{
  "meta": {
    "title": "AI 資本網路延伸研究：事件、因果機制與價值反應",
    "publisher": "VolPred Capital",
    "data_cutoff": "2026-08-11",
    "generated": "2026-08-12",
    "method_note": "公告窗與 QQQ 調整報酬為描述性事件研究；私人估值為離散價值錨，不等同連續可交易股價。"
  },
  "stats": {
    "events": 47,
    "public_observations": 20,
    "private_anchors": 21,
    "extended_edges": 71,
    "new_sources": 49,
    "original_sources": 49,
    "median_adj_d1_pct": 1.0392776872312828,
    "median_adj_d5_pct": 1.843121558142524,
    "positive_adj_d1_share": 0.7,
    "valid_d5": 17,
    "grade_counts": {
      "D": 29,
      "B": 10,
      "C": 7,
      "A": 1
    },
    "mechanism_counts": {
      "股權／策略資本": 19,
      "算力採購／基礎建設": 17,
      "債務／流動性／槓桿": 4,
      "公共資本／供給擴張": 3,
      "商業／治理／平台關係": 3,
      "研究治理／公共品": 1
    },
    "year_counts": {
      "2019": 1,
      "2023": 4,
      "2024": 6,
      "2025": 24,
      "2026": 12
    },
    "max_public_d1": {
      "event_id": "P11",
      "edges": "E010,E011",
      "event_date": "2025-10-06",
      "security": "AMD",
      "ticker": "AMD",
      "role": "晶片供應商／權證發行人",
      "event": "OpenAI 與 AMD 簽 6GW GPU 協議；AMD 給予最高 1.6 億股里程碑權證",
      "pre_date": "2025-10-03",
      "d1_date": "2025-10-07",
      "d5_date": "2025-10-13",
      "pre": 164.67,
      "d1": 211.51,
      "d5": 216.42,
      "bpre": 600.98,
      "bd1": 602.31,
      "bd5": 599.82,
      "benchmark": "QQQ",
      "grade": "A",
      "confounders": "事件特定且經濟重大，但權證稀釋與實際採購金額仍取決於里程碑",
      "price_source": "M21/M22",
      "raw_d1_pct": 28.44476832452785,
      "bench_d1_pct": 0.2213052015042071,
      "adj_d1_pct": 28.22346312302364,
      "raw_d5_pct": 31.42648934232102,
      "bench_d5_pct": -0.1930180704848738,
      "adj_d5_pct": 31.61950741280589
    },
    "min_public_d1": {
      "event_id": "P07",
      "edges": "E063",
      "event_date": "2025-02-24",
      "security": "Alibaba ADR",
      "ticker": "BABA",
      "role": "內部資本支出主體",
      "event": "Alibaba 宣布三年投入至少 RMB380B 於 AI／雲端基礎建設",
      "pre_date": "2025-02-21",
      "d1_date": "2025-02-25",
      "d5_date": "2025-03-03",
      "pre": 143.75,
      "d1": 134.01,
      "d5": 130.81,
      "bpre": 522.19,
      "bd1": 509.52,
      "bd5": 493.37,
      "benchmark": "QQQ",
      "grade": "B",
      "confounders": "中國科技股情緒、匯率與政策因素；市場同時擔憂資本支出與自由現金流",
      "price_source": "M13/M14",
      "raw_d1_pct": -6.775652173913049,
      "bench_d1_pct": -2.426319921867537,
      "adj_d1_pct": -4.349332252045512,
      "raw_d5_pct": -9.001739130434782,
      "bench_d5_pct": -5.519063942243252,
      "adj_d5_pct": -3.4826751881915303
    },
    "latest_private": [
      {
        "company": "Anthropic",
        "date": "2026-05-28",
        "value_usd_b": 965.0,
        "value_original": "US$965B",
        "basis": "融資後估值",
        "status": "closed",
        "evidence": "第一方／Reuters",
        "source_id": "S24",
        "note": "US$65B Series H；報告 edge table 已去重先前 US$15B 承諾",
        "prev_value_usd_b": 380.0,
        "step_up_pct": 153.9473684210526
      },
      {
        "company": "OpenAI",
        "date": "2026-03-31",
        "value_usd_b": 852.0,
        "value_original": "US$852B",
        "basis": "融資後估值",
        "status": "committed",
        "evidence": "第一方公告",
        "source_id": "S06",
        "note": "US$122B committed capital；非等同已全數入帳",
        "prev_value_usd_b": 500.0,
        "step_up_pct": 70.39999999999999
      },
      {
        "company": "xAI",
        "date": "2026-02-02",
        "value_usd_b": 250.0,
        "value_original": "US$250B",
        "basis": "併購交換比率隱含價值",
        "status": "acquired",
        "evidence": "Reuters／知情人士",
        "source_id": "V09",
        "note": "SpaceX 全股票收購；治理關係與非獨立交易使估值可比性較低",
        "prev_value_usd_b": 230.0,
        "step_up_pct": 8.695652173913038
      },
      {
        "company": "DeepSeek",
        "date": "2026-08-06",
        "value_usd_b": 74.1,
        "value_original": "約 RMB500B（約 US$74.1B）",
        "basis": "募資目標估值",
        "status": "target_not_closed",
        "evidence": "Reuters 轉述 Bloomberg",
        "source_id": "S47",
        "note": "未完成交易；不得視為成交估值",
        "prev_value_usd_b": null,
        "step_up_pct": null
      },
      {
        "company": "Scale AI",
        "date": "2025-06-13",
        "value_usd_b": 29.0,
        "value_original": ">US$29B",
        "basis": "策略投資交易估值下限",
        "status": "closed_reported",
        "evidence": "第一方＋Reuters",
        "source_id": "S45/S46",
        "note": "圖中以 29B 下限表示，實際值高於此數",
        "prev_value_usd_b": null,
        "step_up_pct": null
      },
      {
        "company": "CoreWeave",
        "date": "2025-03-28",
        "value_usd_b": 23.0,
        "value_original": "約 US$23B",
        "basis": "IPO 隱含股權價值",
        "status": "public_listing",
        "evidence": "Reuters／IPO",
        "source_id": "V11",
        "note": "IPO 定價 US$40，低於原目標區間；其後應改用股價／市值",
        "prev_value_usd_b": 23.0,
        "step_up_pct": 0.0
      },
      {
        "company": "Cohere",
        "date": "2025-08-14",
        "value_usd_b": 6.8,
        "value_original": "US$6.8B",
        "basis": "融資估值",
        "status": "closed",
        "evidence": "第一方公告",
        "source_id": "S35",
        "note": "US$500M 融資",
        "prev_value_usd_b": null,
        "step_up_pct": null
      },
      {
        "company": "Mistral AI",
        "date": "2025-09-09",
        "value_usd_b": null,
        "value_original": "EUR11.7B",
        "basis": "融資後估值（原幣）",
        "status": "closed",
        "evidence": "第一方公告",
        "source_id": "S34",
        "note": "未以任意匯率轉成美元；不納入美元對數圖",
        "prev_value_usd_b": null,
        "step_up_pct": null
      }
    ],
    "supplier_visibility_median_d1_pct": 13.2,
    "supplier_visibility_median_d5_pct": 6.1,
    "supplier_visibility_n": 6
  },
  "events": [
    {
      "event_id": "T01",
      "event_date": "2019-07-22",
      "source_id": "S03",
      "edges": "E001",
      "event": "OpenAI forms exclusive computing partnership with Microsoft",
      "actors": "Microsoft；OpenAI",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$1B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "MSFT：+1 市場調整 +0.5%；+5 +1.3%",
      "attribution_grade": "B",
      "statuses": "completed",
      "source_url": "https://news.microsoft.com/source/2019/07/22/openai-forms-exclusive-computing-partnership-with-microsoft-to-build-new-azure-ai-supercomputing-technologies/",
      "headline_amount_usd_b": 1.0,
      "year": 2019
    },
    {
      "event_id": "T02",
      "event_date": "2023-01-23",
      "source_id": "S04",
      "edges": "E002",
      "event": "Microsoft and OpenAI extend partnership",
      "actors": "Microsoft；OpenAI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "MSFT：+1 市場調整 -1.3%；+5 -1.6%",
      "attribution_grade": "C",
      "statuses": "committed",
      "source_url": "https://blogs.microsoft.com/blog/2023/01/23/microsoftandopenaiextendpartnership/",
      "headline_amount_usd_b": null,
      "year": 2023
    },
    {
      "event_id": "T03",
      "event_date": "2023-05-16",
      "source_id": "S30",
      "edges": "E049",
      "event": "Zoom partnership and investment in Anthropic",
      "actors": "Zoom Ventures；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "Anthropic：US$4.1B（媒體估值／交易隱含；事件前 15 日最近價值錨，V05；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "completed_or_announced",
      "source_url": "https://www.anthropic.com/news/zoom-partnership-and-investment",
      "headline_amount_usd_b": null,
      "year": 2023
    },
    {
      "event_id": "T04",
      "event_date": "2023-08-15",
      "source_id": "S29",
      "edges": "E048",
      "event": "SKT partnership announcement",
      "actors": "SK Telecom；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$0.1B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Anthropic：US$4.1B（媒體估值／交易隱含；事件前 106 日最近價值錨，V05；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "completed",
      "source_url": "https://www.anthropic.com/news/skt-partnership-announcement",
      "headline_amount_usd_b": 0.1,
      "year": 2023
    },
    {
      "event_id": "T05",
      "event_date": "2023-09-25",
      "source_id": "S19",
      "edges": "E033",
      "event": "Amazon completes $4B Anthropic investment",
      "actors": "Amazon；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$1.25B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Anthropic：US$18.4B（媒體估值／交易隱含；事件後 129 日最近價值錨，V05；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "completed",
      "source_url": "https://www.aboutamazon.com/news/company-news/amazon-anthropic-ai-investment",
      "headline_amount_usd_b": 1.25,
      "year": 2023
    },
    {
      "event_id": "T06",
      "event_date": "2024-03-07",
      "source_id": "S39",
      "edges": "E064",
      "event": "Cabinet approves IndiaAI Mission",
      "actors": "Government of India；IndiaAI Mission",
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "statuses": "approved",
      "source_url": "https://www.pib.gov.in/PressReleasePage.aspx?PRID=2012355",
      "headline_amount_usd_b": null,
      "year": 2024
    },
    {
      "event_id": "T07",
      "event_date": "2024-03-27",
      "source_id": "S19",
      "edges": "E034",
      "event": "Amazon completes $4B Anthropic investment",
      "actors": "Amazon；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$2.75B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "AMZN：+1 市場調整 +1.0%；+5 +2.8%",
      "attribution_grade": "C",
      "statuses": "completed",
      "source_url": "https://www.aboutamazon.com/news/company-news/amazon-anthropic-ai-investment",
      "headline_amount_usd_b": 2.75,
      "year": 2024
    },
    {
      "event_id": "T08",
      "event_date": "2024-04-15",
      "source_id": "S37",
      "edges": "E060,E061,E062",
      "event": "Microsoft and G42 partner to accelerate AI innovation",
      "actors": "Microsoft；Microsoft and G42；G42；UAE AI Developer Fund；Microsoft Azure",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$2.5B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "MSFT：+1 市場調整 -0.1%；+5 -0.5%",
      "attribution_grade": "C",
      "statuses": "announced；planned；strategic_commitment",
      "source_url": "https://blogs.microsoft.com/blog/2024/04/15/microsoft-and-g42-partner-to-accelerate-ai-innovation-in-uae-and-beyond/",
      "headline_amount_usd_b": 2.5,
      "year": 2024
    },
    {
      "event_id": "T09",
      "event_date": "2024-05-26",
      "source_id": "S31",
      "edges": "E050",
      "event": "xAI Series B",
      "actors": "xAI Series B consortium；xAI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$6B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "xAI：US$24B（融資後估值；同日最近價值錨，V07；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://x.ai/news/series-b",
      "headline_amount_usd_b": 6.0,
      "year": 2024
    },
    {
      "event_id": "T10",
      "event_date": "2024-11-22",
      "source_id": "S20",
      "edges": "E035",
      "event": "Amazon to invest additional $4B in Anthropic",
      "actors": "Amazon；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$4B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "AMZN：+1 市場調整 +1.2%；+5 +4.2%",
      "attribution_grade": "C",
      "statuses": "announced",
      "source_url": "https://www.aboutamazon.com/news/aws/amazon-invests-additional-4-billion-anthropic-ai",
      "headline_amount_usd_b": 4.0,
      "year": 2024
    },
    {
      "event_id": "T11",
      "event_date": "2024-12-23",
      "source_id": "S32",
      "edges": "E051",
      "event": "xAI Series C",
      "actors": "xAI Series C consortium；xAI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$6B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "xAI：US$45B（融資後估值；同日最近價值錨，V08；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://x.ai/news/series-c",
      "headline_amount_usd_b": 6.0,
      "year": 2024
    },
    {
      "event_id": "T12",
      "event_date": "2025-01-21",
      "source_id": "S11",
      "edges": "E014,E015,E016,E017,E018,E019",
      "event": "Announcing The Stargate Project",
      "actors": "SoftBank；OpenAI；Oracle；MGX；Stargate Project；US AI infrastructure",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "statuses": "announced；planned；deployment_started",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "headline_amount_usd_b": 600.0,
      "year": 2025
    },
    {
      "event_id": "T13",
      "event_date": "2025-02-11",
      "source_id": "S41",
      "edges": "E068,E069",
      "event": "EU launches InvestAI initiative",
      "actors": "European Union / InvestAI；EU AI Gigafactory Fund；European AI ecosystem；European AI gigafactories",
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "statuses": "policy_target；announced",
      "source_url": "https://digital-strategy.ec.europa.eu/en/news/eu-launches-investai-initiative-mobilise-eu200-billion-investment-artificial-intelligence",
      "headline_amount_usd_b": null,
      "year": 2025
    },
    {
      "event_id": "T14",
      "event_date": "2025-02-24",
      "source_id": "S38",
      "edges": "E063",
      "event": "Alibaba to invest RMB380B in AI and cloud infrastructure",
      "actors": "Alibaba Group；Alibaba Cloud and AI infrastructure",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$53B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "BABA：+1 市場調整 -4.3%；+5 -3.5%",
      "attribution_grade": "B",
      "statuses": "planned_and_underway",
      "source_url": "https://home.alibabagroup.com/en-US/document-1830678592242057216",
      "headline_amount_usd_b": 53.0,
      "year": 2025
    },
    {
      "event_id": "T15",
      "event_date": "2025-03-03",
      "source_id": "S22",
      "edges": "E039",
      "event": "Anthropic raises Series E at $61.5B post-money",
      "actors": "Lightspeed-led consortium；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$3.5B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Anthropic：US$61.5B（融資後估值；同日最近價值錨，S22；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://www.anthropic.com/news/anthropic-raises-series-e-at-usd61-5b-post-money-valuation",
      "headline_amount_usd_b": 3.5,
      "year": 2025
    },
    {
      "event_id": "T16",
      "event_date": "2025-03-10",
      "source_id": "S12",
      "edges": "E020,E021",
      "event": "CoreWeave agreement with OpenAI to deliver AI infrastructure",
      "actors": "OpenAI；CoreWeave",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$12.2B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件後 18 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "contracted；issued",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Announces-Agreement-with-OpenAI-to-Deliver-AI-Infrastructure/default.aspx",
      "headline_amount_usd_b": 12.25,
      "year": 2025
    },
    {
      "event_id": "T17",
      "event_date": "2025-05-01",
      "source_id": "S13",
      "edges": "E022",
      "event": "CoreWeave expands agreement with OpenAI by up to $6.5B",
      "actors": "OpenAI；CoreWeave",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$4B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "OpenAI：US$300B（融資後估值；事件前 31 日最近價值錨，V03；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "contracted",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Expands-Agreement-with-OpenAI-by-up-to-6-5B/default.aspx",
      "headline_amount_usd_b": 4.0,
      "year": 2025
    },
    {
      "event_id": "T18",
      "event_date": "2025-05-01",
      "source_id": "S15",
      "edges": "E025",
      "event": "CoreWeave FY2025 results",
      "actors": "Senior note investors；CoreWeave",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "headline_amount": "US$1.75B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件前 34 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "raised",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
      "headline_amount_usd_b": 1.75,
      "year": 2025
    },
    {
      "event_id": "T19",
      "event_date": "2025-06-12",
      "source_id": "S45",
      "edges": "E057",
      "event": "Scale AI announces next phase after Meta investment",
      "actors": "Meta；Scale AI",
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "META：+1 市場調整 +1.2%；+5 +1.1%",
      "attribution_grade": "B",
      "statuses": "announced",
      "source_url": "https://scale.com/blog/scale-ai-announces-next-phase-of-company-evolution",
      "headline_amount_usd_b": null,
      "year": 2025
    },
    {
      "event_id": "T20",
      "event_date": "2025-06-13",
      "source_id": "S46",
      "edges": "E056",
      "event": "Meta finalizes investment in Scale AI",
      "actors": "Meta；Scale AI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$14.3B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "META：+1 市場調整 +1.2%；+5 +1.1%",
      "attribution_grade": "B",
      "statuses": "completed",
      "source_url": "https://www.reuters.com/business/finance/meta-finalizes-investment-scale-ai-valuing-startup-29-billion-2025-06-13/",
      "headline_amount_usd_b": 14.3,
      "year": 2025
    },
    {
      "event_id": "T21",
      "event_date": "2025-07-31",
      "source_id": "S14",
      "edges": "E024",
      "event": "CoreWeave closes $2.6B secured debt financing facility",
      "actors": "CoreWeave secured lenders；CoreWeave",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "headline_amount": "US$2.6B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件前 125 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Closes-2-6-Billion-Secured-Debt-Financing-Facility-Strengthening-Market-Position-as-AI-Cloud-Leader/default.aspx",
      "headline_amount_usd_b": 2.6,
      "year": 2025
    },
    {
      "event_id": "T22",
      "event_date": "2025-08-14",
      "source_id": "S35",
      "edges": "E054",
      "event": "Cohere raises $500M",
      "actors": "Cohere investor consortium；Cohere",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$0.5B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Cohere：US$6.8B（融資估值；同日最近價值錨，S35；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://cohere.com/blog/august-2025-funding-round",
      "headline_amount_usd_b": 0.5,
      "year": 2025
    },
    {
      "event_id": "T23",
      "event_date": "2025-09-02",
      "source_id": "S23",
      "edges": "E040",
      "event": "Anthropic raises Series F at $183B post-money",
      "actors": "ICONIQ-led consortium；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$13B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Anthropic：US$183B（融資後估值；同日最近價值錨，S23；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation",
      "headline_amount_usd_b": 13.0,
      "year": 2025
    },
    {
      "event_id": "T24",
      "event_date": "2025-09-09",
      "source_id": "S34",
      "edges": "E053",
      "event": "Mistral AI raises EUR1.7B Series C",
      "actors": "ASML-led consortium；Mistral AI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "ASML：+1 市場調整 -0.7%；+5 +8.2%",
      "attribution_grade": "C",
      "statuses": "closed",
      "source_url": "https://mistral.ai/news/mistral-ai-raises-1-7-b-to-accelerate-technological-progress-with-ai/",
      "headline_amount_usd_b": null,
      "year": 2025
    },
    {
      "event_id": "T25",
      "event_date": "2025-09-22",
      "source_id": "S07",
      "edges": "E008,E009",
      "event": "OpenAI and NVIDIA announce strategic partnership to deploy 10 GW",
      "actors": "NVIDIA；OpenAI",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$100B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "NVDA：+1 市場調整 +1.1%；+5 +2.9%",
      "attribution_grade": "B",
      "statuses": "letter_of_intent",
      "source_url": "https://openai.com/index/openai-nvidia-systems-partnership/",
      "headline_amount_usd_b": 100.0,
      "year": 2025
    },
    {
      "event_id": "T26",
      "event_date": "2025-09-24",
      "source_id": "S36",
      "edges": "E055",
      "event": "Cohere adds $100M in second close",
      "actors": "Cohere second-close investors；Cohere",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$0.1B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Cohere：US$6.8B（融資估值；事件前 41 日最近價值錨，S35；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://cohere.com/blog/september-2025-funding-round",
      "headline_amount_usd_b": 0.1,
      "year": 2025
    },
    {
      "event_id": "T27",
      "event_date": "2025-09-25",
      "source_id": "S13",
      "edges": "E023",
      "event": "CoreWeave expands agreement with OpenAI by up to $6.5B",
      "actors": "OpenAI；CoreWeave",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$6.5B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "OpenAI：US$500B（員工二級股份出售隱含估值；事件後 7 日最近價值錨，V04；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "contracted",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Expands-Agreement-with-OpenAI-by-up-to-6-5B/default.aspx",
      "headline_amount_usd_b": 6.5,
      "year": 2025
    },
    {
      "event_id": "T28",
      "event_date": "2025-10-06",
      "source_id": "S08",
      "edges": "E010,E011",
      "event": "AMD and OpenAI announce strategic partnership to deploy 6 GW",
      "actors": "OpenAI；AMD",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "AMD：+1 市場調整 +28.2%；+5 +31.6%",
      "attribution_grade": "A",
      "statuses": "definitive_agreement；milestone_contingent",
      "source_url": "https://openai.com/index/openai-amd-strategic-partnership/",
      "headline_amount_usd_b": null,
      "year": 2025
    },
    {
      "event_id": "T29",
      "event_date": "2025-10-13",
      "source_id": "S09",
      "edges": "E012",
      "event": "OpenAI and Broadcom announce 10 GW custom accelerator collaboration",
      "actors": "OpenAI；Broadcom",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "AVGO：+1 市場調整 +4.6%；+5 +3.8%",
      "attribution_grade": "B",
      "statuses": "announced",
      "source_url": "https://openai.com/index/openai-and-broadcom-announce-strategic-collaboration/",
      "headline_amount_usd_b": null,
      "year": 2025
    },
    {
      "event_id": "T30",
      "event_date": "2025-10-23",
      "source_id": "S26",
      "edges": "E043",
      "event": "Expanding Anthropic use of Google Cloud TPUs and services",
      "actors": "Anthropic；Google Cloud",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "GOOGL：+1 市場調整 +1.4%；+5 +8.4%",
      "attribution_grade": "C",
      "statuses": "planned_and_committed",
      "source_url": "https://www.anthropic.com/news/expanding-our-use-of-google-cloud-tpus-and-services",
      "headline_amount_usd_b": null,
      "year": 2025
    },
    {
      "event_id": "T31",
      "event_date": "2025-11-03",
      "source_id": "S10",
      "edges": "E013",
      "event": "AWS and OpenAI announce multi-year strategic partnership",
      "actors": "OpenAI；AWS",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$38B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "AMZN：+1 市場調整 +3.5%；+5 +2.5%",
      "attribution_grade": "B",
      "statuses": "committed",
      "source_url": "https://www.aboutamazon.com/news/aws/aws-open-ai-workloads-compute-infrastructure",
      "headline_amount_usd_b": 38.0,
      "year": 2025
    },
    {
      "event_id": "T32",
      "event_date": "2025-11-12",
      "source_id": "S28",
      "edges": "E047",
      "event": "Anthropic invests $50B in American AI infrastructure",
      "actors": "Anthropic；Fluidstack / US data centers",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$50B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Anthropic：US$183B（融資後估值；事件前 71 日最近價值錨，S23；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "announced",
      "source_url": "https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure",
      "headline_amount_usd_b": 50.0,
      "year": 2025
    },
    {
      "event_id": "T33",
      "event_date": "2025-11-18",
      "source_id": "S27",
      "edges": "E044,E045,E046",
      "event": "Microsoft, NVIDIA and Anthropic announce strategic partnerships",
      "actors": "Anthropic；NVIDIA；Microsoft；Microsoft Azure",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$45B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "MSFT：+1 市場調整 -3.4%；+5 -6.7%",
      "attribution_grade": "B",
      "statuses": "committed；committed_subject_to_conditions",
      "source_url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
      "headline_amount_usd_b": 45.0,
      "year": 2025
    },
    {
      "event_id": "T34",
      "event_date": "2025-12-31",
      "source_id": "S05",
      "edges": "E003,E004,E005",
      "event": "Completion of additional investment in OpenAI",
      "actors": "SoftBank；Third-party OpenAI co-investors；OpenAI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$41B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "OpenAI：US$500B（員工二級股份出售隱含估值；事件前 90 日最近價值錨，V04；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "completed",
      "source_url": "https://group.softbank/en/news/press/20251231",
      "headline_amount_usd_b": 41.0,
      "year": 2025
    },
    {
      "event_id": "T35",
      "event_date": "2025-12-31",
      "source_id": "S15",
      "edges": "E026,E027",
      "event": "CoreWeave FY2025 results",
      "actors": "Convertible note investors；CoreWeave revolver syndicate；CoreWeave",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "headline_amount": "US$5.1B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "未建立可比的即時價格／估值觀察",
      "attribution_grade": "D",
      "statuses": "raised；available_or_drawn_not_separately_disclosed",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
      "headline_amount_usd_b": 5.1,
      "year": 2025
    },
    {
      "event_id": "T36",
      "event_date": "2026-01-06",
      "source_id": "S33",
      "edges": "E052",
      "event": "xAI Series E",
      "actors": "xAI Series E consortium；xAI",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$20B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "xAI：US$250B（併購交換比率隱含價值；事件後 27 日最近價值錨，V09；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://x.ai/news/series-e",
      "headline_amount_usd_b": 20.0,
      "year": 2026
    },
    {
      "event_id": "T37",
      "event_date": "2026-01-26",
      "source_id": "S18",
      "edges": "E031,E032",
      "event": "NVIDIA and CoreWeave strengthen collaboration",
      "actors": "NVIDIA；CoreWeave",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$2B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "NVDA：+1 市場調整 -0.9%",
      "attribution_grade": "C",
      "statuses": "announced；strategic_collaboration",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/NVIDIA-and-CoreWeave-Strengthen-Collaboration-to-Accelerate-Buildout-of-AI-Factories/default.aspx",
      "headline_amount_usd_b": 2.0,
      "year": 2026
    },
    {
      "event_id": "T38",
      "event_date": "2026-02-10",
      "source_id": "S42",
      "edges": "E070,E071",
      "event": "Advancing independent research on AI alignment",
      "actors": "OpenAI；UK AI Security Institute and partners；The Alignment Project",
      "mechanism": "研究治理／公共品",
      "causal_chain": "研究資助 → 安全／標準公共品 → 監管與採用信任；短期公司價值通常不可直接觀察",
      "headline_amount": "US$0.0075B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "statuses": "committed；fund_established",
      "source_url": "https://openai.com/index/advancing-independent-research-ai-alignment/",
      "headline_amount_usd_b": 0.0075,
      "year": 2026
    },
    {
      "event_id": "T39",
      "event_date": "2026-03-31",
      "source_id": "S06",
      "edges": "E006,E007",
      "event": "Accelerating the next phase of AI",
      "actors": "OpenAI 2026 investor consortium；OpenAI bank syndicate；OpenAI",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "headline_amount": "US$127B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "OpenAI：US$852B（融資後估值；同日最近價值錨，S06；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "committed；undrawn",
      "source_url": "https://openai.com/index/accelerating-the-next-phase-ai/",
      "headline_amount_usd_b": 126.7,
      "year": 2026
    },
    {
      "event_id": "T40",
      "event_date": "2026-04-06",
      "source_id": "S25",
      "edges": "E042",
      "event": "Anthropic expands partnership with Google and Broadcom",
      "actors": "Anthropic；Google Cloud and Broadcom",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "Anthropic：US$965B（融資後估值；事件後 52 日最近價值錨，S24；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "contracted",
      "source_url": "https://www.anthropic.com/news/google-broadcom-partnership-compute",
      "headline_amount_usd_b": null,
      "year": 2026
    },
    {
      "event_id": "T41",
      "event_date": "2026-04-09",
      "source_id": "S16",
      "edges": "E028",
      "event": "CoreWeave and Meta announce $21B expanded AI infrastructure agreement",
      "actors": "Meta；CoreWeave",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$21B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "CRWV：+1 市場調整 +13.9%",
      "attribution_grade": "D",
      "statuses": "contracted",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-and-Meta-Announce-21-Billion-Expanded-AI-Infrastructure-Agreement/default.aspx",
      "headline_amount_usd_b": 21.0,
      "year": 2026
    },
    {
      "event_id": "T42",
      "event_date": "2026-04-15",
      "source_id": "S17",
      "edges": "E029,E030",
      "event": "Jane Street signs $6B AI cloud agreement with CoreWeave",
      "actors": "Jane Street；CoreWeave",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$7B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "未建立可比的即時價格／估值觀察",
      "attribution_grade": "D",
      "statuses": "committed；committed_or_closed_per_release",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/Jane-Street-Signs-6-Billion-AI-Cloud-Agreement-With-CoreWeave/default.aspx",
      "headline_amount_usd_b": 7.0,
      "year": 2026
    },
    {
      "event_id": "T43",
      "event_date": "2026-04-20",
      "source_id": "S21",
      "edges": "E036,E037,E038",
      "event": "Anthropic and Amazon expand collaboration for up to 5GW",
      "actors": "Amazon；Anthropic；AWS",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "headline_amount": "US$125B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "AMZN：+1 市場調整 +0.4%；+5 +1.8%",
      "attribution_grade": "B",
      "statuses": "announced；future_commitment；committed",
      "source_url": "https://www.anthropic.com/news/anthropic-amazon-compute",
      "headline_amount_usd_b": 125.0,
      "year": 2026
    },
    {
      "event_id": "T44",
      "event_date": "2026-04-23",
      "source_id": "S40",
      "edges": "E065,E066,E067",
      "event": "UK Compute Roadmap",
      "actors": "UK Government；UK public compute ecosystem；AI Research Resource (AIRR)；Edinburgh national supercomputer",
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "headline_amount": "未揭露／非美元口徑",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "statuses": "committed_roadmap；planned",
      "source_url": "https://www.gov.uk/government/publications/uk-compute-roadmap/uk-compute-roadmap",
      "headline_amount_usd_b": null,
      "year": 2026
    },
    {
      "event_id": "T45",
      "event_date": "2026-05-28",
      "source_id": "S24",
      "edges": "E041",
      "event": "Anthropic Series H",
      "actors": "Anthropic Series H consortium；Anthropic",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "headline_amount": "US$65B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "Anthropic：US$965B（融資後估值；同日最近價值錨，S24；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "closed",
      "source_url": "https://www.anthropic.com/news/series-h",
      "headline_amount_usd_b": 65.0,
      "year": 2026
    },
    {
      "event_id": "T46",
      "event_date": "2026-08-06",
      "source_id": "S47",
      "edges": "E058",
      "event": "DeepSeek resumes funding round seeking nearly $8B",
      "actors": "Prospective DeepSeek investor consortium；DeepSeek",
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "headline_amount": "US$8B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "DeepSeek：約 RMB500B（約 US$74.1B）（募資目標估值；同日最近價值錨，S47；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "reported_not_closed",
      "source_url": "https://www.reuters.com/world/asia-pacific/deepseek-resumes-funding-round-seeking-nearly-8-billion-bloomberg-news-reports-2026-08-06/",
      "headline_amount_usd_b": 8.0,
      "year": 2026
    },
    {
      "event_id": "T47",
      "event_date": "2026-08-06",
      "source_id": "S48",
      "edges": "E059",
      "event": "DeepSeek invests in Unitree Shanghai IPO",
      "actors": "DeepSeek；Unitree Robotics",
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "headline_amount": "US$0.0208B（逐邊值合計；須依去重旗標解讀）",
      "observed_value_response": "DeepSeek：約 RMB500B（約 US$74.1B）（募資目標估值；同日最近價值錨，S47；非公告日估值）",
      "attribution_grade": "D",
      "statuses": "completed",
      "source_url": "https://www.reuters.com/world/asia-pacific/deepseek-invests-208-million-unitrees-shanghai-ipo-2026-08-06/",
      "headline_amount_usd_b": 0.0208,
      "year": 2026
    }
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      "event_date": "2019-07-22",
      "security": "Microsoft",
      "ticker": "MSFT",
      "role": "投資人／雲端供應商",
      "event": "Microsoft 投資 OpenAI US$1B 並建立 Azure 獨家算力合作",
      "pre_date": "2019-07-19",
      "d1_date": "2019-07-23",
      "d5_date": "2019-07-29",
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      "confounders": "大型科技股共同上漲；合作同時包含投資、雲端與商業化權利",
      "price_source": "M01/M02",
      "raw_d1_pct": 1.9488618646710252,
      "bench_d1_pct": 1.4547443259502302,
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      "event_id": "P02",
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      "event_date": "2023-01-23",
      "security": "Microsoft",
      "ticker": "MSFT",
      "role": "投資人／雲端供應商",
      "event": "Microsoft 與 OpenAI 擴大多年、多十億美元合作",
      "pre_date": "2023-01-20",
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      "ticker": "MSFT",
      "role": "投資人／雲端供應商",
      "event": "Microsoft 投資 G42 US$1.5B，並綁定 Azure 遷移與基金承諾",
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      "ticker": "AMZN",
      "role": "投資人／雲端供應商",
      "event": "Amazon 再投資 Anthropic US$4B",
      "pre_date": "2024-11-21",
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      "benchmark": "QQQ",
      "grade": "C",
      "confounders": "假期縮短交易週；AWS Trainium 與股權投資不可分離",
      "price_source": "M09/M10",
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      "security": "Oracle",
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      "role": "算力／資料中心供應商兼出資者",
      "event": "Stargate 公布 US$500B 四年上限與 US$100B 初始部署",
      "pre_date": "2025-01-17",
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      "confounders": "公告由政府活動強化；US$500B 為規劃上限而非已簽收入",
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      "security": "Alibaba ADR",
      "ticker": "BABA",
      "role": "內部資本支出主體",
      "event": "Alibaba 宣布三年投入至少 RMB380B 於 AI／雲端基礎建設",
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    {
      "company": "OpenAI",
      "date": "2024-10-02",
      "value_usd_b": 157.0,
      "value_original": "US$157B",
      "basis": "融資後估值",
      "status": "closed",
      "evidence": "Reuters／公司融資",
      "source_id": "V02",
      "note": "US$6.6B 融資輪",
      "prev_value_usd_b": 28.0,
      "step_up_pct": 460.71428571428567
    },
    {
      "company": "OpenAI",
      "date": "2025-03-31",
      "value_usd_b": 300.0,
      "value_original": "US$300B",
      "basis": "融資後估值",
      "status": "announced_conditional",
      "evidence": "公司／Reuters",
      "source_id": "V03",
      "note": "US$40B 輪次含條件式撥款",
      "prev_value_usd_b": 157.0,
      "step_up_pct": 91.0828025477707
    },
    {
      "company": "OpenAI",
      "date": "2025-10-02",
      "value_usd_b": 500.0,
      "value_original": "US$500B",
      "basis": "員工二級股份出售隱含估值",
      "status": "secondary",
      "evidence": "Reuters 具名報導",
      "source_id": "V04",
      "note": "約 US$6.6B 員工股出售；與 primary post-money 不完全同口徑",
      "prev_value_usd_b": 300.0,
      "step_up_pct": 66.66666666666667
    },
    {
      "company": "OpenAI",
      "date": "2026-03-31",
      "value_usd_b": 852.0,
      "value_original": "US$852B",
      "basis": "融資後估值",
      "status": "committed",
      "evidence": "第一方公告",
      "source_id": "S06",
      "note": "US$122B committed capital；非等同已全數入帳",
      "prev_value_usd_b": 500.0,
      "step_up_pct": 70.39999999999999
    },
    {
      "company": "Scale AI",
      "date": "2025-06-13",
      "value_usd_b": 29.0,
      "value_original": ">US$29B",
      "basis": "策略投資交易估值下限",
      "status": "closed_reported",
      "evidence": "第一方＋Reuters",
      "source_id": "S45/S46",
      "note": "圖中以 29B 下限表示，實際值高於此數",
      "prev_value_usd_b": null,
      "step_up_pct": null
    },
    {
      "company": "xAI",
      "date": "2024-05-26",
      "value_usd_b": 24.0,
      "value_original": "US$24B",
      "basis": "融資後估值",
      "status": "closed",
      "evidence": "Reuters／公司",
      "source_id": "V07",
      "note": "US$6B Series B",
      "prev_value_usd_b": null,
      "step_up_pct": null
    },
    {
      "company": "xAI",
      "date": "2024-12-23",
      "value_usd_b": 45.0,
      "value_original": "US$45B",
      "basis": "融資後估值",
      "status": "media_estimate",
      "evidence": "TechCrunch／公開申報",
      "source_id": "V08",
      "note": "US$6B Series C；不同媒體曾報 US$40–50B",
      "prev_value_usd_b": 24.0,
      "step_up_pct": 87.5
    },
    {
      "company": "xAI",
      "date": "2025-11-30",
      "value_usd_b": 230.0,
      "value_original": "US$230B",
      "basis": "最近私募／二級估值報導",
      "status": "media_estimate",
      "evidence": "Reuters 轉述 WSJ",
      "source_id": "V09",
      "note": "日期以 2025-11 月底代表",
      "prev_value_usd_b": 45.0,
      "step_up_pct": 411.1111111111111
    },
    {
      "company": "xAI",
      "date": "2026-02-02",
      "value_usd_b": 250.0,
      "value_original": "US$250B",
      "basis": "併購交換比率隱含價值",
      "status": "acquired",
      "evidence": "Reuters／知情人士",
      "source_id": "V09",
      "note": "SpaceX 全股票收購；治理關係與非獨立交易使估值可比性較低",
      "prev_value_usd_b": 230.0,
      "step_up_pct": 8.695652173913038
    }
  ],
  "edges": [
    {
      "edge_id": "E001",
      "source": "Microsoft",
      "target": "OpenAI",
      "direction": "Microsoft -> OpenAI",
      "relation_type": "equity_and_compute_partnership",
      "announcement_date": "2019-07-22",
      "amount_original": "USD 1.0B",
      "currency": "USD",
      "amount_native_b": 1.0,
      "amount_usd_b": 1.0,
      "amount_qualifier": "exact",
      "status": "completed",
      "round_or_contract": "Strategic investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S03",
      "source_title": "OpenAI forms exclusive computing partnership with Microsoft",
      "source_url": "https://news.microsoft.com/source/2019/07/22/openai-forms-exclusive-computing-partnership-with-microsoft-to-build-new-azure-ai-supercomputing-technologies/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Investment paired with exclusive Azure supercomputing and commercialization partnership.",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2019-07-22",
      "observed_value_response": "MSFT：+1 市場調整 +0.5%；+5 +1.3%",
      "attribution_grade": "B",
      "headline_amount": "US$1B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T01"
    },
    {
      "edge_id": "E002",
      "source": "Microsoft",
      "target": "OpenAI",
      "direction": "Microsoft -> OpenAI",
      "relation_type": "follow_on_equity_commitment",
      "announcement_date": "2023-01-23",
      "amount_original": "未揭露（官方僅稱 multibillion-dollar）",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed_multibillion",
      "status": "committed",
      "round_or_contract": "Multiyear strategic investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S04",
      "source_title": "Microsoft and OpenAI extend partnership",
      "source_url": "https://blogs.microsoft.com/blog/2023/01/23/microsoftandopenaiextendpartnership/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Do not substitute the widely reported $10B figure for the exact official disclosure.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2023-01-23",
      "observed_value_response": "MSFT：+1 市場調整 -1.3%；+5 -1.6%",
      "attribution_grade": "C",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T02"
    },
    {
      "edge_id": "E003",
      "source": "SoftBank",
      "target": "OpenAI",
      "direction": "SoftBank -> OpenAI",
      "relation_type": "equity_investment",
      "announcement_date": "2025-12-31",
      "amount_original": "USD 7.5B",
      "currency": "USD",
      "amount_native_b": 7.5,
      "amount_usd_b": 7.5,
      "amount_qualifier": "exact",
      "status": "completed",
      "round_or_contract": "2025 first closing",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "openai_2025_41b",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S05",
      "source_title": "Completion of additional investment in OpenAI",
      "source_url": "https://group.softbank/en/news/press/20251231",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Disclosed retrospectively in SoftBank completion notice.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-12-31",
      "observed_value_response": "OpenAI：US$500B（員工二級股份出售隱含估值；事件前 90 日最近價值錨，V04；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$41B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T34"
    },
    {
      "edge_id": "E004",
      "source": "SoftBank",
      "target": "OpenAI",
      "direction": "SoftBank -> OpenAI",
      "relation_type": "equity_investment",
      "announcement_date": "2025-12-31",
      "amount_original": "USD 22.5B",
      "currency": "USD",
      "amount_native_b": 22.5,
      "amount_usd_b": 22.5,
      "amount_qualifier": "exact",
      "status": "completed",
      "round_or_contract": "2025 additional closing",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "SoftBank aggregate ownership about 11% after transaction",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "openai_2025_41b",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S05",
      "source_title": "Completion of additional investment in OpenAI",
      "source_url": "https://group.softbank/en/news/press/20251231",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-12-31",
      "observed_value_response": "OpenAI：US$500B（員工二級股份出售隱含估值；事件前 90 日最近價值錨，V04；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$41B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T34"
    },
    {
      "edge_id": "E005",
      "source": "Third-party OpenAI co-investors",
      "target": "OpenAI",
      "direction": "Third-party OpenAI co-investors -> OpenAI",
      "relation_type": "syndicated_equity_investment",
      "announcement_date": "2025-12-31",
      "amount_original": "USD 11.0B",
      "currency": "USD",
      "amount_native_b": 11.0,
      "amount_usd_b": 11.0,
      "amount_qualifier": "exact",
      "status": "completed",
      "round_or_contract": "2025 co-investor tranche",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "openai_2025_41b",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S05",
      "source_title": "Completion of additional investment in OpenAI",
      "source_url": "https://group.softbank/en/news/press/20251231",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Together with SoftBank tranches, fully funded aggregate commitment was $41B.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-12-31",
      "observed_value_response": "OpenAI：US$500B（員工二級股份出售隱含估值；事件前 90 日最近價值錨，V04；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$41B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T34"
    },
    {
      "edge_id": "E006",
      "source": "OpenAI 2026 investor consortium",
      "target": "OpenAI",
      "direction": "OpenAI 2026 investor consortium -> OpenAI",
      "relation_type": "committed_equity_capital",
      "announcement_date": "2026-03-31",
      "amount_original": "USD 122.0B committed capital",
      "currency": "USD",
      "amount_native_b": 122.0,
      "amount_usd_b": 122.0,
      "amount_qualifier": "committed",
      "status": "committed",
      "round_or_contract": "2026 financing",
      "post_money_valuation_original": "USD 852B post-money",
      "post_money_valuation_usd_b": 852.0,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "openai_2026_round",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S06",
      "source_title": "Accelerating the next phase of AI",
      "source_url": "https://openai.com/index/accelerating-the-next-phase-ai/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Anchored by Amazon, NVIDIA and SoftBank; Microsoft continued participation. Individual allocations not disclosed.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-03-31",
      "observed_value_response": "OpenAI：US$852B（融資後估值；同日最近價值錨，S06；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$127B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T39"
    },
    {
      "edge_id": "E007",
      "source": "OpenAI bank syndicate",
      "target": "OpenAI",
      "direction": "OpenAI bank syndicate -> OpenAI",
      "relation_type": "revolving_credit_facility",
      "announcement_date": "2026-03-31",
      "amount_original": "約 USD 4.7B，尚未動用",
      "currency": "USD",
      "amount_native_b": 4.7,
      "amount_usd_b": 4.7,
      "amount_qualifier": "capacity_undrawn",
      "status": "undrawn",
      "round_or_contract": "Revolving credit",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S06",
      "source_title": "Accelerating the next phase of AI",
      "source_url": "https://openai.com/index/accelerating-the-next-phase-ai/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Liquidity backstop; not cash drawn as of announcement.",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "event_date": "2026-03-31",
      "observed_value_response": "OpenAI：US$852B（融資後估值；同日最近價值錨，S06；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$127B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T39"
    },
    {
      "edge_id": "E008",
      "source": "NVIDIA",
      "target": "OpenAI",
      "direction": "NVIDIA -> OpenAI",
      "relation_type": "progressive_equity_investment",
      "announcement_date": "2025-09-22",
      "amount_original": "最高 USD 100B",
      "currency": "USD",
      "amount_native_b": 100.0,
      "amount_usd_b": 100.0,
      "amount_qualifier": "up_to_milestone_based",
      "status": "letter_of_intent",
      "round_or_contract": "Strategic systems partnership",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 10.0,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_finances_customer",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S07",
      "source_title": "OpenAI and NVIDIA announce strategic partnership to deploy 10 GW",
      "source_url": "https://openai.com/index/openai-nvidia-systems-partnership/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Investment intended to occur progressively as each gigawatt is deployed.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-09-22",
      "observed_value_response": "NVDA：+1 市場調整 +1.1%；+5 +2.9%",
      "attribution_grade": "B",
      "headline_amount": "US$100B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T25"
    },
    {
      "edge_id": "E009",
      "source": "OpenAI",
      "target": "NVIDIA",
      "direction": "OpenAI -> NVIDIA",
      "relation_type": "ai_systems_deployment",
      "announcement_date": "2025-09-22",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "letter_of_intent",
      "round_or_contract": "At least 10GW NVIDIA systems",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 10.0,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_buys_from_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S07",
      "source_title": "OpenAI and NVIDIA announce strategic partnership to deploy 10 GW",
      "source_url": "https://openai.com/index/openai-nvidia-systems-partnership/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "First 1GW targeted for 2H 2026 on Vera Rubin.",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-09-22",
      "observed_value_response": "NVDA：+1 市場調整 +1.1%；+5 +2.9%",
      "attribution_grade": "B",
      "headline_amount": "US$100B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T25"
    },
    {
      "edge_id": "E010",
      "source": "OpenAI",
      "target": "AMD",
      "direction": "OpenAI -> AMD",
      "relation_type": "gpu_capacity_agreement",
      "announcement_date": "2025-10-06",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "definitive_agreement",
      "round_or_contract": "6GW multi-generation GPU agreement",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 6.0,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_receives_equity_linked_instrument",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S08",
      "source_title": "AMD and OpenAI announce strategic partnership to deploy 6 GW",
      "source_url": "https://openai.com/index/openai-amd-strategic-partnership/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Initial 1GW MI450 deployment targeted for 2H 2026.",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-10-06",
      "observed_value_response": "AMD：+1 市場調整 +28.2%；+5 +31.6%",
      "attribution_grade": "A",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T28"
    },
    {
      "edge_id": "E011",
      "source": "AMD",
      "target": "OpenAI",
      "direction": "AMD -> OpenAI",
      "relation_type": "equity_linked_warrant",
      "announcement_date": "2025-10-06",
      "amount_original": "最多 160M 股 AMD 普通股（價值依里程碑與股價）",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "share_count_contingent",
      "status": "milestone_contingent",
      "round_or_contract": "Warrant",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "Warrant up to 160 million AMD shares",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_grants_customer_equity_upside",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S08",
      "source_title": "AMD and OpenAI announce strategic partnership to deploy 6 GW",
      "source_url": "https://openai.com/index/openai-amd-strategic-partnership/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Tranches vest with deployment, technical/commercial and share-price milestones.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-10-06",
      "observed_value_response": "AMD：+1 市場調整 +28.2%；+5 +31.6%",
      "attribution_grade": "A",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T28"
    },
    {
      "edge_id": "E012",
      "source": "OpenAI",
      "target": "Broadcom",
      "direction": "OpenAI -> Broadcom",
      "relation_type": "custom_accelerator_and_networking_agreement",
      "announcement_date": "2025-10-13",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "announced",
      "round_or_contract": "10GW custom accelerator collaboration",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 10.0,
      "tenor_or_end_date": "Deployment 2H 2026 to end-2029",
      "circularity_flag": "strategic_supply",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S09",
      "source_title": "OpenAI and Broadcom announce 10 GW custom accelerator collaboration",
      "source_url": "https://openai.com/index/openai-and-broadcom-announce-strategic-collaboration/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-10-13",
      "observed_value_response": "AVGO：+1 市場調整 +4.6%；+5 +3.8%",
      "attribution_grade": "B",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T29"
    },
    {
      "edge_id": "E013",
      "source": "OpenAI",
      "target": "AWS",
      "direction": "OpenAI -> AWS",
      "relation_type": "compute_purchase_commitment",
      "announcement_date": "2025-11-03",
      "amount_original": "USD 38.0B",
      "currency": "USD",
      "amount_native_b": 38.0,
      "amount_usd_b": 38.0,
      "amount_qualifier": "commitment",
      "status": "committed",
      "round_or_contract": "Multi-year AWS strategic partnership",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_also_investor_group",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S10",
      "source_title": "AWS and OpenAI announce multi-year strategic partnership",
      "source_url": "https://www.aboutamazon.com/news/aws/aws-open-ai-workloads-compute-infrastructure",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Amazon later anchored OpenAI financing; compute and capital relations should be analyzed jointly.",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-11-03",
      "observed_value_response": "AMZN：+1 市場調整 +3.5%；+5 +2.5%",
      "attribution_grade": "B",
      "headline_amount": "US$38B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T31"
    },
    {
      "edge_id": "E014",
      "source": "SoftBank",
      "target": "Stargate Project",
      "direction": "SoftBank -> Stargate Project",
      "relation_type": "financial_lead_role",
      "announcement_date": "2025-01-21",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "announced",
      "round_or_contract": "Initial equity funder / financial responsibility",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "project_sponsor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S11",
      "source_title": "Announcing The Stargate Project",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2025-01-21",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T12"
    },
    {
      "edge_id": "E015",
      "source": "OpenAI",
      "target": "Stargate Project",
      "direction": "OpenAI -> Stargate Project",
      "relation_type": "operational_lead_role",
      "announcement_date": "2025-01-21",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "announced",
      "round_or_contract": "Initial equity funder / operational responsibility",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "project_sponsor_and_capacity_user",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S11",
      "source_title": "Announcing The Stargate Project",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2025-01-21",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T12"
    },
    {
      "edge_id": "E016",
      "source": "Oracle",
      "target": "Stargate Project",
      "direction": "Oracle -> Stargate Project",
      "relation_type": "initial_equity_funder_and_technology_partner",
      "announcement_date": "2025-01-21",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "announced",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_is_project_funder",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S11",
      "source_title": "Announcing The Stargate Project",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-01-21",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T12"
    },
    {
      "edge_id": "E017",
      "source": "MGX",
      "target": "Stargate Project",
      "direction": "MGX -> Stargate Project",
      "relation_type": "initial_equity_funder",
      "announcement_date": "2025-01-21",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "announced",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S11",
      "source_title": "Announcing The Stargate Project",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-01-21",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T12"
    },
    {
      "edge_id": "E018",
      "source": "Stargate Project",
      "target": "US AI infrastructure",
      "direction": "Stargate Project -> US AI infrastructure",
      "relation_type": "planned_capital_deployment",
      "announcement_date": "2025-01-21",
      "amount_original": "USD 500B over four years",
      "currency": "USD",
      "amount_native_b": 500.0,
      "amount_usd_b": 500.0,
      "amount_qualifier": "intended_up_to",
      "status": "planned",
      "round_or_contract": "Infrastructure program",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": "2025-2029",
      "circularity_flag": "none",
      "double_count_group": "stargate_500b_includes_initial_100b",
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S11",
      "source_title": "Announcing The Stargate Project",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2025-01-21",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T12"
    },
    {
      "edge_id": "E019",
      "source": "Stargate Project",
      "target": "US AI infrastructure",
      "direction": "Stargate Project -> US AI infrastructure",
      "relation_type": "immediate_capital_deployment",
      "announcement_date": "2025-01-21",
      "amount_original": "USD 100B immediate deployment",
      "currency": "USD",
      "amount_native_b": 100.0,
      "amount_usd_b": 100.0,
      "amount_qualifier": "initial_subset",
      "status": "deployment_started",
      "round_or_contract": "Initial phase",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "stargate_500b_includes_initial_100b",
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S11",
      "source_title": "Announcing The Stargate Project",
      "source_url": "https://openai.com/index/announcing-the-stargate-project/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2025-01-21",
      "observed_value_response": "ORCL：+1 市場調整 +12.5%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$600B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T12"
    },
    {
      "edge_id": "E020",
      "source": "OpenAI",
      "target": "CoreWeave",
      "direction": "OpenAI -> CoreWeave",
      "relation_type": "compute_offtake_contract",
      "announcement_date": "2025-03-10",
      "amount_original": "最高 USD 11.9B",
      "currency": "USD",
      "amount_native_b": 11.9,
      "amount_usd_b": 11.9,
      "amount_qualifier": "up_to",
      "status": "contracted",
      "round_or_contract": "AI infrastructure agreement",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_is_equity_holder",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S12",
      "source_title": "CoreWeave agreement with OpenAI to deliver AI infrastructure",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Announces-Agreement-with-OpenAI-to-Deliver-AI-Infrastructure/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-03-10",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件後 18 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$12.2B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T16"
    },
    {
      "edge_id": "E021",
      "source": "CoreWeave",
      "target": "OpenAI",
      "direction": "CoreWeave -> OpenAI",
      "relation_type": "stock_issuance_to_customer",
      "announcement_date": "2025-03-10",
      "amount_original": "USD 350M CoreWeave stock",
      "currency": "USD",
      "amount_native_b": 0.35,
      "amount_usd_b": 0.35,
      "amount_qualifier": "exact",
      "status": "issued",
      "round_or_contract": "Equity consideration",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "CoreWeave equity issued to OpenAI",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_equity_to_customer",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S12",
      "source_title": "CoreWeave agreement with OpenAI to deliver AI infrastructure",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Announces-Agreement-with-OpenAI-to-Deliver-AI-Infrastructure/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-03-10",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件後 18 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$12.2B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T16"
    },
    {
      "edge_id": "E022",
      "source": "OpenAI",
      "target": "CoreWeave",
      "direction": "OpenAI -> CoreWeave",
      "relation_type": "compute_contract_expansion",
      "announcement_date": "2025-05-01",
      "amount_original": "最高 USD 4.0B",
      "currency": "USD",
      "amount_native_b": 4.0,
      "amount_usd_b": 4.0,
      "amount_qualifier": "up_to",
      "status": "contracted",
      "round_or_contract": "May 2025 expansion",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_is_equity_holder",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S13",
      "source_title": "CoreWeave expands agreement with OpenAI by up to $6.5B",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Expands-Agreement-with-OpenAI-by-up-to-6-5B/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-05-01",
      "observed_value_response": "OpenAI：US$300B（融資後估值；事件前 31 日最近價值錨，V03；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$4B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T17"
    },
    {
      "edge_id": "E023",
      "source": "OpenAI",
      "target": "CoreWeave",
      "direction": "OpenAI -> CoreWeave",
      "relation_type": "compute_contract_expansion",
      "announcement_date": "2025-09-25",
      "amount_original": "最高 USD 6.5B",
      "currency": "USD",
      "amount_native_b": 6.5,
      "amount_usd_b": 6.5,
      "amount_qualifier": "up_to",
      "status": "contracted",
      "round_or_contract": "September 2025 expansion",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_is_equity_holder",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S13",
      "source_title": "CoreWeave expands agreement with OpenAI by up to $6.5B",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Expands-Agreement-with-OpenAI-by-up-to-6-5B/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Three 2025 OpenAI agreements sum to up to approximately $22.4B; no separate cumulative edge is added.",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-09-25",
      "observed_value_response": "OpenAI：US$500B（員工二級股份出售隱含估值；事件後 7 日最近價值錨，V04；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$6.5B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T27"
    },
    {
      "edge_id": "E024",
      "source": "CoreWeave secured lenders",
      "target": "CoreWeave",
      "direction": "CoreWeave secured lenders -> CoreWeave",
      "relation_type": "secured_delayed_draw_term_loan",
      "announcement_date": "2025-07-31",
      "amount_original": "USD 2.6B",
      "currency": "USD",
      "amount_native_b": 2.6,
      "amount_usd_b": 2.6,
      "amount_qualifier": "facility",
      "status": "closed",
      "round_or_contract": "Secured DDTL; SOFR+4%; maturity 2030-08-21",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "contract_backed_infrastructure_finance",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S14",
      "source_title": "CoreWeave closes $2.6B secured debt financing facility",
      "source_url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Closes-2-6-Billion-Secured-Debt-Financing-Facility-Strengthening-Market-Position-as-AI-Cloud-Leader/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Proceeds specifically support equipment/hardware/cloud systems for the OpenAI agreement.",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "event_date": "2025-07-31",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件前 125 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$2.6B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T21"
    },
    {
      "edge_id": "E025",
      "source": "Senior note investors",
      "target": "CoreWeave",
      "direction": "Senior note investors -> CoreWeave",
      "relation_type": "senior_notes",
      "announcement_date": "2025-05-01",
      "amount_original": "USD 1.75B",
      "currency": "USD",
      "amount_native_b": 1.75,
      "amount_usd_b": 1.75,
      "amount_qualifier": "exact",
      "status": "raised",
      "round_or_contract": "Senior notes",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party_financial",
      "source_id": "S15",
      "source_title": "CoreWeave FY2025 results",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Reported in FY2025 results; date shown as 2025 period marker.",
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "event_date": "2025-05-01",
      "observed_value_response": "CoreWeave：約 US$23B（IPO 隱含股權價值；事件前 34 日最近價值錨，V11；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$1.75B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T18"
    },
    {
      "edge_id": "E026",
      "source": "Convertible note investors",
      "target": "CoreWeave",
      "direction": "Convertible note investors -> CoreWeave",
      "relation_type": "convertible_senior_notes",
      "announcement_date": "2025-12-31",
      "amount_original": "約 USD 2.6B",
      "currency": "USD",
      "amount_native_b": 2.6,
      "amount_usd_b": 2.6,
      "amount_qualifier": "approximately",
      "status": "raised",
      "round_or_contract": "Convertible senior notes",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party_financial",
      "source_id": "S15",
      "source_title": "CoreWeave FY2025 results",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "event_date": "2025-12-31",
      "observed_value_response": "未建立可比的即時價格／估值觀察",
      "attribution_grade": "D",
      "headline_amount": "US$5.1B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T35"
    },
    {
      "edge_id": "E027",
      "source": "CoreWeave revolver syndicate",
      "target": "CoreWeave",
      "direction": "CoreWeave revolver syndicate -> CoreWeave",
      "relation_type": "revolving_credit_capacity",
      "announcement_date": "2025-12-31",
      "amount_original": "USD 2.5B capacity",
      "currency": "USD",
      "amount_native_b": 2.5,
      "amount_usd_b": 2.5,
      "amount_qualifier": "capacity",
      "status": "available_or_drawn_not_separately_disclosed",
      "round_or_contract": "Revolving credit",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party_financial",
      "source_id": "S15",
      "source_title": "CoreWeave FY2025 results",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "債務／流動性／槓桿",
      "causal_chain": "融資可得性 → 擴建能力／短期流動性 → backlog 轉收入；同時提高利息、再融資與抵押品風險",
      "event_date": "2025-12-31",
      "observed_value_response": "未建立可比的即時價格／估值觀察",
      "attribution_grade": "D",
      "headline_amount": "US$5.1B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T35"
    },
    {
      "edge_id": "E028",
      "source": "Meta",
      "target": "CoreWeave",
      "direction": "Meta -> CoreWeave",
      "relation_type": "ai_cloud_capacity_contract",
      "announcement_date": "2026-04-09",
      "amount_original": "約 USD 21.0B",
      "currency": "USD",
      "amount_native_b": 21.0,
      "amount_usd_b": 21.0,
      "amount_qualifier": "approximately",
      "status": "contracted",
      "round_or_contract": "Long-term AI cloud agreement",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": "through 2032-12",
      "circularity_flag": "customer_concentration",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S16",
      "source_title": "CoreWeave and Meta announce $21B expanded AI infrastructure agreement",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-and-Meta-Announce-21-Billion-Expanded-AI-Infrastructure-Agreement/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2026-04-09",
      "observed_value_response": "CRWV：+1 市場調整 +13.9%",
      "attribution_grade": "D",
      "headline_amount": "US$21B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T41"
    },
    {
      "edge_id": "E029",
      "source": "Jane Street",
      "target": "CoreWeave",
      "direction": "Jane Street -> CoreWeave",
      "relation_type": "ai_cloud_purchase_commitment",
      "announcement_date": "2026-04-15",
      "amount_original": "USD 6.0B",
      "currency": "USD",
      "amount_native_b": 6.0,
      "amount_usd_b": 6.0,
      "amount_qualifier": "commitment",
      "status": "committed",
      "round_or_contract": "AI cloud agreement",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S17",
      "source_title": "Jane Street signs $6B AI cloud agreement with CoreWeave",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/Jane-Street-Signs-6-Billion-AI-Cloud-Agreement-With-CoreWeave/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2026-04-15",
      "observed_value_response": "未建立可比的即時價格／估值觀察",
      "attribution_grade": "D",
      "headline_amount": "US$7B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T42"
    },
    {
      "edge_id": "E030",
      "source": "Jane Street",
      "target": "CoreWeave",
      "direction": "Jane Street -> CoreWeave",
      "relation_type": "equity_investment",
      "announcement_date": "2026-04-15",
      "amount_original": "USD 1.0B at USD 109/share",
      "currency": "USD",
      "amount_native_b": 1.0,
      "amount_usd_b": 1.0,
      "amount_qualifier": "exact",
      "status": "committed_or_closed_per_release",
      "round_or_contract": "Equity investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "Shares priced at $109",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S17",
      "source_title": "Jane Street signs $6B AI cloud agreement with CoreWeave",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/Jane-Street-Signs-6-Billion-AI-Cloud-Agreement-With-CoreWeave/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-04-15",
      "observed_value_response": "未建立可比的即時價格／估值觀察",
      "attribution_grade": "D",
      "headline_amount": "US$7B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T42"
    },
    {
      "edge_id": "E031",
      "source": "NVIDIA",
      "target": "CoreWeave",
      "direction": "NVIDIA -> CoreWeave",
      "relation_type": "equity_investment",
      "announcement_date": "2026-01-26",
      "amount_original": "USD 2.0B at USD 87.20/share",
      "currency": "USD",
      "amount_native_b": 2.0,
      "amount_usd_b": 2.0,
      "amount_qualifier": "exact",
      "status": "announced",
      "round_or_contract": "Strategic equity investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_finances_customer",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S18",
      "source_title": "NVIDIA and CoreWeave strengthen collaboration",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/NVIDIA-and-CoreWeave-Strengthen-Collaboration-to-Accelerate-Buildout-of-AI-Factories/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-01-26",
      "observed_value_response": "NVDA：+1 市場調整 -0.9%",
      "attribution_grade": "C",
      "headline_amount": "US$2B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T37"
    },
    {
      "edge_id": "E032",
      "source": "CoreWeave",
      "target": "NVIDIA",
      "direction": "CoreWeave -> NVIDIA",
      "relation_type": "preferred_platform_and_ai_factory_buildout",
      "announcement_date": "2026-01-26",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "more_than_capacity",
      "status": "strategic_collaboration",
      "round_or_contract": "AI factories >5GW by 2030",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 5.0,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_buys_from_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S18",
      "source_title": "NVIDIA and CoreWeave strengthen collaboration",
      "source_url": "https://investors.coreweave.com/news/news-details/2026/NVIDIA-and-CoreWeave-Strengthen-Collaboration-to-Accelerate-Buildout-of-AI-Factories/default.aspx",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2026-01-26",
      "observed_value_response": "NVDA：+1 市場調整 -0.9%",
      "attribution_grade": "C",
      "headline_amount": "US$2B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T37"
    },
    {
      "edge_id": "E033",
      "source": "Amazon",
      "target": "Anthropic",
      "direction": "Amazon -> Anthropic",
      "relation_type": "equity_investment",
      "announcement_date": "2023-09-25",
      "amount_original": "USD 1.25B",
      "currency": "USD",
      "amount_native_b": 1.25,
      "amount_usd_b": 1.25,
      "amount_qualifier": "exact",
      "status": "completed",
      "round_or_contract": "Initial strategic investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": "amazon_anthropic_first_4b",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S19",
      "source_title": "Amazon completes $4B Anthropic investment",
      "source_url": "https://www.aboutamazon.com/news/company-news/amazon-anthropic-ai-investment",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2023-09-25",
      "observed_value_response": "Anthropic：US$18.4B（媒體估值／交易隱含；事件後 129 日最近價值錨，V05；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$1.25B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T05"
    },
    {
      "edge_id": "E034",
      "source": "Amazon",
      "target": "Anthropic",
      "direction": "Amazon -> Anthropic",
      "relation_type": "equity_investment",
      "announcement_date": "2024-03-27",
      "amount_original": "USD 2.75B",
      "currency": "USD",
      "amount_native_b": 2.75,
      "amount_usd_b": 2.75,
      "amount_qualifier": "exact",
      "status": "completed",
      "round_or_contract": "Additional tranche",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": "amazon_anthropic_first_4b",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S19",
      "source_title": "Amazon completes $4B Anthropic investment",
      "source_url": "https://www.aboutamazon.com/news/company-news/amazon-anthropic-ai-investment",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2024-03-27",
      "observed_value_response": "AMZN：+1 市場調整 +1.0%；+5 +2.8%",
      "attribution_grade": "C",
      "headline_amount": "US$2.75B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T07"
    },
    {
      "edge_id": "E035",
      "source": "Amazon",
      "target": "Anthropic",
      "direction": "Amazon -> Anthropic",
      "relation_type": "follow_on_equity_investment",
      "announcement_date": "2024-11-22",
      "amount_original": "USD 4.0B",
      "currency": "USD",
      "amount_native_b": 4.0,
      "amount_usd_b": 4.0,
      "amount_qualifier": "exact",
      "status": "announced",
      "round_or_contract": "Additional strategic investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S20",
      "source_title": "Amazon to invest additional $4B in Anthropic",
      "source_url": "https://www.aboutamazon.com/news/aws/amazon-invests-additional-4-billion-anthropic-ai",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Brought cumulative disclosed Amazon investment to $8B.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2024-11-22",
      "observed_value_response": "AMZN：+1 市場調整 +1.2%；+5 +4.2%",
      "attribution_grade": "C",
      "headline_amount": "US$4B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T10"
    },
    {
      "edge_id": "E036",
      "source": "Amazon",
      "target": "Anthropic",
      "direction": "Amazon -> Anthropic",
      "relation_type": "equity_investment",
      "announcement_date": "2026-04-20",
      "amount_original": "USD 5.0B today",
      "currency": "USD",
      "amount_native_b": 5.0,
      "amount_usd_b": 5.0,
      "amount_qualifier": "exact_current",
      "status": "announced",
      "round_or_contract": "2026 strategic investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": "anthropic_series_h_contains_15b_hyperscaler",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S21",
      "source_title": "Anthropic and Amazon expand collaboration for up to 5GW",
      "source_url": "https://www.anthropic.com/news/anthropic-amazon-compute",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-04-20",
      "observed_value_response": "AMZN：+1 市場調整 +0.4%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$125B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T43"
    },
    {
      "edge_id": "E037",
      "source": "Amazon",
      "target": "Anthropic",
      "direction": "Amazon -> Anthropic",
      "relation_type": "future_equity_commitment_option",
      "announcement_date": "2026-04-20",
      "amount_original": "最高額外 USD 20.0B",
      "currency": "USD",
      "amount_native_b": 20.0,
      "amount_usd_b": 20.0,
      "amount_qualifier": "up_to_future",
      "status": "future_commitment",
      "round_or_contract": "Potential future investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S21",
      "source_title": "Anthropic and Amazon expand collaboration for up to 5GW",
      "source_url": "https://www.anthropic.com/news/anthropic-amazon-compute",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-04-20",
      "observed_value_response": "AMZN：+1 市場調整 +0.4%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$125B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T43"
    },
    {
      "edge_id": "E038",
      "source": "Anthropic",
      "target": "AWS",
      "direction": "Anthropic -> AWS",
      "relation_type": "compute_purchase_commitment",
      "announcement_date": "2026-04-20",
      "amount_original": "未來十年超過 USD 100B",
      "currency": "USD",
      "amount_native_b": 100.0,
      "amount_usd_b": 100.0,
      "amount_qualifier": "more_than",
      "status": "committed",
      "round_or_contract": "10-year AWS technology commitment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 5.0,
      "tenor_or_end_date": "10 years",
      "circularity_flag": "customer_buys_from_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S21",
      "source_title": "Anthropic and Amazon expand collaboration for up to 5GW",
      "source_url": "https://www.anthropic.com/news/anthropic-amazon-compute",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2026-04-20",
      "observed_value_response": "AMZN：+1 市場調整 +0.4%；+5 +1.8%",
      "attribution_grade": "B",
      "headline_amount": "US$125B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T43"
    },
    {
      "edge_id": "E039",
      "source": "Lightspeed-led consortium",
      "target": "Anthropic",
      "direction": "Lightspeed-led consortium -> Anthropic",
      "relation_type": "series_e_equity",
      "announcement_date": "2025-03-03",
      "amount_original": "USD 3.5B",
      "currency": "USD",
      "amount_native_b": 3.5,
      "amount_usd_b": 3.5,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": "Series E",
      "post_money_valuation_original": "USD 61.5B post-money",
      "post_money_valuation_usd_b": 61.5,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S22",
      "source_title": "Anthropic raises Series E at $61.5B post-money",
      "source_url": "https://www.anthropic.com/news/anthropic-raises-series-e-at-usd61-5b-post-money-valuation",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-03-03",
      "observed_value_response": "Anthropic：US$61.5B（融資後估值；同日最近價值錨，S22；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$3.5B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T15"
    },
    {
      "edge_id": "E040",
      "source": "ICONIQ-led consortium",
      "target": "Anthropic",
      "direction": "ICONIQ-led consortium -> Anthropic",
      "relation_type": "series_f_equity",
      "announcement_date": "2025-09-02",
      "amount_original": "USD 13.0B",
      "currency": "USD",
      "amount_native_b": 13.0,
      "amount_usd_b": 13.0,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": "Series F",
      "post_money_valuation_original": "USD 183B post-money",
      "post_money_valuation_usd_b": 183.0,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S23",
      "source_title": "Anthropic raises Series F at $183B post-money",
      "source_url": "https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-09-02",
      "observed_value_response": "Anthropic：US$183B（融資後估值；同日最近價值錨，S23；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$13B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T23"
    },
    {
      "edge_id": "E041",
      "source": "Anthropic Series H consortium",
      "target": "Anthropic",
      "direction": "Anthropic Series H consortium -> Anthropic",
      "relation_type": "series_h_equity",
      "announcement_date": "2026-05-28",
      "amount_original": "USD 65.0B",
      "currency": "USD",
      "amount_native_b": 65.0,
      "amount_usd_b": 65.0,
      "amount_qualifier": "exact_round_total",
      "status": "closed",
      "round_or_contract": "Series H",
      "post_money_valuation_original": "USD 965B post-money",
      "post_money_valuation_usd_b": 965.0,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "anthropic_series_h_contains_15b_hyperscaler",
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S24",
      "source_title": "Anthropic Series H",
      "source_url": "https://www.anthropic.com/news/series-h",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Round total explicitly includes $15B of previously committed hyperscaler investments; excluded from cross-edge sums to prevent double counting.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-05-28",
      "observed_value_response": "Anthropic：US$965B（融資後估值；同日最近價值錨，S24；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$65B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T45"
    },
    {
      "edge_id": "E042",
      "source": "Anthropic",
      "target": "Google Cloud and Broadcom",
      "direction": "Anthropic -> Google Cloud and Broadcom",
      "relation_type": "multi_gw_tpu_capacity_agreement",
      "announcement_date": "2026-04-06",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "multiple_gw_undisclosed",
      "status": "contracted",
      "round_or_contract": "Multiple-GW next-generation TPU capacity",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": "starting 2027",
      "circularity_flag": "multi_cloud_supply",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S25",
      "source_title": "Anthropic expands partnership with Google and Broadcom",
      "source_url": "https://www.anthropic.com/news/google-broadcom-partnership-compute",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2026-04-06",
      "observed_value_response": "Anthropic：US$965B（融資後估值；事件後 52 日最近價值錨，S24；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T40"
    },
    {
      "edge_id": "E043",
      "source": "Anthropic",
      "target": "Google Cloud",
      "direction": "Anthropic -> Google Cloud",
      "relation_type": "tpu_and_cloud_purchase_commitment",
      "announcement_date": "2025-10-23",
      "amount_original": "數百億美元（tens of billions）",
      "currency": "USD",
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "tens_of_billions_no_point_estimate",
      "status": "planned_and_committed",
      "round_or_contract": "Up to one million TPUs",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 1.0,
      "tenor_or_end_date": null,
      "circularity_flag": "multi_cloud_supply",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S26",
      "source_title": "Expanding Anthropic use of Google Cloud TPUs and services",
      "source_url": "https://www.anthropic.com/news/expanding-our-use-of-google-cloud-tpus-and-services",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Source states well over 1GW and tens of billions; no arbitrary midpoint assigned.",
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-10-23",
      "observed_value_response": "GOOGL：+1 市場調整 +1.4%；+5 +8.4%",
      "attribution_grade": "C",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T30"
    },
    {
      "edge_id": "E044",
      "source": "Anthropic",
      "target": "Microsoft Azure",
      "direction": "Anthropic -> Microsoft Azure",
      "relation_type": "compute_purchase_commitment",
      "announcement_date": "2025-11-18",
      "amount_original": "USD 30.0B",
      "currency": "USD",
      "amount_native_b": 30.0,
      "amount_usd_b": 30.0,
      "amount_qualifier": "commitment",
      "status": "committed",
      "round_or_contract": "Azure compute capacity",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": 1.0,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_buys_from_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S27",
      "source_title": "Microsoft, NVIDIA and Anthropic announce strategic partnerships",
      "source_url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-11-18",
      "observed_value_response": "MSFT：+1 市場調整 -3.4%；+5 -6.7%",
      "attribution_grade": "B",
      "headline_amount": "US$45B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T33"
    },
    {
      "edge_id": "E045",
      "source": "NVIDIA",
      "target": "Anthropic",
      "direction": "NVIDIA -> Anthropic",
      "relation_type": "equity_investment_commitment",
      "announcement_date": "2025-11-18",
      "amount_original": "最高 USD 10.0B",
      "currency": "USD",
      "amount_native_b": 10.0,
      "amount_usd_b": 10.0,
      "amount_qualifier": "up_to",
      "status": "committed_subject_to_conditions",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "supplier_finances_customer",
      "double_count_group": "anthropic_series_h_contains_15b_hyperscaler",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S27",
      "source_title": "Microsoft, NVIDIA and Anthropic announce strategic partnerships",
      "source_url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-11-18",
      "observed_value_response": "MSFT：+1 市場調整 -3.4%；+5 -6.7%",
      "attribution_grade": "B",
      "headline_amount": "US$45B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T33"
    },
    {
      "edge_id": "E046",
      "source": "Microsoft",
      "target": "Anthropic",
      "direction": "Microsoft -> Anthropic",
      "relation_type": "equity_investment_commitment",
      "announcement_date": "2025-11-18",
      "amount_original": "最高 USD 5.0B",
      "currency": "USD",
      "amount_native_b": 5.0,
      "amount_usd_b": 5.0,
      "amount_qualifier": "up_to",
      "status": "committed",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": "anthropic_series_h_contains_15b_hyperscaler",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S27",
      "source_title": "Microsoft, NVIDIA and Anthropic announce strategic partnerships",
      "source_url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-11-18",
      "observed_value_response": "MSFT：+1 市場調整 -3.4%；+5 -6.7%",
      "attribution_grade": "B",
      "headline_amount": "US$45B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T33"
    },
    {
      "edge_id": "E047",
      "source": "Anthropic",
      "target": "Fluidstack / US data centers",
      "direction": "Anthropic -> Fluidstack / US data centers",
      "relation_type": "infrastructure_investment_program",
      "announcement_date": "2025-11-12",
      "amount_original": "USD 50.0B",
      "currency": "USD",
      "amount_native_b": 50.0,
      "amount_usd_b": 50.0,
      "amount_qualifier": "investment_program",
      "status": "announced",
      "round_or_contract": "Texas/New York data centers",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": "sites online through 2026",
      "circularity_flag": "direct_infrastructure_capex",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S28",
      "source_title": "Anthropic invests $50B in American AI infrastructure",
      "source_url": "https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-11-12",
      "observed_value_response": "Anthropic：US$183B（融資後估值；事件前 71 日最近價值錨，S23；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$50B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T32"
    },
    {
      "edge_id": "E048",
      "source": "SK Telecom",
      "target": "Anthropic",
      "direction": "SK Telecom -> Anthropic",
      "relation_type": "strategic_equity_investment",
      "announcement_date": "2023-08-15",
      "amount_original": "USD 100M additional",
      "currency": "USD",
      "amount_native_b": 0.1,
      "amount_usd_b": 0.1,
      "amount_qualifier": "exact_additional",
      "status": "completed",
      "round_or_contract": "Strategic investment + telco LLM partnership",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "commercial_partner_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S29",
      "source_title": "SKT partnership announcement",
      "source_url": "https://www.anthropic.com/news/skt-partnership-announcement",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2023-08-15",
      "observed_value_response": "Anthropic：US$4.1B（媒體估值／交易隱含；事件前 106 日最近價值錨，V05；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$0.1B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T04"
    },
    {
      "edge_id": "E049",
      "source": "Zoom Ventures",
      "target": "Anthropic",
      "direction": "Zoom Ventures -> Anthropic",
      "relation_type": "strategic_equity_investment",
      "announcement_date": "2023-05-16",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "completed_or_announced",
      "round_or_contract": "Investment + product integration",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "commercial_partner_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S30",
      "source_title": "Zoom partnership and investment in Anthropic",
      "source_url": "https://www.anthropic.com/news/zoom-partnership-and-investment",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2023-05-16",
      "observed_value_response": "Anthropic：US$4.1B（媒體估值／交易隱含；事件前 15 日最近價值錨，V05；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T03"
    },
    {
      "edge_id": "E050",
      "source": "xAI Series B consortium",
      "target": "xAI",
      "direction": "xAI Series B consortium -> xAI",
      "relation_type": "series_b_equity",
      "announcement_date": "2024-05-26",
      "amount_original": "USD 6.0B",
      "currency": "USD",
      "amount_native_b": 6.0,
      "amount_usd_b": 6.0,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": "Series B",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S31",
      "source_title": "xAI Series B",
      "source_url": "https://x.ai/news/series-b",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2024-05-26",
      "observed_value_response": "xAI：US$24B（融資後估值；同日最近價值錨，V07；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$6B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T09"
    },
    {
      "edge_id": "E051",
      "source": "xAI Series C consortium",
      "target": "xAI",
      "direction": "xAI Series C consortium -> xAI",
      "relation_type": "series_c_equity",
      "announcement_date": "2024-12-23",
      "amount_original": "USD 6.0B",
      "currency": "USD",
      "amount_native_b": 6.0,
      "amount_usd_b": 6.0,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": "Series C",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "includes_chip_strategic_investors",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S32",
      "source_title": "xAI Series C",
      "source_url": "https://x.ai/news/series-c",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "NVIDIA and AMD identified as strategic investors.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2024-12-23",
      "observed_value_response": "xAI：US$45B（融資後估值；同日最近價值錨，V08；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$6B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T11"
    },
    {
      "edge_id": "E052",
      "source": "xAI Series E consortium",
      "target": "xAI",
      "direction": "xAI Series E consortium -> xAI",
      "relation_type": "series_e_equity",
      "announcement_date": "2026-01-06",
      "amount_original": "USD 20.0B",
      "currency": "USD",
      "amount_native_b": 20.0,
      "amount_usd_b": 20.0,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": "Series E",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "includes_infrastructure_strategic_investors",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S33",
      "source_title": "xAI Series E",
      "source_url": "https://x.ai/news/series-e",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2026-01-06",
      "observed_value_response": "xAI：US$250B（併購交換比率隱含價值；事件後 27 日最近價值錨，V09；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$20B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T36"
    },
    {
      "edge_id": "E053",
      "source": "ASML-led consortium",
      "target": "Mistral AI",
      "direction": "ASML-led consortium -> Mistral AI",
      "relation_type": "series_c_equity",
      "announcement_date": "2025-09-09",
      "amount_original": "EUR 1.7B",
      "currency": "EUR",
      "amount_native_b": 1.7,
      "amount_usd_b": null,
      "amount_qualifier": "exact_original_currency",
      "status": "closed",
      "round_or_contract": "Series C",
      "post_money_valuation_original": "EUR 11.7B post-money",
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "semiconductor_equipment_firm_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S34",
      "source_title": "Mistral AI raises EUR1.7B Series C",
      "source_url": "https://mistral.ai/news/mistral-ai-raises-1-7-b-to-accelerate-technological-progress-with-ai/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "No USD conversion imposed; original-currency amount retained.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-09-09",
      "observed_value_response": "ASML：+1 市場調整 -0.7%；+5 +8.2%",
      "attribution_grade": "C",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T24"
    },
    {
      "edge_id": "E054",
      "source": "Cohere investor consortium",
      "target": "Cohere",
      "direction": "Cohere investor consortium -> Cohere",
      "relation_type": "equity_financing",
      "announcement_date": "2025-08-14",
      "amount_original": "USD 500M",
      "currency": "USD",
      "amount_native_b": 0.5,
      "amount_usd_b": 0.5,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": null,
      "post_money_valuation_original": "USD 6.8B valuation",
      "post_money_valuation_usd_b": 6.8,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S35",
      "source_title": "Cohere raises $500M",
      "source_url": "https://cohere.com/blog/august-2025-funding-round",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-08-14",
      "observed_value_response": "Cohere：US$6.8B（融資估值；同日最近價值錨，S35；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$0.5B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T22"
    },
    {
      "edge_id": "E055",
      "source": "Cohere second-close investors",
      "target": "Cohere",
      "direction": "Cohere second-close investors -> Cohere",
      "relation_type": "second_close_equity",
      "announcement_date": "2025-09-24",
      "amount_original": "USD 100M",
      "currency": "USD",
      "amount_native_b": 0.1,
      "amount_usd_b": 0.1,
      "amount_qualifier": "exact",
      "status": "closed",
      "round_or_contract": "Second close",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "cohere_2025_round",
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S36",
      "source_title": "Cohere adds $100M in second close",
      "source_url": "https://cohere.com/blog/september-2025-funding-round",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-09-24",
      "observed_value_response": "Cohere：US$6.8B（融資估值；事件前 41 日最近價值錨，S35；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$0.1B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T26"
    },
    {
      "edge_id": "E056",
      "source": "Meta",
      "target": "Scale AI",
      "direction": "Meta -> Scale AI",
      "relation_type": "minority_equity_investment",
      "announcement_date": "2025-06-13",
      "amount_original": "約 USD 14.3B（媒體報導）",
      "currency": "USD",
      "amount_native_b": 14.3,
      "amount_usd_b": 14.3,
      "amount_qualifier": "reported_amount",
      "status": "completed",
      "round_or_contract": "Strategic investment",
      "post_money_valuation_original": "Scale valued above USD 29B",
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "Reported 49% stake",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_invests_in_data_supplier",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 4,
      "evidence_class": "reputable_media",
      "source_id": "S46",
      "source_title": "Meta finalizes investment in Scale AI",
      "source_url": "https://www.reuters.com/business/finance/meta-finalizes-investment-scale-ai-valuing-startup-29-billion-2025-06-13/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Scale first-party release confirms significant investment and valuation >$29B but not exact amount; exact amount/stake rely on Reuters sources.",
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2025-06-13",
      "observed_value_response": "META：+1 市場調整 +1.2%；+5 +1.1%",
      "attribution_grade": "B",
      "headline_amount": "US$14.3B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T20"
    },
    {
      "edge_id": "E057",
      "source": "Meta",
      "target": "Scale AI",
      "direction": "Meta -> Scale AI",
      "relation_type": "expanded_commercial_relationship",
      "announcement_date": "2025-06-12",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "announced",
      "round_or_contract": "Data solutions commercial expansion",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "customer_invests_in_data_supplier",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S45",
      "source_title": "Scale AI announces next phase after Meta investment",
      "source_url": "https://scale.com/blog/scale-ai-announces-next-phase-of-company-evolution",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Separate relationship edge; do not treat as additional financing.",
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2025-06-12",
      "observed_value_response": "META：+1 市場調整 +1.2%；+5 +1.1%",
      "attribution_grade": "B",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T19"
    },
    {
      "edge_id": "E058",
      "source": "Prospective DeepSeek investor consortium",
      "target": "DeepSeek",
      "direction": "Prospective DeepSeek investor consortium -> DeepSeek",
      "relation_type": "reported_fundraising_target",
      "announcement_date": "2026-08-06",
      "amount_original": "接近 USD 8.0B（尋求中）",
      "currency": "USD",
      "amount_native_b": 8.0,
      "amount_usd_b": 8.0,
      "amount_qualifier": "reported_target",
      "status": "reported_not_closed",
      "round_or_contract": null,
      "post_money_valuation_original": "約 RMB 500B target valuation",
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 3,
      "evidence_class": "reputable_media",
      "source_id": "S47",
      "source_title": "DeepSeek resumes funding round seeking nearly $8B",
      "source_url": "https://www.reuters.com/world/asia-pacific/deepseek-resumes-funding-round-seeking-nearly-8-billion-bloomberg-news-reports-2026-08-06/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Reuters summarizes Bloomberg reporting; not a confirmed completed round. Kept to show current Chinese financing pipeline with lower confidence.",
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2026-08-06",
      "observed_value_response": "DeepSeek：約 RMB500B（約 US$74.1B）（募資目標估值；同日最近價值錨，S47；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$8B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T46"
    },
    {
      "edge_id": "E059",
      "source": "DeepSeek",
      "target": "Unitree Robotics",
      "direction": "DeepSeek -> Unitree Robotics",
      "relation_type": "strategic_ipo_placement",
      "announcement_date": "2026-08-06",
      "amount_original": "RMB 140.8M / USD 20.8M",
      "currency": "RMB",
      "amount_native_b": 0.1408,
      "amount_usd_b": 0.0208,
      "amount_qualifier": "exact_reported",
      "status": "completed",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "2.31% stake",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "model_lab_invests_in_robotics_application",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 4,
      "evidence_class": "reputable_media",
      "source_id": "S48",
      "source_title": "DeepSeek invests in Unitree Shanghai IPO",
      "source_url": "https://www.reuters.com/world/asia-pacific/deepseek-invests-208-million-unitrees-shanghai-ipo-2026-08-06/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2026-08-06",
      "observed_value_response": "DeepSeek：約 RMB500B（約 US$74.1B）（募資目標估值；同日最近價值錨，S47；非公告日估值）",
      "attribution_grade": "D",
      "headline_amount": "US$0.0208B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T47"
    },
    {
      "edge_id": "E060",
      "source": "Microsoft",
      "target": "G42",
      "direction": "Microsoft -> G42",
      "relation_type": "minority_equity_investment",
      "announcement_date": "2024-04-15",
      "amount_original": "USD 1.5B",
      "currency": "USD",
      "amount_native_b": 1.5,
      "amount_usd_b": 1.5,
      "amount_qualifier": "exact",
      "status": "announced",
      "round_or_contract": "Strategic minority investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "Minority stake and Microsoft board seat",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "cloud_provider_is_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S37",
      "source_title": "Microsoft and G42 partner to accelerate AI innovation",
      "source_url": "https://blogs.microsoft.com/blog/2024/04/15/microsoft-and-g42-partner-to-accelerate-ai-innovation-in-uae-and-beyond/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "股權／策略資本",
      "causal_chain": "資本進場 → 現金跑道／治理權 → 研發與算力需求 → 未來營收與估值；投資人端則有資本占用與策略選擇權的權衡",
      "event_date": "2024-04-15",
      "observed_value_response": "MSFT：+1 市場調整 -0.1%；+5 -0.5%",
      "attribution_grade": "C",
      "headline_amount": "US$2.5B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T08"
    },
    {
      "edge_id": "E061",
      "source": "Microsoft and G42",
      "target": "UAE AI Developer Fund",
      "direction": "Microsoft and G42 -> UAE AI Developer Fund",
      "relation_type": "fund_support_commitment",
      "announcement_date": "2024-04-15",
      "amount_original": "USD 1.0B",
      "currency": "USD",
      "amount_native_b": 1.0,
      "amount_usd_b": 1.0,
      "amount_qualifier": "support_establishment",
      "status": "planned",
      "round_or_contract": "Developer fund",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S37",
      "source_title": "Microsoft and G42 partner to accelerate AI innovation",
      "source_url": "https://blogs.microsoft.com/blog/2024/04/15/microsoft-and-g42-partner-to-accelerate-ai-innovation-in-uae-and-beyond/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "商業／治理／平台關係",
      "causal_chain": "分銷／平台／治理綁定 → 客戶取得、資料與切換成本 → 收入品質與集中風險",
      "event_date": "2024-04-15",
      "observed_value_response": "MSFT：+1 市場調整 -0.1%；+5 -0.5%",
      "attribution_grade": "C",
      "headline_amount": "US$2.5B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T08"
    },
    {
      "edge_id": "E062",
      "source": "G42",
      "target": "Microsoft Azure",
      "direction": "G42 -> Microsoft Azure",
      "relation_type": "cloud_migration_and_preferred_partner",
      "announcement_date": "2024-04-15",
      "amount_original": "未揭露",
      "currency": null,
      "amount_native_b": null,
      "amount_usd_b": null,
      "amount_qualifier": "undisclosed",
      "status": "strategic_commitment",
      "round_or_contract": "Migration of data platform/technology infrastructure",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "investee_buys_from_investor",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S37",
      "source_title": "Microsoft and G42 partner to accelerate AI innovation",
      "source_url": "https://blogs.microsoft.com/blog/2024/04/15/microsoft-and-g42-partner-to-accelerate-ai-innovation-in-uae-and-beyond/",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2024-04-15",
      "observed_value_response": "MSFT：+1 市場調整 -0.1%；+5 -0.5%",
      "attribution_grade": "C",
      "headline_amount": "US$2.5B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T08"
    },
    {
      "edge_id": "E063",
      "source": "Alibaba Group",
      "target": "Alibaba Cloud and AI infrastructure",
      "direction": "Alibaba Group -> Alibaba Cloud and AI infrastructure",
      "relation_type": "three_year_capex_program",
      "announcement_date": "2025-02-24",
      "amount_original": "至少 RMB 380B（來源約當 USD 53B）",
      "currency": "RMB",
      "amount_native_b": 380.0,
      "amount_usd_b": 53.0,
      "amount_qualifier": "at_least_source_usd_equivalent",
      "status": "planned_and_underway",
      "round_or_contract": "Three-year AI/cloud infrastructure investment",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": "2025-2028",
      "circularity_flag": "internal_corporate_capex",
      "double_count_group": null,
      "include_in_cross_edge_sum": true,
      "confidence_score": 5,
      "evidence_class": "first_party",
      "source_id": "S38",
      "source_title": "Alibaba to invest RMB380B in AI and cloud infrastructure",
      "source_url": "https://home.alibabagroup.com/en-US/document-1830678592242057216",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "算力採購／基礎建設",
      "causal_chain": "多年期採購／容量承諾 → 供應商 backlog 與融資能力 → 資料中心／晶片擴張 → 客戶成本、交付與鎖定風險",
      "event_date": "2025-02-24",
      "observed_value_response": "BABA：+1 市場調整 -4.3%；+5 -3.5%",
      "attribution_grade": "B",
      "headline_amount": "US$53B（逐邊值合計；須依去重旗標解讀）",
      "event_id": "T14"
    },
    {
      "edge_id": "E064",
      "source": "Government of India",
      "target": "IndiaAI Mission",
      "direction": "Government of India -> IndiaAI Mission",
      "relation_type": "public_budget_outlay",
      "announcement_date": "2024-03-07",
      "amount_original": "INR 10,371.92 crore",
      "currency": "INR",
      "amount_native_b": 103.7192,
      "amount_usd_b": null,
      "amount_qualifier": "approved_budget",
      "status": "approved",
      "round_or_contract": "National AI mission",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": "Public-private partnership; 10,000+ GPUs",
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "government",
      "source_id": "S39",
      "source_title": "Cabinet approves IndiaAI Mission",
      "source_url": "https://www.pib.gov.in/PressReleasePage.aspx?PRID=2012355",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "event_date": "2024-03-07",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T06"
    },
    {
      "edge_id": "E065",
      "source": "UK Government",
      "target": "UK public compute ecosystem",
      "direction": "UK Government -> UK public compute ecosystem",
      "relation_type": "public_compute_budget",
      "announcement_date": "2026-04-23",
      "amount_original": "最高 GBP 2.0B",
      "currency": "GBP",
      "amount_native_b": 2.0,
      "amount_usd_b": null,
      "amount_qualifier": "up_to",
      "status": "committed_roadmap",
      "round_or_contract": "Compute Roadmap to 2030",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": "through 2030",
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "government",
      "source_id": "S40",
      "source_title": "UK Compute Roadmap",
      "source_url": "https://www.gov.uk/government/publications/uk-compute-roadmap/uk-compute-roadmap",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "event_date": "2026-04-23",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T44"
    },
    {
      "edge_id": "E066",
      "source": "UK Government",
      "target": "AI Research Resource (AIRR)",
      "direction": "UK Government -> AI Research Resource (AIRR)",
      "relation_type": "public_compute_expansion",
      "announcement_date": "2026-04-23",
      "amount_original": "超過 GBP 1.0B",
      "currency": "GBP",
      "amount_native_b": 1.0,
      "amount_usd_b": null,
      "amount_qualifier": "more_than",
      "status": "planned",
      "round_or_contract": "20x expansion by 2030",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "uk_2b_includes_airr_and_edinburgh",
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "government",
      "source_id": "S40",
      "source_title": "UK Compute Roadmap",
      "source_url": "https://www.gov.uk/government/publications/uk-compute-roadmap/uk-compute-roadmap",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "event_date": "2026-04-23",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T44"
    },
    {
      "edge_id": "E067",
      "source": "UK Government",
      "target": "Edinburgh national supercomputer",
      "direction": "UK Government -> Edinburgh national supercomputer",
      "relation_type": "public_capital_allocation",
      "announcement_date": "2026-04-23",
      "amount_original": "最高 GBP 750M",
      "currency": "GBP",
      "amount_native_b": 0.75,
      "amount_usd_b": null,
      "amount_qualifier": "up_to",
      "status": "planned",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "uk_2b_includes_airr_and_edinburgh",
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "government",
      "source_id": "S40",
      "source_title": "UK Compute Roadmap",
      "source_url": "https://www.gov.uk/government/publications/uk-compute-roadmap/uk-compute-roadmap",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "event_date": "2026-04-23",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T44"
    },
    {
      "edge_id": "E068",
      "source": "European Union / InvestAI",
      "target": "European AI ecosystem",
      "direction": "European Union / InvestAI -> European AI ecosystem",
      "relation_type": "public_private_mobilization_target",
      "announcement_date": "2025-02-11",
      "amount_original": "EUR 200B mobilization target",
      "currency": "EUR",
      "amount_native_b": 200.0,
      "amount_usd_b": null,
      "amount_qualifier": "mobilization_target",
      "status": "policy_target",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": null,
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "government",
      "source_id": "S41",
      "source_title": "EU launches InvestAI initiative",
      "source_url": "https://digital-strategy.ec.europa.eu/en/news/eu-launches-investai-initiative-mobilise-eu200-billion-investment-artificial-intelligence",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": "Not equivalent to EUR200B of already appropriated public cash.",
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "event_date": "2025-02-11",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T13"
    },
    {
      "edge_id": "E069",
      "source": "EU AI Gigafactory Fund",
      "target": "European AI gigafactories",
      "direction": "EU AI Gigafactory Fund -> European AI gigafactories",
      "relation_type": "fund_target",
      "announcement_date": "2025-02-11",
      "amount_original": "EUR 20B fund",
      "currency": "EUR",
      "amount_native_b": 20.0,
      "amount_usd_b": null,
      "amount_qualifier": "fund_target",
      "status": "announced",
      "round_or_contract": null,
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
      "tenor_or_end_date": null,
      "circularity_flag": "none",
      "double_count_group": "eu_200b_includes_20b",
      "include_in_cross_edge_sum": false,
      "confidence_score": 5,
      "evidence_class": "government",
      "source_id": "S41",
      "source_title": "EU launches InvestAI initiative",
      "source_url": "https://digital-strategy.ec.europa.eu/en/news/eu-launches-investai-initiative-mobilise-eu200-billion-investment-artificial-intelligence",
      "public_private": "public",
      "last_verified": "2026-08-11",
      "notes": null,
      "mechanism": "公共資本／供給擴張",
      "causal_chain": "政策預算／動員目標 → 私人資本 crowd-in 與算力供給 → 區域產業能力；價值效果分散且時滯長",
      "event_date": "2025-02-11",
      "observed_value_response": "無單一公司可識別價格；效果屬產業／政策層級",
      "attribution_grade": "D",
      "headline_amount": "未揭露／非美元口徑",
      "event_id": "T13"
    },
    {
      "edge_id": "E070",
      "source": "OpenAI",
      "target": "The Alignment Project",
      "direction": "OpenAI -> The Alignment Project",
      "relation_type": "research_funding_commitment",
      "announcement_date": "2026-02-10",
      "amount_original": "USD 7.5M",
      "currency": "USD",
      "amount_native_b": 0.0075,
      "amount_usd_b": 0.0075,
      "amount_qualifier": "exact_commitment",
      "status": "committed",
      "round_or_contract": "Independent AI alignment research",
      "post_money_valuation_original": null,
      "post_money_valuation_usd_b": null,
      "ownership_or_instrument": null,
      "capacity_gw": null,
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      "source_id": "S01",
      "title": "Inside the AI Index: 12 takeaways from the 2026 report",
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      "note": "$1B investment and Azure supercomputing/commercial partnership."
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      "tier": 5,
      "note": "Official release states multiyear, multibillion-dollar investment but does not disclose exact amount."
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    {
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      "tier": 5,
      "note": "10GW custom accelerators/networking; deployment targeted 2H 2026 through 2029."
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      "note": "September expansion up to $6.5B; release also identifies a May expansion up to $4B; cumulative up to about $22.4B."
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    {
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      "source_class": "first_party",
      "tier": 5,
      "note": "Delayed-draw term loan tied to equipment/hardware/cloud systems for the OpenAI agreement."
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    {
      "source_id": "S15",
      "title": "CoreWeave FY2025 results",
      "publisher": "CoreWeave IR",
      "date": "2026-02-26",
      "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
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    {
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      "title": "CoreWeave and Meta announce $21B expanded AI infrastructure agreement",
      "publisher": "CoreWeave IR",
      "date": "2026-04-09",
      "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-and-Meta-Announce-21-Billion-Expanded-AI-Infrastructure-Agreement/default.aspx",
      "source_class": "first_party",
      "tier": 5,
      "note": "Long-term AI cloud capacity through December 2032."
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    {
      "source_id": "S17",
      "title": "Jane Street signs $6B AI cloud agreement with CoreWeave",
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      "publisher": "CoreWeave IR",
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      "url": "https://investors.coreweave.com/news/news-details/2026/NVIDIA-and-CoreWeave-Strengthen-Collaboration-to-Accelerate-Buildout-of-AI-Factories/default.aspx",
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    {
      "source_id": "S19",
      "title": "Amazon completes $4B Anthropic investment",
      "publisher": "Amazon",
      "date": "2024-03-27",
      "url": "https://www.aboutamazon.com/news/company-news/amazon-anthropic-ai-investment",
      "source_class": "first_party",
      "tier": 5,
      "note": "Initial $1.25B in Sep 2023 plus additional $2.75B; AWS primary cloud provider."
    },
    {
      "source_id": "S20",
      "title": "Amazon to invest additional $4B in Anthropic",
      "publisher": "Amazon",
      "date": "2024-11-22",
      "url": "https://www.aboutamazon.com/news/aws/amazon-invests-additional-4-billion-anthropic-ai",
      "source_class": "first_party",
      "tier": 5,
      "note": "Additional $4B, taking cumulative Amazon investment to $8B; AWS primary training partner."
    },
    {
      "source_id": "S21",
      "title": "Anthropic and Amazon expand collaboration for up to 5GW",
      "publisher": "Anthropic/Amazon",
      "date": "2026-04-20",
      "url": "https://www.anthropic.com/news/anthropic-amazon-compute",
      "source_class": "first_party",
      "tier": 5,
      "note": "Anthropic commits >$100B over ten years to AWS; up to 5GW; Amazon invests $5B now and up to $20B more."
    },
    {
      "source_id": "S22",
      "title": "Anthropic raises Series E at $61.5B post-money",
      "publisher": "Anthropic",
      "date": "2025-03-03",
      "url": "https://www.anthropic.com/news/anthropic-raises-series-e-at-usd61-5b-post-money-valuation",
      "source_class": "first_party",
      "tier": 5,
      "note": "$3.5B Series E."
    },
    {
      "source_id": "S23",
      "title": "Anthropic raises Series F at $183B post-money",
      "publisher": "Anthropic",
      "date": "2025-09-02",
      "url": "https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation",
      "source_class": "first_party",
      "tier": 5,
      "note": "$13B Series F; revenue/customer metrics."
    },
    {
      "source_id": "S24",
      "title": "Anthropic Series H",
      "publisher": "Anthropic",
      "date": "2026-05-28",
      "url": "https://www.anthropic.com/news/series-h",
      "source_class": "first_party",
      "tier": 5,
      "note": "$65B Series H at $965B post-money; includes $15B previously committed hyperscaler investments; run-rate revenue over $47B."
    },
    {
      "source_id": "S25",
      "title": "Anthropic expands partnership with Google and Broadcom",
      "publisher": "Anthropic",
      "date": "2026-04-06",
      "url": "https://www.anthropic.com/news/google-broadcom-partnership-compute",
      "source_class": "first_party",
      "tier": 5,
      "note": "Multiple GW next-generation TPU capacity starting in 2027; amount undisclosed."
    },
    {
      "source_id": "S26",
      "title": "Expanding Anthropic use of Google Cloud TPUs and services",
      "publisher": "Anthropic",
      "date": "2025-10-23",
      "url": "https://www.anthropic.com/news/expanding-our-use-of-google-cloud-tpus-and-services",
      "source_class": "first_party",
      "tier": 5,
      "note": "Up to one million TPUs; tens of billions of dollars; well over 1GW expected in 2026."
    },
    {
      "source_id": "S27",
      "title": "Microsoft, NVIDIA and Anthropic announce strategic partnerships",
      "publisher": "Microsoft/Anthropic",
      "date": "2025-11-18",
      "url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
      "source_class": "first_party",
      "tier": 5,
      "note": "Anthropic $30B Azure compute; NVIDIA up to $10B and Microsoft up to $5B investments; up to 1GW."
    },
    {
      "source_id": "S28",
      "title": "Anthropic invests $50B in American AI infrastructure",
      "publisher": "Anthropic",
      "date": "2025-11-12",
      "url": "https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure",
      "source_class": "first_party",
      "tier": 5,
      "note": "$50B data-center program with Fluidstack in Texas and New York."
    },
    {
      "source_id": "S29",
      "title": "SKT partnership announcement",
      "publisher": "Anthropic",
      "date": "2023-08-15",
      "url": "https://www.anthropic.com/news/skt-partnership-announcement",
      "source_class": "first_party",
      "tier": 5,
      "note": "Additional $100M strategic investment and commercial partnership."
    },
    {
      "source_id": "S30",
      "title": "Zoom partnership and investment in Anthropic",
      "publisher": "Anthropic",
      "date": "2023-05-16",
      "url": "https://www.anthropic.com/news/zoom-partnership-and-investment",
      "source_class": "first_party",
      "tier": 5,
      "note": "Investment amount undisclosed; product integration."
    },
    {
      "source_id": "S31",
      "title": "xAI Series B",
      "publisher": "xAI",
      "date": "2024-05-26",
      "url": "https://x.ai/news/series-b",
      "source_class": "first_party",
      "tier": 5,
      "note": "$6B Series B."
    },
    {
      "source_id": "S32",
      "title": "xAI Series C",
      "publisher": "xAI",
      "date": "2024-12-23",
      "url": "https://x.ai/news/series-c",
      "source_class": "first_party",
      "tier": 5,
      "note": "$6B Series C; strategic investors include NVIDIA and AMD."
    },
    {
      "source_id": "S33",
      "title": "xAI Series E",
      "publisher": "xAI",
      "date": "2026-01-06",
      "url": "https://x.ai/news/series-e",
      "source_class": "first_party",
      "tier": 5,
      "note": "$20B Series E, exceeding a $15B target; NVIDIA and Cisco strategic."
    },
    {
      "source_id": "S34",
      "title": "Mistral AI raises EUR1.7B Series C",
      "publisher": "Mistral AI",
      "date": "2025-09-09",
      "url": "https://mistral.ai/news/mistral-ai-raises-1-7-b-to-accelerate-technological-progress-with-ai/",
      "source_class": "first_party",
      "tier": 5,
      "note": "EUR1.7B Series C at EUR11.7B post-money, led by ASML."
    },
    {
      "source_id": "S35",
      "title": "Cohere raises $500M",
      "publisher": "Cohere",
      "date": "2025-08-14",
      "url": "https://cohere.com/blog/august-2025-funding-round",
      "source_class": "first_party",
      "tier": 5,
      "note": "$500M at $6.8B valuation."
    },
    {
      "source_id": "S36",
      "title": "Cohere adds $100M in second close",
      "publisher": "Cohere",
      "date": "2025-09-24",
      "url": "https://cohere.com/blog/september-2025-funding-round",
      "source_class": "first_party",
      "tier": 5,
      "note": "Additional $100M second close."
    },
    {
      "source_id": "S37",
      "title": "Microsoft and G42 partner to accelerate AI innovation",
      "publisher": "Microsoft",
      "date": "2024-04-15",
      "url": "https://blogs.microsoft.com/blog/2024/04/15/microsoft-and-g42-partner-to-accelerate-ai-innovation-in-uae-and-beyond/",
      "source_class": "first_party",
      "tier": 5,
      "note": "$1.5B minority investment and support for $1B developer fund; Azure migration/preferred-cloud relation."
    },
    {
      "source_id": "S38",
      "title": "Alibaba to invest RMB380B in AI and cloud infrastructure",
      "publisher": "Alibaba Group",
      "date": "2025-02-24",
      "url": "https://home.alibabagroup.com/en-US/document-1830678592242057216",
      "source_class": "first_party",
      "tier": 5,
      "note": "At least RMB380B (source states approximately $53B) over three years."
    },
    {
      "source_id": "S39",
      "title": "Cabinet approves IndiaAI Mission",
      "publisher": "Government of India PIB",
      "date": "2024-03-07",
      "url": "https://www.pib.gov.in/PressReleasePage.aspx?PRID=2012355",
      "source_class": "government",
      "tier": 5,
      "note": "Budget outlay Rs10,371.92 crore and public-private compute infrastructure of at least 10,000 GPUs."
    },
    {
      "source_id": "S40",
      "title": "UK Compute Roadmap",
      "publisher": "UK Government",
      "date": "2026-04-23",
      "url": "https://www.gov.uk/government/publications/uk-compute-roadmap/uk-compute-roadmap",
      "source_class": "government",
      "tier": 5,
      "note": "Up to GBP2B public compute ecosystem through 2030; over GBP1B for AIRR and up to GBP750M Edinburgh supercomputer."
    },
    {
      "source_id": "S41",
      "title": "EU launches InvestAI initiative",
      "publisher": "European Commission",
      "date": "2025-02-11",
      "url": "https://digital-strategy.ec.europa.eu/en/news/eu-launches-investai-initiative-mobilise-eu200-billion-investment-artificial-intelligence",
      "source_class": "government",
      "tier": 5,
      "note": "EUR200B mobilization target, including EUR20B AI gigafactory fund."
    },
    {
      "source_id": "S42",
      "title": "Advancing independent research on AI alignment",
      "publisher": "OpenAI",
      "date": "2026-02-10",
      "url": "https://openai.com/index/advancing-independent-research-ai-alignment/",
      "source_class": "first_party",
      "tier": 5,
      "note": "OpenAI $7.5M commitment; Alignment Project fund above GBP27M."
    },
    {
      "source_id": "S43",
      "title": "Baidu FY2025 results",
      "publisher": "Baidu IR",
      "date": "2026-02-25",
      "url": "https://ir.baidu.com/news-releases/news-release-details/baidu-announces-fourth-quarter-and-fiscal-year-2025-results/",
      "source_class": "first_party_financial",
      "tier": 5,
      "note": "FY2025 AI-powered business RMB40.0B; AI Cloud Infra RMB19.8B."
    },
    {
      "source_id": "S44",
      "title": "Baidu Q1 2026 results",
      "publisher": "Baidu IR",
      "date": "2026-05-21",
      "url": "https://ir.baidu.com/news-releases/news-release-details/baidu-announces-first-quarter-2026-results/",
      "source_class": "first_party_financial",
      "tier": 5,
      "note": "Q1 2026 AI-powered business RMB13.6B and AI Cloud Infra RMB8.8B."
    },
    {
      "source_id": "S45",
      "title": "Scale AI announces next phase after Meta investment",
      "publisher": "Scale AI",
      "date": "2025-06-12",
      "url": "https://scale.com/blog/scale-ai-announces-next-phase-of-company-evolution",
      "source_class": "first_party",
      "tier": 5,
      "note": "Confirms significant Meta investment, valuation over $29B, expanded commercial relationship; amount not disclosed in first-party release."
    },
    {
      "source_id": "S46",
      "title": "Meta finalizes investment in Scale AI",
      "publisher": "Reuters",
      "date": "2025-06-13",
      "url": "https://www.reuters.com/business/finance/meta-finalizes-investment-scale-ai-valuing-startup-29-billion-2025-06-13/",
      "source_class": "reputable_media",
      "tier": 4,
      "note": "Reports $14.3B for 49% stake; amount sourced to people familiar with the matter."
    },
    {
      "source_id": "S47",
      "title": "DeepSeek resumes funding round seeking nearly $8B",
      "publisher": "Reuters citing Bloomberg",
      "date": "2026-08-06",
      "url": "https://www.reuters.com/world/asia-pacific/deepseek-resumes-funding-round-seeking-nearly-8-billion-bloomberg-news-reports-2026-08-06/",
      "source_class": "reputable_media",
      "tier": 3,
      "note": "Reported target, not a confirmed closed round; valuation approximately RMB500B."
    },
    {
      "source_id": "S48",
      "title": "DeepSeek invests in Unitree Shanghai IPO",
      "publisher": "Reuters",
      "date": "2026-08-06",
      "url": "https://www.reuters.com/world/asia-pacific/deepseek-invests-208-million-unitrees-shanghai-ipo-2026-08-06/",
      "source_class": "reputable_media",
      "tier": 4,
      "note": "RMB140.8M ($20.8M), 2.31% stake through strategic placement."
    },
    {
      "source_id": "S49",
      "title": "Microsoft FY2026 Q3 earnings",
      "publisher": "Microsoft IR",
      "date": "2026-04-29",
      "url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast",
      "source_class": "first_party_financial",
      "tier": 5,
      "note": "Microsoft AI business annual revenue run rate above $37B; company quarterly financials."
    }
  ],
  "grade_definitions": {
    "A": "事件特定、重大且短窗相對乾淨；仍不等於結構性因果識別。",
    "B": "機制直接、資訊含量高，但仍可能受市場、多邊交易或時點因素干擾。",
    "C": "存在財報、宏觀、時區、內部人交易或大型公司多重資訊等較強混淆。",
    "D": "私人估值代理、政策目標、重疊公告或缺乏連續市場價格，只支持結構性解讀。"
  },
  "mechanism_order": [
    "股權／策略資本",
    "算力採購／基礎建設",
    "債務／流動性／槓桿",
    "公共資本／供給擴張",
    "商業／治理／平台關係",
    "研究治理／公共品"
  ]
}