的融资结构。数字变化很快，标注单位/日期，务必核对信源日期再引用。",
  "methodology": "入选门槛——公司层面的事实（营收、融资、产能、合同规模）优先采信公司官方公告/财报/SEC文件，其次是具名可信媒体（Reuters/Bloomberg/CNBC/SemiAnalysis/The Information）交叉印证；分析师预测/传闻类信息明确标注（灰色 conflow 标记），不与已确认事实混同。数字类声明尽量核对到具体日期与单位——这一行业数字变化极快，同一家公司在不同月份的资本开支指引可能相差巨大。鉴于这是当前AI行业变化最快的层面之一，建议保持至少月度复核频率。",
  "overview": "八层大致按\"造芯→连网→建楼→通电→找钱\"的顺序排布；太空数据中心是数据中心这一层之外的平行路线，不是替代关系；融资结构横向支撑其余七层，不是链条末端。",
  "overview_caption": "八层里，02代工封装与03HBM是当前公认的硬瓶颈；08融资结构是2026年新出现的横向风险层",
  "badges": [
   "最后更新 2026-08-26",
   "当前版本 v1",
   "下次复核 ~2026-09"
  ],
  "version": 6,
  "first_published": "2026-08-26",
  "last_updated": "2026-09-04",
  "next_review": "~2026-09",
  "summary": "AI 算力产业链的持续更新结构图：从芯片设计、代工/先进封装、HBM/内存，到网络互联、数据中心建造与运营、电力/冷却、太空数据中心，再到支撑这一切的债务/股权融资结构——AI 算力从设计图纸到点亮机架的完整链条，标注每层当前的瓶颈与领跑者。",
  "tags": [
   "landscape",
   "compute",
   "chips",
   "datacenter",
   "space-datacenter",
   "financing"
  ],
  "version_log": [
   {
    "v": 1,
    "date": "2026-08-26",
    "summary": "首次建立：覆盖8层（芯片设计/代工封装/HBM内存/网络互联/数据中心建造运营/电力冷却/太空数据中心/融资结构），基于5路并行研究汇总，约45个玩家条目"
   },
   {
    "v": 2,
    "date": "2026-08-26",
    "summary": "补充EP.98/99窗口内结构性变化：NVIDIA×SB Energy电厂交易、TerraPower核电路线、Marvell×Google芯片股权、Amazon-OpenAI云协议、Groq转型neocloud；新增模型厂商财报对照节点"
   },
   {
    "v": 3,
    "date": "2026-08-26",
    "summary": "据EP.100故事线A补充：NVIDIA反收购Poolside（60亿授权+10亿投资并入Nemotron），与Groq案例同属一套非并购换人才打法"
   },
   {
    "v": 4,
    "date": "2026-09-04",
    "summary": "据EP.101故事线A补充：新增NVIDIA投资联发科35亿美元节点，防御性资本布局从买人才扩展到买现成盟友"
   },
   {
    "v": 5,
    "date": "2026-09-04",
    "summary": "补全电力/冷却层：新增SLB收购Kelvion节点（一手信源核实41亿美元总对价），新增卖铲人变全栈整合商/PE机构双重获利两条趋势"
   },
   {
    "v": 6,
    "date": "2026-09-04",
    "summary": "据EP.101故事线A补充：新增NVIDIA洽购Hugging Face节点（谈判中，或达140亿美元，conflow未最终敲定），目前该防御性布局系列里金额最大的一笔"
   }
  ],
  "changelog": [
   {
    "date": "2026-08-26",
    "version": "v1",
    "text": "首次建立：覆盖8个分层（芯片设计/代工封装/HBM内存/网络互联/数据中心建造运营/电力冷却/太空数据中心/融资结构），基于5路并行研究（芯片+代工；HBM+网络；数据中心+电力；太空+融资；此前已发布的Agent相关图谱经验复用同一方法论）汇总整理，约45个玩家条目，每条尽量交叉核实至少一个信源。"
   },
   {
    "date": "2026-08-26",
    "version": "v2",
    "text": "补充 EP.98/EP.99 窗口内（08-07~08-21）构成结构性变化的条目：NVIDIA×SB Energy天然气电厂+独家供电权、TerraPower核电路线、Marvell×Google芯片股权交易、Amazon对OpenAI 500亿美元投资/AWS独家云、Groq彻底放弃自研LPU转型neocloud；新增\"模型厂商财报\"节点，横向对照百度/阿里/智谱/Anthropic/OpenAI/DeepSeek/MiniMax的收入-资本开支-融资读数。"
   },
   {
    "date": "2026-08-26",
    "version": "v3",
    "text": "据 EP.100 故事线A 补充：NVIDIA反收购Poolside（60亿授权+10亿投资，109名工程师并入Nemotron，目标对抗DeepSeek/Kimi K3）——交易结构与Groq案例同源，同属\"非并购换人才\"打法。"
   },
   {
    "date": "2026-09-04",
    "version": "v4",
    "text": "据 EP.101 故事线A 补充：新增NVIDIA投资联发科35亿美元节点——防御性资本布局从\"买人才\"（Groq/Poolside）扩展到\"买现成盟友\"（入股成熟芯片设计公司），应对大厂自研芯片浪潮。"
   },
   {
    "date": "2026-09-04",
    "version": "v5",
    "text": "补全电力/冷却层：新增SLB收购Kelvion节点（41亿美元总对价，一手信源核实SLB自身Data Center Solutions业务已90%+复合增长率、非首次跨界），新增两条趋势——\"卖铲人变全栈整合商\"、\"PE机构在AI基建里同时放贷和卖方套现\"。"
   },
   {
    "date": "2026-09-04",
    "version": "v6",
    "text": "据 EP.101 故事线A 补充：新增NVIDIA洽购Hugging Face节点（谈判中，或达140亿美元，标记conflow未最终敲定）——防御性布局从\"买人才/买盟友\"进一步扩展到\"买开放模型分发入口本身\"，是目前该布局系列里金额最大的一笔。"
   }
  ],
  "tech_legend": {},
  "n_layers": 8,
  "n_rows": 52,
  "degree": 0
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