我们梳理了Facebook、微软、英伟达这3 家国外科技巨头的元宇宙发展脉络，国外科技巨 头在VR/AR 市场具备先发优势，积累了丰富的VR/AR 内容和技术，平台能力强，同时在 芯片、算力算法、开发工具等硬软件基础设施端优势明显，当前元宇宙产业链布局较完善。

1 国外篇..........................................................................................................................................................................3

1.1 Facebook：VR 领域绝对龙头，全球元宇宙领军者..................................................................................................3

1.2 微软：AR 硬件市场份额领先，聚焦“企业元宇宙”..................................................................................................6

1.3 英伟达：底层技术核心供应商，元宇宙的“卖铲者” ................................................................................................8

2 国内篇........................................................................................................................................................................10

2.1 腾讯：内容和用户侧优势明显，静待展翅腾飞......................................................................................................10

2.2 阿里巴巴：VR 硬件布局日益完善，“流量+算法”看点十足.................................................................................10

2.3 字节跳动和百度：加速布局，后发优势逐渐显现..................................................................................................11

2.4 华为和中国电信：互联网企业之外的新进入者，打造第二增长曲线..................................................................12

3 风险提示....................................................................................................................................................................14

插图目录............................................................................................................................................................................15