01 / 20cover
02 / 20editor note
03 / 20contents
04 / 20q1 vc landscape
05 / 20hyperscaler capex
06 / 20big three valuation leap
07 / 20valuation vs revenue bubble
08 / 20openai investor donut
09 / 20big three comparison
10 / 20china five ranking
11 / 20us china dual track
12 / 20second tier
13 / 20chapter nvidia
14 / 20nvidia sankey
15 / 20nvidia pareto
16 / 20stargate hub
17 / 20chapter bubble
18 / 20capex vs revenue
19 / 20four risks quadrant
20 / 20closing