CUSTOMERS & DEMAND

需求与买家 / Customers & demand

供给侧之外的另一半：买家的资本开支口径、融资方式、积压与自研芯片取舍。数字逐条标注证据级别，口径冲突处直接写明。The other half beyond supply: buyers’ capex definitions, funding, backlog and custom-silicon choices. Each figure carries an evidence level and conflicting bases are stated plainly.

不构成投资建议。Not investment advice.