{"id":1564,"date":"2022-05-20T22:43:57","date_gmt":"2022-05-20T13:43:57","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1564"},"modified":"2022-05-20T22:43:57","modified_gmt":"2022-05-20T13:43:57","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%82%a2%e3%83%97%e3%83%a9%e3%82%a4%e3%83%89-%e3%83%9e%e3%83%86%e3%83%aa%e3%82%a2%e3%83%ab%e3%82%ba-nsdqamat2022%e5%b9%b4%e7%ac%ac2%e5%9b%9b%e5%8d%8a%e6%9c%9f","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1564","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (NSDQ:AMAT)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"

\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (NSDQ:AMAT)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n

\u9700\u8981\u306f\u5f37\u3044\u306e\u3067\u6c7a\u7b97\u306f\u826f\u3044\u304b\u3068\u601d\u3063\u3066\u307e\u3057\u305f\u304c\u58f2\u308a\u4e0a\u3052\u30fbEPS\u5171\u30df\u30b9\u3057\u3066\u304a\u308a\u30ac\u30a4\u30c0\u30f3\u30b9\u3082\u5f31\u3044\u3067\u3059\u306d\u3002<\/p>\n

\u9700\u8981\u306f\u3042\u308b\u304c\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u554f\u984c\u304b\u3089\u306e\u4f9b\u7d66\u5236\u9650\u306b\u3088\u308a\u751f\u7523\u304c\u8ffd\u3044\u3064\u3044\u3066\u3044\u306a\u3044\u3088\u3046\u3067\u3059\u3002\u53d7\u6ce8\u6b8b\u3082\u5897\u52a0\u3057\u3066\u304a\u308a2\u56db\u534a\u671f\u5206\u4ee5\u4e0a\u306e\u53d7\u6ce8\u6b8b\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u3001\u4eca\u5f8c\u306f\u3088\u308a\u901f\u3044\u30b9\u30d4\u30fc\u30c9\u3067\u4f9b\u7d66\u3092\u958b\u59cb\u3057\u3001\u53d7\u6ce8\u6b8b\u3092\u6e1b\u3089\u3057\u3066\u3044\u304f\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u304c\u3069\u3053\u307e\u3067\u51fa\u6765\u308b\u306e\u304b\u6ce8\u8996\u3057\u3066\u3044\u304d\u305f\u3044\u3067\u3059\u3002<\/p>\n

\"\u30a2\u30d7\u30e9\u30a4\u30c9

\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (NSDQ:AMAT)\u682a\u4fa1<\/p><\/div>\n

\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (NSDQ:AMAT)2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

Call participants:
\nMike Sullivan — Corporate Vice President
\nGary Dickerson — President and Chief Executive Officer
\nBrice Hill — Chief Financial Officer
\nC.J. Muse — Evercore ISI — Analyst
\nStacy Rasgon — AllianceBernstein — Analyst
\nVivek Arya — Bank of America Merrill Lynch — Analyst
\nMark Lipacis — Jefferies — Analyst
\nKrish Sankar — Cowen and Company — Analyst
\nToshi Hari — Goldman Sachs — Analyst
\nHarlan Sur — J.P. Morgan — Analyst
\nJoe Quatrochi — Wells Fargo Securities — Analyst
\nTim Arcuri — UBS — Analyst
\nJoe Moore — Morgan Stanley — Analyst
\nSidney Ho — Deutsche Bank — Analyst
\nMore AMAT analysis<\/p>\n

2022\u5e745\u670819\u65e5\u5348\u5f8c4\u664230\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

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\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30b5\u30ea\u30d0\u30f3 — \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8
\n\u7686\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306e2022\u5e74\u5ea6\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306b\u3054\u53c2\u52a0\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u793e\u9577\u517cCEO\u306e\u30b2\u30fc\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3\u3068\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\u306e\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb\u304c\u53c2\u52a0\u3057\u307e\u3059\u3002\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u306f\u5c06\u6765\u4e88\u6e2c\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u304c\u542b\u307e\u308c\u3066\u304a\u308a\u3001\u30ea\u30b9\u30af\u3068\u4e0d\u78ba\u5b9f\u6027\u306b\u3088\u3063\u3066\u5b9f\u969b\u306e\u696d\u7e3e\u3068\u7570\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3092\u3001\u59cb\u3081\u308b\u524d\u306b\u304a\u4f1d\u3048\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u30ea\u30b9\u30af\u3068\u4e0d\u78ba\u5b9f\u6027\u306b\u95a2\u3059\u308b\u60c5\u5831\u306f\u3001\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306e\u6700\u65b0\u306eForm 10-Q\u304a\u3088\u3073Form 8-K\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

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\n\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3 — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

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\u5c06\u6765\u3092\u5c55\u671b\u3059\u308b\u3068\u3001\u534a\u5c0e\u4f53\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u306f\u3001\u533b\u7642\u3001\u4ea4\u901a\u3001\u6559\u80b2\u306a\u3069\u3042\u3089\u3086\u308b\u5206\u91ce\u3067\u3001\u5927\u898f\u6a21\u306a\u30c7\u30fc\u30bf\u53ce\u96c6\u3068\u5206\u6790\u3092\u6d3b\u7528\u3057\u3001\u3088\u308a\u5c11\u306a\u3044\u30a8\u30cd\u30eb\u30ae\u30fc\u3068\u8cc7\u6e90\u3067\u3001\u6025\u901f\u306a\u9032\u6b69\u3068\u7af6\u4e89\u529b\u306e\u3042\u308b\u5dee\u5225\u5316\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u57fa\u672c\u3067\u3059\u3002\u3057\u304b\u3057\u4eca\u65e5\u3001\u591a\u304f\u306e\u4eba\u3005\u304c\u3001\u79c1\u305f\u3061\u304c\u601d\u3044\u63cf\u304f\u6210\u9577\u3068\u5229\u76ca\u304c\u30ea\u30b9\u30af\u306b\u3055\u3089\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u61f8\u5ff5\u3057\u3066\u3044\u307e\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u5f93\u6765\u306e\u30d7\u30ec\u30a4\u30d6\u30c3\u30af\u304c\u884c\u304d\u8a70\u307e\u308a\u3001\u9032\u6b69\u304c\u3088\u308a\u56f0\u96e3\u3067\u4e0d\u78ba\u5b9f\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306f\u307e\u3055\u306b\u3053\u306e\u554f\u984c\u306b\u7126\u70b9\u3092\u5f53\u3066\u3001\u304a\u5ba2\u69d8\u3068\u5bc6\u63a5\u306b\u9023\u643a\u3057\u3066\u3001\u65b0\u3057\u3044\u30d7\u30ec\u30a4\u30d6\u30c3\u30af\u3068\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u4f5c\u6210\u3057\u3001\u534a\u5c0e\u4f53\u306e\u9ad8\u6027\u80fd\u5316\u3001\u4f4e\u6d88\u8cbb\u96fb\u529b\u5316\u3001\u4f4e\u30b3\u30b9\u30c8\u5316\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6750\u6599\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u7279\u5b9a\u3057\u6295\u8cc7\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u30c1\u30fc\u30e0\u3068\u3053\u306e\u91cd\u8981\u306a\u30df\u30c3\u30b7\u30e7\u30f3\u306e\u4e00\u54e1\u3067\u3042\u308b\u3053\u3068\u306f\u3001\u3068\u3066\u3082\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3060\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u79c1\u306e\u7b2c\u4e00\u5370\u8c61\u30923\u3064\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002\u307e\u305a\u3001\u3053\u306e\u4f1a\u793e\u306f\u975e\u5e38\u306b\u5b9f\u884c\u306b\u30d5\u30a9\u30fc\u30ab\u30b9\u3057\u3066\u3044\u307e\u3059\u3002\u30c1\u30fc\u30e0\u306f\u3001\u4e16\u754c\u306e\u534a\u5c0e\u4f53\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3092\u6df1\u304f\u7406\u89e3\u3057\u3001\u30c1\u30c3\u30d7\u3084\u90e8\u54c1\u306e\u4f9b\u7d66\u306b\u95a2\u3059\u308b\u307b\u307c\u6bce\u65e5\u306e\u8ab2\u984c\u3068\u6226\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u88fd\u9020\u30c1\u30fc\u30e0\u306f\u3001\u67d4\u8edf\u304b\u3064\u7d76\u3048\u9593\u306a\u3044\u52aa\u529b\u3067\u3001\u3053\u308c\u3089\u306e\u554f\u984c\u3092\u89e3\u6c7a\u3057\u3001\u304a\u5ba2\u69d8\u306b\u88fd\u54c1\u3092\u304a\u5c4a\u3051\u3059\u308b\u3053\u3068\u306b\u81ea\u4fe1\u3092\u6df1\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n

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\u7b2c\u4e09\u306b\u3001\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u3001\u8cc7\u672c\u96c6\u7d04\u5ea6\u3068\u55b6\u696d\u652f\u51fa\u306e\u70b9\u3067\u975e\u5e38\u306b\u52b9\u7387\u7684\u3067\u3059\u3002\u6295\u4e0b\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u304c\u975e\u5e38\u306b\u9ad8\u3044\u3001\u7d20\u6674\u3089\u3057\u3044\u30e2\u30c7\u30eb\u3067\u3059\u3002\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306e\u6295\u8cc7\u5bb6\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u7686\u3055\u3093\u3068\u4e00\u7dd2\u306b\u4ed5\u4e8b\u304c\u3067\u304d\u308b\u3053\u3068\u3092\u3046\u308c\u3057\u304f\u601d\u3044\u307e\u3059\u3057\u3001\u8fd1\u3044\u3046\u3061\u306b\u591a\u304f\u306e\u7686\u3055\u3093\u3068\u304a\u4f1a\u3044\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u672c\u65e5\u306e\u6c7a\u7b97\u8aac\u660e\u4f1a\u3067\u306f\u3001\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306e\u696d\u7e3e\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u3001\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u8aac\u660e\u3057\u30013\u3064\u306e\u91cd\u8981\u306a\u30e1\u30c3\u30bb\u30fc\u30b8\u3092\u5f37\u8abf\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

1\u3064\u306f\u3001\u77ed\u671f\u7684\u306b\u3082\u9577\u671f\u7684\u306b\u3082\u9700\u8981\u306f\u975e\u5e38\u306b\u5f37\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u30022\u3064\u76ee\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306b\u5236\u7d04\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u72b6\u6cc1\u304c\u6539\u5584\u3055\u308c\u308c\u3070\u6210\u9577\u3067\u304d\u308b\u614b\u52e2\u304c\u6574\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u3057\u30663\u3064\u76ee\u306f\u3001\u696d\u754c\u306e\u5c06\u6765\u306b\u78ba\u4fe1\u3092\u6301\u3061\u3001\u6211\u3005\u3068\u9867\u5ba2\u304c\u898b\u636e\u3048\u308b\u4eca\u5f8c\u306e\u6210\u9577\u3092\u652f\u3048\u308b\u305f\u3081\u306b\u3001\u751f\u7523\u80fd\u529b\u3092\u5897\u5f37\u3057\u3066\u3044\u304f\u3053\u3068\u3067\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u7b2c 2 \u56db\u534a\u671f\u306e\u696d\u7e3e\u3092\u8981\u7d04\u3057\u307e\u3059\u3002<\/p>\n

\u307e\u305a\u3001\u58f2\u4e0a\u9ad8\u306f62\u51045,000\u4e07\u30c9\u30eb\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd412\uff05\u306e\u5897\u53ce\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u4e3b\u8981\u5730\u57df\u306b\u304a\u3051\u308bCOVID\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306b\u3088\u308a\u3001\u5f53\u793e\u306e\u591a\u304f\u306e\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u304c\u5f71\u97ff\u3092\u53d7\u3051\u305f\u305f\u3081\u3001\u58f2\u4e0a\u9ad8\u306f\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u9593\u5024\u30922\uff05\u4e0b\u56de\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u5f71\u97ff\u3092\u304a\u5ba2\u69d8\u306b\u7406\u89e3\u3057\u3066\u3044\u305f\u3060\u304f\u305f\u3081\u3001COVID \u306e\u30b7\u30e3\u30c3\u30c8\u30c0\u30a6\u30f3\u304c\u767a\u751f\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u3001\u58f2\u4e0a\u9ad8\u306f\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u9593\u5024\u3092\u4e0a\u56de\u3063\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u975e GAAP \u578b\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f 47\uff05\u3068\u76ee\u6a19\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u304c\u3001\u6295\u5165\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u304c\u5728\u5eab\u3092\u7d4c\u7531\u3057\u3066\u58f2\u4e0a\u51fa\u8377\u306b\u5f71 \u97ff\u3057\u305f\u305f\u3081\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067 70bp \u4f4e\u4e0b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u975e GAAP \u578b\u55b6\u696d\u5229\u76ca\u306f\u3001\u58f2\u4e0a\u9ad8\u306e\u4f38\u3073\u306b\u3088\u308a\u524d\u5e74\u540c\u671f\u6bd4 8\uff05\u5897\u306e 19 \u5104 1,000 \u4e07\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u55b6\u696d\u5229\u76ca\u7387\u306f\u3001\u7814\u7a76\u958b\u767a\u8cbb\u53ca\u3073\u30a4\u30f3\u30d5\u30e9\u652f\u51fa\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u306b\u6bd4\u3079 110bp \u4f4e\u4e0b\u3057\u300130.6\uff05\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u975eGAAP\u30d9\u30fc\u30b9\u306e1\u682a\u5f53\u308a\u5229\u76ca\u306f\u524d\u5e74\u540c\u671f\u6bd413.5\uff05\u5897\u306e1.85\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u5236\u7d04\u306b\u3088\u308a\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u9593\u5024\u3088\u308a0.05\u30c9\u30eb\u4e0b\u56de\u308a\u307e\u3057\u305f\u3002\u7b2c2\u56db\u534a\u671f\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u671f\u4e2d\u306b\u51fa\u8377\u304c\u5f8c\u5de5\u7a0b\u306b\u504f\u91cd\u3057\u305f\u3053\u3068\u3068\u3001\u539f\u6750\u6599\u304a\u3088\u3073\u4ed5\u639b\u54c1\u306e\u5728\u5eab\u3092\u5897\u52a0\u3055\u305b\u305f\u3053\u3068\u306b\u3088\u308a\u30014\u51041,500\u4e07\u30c9\u30eb\u306b\u6e1b\u5c11\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u901a\u671f\u3067\u306f\u3001\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308b\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6bd4\u7387\u306f\u3001\u904e\u53bb\u306e\u5b9f\u7e3e\u3068\u307b\u307c\u540c\u3058\u3067\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306f\u300118 \u5104\u7c73\u30c9\u30eb\u3067 1,500 \u4e07\u682a\u306e\u81ea\u793e\u682a\u3092\u8cb7\u3044\u623b\u3057\u30012 \u5104 1,100 \u4e07\u7c73\u30c9\u30eb\u3067\u914d\u5f53\u3092\u884c\u3046\u306a\u3069\u300120 \u5104\u7c73\u30c9\u30eb\u8d85\u306e\u682a\u4e3b\u9084\u5143\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u5f53\u56db\u534a\u671f\u306b\u306f\u65b0\u305f\u306b 60 \u5104\u7c73\u30c9\u30eb\u306e\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5b9f\u65bd\u3092\u767a\u8868\u3057\u3001\u914d\u5f53\u91d1\u3082 8.3\uff05\u306e\u5897\u914d\u3068\u306a\u308a\u30015 \u5e74\u9023\u7d9a\u306e\u5897\u914d\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u6b21\u306b\u3001\u30bb\u30b0\u30e1\u30f3\u30c8\u5225\u306e\u696d\u7e3e\u306b\u3064\u3044\u3066\u3054\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n

\u7b2c2\u56db\u534a\u671f\u306f\u3001\u534a\u5c0e\u4f53\u3068AGS\u306e\u53cc\u65b9\u3067\u597d\u8abf\u306a\u53d7\u6ce8\u3092\u7d99\u7d9a\u3002\u53d7\u6ce8\u6b8b\u306f\u5f15\u304d\u7d9a\u304d\u5897\u52a0\u3057\u3066\u304a\u308a\u3001\u9867\u5ba2\u304b\u3089\u306f2023\u5e74\u4ee5\u964d\u3082\u7d99\u7d9a\u3059\u308b\u3068\u306e\u898b\u901a\u3057\u3092\u5f97\u3066\u3044\u308b\u3002\u30bb\u30df\u30fb\u30b7\u30b9\u30c6\u30e0\u306e\u58f2\u4e0a\u306f\u524d\u5e74\u540c\u671f\u6bd412\uff05\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u304c\u3001COVID\u95a2\u9023\u306e\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u505c\u6b62\u306b\u3088\u308a\u3001\u5f53\u793e\u306e\u4e88\u60f3\u30923\uff05\u307b\u3069\u4e0b\u56de\u308a\u307e\u3057\u305f\u3002\u30bb\u30df\u30fb\u30b7\u30b9\u30c6\u30e0\u306e\u975e GAAP \u55b6\u696d\u5229\u76ca\u7387\u306f\u3001\u88fd\u9020\u30b3\u30b9\u30c8\u3068\u7814\u7a76\u958b\u767a\u30d7\u30ed\u30b0\u30e9\u30e0\u652f\u51fa\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067 200bp \u4f4e\u4e0b\u3057\u307e\u3057\u305f\u3002<\/p>\n

AGS \u3067\u306f\u3001COVID \u306b\u3088\u308b\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306e\u5f71\u97ff\u3092\u53d7\u3051\u305f\u5730\u57df\u3067\u306f\u7279\u306b\u96e3\u3057\u3044\u3053\u3068\u3067\u3059\u304c\u3001\u9867\u5ba2\u306e\u5de5\u5834\u3092\u9ad8\u7a3c\u50cd\u7387 \u3067\u7a3c\u50cd\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u5f53\u793e\u306e\u30c1\u30fc\u30e0\u306f\u4e26\u3005\u306a\u3089\u306c\u52aa\u529b\u3092\u3057\u307e\u3057\u305f\u3002\u58f2\u4e0a\u9ad8\u306f\u904e\u53bb\u6700\u9ad8\u3092\u8a18\u9332\u3057\u3001\u30bb\u30b0\u30e1\u30f3\u30c8\u58f2\u4e0a\u9ad8\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u4e0a\u56de\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd4 15\uff05\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u7387\u306f\u524d\u5e74\u540c\u671f\u6bd4\u306770bps\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u7b2c2\u56db\u534a\u671f\u306bAGS\u304c\u9023\u7d9a\u3057\u305f\u6210\u9577\u3092\u9042\u3052\u305f\u3053\u3068\u306f\u3001\u30a2\u30d7\u30e9\u30a4\u30c9\u30fb\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306e\u7d4c\u5e38\u7684\u306a\u6027\u8cea\u3092\u5b9f\u8a3c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u306a\u304a\u3001AGS\u306e\u58f2\u4e0a\u9ad8\u306e\u7d0487\uff05\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u3001\u90e8\u54c1\u3001\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3053\u306e\u5f37\u529b\u306a\u30b5\u30fc\u30d3\u30b9\u30df\u30c3\u30af\u30b9\u306b\u3088\u308a\u3001\u30a6\u30a7\u30cf\u30d5\u30a1\u30d6\u88c5\u7f6e\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u305f\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001AGS\u306f\u6210\u9577\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306e\u6226\u7565\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u90e8\u5206\u3092\u6210\u9577\u3055\u305b\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u53ce\u76ca\u3092\u4e88\u6e2c\u3057\u3084\u3059\u304f\u306a\u308a\u3001\u304a\u5ba2\u69d8\u3068\u306e\u8ddd\u96e2\u304c\u8fd1\u304f\u306a\u308a\u3001\u30c4\u30fc\u30eb\u5f53\u305f\u308a\u306e\u53ce\u76ca\u304c3\u500d\u4ee5\u4e0a\u3068\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u9032\u6357\u3092\u6e2c\u308b\u305f\u3081\u306e\u6307\u6a19\u3092\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n

\u7b2c2\u56db\u534a\u671f\u3001\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306e\u30a4\u30f3\u30b9\u30c8\u30fc\u30eb\u30d9\u30fc\u30b9\u306f\u524d\u5e74\u540c\u671f\u6bd48%\u5897\u3067\u30014\u4e07\u53f0\u3092\u8d85\u3048\u307e\u3057\u305f\u3002\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u306e\u30b7\u30b9\u30c6\u30e0\u6570\u306f\u524d\u5e74\u540c\u671f\u6bd411%\u5897\u306e15,000\u53f0\u8d85\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u5951\u7d04\u671f\u9593\u306e\u5e73\u5747\u306f\u524d\u671f\u306e2.3\u5e74\u304b\u30892.5\u5e74\u306b\u4f38\u3073\u305f\u3002\u307e\u305f\u3001\u5951\u7d04\u66f4\u65b0\u7387\u306f92\uff05\u3067\u3057\u305f\u3002<\/p>\n

\u6b21\u306b\u3001\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306e\u58f2\u4e0a\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd42\uff05\u5897\u3068\u306a\u308a\u3001\u58f2\u4e0a\u9ad8\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u9593\u5024\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u975e GAAP \u578b\u55b6\u696d\u5229\u76ca\u7387\u306f\u524d\u5e74\u540c\u671f\u6bd4\u3067 390bp \u4e0a\u6607\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u6700\u8fd1\u3001\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3084PC\u3001\u30c6\u30ec\u30d3\u306a\u3069\u306e\u6d88\u8cbb\u8005\u9700\u8981\u304c\u5f31\u542b\u3093\u3067\u3044\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u88c5\u7f6e\u306e\u9700\u8981\u3082\u8edf\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u9700\u8981\u74b0\u5883\u306b\u3042\u308f\u305b\u3066\u53ce\u76ca\u898b\u901a\u3057\u3092\u4fee\u6b63\u3057\u3001\u652f\u51fa\u3092\u6291\u5236\u3057\u3066\u3044\u307e\u3059\u3002\u58f2\u4e0a\u9ad8\u3084\u55b6\u696d\u5229\u76ca\u7387\u304c\u4f4e\u4e0b\u3057\u3066\u3082\u3001\u5065\u5168\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u3092\u76ee\u6a19\u306b\u7d4c\u55b6\u3092\u884c\u3063\u3066\u3044\u304d\u307e\u3059\u3002\u6b21\u306b\u3001\u3088\u308a\u9577\u671f\u7684\u306a\u6210\u9577\u6a5f\u4f1a\u306b\u5411\u3051\u3066\u3069\u306e\u3088\u3046\u306b\u6e96\u5099\u3092\u9032\u3081\u3066\u3044\u308b\u304b\u306b\u3064\u3044\u3066\u8ff0\u3079\u307e\u3059\u3002\u4eca\u65e5\u3001\u79c1\u305f\u3061\u306f\u304a\u5ba2\u69d8\u3068\u3068\u3082\u306b\u3001\u3088\u308a\u9577\u3044\u8a08\u753b\u671f\u9593\u3092\u4f7f\u3044\u3001\u3088\u308a\u826f\u3044\u9577\u671f\u7684\u306a\u898b\u901a\u3057\u3092\u5f97\u306a\u304c\u3089\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u3068\u7dca\u5bc6\u306b\u9023\u643a\u3057\u3001\u30dc\u30c8\u30eb\u30cd\u30c3\u30af\u3092\u89e3\u6d88\u3057\u3001\u751f\u7523\u80fd\u529b\u3092\u5897\u5f37\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u7814\u7a76\u958b\u767a\u304a\u3088\u3073\u751f\u7523\u62e0\u70b9\u306b\u304a\u3044\u3066\u3001\u3088\u308a\u9577\u671f\u7684\u306a\u52b9\u7387\u6027\u3068\u751f\u7523\u6027\u3092\u9ad8\u3081\u308b\u305f\u3081\u3001\u751f\u7523\u80fd\u529b\u306e\u5897\u5f37\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u52aa\u529b\u306e\u7d50\u679c\u3001\u3088\u308a\u5f37\u56fa\u306a\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3068\u88fd\u9020\u80fd\u529b\u3001\u306a\u3089\u3073\u306b\u9867\u5ba2\u3084\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u306e\u3088\u308a\u6df1\u3044\u6226\u7565\u7684\u95a2\u4fc2\u304c\u9054\u6210\u3055\u308c\u308b\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u6b21\u306b\u3001\u7b2c3\u56db\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u3064\u3044\u3066\u3054\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n

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\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u9762\u3067\u306f\u3001\u9593\u9055\u3044\u306a\u304f\u591a\u304f\u306e\u524d\u9032\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u308c\u307e\u3067\u8ff0\u3079\u3066\u304d\u305f\u3088\u3046\u306a\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306b\u3088\u3063\u3066\u30d5\u30e9\u30b9\u30c8\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u6e9c\u307e\u3063\u3066\u3044\u308b\u72b6\u6cc1\u3060\u3068\u898b\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u3089\u306e\u554f\u984c\u306e\u307b\u3068\u3093\u3069\u306f\u89e3\u6c7a\u3055\u308c\u3064\u3064\u3042\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u76ee\u306e\u524d\u306b\u3042\u308b\u3053\u306e\u56db\u534a\u671f\u3092\u4e57\u308a\u8d8a\u3048\u308c\u3070\u3001\u5f90\u3005\u306b\u751f\u7523\u91cf\u3092\u5897\u3084\u3057\u3066\u3044\u3051\u308b\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u304a\u5ba2\u69d8\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u53d7\u6ce8\u304c\u904e\u53bb\u6700\u9ad8\u6c34\u6e96\u306b\u3042\u308b\u3068\u3044\u3046\u8a71\u3092\u3057\u307e\u3057\u305f\u3002\u53d7\u6ce8\u6b8b\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u3053\u3068\u3082\u304a\u8a71\u3057\u3057\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u3001\u304a\u5ba2\u3055\u307e\u3078\u306e\u7d0d\u54c1\u306b\u95a2\u3059\u308b\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u5909\u3048\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u4ee3\u308f\u308a\u306b\u3001\u91cd\u8981\u306a\u90e8\u54c1\u304c\u3088\u308a\u591a\u304f\u4f9b\u7d66\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308c\u3070\u3001\u4f9b\u7d66\u306e\u7a74\u3092\u958b\u3051\u3001\u53d7\u6ce8\u6b8b\u3092\u6e1b\u3089\u3059\u4f5c\u696d\u3092\u958b\u59cb\u3057\u307e\u3059\u3002<\/p>\n

\u7b2c4\u56db\u534a\u671f\u306b\u3064\u3044\u3066\u306f\u3001\u3059\u3067\u306b\u3054\u8aac\u660e\u3057\u305f\u3068\u304a\u308a\u3067\u3059\u3002\u7b2c3\u56db\u534a\u671f\u3092\u904e\u304e\u3001\u7b2c4\u56db\u534a\u671f\u306b\u5165\u308b\u3068\u3001\u5f90\u3005\u306b\u58f2\u4e0a\u304c\u5897\u52a0\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u304a\u5ba2\u69d8\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u304b\u3089\u306e\u5909\u66f4\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u30aa\u30fc\u30d7\u30f3\u306b\u306a\u3063\u3066\u304b\u3089\u306f\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u6539\u5584\u306b\u53d6\u308a\u7d44\u307f\u307e\u3059\u304c\u3001\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u306e\u5354\u529b\u95a2\u4fc2\u3082\u5927\u304d\u304f\u524d\u9032\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3\uff08\u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001C.J.\u3002\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u3002C.J.\u3001\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u3002\u79c1\u304c\u4ed8\u3051\u52a0\u3048\u305f\u3044\u306e\u306f\u3001\u304a\u5ba2\u69d8\u306e\u8996\u8a8d\u6027\u306b\u95a2\u3057\u3066\u3001\u3053\u308c\u307e\u3067\u4ee5\u4e0a\u306b\u826f\u304f\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u591a\u304f\u306e\u304a\u5ba2\u3055\u307e\u304c\u3001\u3088\u308a\u9577\u671f\u7684\u306a\u5951\u7d04\u3092\u7d50\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u6b8b\u5ff5\u306a\u304c\u3089\u73fe\u6642\u70b9\u3067\u306f2024\u5e74\u307e\u3067\u305a\u3063\u3068\u4e88\u7d04\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30d6\u30e9\u30a4\u30b9\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u9593\u9055\u3044\u306a\u304f\u3001\u304a\u5ba2\u69d8\u3078\u306e\u7d0d\u671f\u3092\u6539\u5584\u3059\u308b\u305f\u3081\u306b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3092\u52d5\u304b\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u304c\u6700\u512a\u5148\u4e8b\u9805\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306e\u53ef\u8996\u6027\u306f\u683c\u6bb5\u306b\u5411\u4e0a\u3057\u305f\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u5b9f\u969b\u3001\u8996\u8a8d\u6027\u306b\u95a2\u9023\u3057\u305f\u304a\u5ba2\u69d8\u3068\u306e\u4f1a\u8a71\u306f\u3001\u3053\u308c\u307e\u3067\u898b\u305f\u3053\u3068\u3082\u306a\u3044\u307b\u3069\u5e83\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

C.J. Muse — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001C.J.<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u30b9\u30c6\u30a4\u30b7\u30fc\u30fb\u30e9\u30b9\u30b4\u30f3\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Stacy Rasgon — AllianceBernstein — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u7686\u3055\u3093\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u53d7\u6ce8\u6b8b\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u53d7\u6ce8\u6b8b\u304c\u597d\u8abf\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u904e\u53bb\u6700\u9ad8\u306e\u6c34\u6e96\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u53d7\u6ce8\u6b8b\u306f\u4eca\u304c\u904e\u53bb\u6700\u9ad8\u6c34\u6e96\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u904e\u53bb\u306b\u305d\u3046\u3060\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3044\u304f\u3064\u304b\u306e\u30c4\u30fc\u30eb\u3092\u51fa\u8377\u3057\u3066\u3044\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u30e2\u30b8\u30e5\u30fc\u30eb\u304c\u4e0d\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u30e2\u30b8\u30e5\u30fc\u30eb\u304c\u4e0d\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u3059\u3067\u306b\u51fa\u8377\u3055\u308c\u3001\u6700\u7d42\u7684\u306a\u30e2\u30b8\u30e5\u30fc\u30eb\u306e\u5b8c\u6210\u3092\u5f85\u3063\u3066\u3044\u308b\u53d7\u6ce8\u6b8b\u306f\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u58f2\u4e0a\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u6642\u70b9\u3067\u306f\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u53d7\u6ce8\u6b8b\u304c\u3042\u308a\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u53d7\u6ce8\u6b8b\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u53d7\u6ce8\u6b8b\u304c\u5897\u3048\u7d9a\u3051\u3066\u3044\u308b\u306e\u306f\u4e8b\u5b9f\u3067\u3059\u3002\u3053\u308c\u306f\u3053\u3053\u6570\u56db\u534a\u671f\u3067\u4e00\u8cab\u3057\u3066\u3044\u308b\u52d5\u304d\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u559c\u3076\u3079\u304d\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u958b\u53e3\u90e8\u3092\u958b\u3044\u3066\u3001\u3088\u308a\u901f\u3044\u30b9\u30d4\u30fc\u30c9\u3067\u4f9b\u7d66\u3092\u958b\u59cb\u3057\u3001\u53d7\u6ce8\u6b8b\u3092\u6e1b\u3089\u3057\u3066\u3044\u304d\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u307e\u30602\u56db\u534a\u671f\u5206\u4ee5\u4e0a\u306e\u53d7\u6ce8\u6b8b\u304c\u3042\u308a\u307e\u3059\u3002\u4e0d\u8db3\u3057\u3066\u3044\u308b\u30e2\u30b8\u30e5\u30fc\u30eb\u306b\u3064\u3044\u3066\u306f\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u3092\u6b63\u78ba\u306b\u7279\u5b9a\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u304c\u3001\u6b63\u3057\u3044\u52d5\u304d\u3092\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u4f1a\u8a08\u58eb\u3084\u6295\u8cc7\u5bb6\u5411\u3051\u306b\u30011\u3064\u307e\u305f\u306f2\u3064\u306e\u90e8\u54c1\u304c\u4e0d\u8db3\u3057\u3066\u3044\u308b\u30c4\u30fc\u30eb\u3092\u591a\u6570\u51fa\u8377\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u30c4\u30fc\u30eb\u3092\u5b8c\u6210\u3055\u305b\u308b\u307e\u3067\u306f\u53ce\u76ca\u3092\u8a8d\u8b58\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u671f\u4e2d\u306b\u3001\u304a\u5ba2\u3055\u307e\u306b\u51fa\u8377\u3057\u305f\u3059\u3079\u3066\u306e\u30c4\u30fc\u30eb\u3092\u5b8c\u6210\u3055\u305b\u308b\u3088\u3046\u52aa\u529b\u3057\u307e\u3059\u3002\u4e00\u90e8\u3001\u672a\u5b8c\u6210\u306e\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u3089\u306f\u307e\u3060\u53ce\u76ca\u3092\u8a8d\u8b58\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u3053\u308c\u3089\u306f\u3001\u91cd\u8981\u306a\u30b3\u30f3\u30dd\u30fc\u30cd\u30f3\u30c8\u3092\u5165\u624b\u3057\u305f\u6642\u70b9\u3067\u6b21\u306e\u56db\u534a\u671f\u306b\u5165\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u5927\u304d\u306a\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5fc5\u305a\u3057\u3082\u6b21\u306e\u56db\u534a\u671f\u306b\u5411\u3051\u305f\u5148\u884c\u6295\u8cc7\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

\u6b21\u306e\u56db\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u3064\u3044\u3066\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304b\u3089\u4f9b\u7d66\u3055\u308c\u308b\u3059\u3079\u3066\u306e\u88fd\u54c1\u306b\u3064\u3044\u3066\u3001\u73fe\u5834\u3067\u5b8c\u6210\u3055\u305b\u308b\u5fc5\u8981\u306e\u3042\u308b\u6a5f\u68b0\u3084\u56db\u534a\u671f\u306e\u6ce8\u6587\u3092\u3069\u306e\u3088\u3046\u306b\u5b8c\u4e86\u3055\u305b\u308b\u304b\u306b\u3064\u3044\u3066\u614e\u91cd\u306b\u8a08\u753b\u3092\u7acb\u3066\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u3053\u306e\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u904e\u5ea6\u306b\u91cd\u8981\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u5b58\u5728\u3059\u308b\u3053\u3068\u306f\u4e8b\u5b9f\u3067\u3059\u3002\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Stacy Rasgon — AllianceBernstein — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30f4\u30a3\u30f4\u30a7\u30c3\u30af\u30fb\u30a2\u30fc\u30e4\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Vivek Arya — Bank of America Merrill Lynch — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30021\u51045,000\u4e07\u30c9\u30eb\u3092\u5b9a\u91cf\u5316\u3055\u308c\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u79c1\u304c\u7b2c2\u56db\u534a\u671f\u306e\u30bb\u30df\u30fb\u30b7\u30b9\u30c6\u30e0\u306e\u9700\u8981\u3068\u751f\u7523\u306b\u3064\u3044\u3066\u6b63\u3057\u304f\u805e\u3044\u3066\u3044\u308c\u3070\u306e\u8a71\u3067\u3059\u3002\u7b2c3\u56db\u534a\u671f\u306b\u3064\u3044\u3066\u306f\u3001\u305d\u306e\u5dee\u5206\u3092\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u5e74\u5ea6\u306e\u534a\u5206\u3092\u904e\u304e\u305f\u3068\u3053\u308d\u3067\u3059\u304c\u3001\u4eca\u5e74\u306eWFE\u306e\u5e95\u5024\u306f\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3088\u3044\u3067\u3057\u3087\u3046\u304b\uff1f1,000\u5104\u30c9\u30eb\u3067\u306f\u306a\u304f900\u5104\u30c9\u30eb\u306b\u8fd1\u3044\u6570\u5b57\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u7b2c4\u56db\u534a\u671f\u3067\u3082\u4f9b\u7d66\u72b6\u6cc1\u304c\u5287\u7684\u306b\u6539\u5584\u3055\u308c\u306a\u3044\u3068\u4eee\u5b9a\u3057\u3066\u5225\u306e\u6570\u5b57\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3 — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u56db\u534a\u671f\u3067\u306e\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u3001\u3042\u308b\u3044\u306f\u56db\u534a\u671f\u3067\u306e\u30aa\u30fc\u30ca\u30fc\u30b7\u30c3\u30d7\u306f\u7d041\u51045,000\u4e07\u30c9\u30eb\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u6b63\u3057\u3044\u6570\u5b57\u3067\u3059\u3002\u3053\u308c\u306f\u7279\u306b4\u6708\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306e\u5f71\u97ff\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

4\u6708\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306f\u56db\u534a\u671f\u672b\u306e1\u30f6\u6708\u9593\u3067\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u56db\u534a\u671f\u306e\u6700\u7d42\u6708\u306b\u304b\u306a\u308a\u306e\u53f0\u6570\u3092\u751f\u7523\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u3053\u306e\u5f71\u97ff\u306f\u5927\u304d\u304b\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306b\u5927\u304d\u306a\u6253\u6483\u3092\u4e0e\u3048\u305f\u3053\u3068\u306f\u9593\u9055\u3044\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u306a\u3051\u308c\u3070\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u4e0a\u56de\u3063\u305f\u3060\u308d\u3046\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u7b2c3\u56db\u534a\u671f\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u7b2c3\u56db\u534a\u671f\u306e\u4e3b\u8981\u306a\u69cb\u6210\u8981\u7d20\u3092\u3059\u3079\u3066\u56f3\u306b\u3057\u307e\u3057\u305f\u3002\u3053\u3053\u3067\u304a\u4f1d\u3048\u3057\u305f\u3044\u306e\u306f\u3001\u79c1\u305f\u3061\u306f\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306e\u5de5\u5834\u304c\u5f15\u304d\u7d9a\u304d\u518d\u958b\u3055\u308c\u3001\u5f93\u696d\u54e1\u304c\u914d\u7f6e\u3055\u308c\u3001\u4e16\u754c\u306e\u305d\u306e\u5730\u57df\u304b\u3089\u306e\u8f38\u9001\u8def\u304c\u5f15\u304d\u7d9a\u304d\u958b\u304b\u308c\u308b\u3053\u3068\u3092\u4e88\u6e2c\u3057\u3001\u305d\u308c\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306b\u306f\u60c5\u5831\u304c\u3042\u308a\u307e\u3059\u3002\u751f\u7523\u80fd\u529b\u5897\u5f37\u306e\u8a08\u753b\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u88fd\u54c1\u8a08\u753b\u3082\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306e\u4e88\u6e2c\u306f\u305d\u306e\u4e0a\u306b\u6210\u308a\u7acb\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u7b2c3\u56db\u534a\u671f\u306e\u30c7\u30eb\u30bf\u3092\u8003\u3048\u308b\u3068\u304d\u3001\u79c1\u305f\u3061\u306f\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u5074\u3067\u6700\u5584\u3092\u5c3d\u304f\u3057\u305f\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u5f53\u793e\u306e\u80fd\u529b\u3068\u9700\u8981\u306f\u3001\u7b2c3\u56db\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u306f\u308b\u304b\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u3069\u306e\u7a0b\u5ea6\u306e\u30b9\u30d4\u30fc\u30c9\u3067\u56de\u5fa9\u3057\u3066\u3044\u304f\u304b\u3092\u4e88\u6e2c\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u7b2c1\u56db\u534a\u671f\u306b\u6539\u5584\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3057\u3001\u4eca\u65e5\u3082\u300c\u5c11\u3057\u305a\u3064\u6539\u5584\u3057\u3066\u3044\u304f\u300d\u3068\u7533\u3057\u4e0a\u3052\u3066\u3044\u307e\u3059\u3002\u6700\u5f8c\u306b\u3001WFE\u306b\u3064\u3044\u3066\u306f\u3001\u307b\u307c\u540c\u3058\u30da\u30fc\u30b9\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002\u904e\u53bb\u6570\u56db\u534a\u671f\u3092\u898b\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u308f\u304b\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u904e\u53bb\u6570\u56db\u534a\u671f\u3092\u898b\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u308f\u304b\u308a\u307e\u3059\u304c\u3001\u307b\u307c\u540c\u3058\u30da\u30fc\u30b9\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002\u6628\u5e74\u306f870\u5104\u30c9\u30eb\u306eWFE\u3060\u3063\u305f\u3053\u3068\u3092\u3054\u5b58\u3058\u3067\u3057\u3087\u3046\u3002\u4eca\u65e5\u306e\u30b9\u30d4\u30fc\u30c9\u3067\u306f\u3001WFE\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u898b\u3066\u3001\u304a\u305d\u3089\u304f90\uff05\u53f0\u524d\u534a\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u3054\u5b58\u77e5\u306e\u901a\u308a\u3001\u5f53\u793e\u306f\u5f15\u304d\u7d9a\u304d\u53d7\u6ce8\u3092\u7372\u5f97\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u9577\u3044\u30d0\u30c3\u30af\u30ed\u30b0\u304c\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u7b2c4\u56db\u534a\u671f\u304b\u3089\u7b2c1\u56db\u534a\u671f\u306b\u304b\u3051\u3066\u306e\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u958b\u901a\u3057\u305f\u3068\u304d\u306b\u3001\u3069\u308c\u3060\u3051\u901f\u5ea6\u3092\u4e0a\u3052\u3089\u308c\u308b\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3054\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b8\u30a7\u30d5\u30ea\u30fc\u30ba\u306e\u30de\u30fc\u30af\u30fb\u30ea\u30d1\u30b7\u30b9\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Mark Lipacis — Jefferies — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u3001\u3042\u306a\u305f\u306f……\u78ba\u304b\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u3088\u308a\u7dca\u5bc6\u306a\u95a2\u4fc2\u3092\u69cb\u7bc9\u3057\u3066\u3044\u308b\u3068\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u307e\u305f\u3001\u30d6\u30e9\u30a4\u30b9\u306f\u3001\u79c1\u304c\u3088\u304f\u77e5\u3089\u306a\u3044\u8868\u73fe\u3092\u4f7f\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u4f9b\u7d66\u306b\u95a2\u3059\u308b\u958b\u53e3\u90e8\u3092\u958b\u304f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u306d\u3002<\/p>\n

\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u4f9b\u7d66\u306e\u6249\u3092\u958b\u304f\u3068\u306f\u3069\u3046\u3044\u3046\u610f\u5473\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u9700\u8981\u3068\u4f9b\u7d66\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b\u305f\u3081\u306b\u3001\u3069\u306e\u3088\u3046\u306b\u5f79\u7acb\u3066\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u30b2\u30a4\u30ea\u30fc\u304c\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u306e\u95a2\u4fc2\u3092\u7dca\u5bc6\u306b\u3059\u308b\u3068\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u79c1\u306e\u7406\u89e3\u3067\u306f\u3001\u3042\u306a\u305f\u306f\u30b5\u30d6\u30b7\u30b9\u30c6\u30e0\u3082\u8abf\u9054\u3057\u3066\u304a\u308a\u3001\u3042\u306a\u305f\u306b\u306f\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u304c\u3001\u79c1\u305f\u3061\u306e\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306b\u306f\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u304c\u3044\u308b\u306f\u305a\u3067\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u4eca\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3092\u56de\u907f\u3059\u308b\u305f\u3081\u306b\u3001\u3069\u306e\u3088\u3046\u306a\u4ed5\u7d44\u307f\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30de\u30fc\u30af\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u7d5e\u308a\u3092\u958b\u304f\u3068\u3044\u3046\u30b3\u30f3\u30bb\u30d7\u30c8\u306b\u3064\u3044\u3066\u7c21\u5358\u306b\u30b3\u30e1\u30f3\u30c8\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002\u5728\u5eab\u306e\u72b6\u6cc1\u3092\u898b\u308b\u3068\u3001\u524d\u56db\u534a\u671f\u6bd4\u30675\u5104\u30c9\u30eb\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u751f\u7523\u80fd\u529b\u306f\u9ad8\u304f\u3001\u73fe\u5728\u7a3c\u50cd\u3057\u3066\u3044\u308b\u5834\u6240\u3088\u308a\u3082\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u53d7\u6ce8\u6b8b\u3082\u975e\u5e38\u306b\u591a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u306e\u8003\u3048\u3067\u306f\u3001\u5f53\u793e\u306f\u6025\u901f\u306b\u6210\u9577\u3059\u308b\u614b\u52e2\u3092\u6574\u3048\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u5fc5\u8981\u306a\u3053\u3068\u306f\u3001\u4e3b\u8981\u90e8\u54c1\u306e\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3092\u7a3c\u50cd\u3055\u305b\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

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\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3 — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

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3\u670828\u65e5\u304b\u3089\u59cb\u307e\u3063\u305fCOVID\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306f\u3001\u6570\u9031\u9593\u306b\u308f\u305f\u3063\u3066\u5de5\u5834\u306b\u4eba\u304c\u3044\u306a\u3044\u72b6\u614b\u304c\u7d9a\u304d\u307e\u3057\u305f\u3002\u73fe\u5728\u3067\u3082\u3001\u4e00\u90e8\u306e\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3067\u306f\u3001\u5de5\u5834\u306b\u623b\u3063\u305f\u5f93\u696d\u54e1\u304c50%\u3092\u5927\u304d\u304f\u4e0b\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u591a\u5c64\u7684\u306a\u53ef\u8996\u5316\u306f\u5287\u7684\u306b\u6539\u5584\u3055\u308c\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u5171\u540c\u3067\u554f\u984c\u89e3\u6c7a\u306b\u53d6\u308a\u7d44\u3080\u3053\u3068\u3067\u3001\u30a8\u30f3\u30b8\u30cb\u30a2\u30ea\u30f3\u30b0\u306e\u80fd\u529b\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n

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\u30de\u30fc\u30af\u30fb\u30ea\u30d1\u30c1\u30b9 — \u30b8\u30a7\u30d5\u30ea\u30fc\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

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\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

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\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

Krish\u3055\u3093\u3001\u30b3\u30e1\u30f3\u30c8\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u307e\u305a\u79c1\u304c\u3084\u3063\u3066\u307f\u3066\u3001\u30b2\u30a4\u30ea\u30fc\u304c\u4f55\u304b\u4ed8\u3051\u52a0\u3048\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u898b\u3066\u307f\u307e\u3059\u3002\u6700\u521d\u306b\u7533\u3057\u4e0a\u3052\u305f\u3044\u306e\u306f\u3001\u53c2\u52a0\u3055\u308c\u305f\u65b9\u3067\u3001\u65e9\u304f\u304b\u3089\u72b6\u6cc1\u3092\u805e\u3044\u3066\u3044\u306a\u304b\u3063\u305f\u65b9\u304c\u3044\u3089\u3063\u3057\u3083\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u306e\u3067\u3001\u305d\u306e\u70b9\u3067\u3059\u3002<\/p>\n

\u73fe\u5728\u306e\u72b6\u6cc1\u306f\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u3069\u3093\u3069\u3093\u53d7\u6ce8\u304c\u5897\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u53d7\u6ce8\u6b8b\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u304a\u5ba2\u69d8\u304b\u3089\u306f\u3001\u3082\u3063\u3068\u30b9\u30d4\u30fc\u30c9\u3092\u4e0a\u3052\u308b\u3088\u3046\u306b\u3068\u96fb\u8a71\u304c\u304b\u304b\u3063\u3066\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u304a\u5ba2\u69d8\u306e\u304a\u5ba2\u69d8\u304b\u3089\u3082\u30b9\u30d4\u30fc\u30c9\u3092\u4e0a\u3052\u308b\u3088\u3046\u306b\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u7a3c\u50cd\u7387\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u524d\u306e\u96fb\u8a71\u4f1a\u8b70\u3067\u3082\u304a\u8a71\u3057\u3057\u307e\u3057\u305f\u3057\u3001\u30b2\u30a4\u30ea\u30fc\u3082\u305d\u306e\u6982\u8981\u306b\u89e6\u308c\u3066\u3044\u307e\u3059\u3002\u30e1\u30e2\u30ea\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u3001ICAPS\u306a\u3069\u3001\u3042\u3089\u3086\u308b\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u3067\u3001\u696d\u754c\u5168\u4f53\u306e\u88c5\u7f6e\u306e\u7a3c\u50cd\u7387\u3092\u8ffd\u8de1\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u904e\u53bb\u6700\u9ad8\u306e\u7a3c\u50cd\u7387\u3092\u8a18\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u3055\u3066\u3001\u3054\u8cea\u554f\u306e\u4ef6\u3067\u3059\u304c\u3001\u300c\u74b0\u5883\u304c\u5909\u5316\u3057\u305f\u5834\u5408\u3001\u3069\u3053\u306b\u5909\u5316\u304c\u73fe\u308c\u308b\u304b\u300d\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u307e\u305a\u3001\u65b0\u898f\u306e\u53d7\u6ce8\u304c\u306a\u3044\u3053\u3068\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002\u65b0\u898f\u53d7\u6ce8\u304c\u591a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u304a\u5ba2\u69d8\u304c\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u5909\u66f4\u3057\u305f\u308a\u3001\u81ea\u5206\u3067\u5225\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u8003\u3048\u305f\u308a\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5b9f\u969b\u306b\u8ffd\u52a0\u3067\u53d7\u6ce8\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u6d88\u8cbb\u8005\u9700\u8981\u306e\u4e00\u90e8\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u4f01\u696d\u306e\u9700\u8981\u304c\u6e1b\u5c11\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3082\u3046\u3072\u3068\u3064\u306f\u30a6\u30a7\u30fc\u30cf\u306e\u751f\u7523\u958b\u59cb\u6642\u671f\u3067\u3001\u3053\u3061\u3089\u3082\u4f38\u3073\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u305d\u306e\u3088\u3046\u306a\u30b7\u30b0\u30ca\u30eb\u306f\u51fa\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u76f4\u63a5\u7684\u306b\u8a00\u3046\u3068\u3001\u65b0\u898f\u53d7\u6ce8\u304c\u6e1b\u901f\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u305d\u308c\u304c\u4e00\u756a\u6700\u521d\u306b\u76ee\u306b\u3059\u308b\u3068\u3053\u308d\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u73fe\u5728\u3001\u305d\u308c\u306f\u898b\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3 — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002Krish\u3001Gary\u3067\u3059\u3002\u79c1\u304c\u4ed8\u3051\u52a0\u3048\u305f\u3044\u306e\u306f\u3001\u3055\u307e\u3056\u307e\u306aCEO\u3068\u4f55\u5ea6\u3082\u4f1a\u8a71\u3092\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u7126\u70b9\u306f\u4f9b\u7d66\u306b\u3064\u3044\u3066\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u591a\u304f\u306e\u5834\u5408\u3001\u9867\u5ba2\u3068\u9577\u671f\u5951\u7d04\u3084\u8907\u6570\u5e74\u5951\u7d04\u3092\u7d50\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u6700\u512a\u5148\u3055\u308c\u308b\u306e\u306f\u3001\u305d\u308c\u3089\u306e\u9867\u5ba2\u3068\u306e\u9593\u3067\u5bb9\u91cf\u3092\u5897\u3084\u3059\u305f\u3081\u306b\u5fc5\u8981\u306a\u30c4\u30fc\u30eb\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u304c\u904e\u53bb\u306b\u7d4c\u9a13\u3057\u305f\u3053\u3068\u3068\u7570\u306a\u308b\u306e\u306f\u3001\u5f53\u793e\u306e\u9867\u5ba2\u306e\u9867\u5ba2\u3068\u4f1a\u3063\u305f\u3068\u304d\u3067\u3059\u3002\u5f7c\u3089\u306f\u3001\u30c1\u30c3\u30d7\u306e\u5185\u5bb9\u3084\u6700\u5148\u7aef\u6280\u8853\u306e\u9769\u65b0\u306b\u95a2\u3057\u3066\u3001\u4f55\u304c\u5fc5\u8981\u306a\u306e\u304b\u3092\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001ICAPS\u306e\u5206\u91ce\u3067\u306f\u3001\u8907\u6570\u5e74\u5951\u7d04\u3092\u7d50\u3093\u3067\u3044\u308b\u304a\u5ba2\u69d8\u3068\u306e\u4f1a\u8a71\u3082\u591a\u304f\u3001\u305d\u306e\u3088\u3046\u306a\u304a\u5ba2\u69d8\u3068\u306e\u4f1a\u8a71\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u304c\u6700\u5927\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u3057\u3087\u3046\u3002\u79c1\u306e\u3053\u306e\u696d\u754c\u3067\u306e\u30ad\u30e3\u30ea\u30a2\u306b\u304a\u3044\u3066\u3001\u3053\u306e\u3088\u3046\u306a\u72b6\u6cc1\u306f\u898b\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Krish Sankar — Cowen and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001Gary\u3002Brice\u3001\u3042\u308a\u304c\u3068\u3046\u3002\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u904b\u55b6\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306e\u91dd \u5229\u4e5f\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u91dd \u4fca\u54c9 — \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002\u8cea\u554f\u3092\u304a\u53d7\u3051\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4fa1\u683c\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u7686\u3055\u3093\u304c\u304a\u8a71\u306b\u306a\u3063\u305f\u8abf\u6574\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u3001\u8abf\u6574\u306e\u7bc4\u56f2\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n

\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30d6\u30e9\u30a4\u30b9\u306f\u3001\u7b2c3\u56db\u534a\u671f\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u309246\uff05\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u3053\u306e\u6570\u5b57\u306b\u306f\u3001\u4fa1\u683c\u8abf\u6574\u307e\u305f\u306f\u4fa1\u683c\u306b\u3088\u308b\u5f71\u97ff\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u305d\u3046\u3067\u306a\u3044\u5834\u5408\u3001\u7b2c4\u56db\u534a\u671f\u304a\u3088\u30732023\u5e74\u5ea6\u306b\u8ffd\u3044\u98a8\u304c\u5439\u304f\u3068\u4e88\u60f3\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4fa1\u683c\u8abf\u6574\u306e\u7bc4\u56f2\u306b\u3064\u3044\u3066\u3001\u30b2\u30a4\u30ea\u30fc\u306b\u304a\u4f3a\u3044\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u30a8\u30c3\u30c1\u30f3\u30b0\u3084\u30d7\u30ed\u30bb\u30b9\u30fb\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u3088\u3046\u306a\u5206\u91ce\u3067\u306f\u3001\u9867\u5ba2\u306f\u4fa1\u683c\u8abf\u6574\u3092\u53d7\u3051\u5165\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u4fca\u54c9\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u306f\u305d\u306e\u7d9a\u304d\u304b\u3089\u3002\u307e\u305a\u4fa1\u683c\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u30b3\u30b9\u30c8\u9762\u3092\u88dc\u3046\u305f\u3081\u306b\u3067\u304d\u308b\u3053\u3068\u306f\u3059\u3079\u3066\u3084\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6570\u56db\u534a\u671f\u30672\u30dd\u30a4\u30f3\u30c8\u4ee5\u4e0a\u306e\u9006\u98a8\u304c\u5439\u3044\u3066\u304a\u308a\u3001\u6211\u3005\u306e\u30e2\u30c7\u30eb\u304b\u3089\u5916\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u3053\u308c\u3089\u306e\u8981\u56e0\u306f\u3001\u3053\u308c\u307e\u3067\u8aac\u660e\u3057\u3066\u304d\u305f\u3088\u3046\u306a\u3053\u3068\u306b\u8d77\u56e0\u3057\u3066\u3044\u307e\u3059\u3002\u4eba\u4ef6\u8cbb\u3068\u6b8b\u696d\u4ee3\u3067\u3059\u3002\u3053\u308c\u306f\u7d4c\u8cbb\u306e\u5897\u52a0\u3067\u3059\u3002\u539f\u6750\u6599\u306e\u6295\u5165\u3002<\/p>\n

\u904b\u8cc3\u3084\u30a8\u30af\u30b9\u30da\u30c7\u30a3\u30c3\u30c8\uff08\u914d\u9001\u6599\uff09\u306e\u652f\u6255\u3044\u3082\u3042\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3059\u3079\u3066\u306e\u30c4\u30fc\u30eb\u3092\u4eca\u3059\u3050\u306b\u306f\u53d6\u308a\u51fa\u305b\u306a\u3044\u306e\u3067\u3001\u30df\u30c3\u30af\u30b9\u306e\u5f71\u97ff\u3082\u5c11\u3057\u3042\u308a\u307e\u3059\u3002\u58f2\u4e0a\u7dcf\u5229\u76ca\u738746%\u3068\u3044\u3046\u76ee\u6a19\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u306b\u3001\u7b2c3\u56db\u534a\u671f\u306b\u4fa1\u683c\u6539\u5584\u3092\u5b9f\u65bd\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u7b2c3\u56db\u534a\u671f\u306b\u5b9f\u65bd\u3057\u305f\u4fa1\u683c\u6539\u5b9a\u304c\u8ecc\u9053\u306b\u4e57\u308a\u3001\u5f53\u793e\u306e\u30b3\u30b9\u30c8\u524a\u6e1b\u52aa\u529b\u3068\u4e26\u884c\u3057\u3066\u5b9f\u65bd\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u5f90\u3005\u306b\u62e1\u5927\u3057\u3066\u3044\u304f\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u7b2c4\u56db\u534a\u671f\u306b\u3064\u3044\u3066\u306f\u3001\u30ed\u30b8\u30b9\u30c6\u30a3\u30af\u30b9\u306e\u6539\u5584\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6539\u5584\u3001\u30ea\u30a8\u30f3\u30b8\u30cb\u30a2\u30ea\u30f3\u30b0\u306b\u95a2\u3059\u308b\u3044\u304f\u3064\u304b\u306e\u91cd\u8981\u306a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u3088\u308b\u30b3\u30b9\u30c8\u524a\u6e1b\u3001\u304a\u3088\u3073\u3044\u304f\u3064\u304b\u306e\u88fd\u54c1\u306b\u3064\u3044\u3066\u3088\u308a\u6c4e\u7528\u7684\u306a\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u3059\u3079\u3066\u3001\u30b3\u30b9\u30c8\u9762\u3092\u6539\u5584\u3057\u3001\u5f53\u793e\u304a\u3088\u3073\u304a\u5ba2\u3055\u307e\u306b\u8ca2\u732e\u3059\u308b\u305f\u3081\u306b\u5b9f\u65bd\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u4fa1\u683c\u9762\u3067\u306f\u3001\u4eca\u5f8c\u3001\u7b2c3\u56db\u534a\u671f\u3001\u7b2c4\u56db\u534a\u671f\u3001\u305d\u3057\u3066\u7b2c1\u56db\u534a\u671f\u3068\u5f90\u3005\u306b\u4e0a\u6607\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002\u6b21\u306b\u3001\u30b9\u30b3\u30fc\u30d7\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30b9\u30b3\u30fc\u30d7\u306f\u975e\u5e38\u306b\u5e83\u7bc4\u3060\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u30b2\u30a4\u30ea\u30fc\u306b\u30b3\u30e1\u30f3\u30c8\u3055\u305b\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3 — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u4fca\u54c9 \u30a2\u30d7\u30e9\u30a4\u30c9\u3067\u304a\u5ba2\u69d8\u304c\u672c\u5f53\u306b\u91cd\u8996\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u307e\u305a\u751f\u7523\u80fd\u529b\u306e\u5897\u5f37\u3068\u9700\u7d66\u30ae\u30e3\u30c3\u30d7\u306e\u89e3\u6d88\u3067\u3059\u3002Brice\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u305d\u3053\u306b\u306f\u3055\u307e\u3056\u307e\u306a\u9006\u98a8\u304c\u5439\u3044\u3066\u3044\u307e\u3059\u3002\u304a\u5ba2\u3055\u307e\u306f\u7686\u3001\u305d\u308c\u3092\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u304a\u5ba2\u69d8\u306f\u3001\u79c1\u305f\u3061\u304c\u3053\u3046\u3057\u305f\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u3092\u671b\u3093\u3067\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30c1\u30c3\u30d7\u306e\u751f\u7523\u3092\u52a0\u901f\u3055\u305b\u308b\u305f\u3081\u306b\u3067\u304d\u308b\u3053\u3068\u306f\u3059\u3079\u3066\u3001\u4e3b\u8981\u306a\u7126\u70b9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u30015\u670826\u65e5\u306e\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u3067\u3059\u304c\u3001\u305c\u3072\u591a\u304f\u306e\u65b9\u306b\u898b\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u914d\u7dda\u306e\u6280\u8853\u9769\u65b0\u306f\u3001\u696d\u754c\u5168\u4f53\u306e\u6700\u5927\u306e\u30dc\u30c8\u30eb\u30cd\u30c3\u30af\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n

\u30a2\u30d7\u30e9\u30a4\u30c9\u306f\u3001\u30d1\u30ef\u30fc\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u3044\u3046\u696d\u754c\u6700\u5927\u306e\u30dc\u30c8\u30eb\u30cd\u30c3\u30af\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u306b\u3001\u591a\u304f\u306e\u5dee\u5225\u5316\u3055\u308c\u305f\u30e6\u30cb\u30fc\u30af\u306a\u6280\u8853\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6280\u8853\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3001\u30d0\u30ea\u30e5\u30fc\u30fb\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306f\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3068\u4fa1\u5024\u5275\u9020\u3068\u3044\u3046\u70b9\u3067\u3001\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u3053\u3068\u3067\u3059\u3002\u3044\u305a\u308c\u306b\u305b\u3088\u3001\u5f53\u793e\u306e\u304a\u5ba2\u69d8\u304c\u91cd\u8996\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u3046\u3057\u305f\u70b9\u3067\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u305d\u306e\u7bc4\u56f2\u306f\u9650\u5b9a\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

Toshi Hari — Goldman Sachs — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30b2\u30a4\u30ea\u30fc\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30cf\u30fc\u30e9\u30f3\u30fb\u30b5\u30fc\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30cf\u30fc\u30e9\u30f3\u30fb\u30b5\u30fc — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

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\u3057\u304b\u3057\u3001\u3042\u306a\u305f\u65b9\u306f\u696d\u754c\u306e\u30ad\u30e3\u30d1\u30b7\u30c6\u30a3\u306e\u62e1\u5927\u3092\u76e3\u8996\u3059\u308b\u512a\u308c\u305f\u30bb\u30f3\u30b9\u3068\u5927\u304d\u306a\u30c1\u30fc\u30e0\u3092\u6301\u3063\u3066\u3044\u308b\u3002\u305d\u3053\u3067\u3001\u7686\u3055\u3093\u306e\u3054\u610f\u898b\u3092\u4f3a\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30cf\u30fc\u30e9\u30f3\u3002\u3053\u3061\u3089\u306f\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u307e\u305a\u306f\u305d\u3061\u3089\u304b\u3089\u3002<\/p>\n

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\u305d\u3057\u3066\u3001\u9700\u8981\u306e\u89b3\u70b9\u304b\u3089\u306f\u3001\u4eca\u5f8c\u3082\u4e00\u8cab\u3057\u3066\u6210\u9577\u304c\u7d9a\u304f\u3068\u898b\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u72b6\u6cc1\u306f\u30b5\u30a4\u30af\u30eb\u306e\u59cb\u307e\u308a\u306e\u76ee\u5b89\u3068\u306a\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u304c2024\u5e74\u307e\u3067\u306e\u9700\u8981\u306b\u76ee\u3092\u5411\u3051\u59cb\u3081\u305f\u3068\u8a00\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u306e\u3053\u3068\u306f\u79c1\u305f\u3061\u306b\u81ea\u4fe1\u3092\u4e0e\u3048\u3066\u304f\u308c\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30012023\u5e74\u307e\u3067\u3001\u3055\u3089\u306b\u306f2024\u5e74\u307e\u3067\u3001\u696d\u754c\u5168\u4f53\u304c\u53d7\u6ce8\u6b8b\u3092\u51e6\u7406\u3057\u3001\u305d\u306e\u4e0b\u306b\u3042\u308b\u5b9f\u969b\u306e\u9700\u8981\u306b\u8ffd\u3044\u3064\u304f\u3088\u3046\u52aa\u529b\u3059\u308b\u4e2d\u3067\u3001\u9700\u8981\u306e\u62e1\u5927\u304c\u7d9a\u304f\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30cf\u30fc\u30e9\u30f3\u30fb\u30b5\u30fc — J.P.\u30e2\u30eb\u30ac\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u52a9\u304b\u308a\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001Wells Fargo\u306eJoe Quatrochi\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Joe Quatrochi — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30024\u56db\u534a\u671f\u9023\u7d9a\u30671,000\u4eba\u4ee5\u4e0a\u3092\u63a1\u7528\u3001\u307e\u305f\u306f\u5897\u54e1\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u305d\u306e\u591a\u304f\u306f\u73fe\u5730\u3067\u306e\u88fd\u9020\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u9593\u3001\u30bb\u30df\u30fb\u30b7\u30b9\u30c6\u30e0\u306e\u58f2\u4e0a\u306f\u3042\u307e\u308a\u5909\u308f\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

\u30de\u30fc\u30b8\u30f3\u69cb\u9020\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306b\u308f\u305f\u308b\u30de\u30fc\u30b8\u30f3\u306e\u6539\u5584\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u4fa1\u683c\u8abf\u6574\u306b\u5bfe\u3059\u308b\u30b3\u30b9\u30c8\u5438\u53ce\u3001\u3042\u308b\u3044\u306f\u30b3\u30b9\u30c8\u5438\u53ce\u306e\u5927\u304d\u3055\u306b\u3064\u3044\u3066\u3069\u3046\u8003\u3048\u308c\u3070\u3088\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u96c7\u7528\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001\u73fe\u6642\u70b9\u3067\u306f\u88fd\u9020\u306e\u30d5\u30ed\u30fc\u304c\u5b8c\u5168\u3067\u306f\u306a\u304f\u3001\u5728\u5eab\u3084\u4f9b\u7d66\u304c\u4e88\u6e2c\u3057\u306b\u304f\u3044\u72b6\u6cc1\u306b\u5bfe\u5fdc\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3001\u88fd\u9020\u90e8\u9580\u3067\u304b\u306a\u308a\u306e\u6570\u306e\u96c7\u7528\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u304a\u5ba2\u69d8\u306e\u30cb\u30fc\u30ba\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u3001\u751f\u7523\u91cf\u3092\u5897\u3084\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u5148\u307b\u3069\u3001\u3044\u304f\u3064\u304b\u306e\u88fd\u54c1\u306e\u30b3\u30b9\u30c8\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3068\u4ee3\u66ff\u90e8\u54c1\u306e\u4f7f\u7528\u3092\u6539\u5584\u3059\u308b\u305f\u3081\u306b\u3001\u3044\u304f\u3064\u304b\u306e\u30ea\u30a8\u30f3\u30b8\u30cb\u30a2\u30ea\u30f3\u30b0\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u308b\u3053\u3068\u3092\u8aac\u660e\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306a\u88fd\u54c1\u306e\u30ea\u30a8\u30f3\u30b8\u30cb\u30a2\u30ea\u30f3\u30b0\u3068\u54c1\u8cea\u4fdd\u8a3c\u3092\u884c\u308f\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u4eba\u54e1\u304c\u5fc5\u8981\u3067\u3059\u3002\u307e\u305f\u3001\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306e\u72b6\u6cc1\u3092\u6539\u5584\u3059\u308b\u305f\u3081\u306e\u652f\u63f4\u3082\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u3082\u4eba\u624b\u304c\u304b\u304b\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u306f\u6210\u9577\u8ecc\u9053\u3092\u7d99\u7d9a\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u306eWFE\u3092\u898b\u308b\u3068\u3001\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u7d99\u7d9a\u3059\u308b\u305f\u3081\u306b\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u89b3\u70b9\u304b\u3089\u591a\u304f\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u9032\u884c\u4e2d\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u305d\u306e\u9053\u3092\u6b69\u307f\u7d9a\u3051\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u73fe\u5728\u306e\u74b0\u5883\u4e0b\u3067\u305d\u3046\u3059\u3079\u304d\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u306e\u306f\u59a5\u5f53\u306a\u8cea\u554f\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u9593\u9055\u3044\u306a\u304f\u4f9b\u7d66\u304c\u5236\u7d04\u3055\u308c\u305f\u74b0\u5883\u3068\u898b\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u305d\u3046\u3057\u305f\u554f\u984c\u3092\u89e3\u6c7a\u3057\u3001\u3053\u308c\u307e\u3067\u4e88\u60f3\u3057\u3066\u3044\u305f\u3088\u3046\u306a\u6210\u9577\u3092\u53d6\u308a\u623b\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5728\u5eab\u3068\u88fd\u9020\u80fd\u529b\u306e\u4e21\u9762\u304b\u3089\u3001\u305d\u306e\u6e96\u5099\u304c\u6574\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u6700\u5f8c\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u304c\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u89b3\u70b9\u304b\u3089\u306f\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u9006\u98a8\u3068\u306a\u308b\u8981\u56e0\u306e1\u3064\u3067\u3059\u3002<\/p>\n

\u9006\u98a8\u30924\u3064\u6319\u3052\u307e\u3057\u305f\u3002\u3082\u3046\u4e00\u5ea6\u8a00\u3044\u307e\u3059\u3002\u904b\u8cc3\u3068\u30a8\u30af\u30b9\u30da\u30c7\u30a3\u30c3\u30c8\u3001\u4eba\u4ef6\u8cbb\u3068\u9593\u63a5\u8cbb\u3001\u305d\u3057\u3066\u6750\u6599\u3001\u30b3\u30b9\u30c8\u3001\u30df\u30c3\u30af\u30b9\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u8981\u7d20\u306b\u3064\u3044\u3066\u306f\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306b\u5bfe\u3057\u3066\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u8003\u3048\u308b\u306a\u3089\u3001\u307b\u307c\u540c\u7b49\u306e\u5f37\u3055\u3067\u3042\u308b\u3068\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Joe Quatrochi — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3068\u3066\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306fUBS\u306eTimothy Arcuri\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30c6\u30a3\u30e0\u30fb\u30a2\u30fc\u30ad\u30e5\u30ea — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u3001\u4eca\u5e74\u306e\u6b8b\u308a\u306e\u671f\u9593\u306e\u53ce\u76ca\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u306a\u305f\u306f4\u6708\u309263\u51045000\u4e07\u30c9\u30eb\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f3\u30ab\u6708\u304b\u6570\u30ab\u6708\u524d\u306e\u3053\u3068\u3067\u3001\u3042\u306a\u305f\u306f\u305d\u306e\u6642\u305d\u3053\u306b\u3044\u306a\u304b\u3063\u305f\u3053\u3068\u306f\u77e5\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u540c\u793e\u306f\u3001\u6b8b\u308a\u306e\u66a6\u5e74\u3092\u901a\u3058\u3066\u3001\u58f2\u4e0a\u306f\u3053\u306e\u6c34\u6e96\u304b\u3089\u30b7\u30f3\u30b0\u30eb\u30fb\u30af\u30e9\u30b9\u306e\u534a\u3070\u307e\u3067\u6210\u9577\u3059\u308b\u3068\u8ff0\u3079\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u3064\u307e\u308a\u30017\u6708\u304c66\u51045,000\u4e07\u30c9\u30eb\u300110\u6708\u304c70\u5104\u30c9\u30eb\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u30017\u6708\u306f\u3053\u306e\u6570\u5b57\u304b\u30894\u5104\u30c9\u30eb\u307b\u3069\u4f4e\u3044\u6c34\u6e96\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u8cea\u554f\u3067\u3059\u304c\u3001\u305d\u306e4\u5104\u30c9\u30eb\u309210\u6708\u306b\u6295\u5165\u3057\u3066\u300110\u6708\u304c70\u5104\u30c9\u30eb\u53f0\u524d\u534a\u304b\u3089\u534a\u3070\u306b\u306a\u308b\u3088\u3046\u306b\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u304b\uff1f3\u30f6\u6708\u524d\u306b\u6c7a\u3081\u305f\u3088\u3046\u306b\u3001\u4eca\u5e74\u306e\u8a08\u753b\u3092\u7acb\u3066\u76f4\u3059\u306e\u3092\u624b\u4f1d\u3063\u3066\u307b\u3057\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u671f\u306e62\u51045,000\u4e07\u30c9\u30eb\u3068\u3044\u3046\u6570\u5b57\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u79c1\u305f\u3061\u304c\u884c\u3063\u305f\u3053\u3068\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3092\u901a\u3058\u3066\u3001\u5de5\u5834\u3001\u3064\u307e\u308a\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306e\u5de5\u5834\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u901f\u3055\u3067\u4eba\u54e1\u3092\u88dc\u5145\u3067\u304d\u308b\u306e\u304b\uff1f\u4f9b\u7d66\u30e9\u30a4\u30f3\u306f\u3069\u306e\u7a0b\u5ea6\u3067\u958b\u901a\u3059\u308b\u306e\u304b\uff1f\u56db\u534a\u671f\u3092\u901a\u3057\u3066\u306e\u6b63\u78ba\u306a\u7d0d\u671f\u306f\u3044\u3064\u306b\u306a\u308b\u306e\u304b\uff1f\u56db\u534a\u671f\u306b\u9593\u306b\u5408\u308f\u305b\u308b\u306e\u306b\u5341\u5206\u306a\u65e9\u3055\u3067\u7d0d\u54c1\u3067\u304d\u308b\u306e\u304b\u3001\u306a\u3069\u306a\u3069\u3002\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u5c11\u3057\u5e45\u3092\u6301\u305f\u305b\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u4e88\u6e2c\u306f\u3001\u73fe\u6642\u70b9\u3067\u306e\u6700\u9ad8\u306e\u60c5\u5831\u3067\u3042\u308b\u3001\u7d99\u7d9a\u7684\u304b\u3064\u52a0\u901f\u3059\u308b\u518d\u958b\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306b\u57fa\u3065\u3044\u3066\u3044\u308b\u3053\u3068\u306f\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u591a\u5c11\u306e\u30ea\u30b9\u30af\u306f\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u6b21\u306e\u56db\u534a\u671f\u3092\u8003\u3048\u308b\u3068\u3001\u7b2c3\u56db\u534a\u671f\u306e\u9700\u8981\u3092\u6e80\u305f\u3059\u305f\u3081\u306b\u5728\u5eab\u3092\u3059\u3079\u3066\u4f7f\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3001\u91cd\u8981\u90e8\u54c1\u306e\u5728\u5eab\u3082\u30bc\u30ed\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u7b2c4\u56db\u534a\u671f\u306f\u7b2c3\u56db\u534a\u671f\u3088\u308a\u3082\u5f90\u3005\u306b\u3001\u3042\u308b\u3044\u306f\u6bb5\u968e\u7684\u306b\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u304f\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089……\u5148\u307b\u3069\u306e\u8a71\u3092\u8003\u3048\u308b\u3068\u3001\u7b2c4\u56db\u534a\u671f\u304c\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u306b\u306a\u308b\u304b\u306f\u307e\u3060\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u7b2c3\u56db\u534a\u671f\u306b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u3069\u308c\u3060\u3051\u65e9\u304f\u958b\u653e\u3055\u308c\u308b\u304b\u306b\u3088\u3063\u3066\u3001\u305d\u306e\u5ea6\u5408\u3044\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u7b2c4\u56db\u534a\u671f\u306f\u3001\u3082\u3063\u3068\u65e9\u304f\u751f\u7523\u3067\u304d\u308b\u80fd\u529b\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u5236\u7d04\u306e\u306a\u3044\u90e8\u54c1\u306e\u5728\u5eab\u3082\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u3088\u308a\u65e9\u304f\u4f9b\u7d66\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u7b2c4\u56db\u534a\u671f\u306b\u306f\u3055\u307e\u3056\u307e\u306a\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u7b2c3\u56db\u534a\u671f\u3082\u4e3b\u8981\u90e8\u54c1\u306e\u751f\u7523\u3068\u5de5\u5834\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u3092\u7d99\u7d9a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u6700\u5f8c\u306b\u3001\u79c1\u3069\u3082\u306b\u306f\u751f\u9bae\u9700\u8981\u304c\u306a\u3044\u3053\u3068\u3092\u7533\u3057\u4e0a\u3052\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3054\u8cea\u554f\u306e1\u3064\u3067\u3059\u304c\u3001\u305d\u308c\u3092\u524d\u5012\u3057\u3067\u884c\u3046\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u7d76\u5bfe\u306b\u524d\u5012\u3057\u306b\u3059\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u306e\u307e\u307e\u3067\u306f\u4f55\u3082\u30d1\u30fc\u306b\u306a\u3089\u306a\u3044\u3002\u7b2c4\u56db\u534a\u671f\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3067\u5224\u65ad\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30c6\u30a3\u30e0\u30fb\u30a2\u30fc\u30af\u30ea — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30b8\u30e7\u30fc\u30fb\u30e0\u30fc\u30a2\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Joe Moore — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u306b\u95a2\u9023\u3057\u3066\u3001\u4eca\u5ea6\u306e\u56db\u534a\u671f\u306f\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u304c\u5f31\u3044\u3068\u5c11\u3057\u304a\u3063\u3057\u3083\u3063\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u4eca\u5e74\u306f2\u6841\u306e\u30de\u30a4\u30ca\u30b9\u6210\u9577\u306b\u306a\u308a\u305d\u3046\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u6210\u9577\u3055\u305b\u308b\u306b\u306f\u4f55\u304c\u5fc5\u8981\u3067\u3057\u3087\u3046\u304b\uff1f\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3060\u3051\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u3084\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u89b3\u70b9\u304b\u3089\u3001\u3053\u306e\u5148\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u6210\u9577\u3055\u305b\u308b\u3088\u3046\u306a\u3082\u306e\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30b8\u30e7\u30fc\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u307e\u305a\u306f\u79c1\u304b\u3089\u3001\u305d\u3057\u3066\u30b2\u30a4\u30ea\u30fc\u304b\u3089\u9577\u671f\u7684\u306a\u5c55\u671b\u306b\u3064\u3044\u3066\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u6d88\u8cbb\u8005\u9700\u8981\u306e\u5909\u5316\u306b\u3088\u308b\u5f71\u97ff\u3092\u53d7\u3051\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u306e\u4e8b\u696d\u3060\u3051\u3067\u3059\u3002<\/p>\n

\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3084PC\u3001\u30c6\u30ec\u30d3\u306a\u3069\u306e\u4e0d\u632f\u306b\u4f34\u3044\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306e\u898b\u901a\u3057\u304c\u5f31\u304f\u306a\u308b\u3053\u3068\u306f\u9593\u9055\u3044\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u79c1\u305f\u3061\u306f\u3001\u904e\u53bb\u6570\u5e74\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30bf\u30fc\u30f3\u3092\u78ba\u4fdd\u3057\u3064\u3064\u3001\u9700\u8981\u304c\u56de\u5fa9\u3057\u3001\u65b0\u3057\u3044\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u3082\u51fa\u3066\u304d\u305f\u3068\u304d\u306b\u6210\u9577\u3067\u304d\u308b\u3088\u3046\u306b\u3001\u652f\u51fa\u306e\u89b3\u70b9\u304b\u3089\u4e8b\u696d\u306e\u898f\u6a21\u3092\u7e2e\u5c0f\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u5f8c\u3001\u3053\u306e\u3088\u3046\u306a\u8abf\u6574\u3092\u884c\u3044\u3001\u6b21\u306e\u6570\u56db\u534a\u671f\u306f\u58f2\u4e0a\u9ad8\u304c\u6e1b\u5c11\u3057\u307e\u3059\u304c\u3001\u305d\u308c\u3067\u3082\u6295\u8cc7\u306b\u5bfe\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u306f\u5341\u5206\u306a\u3082\u306e\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u6700\u5f8c\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306e\u6295\u8cc7\u306e\u307b\u3068\u3093\u3069\u306f\u3001\u3053\u306e\u4e8b\u696d\u306b\u5bfe\u3057\u3066\u884c\u308f\u308c\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u304a\u5ba2\u3055\u307e\u306b\u88fd\u54c1\u3092\u304a\u5c4a\u3051\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u884c\u3063\u305f\u6295\u8cc7\u306b\u5bfe\u3057\u3066\u5b9f\u884c\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3088\u304f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30bf\u30fc\u30f3\u304c\u3088\u3044\u30d3\u30b8\u30cd\u30b9\u3067\u3042\u308a\u3001\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u898b\u89e3\u3067\u3059\u3002\u307e\u305f\u3001\u65b0\u3057\u3044\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u9700\u8981\u306b\u5bfe\u5fdc\u3059\u308b\u6e96\u5099\u3082\u3067\u304d\u3066\u3044\u307e\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u3001\u30b3\u30e1\u30f3\u30c8\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Gary Dickerson — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u306f\u3044\u3002\u30b8\u30e7\u30fc\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001\u4eca\u5e74\u306f2\u6841\u53f0\u306e\u58f2\u4e0a\u3067\u3001\u3053\u308c\u307e\u3067\u3068\u6bd4\u8f03\u3059\u308b\u306810\uff05\u7a0b\u5ea6\u306e\u6e1b\u5c11\u306b\u306a\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002Brice\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u672c\u5f53\u306b\u652f\u51fa\u3092\u7e2e\u5c0f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u591a\u304f\u306e\u6295\u8cc7\u3092\u884c\u3044\u307e\u3057\u305f\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u53c2\u5165\u3057\u3066\u3044\u308b\u5e02\u5834\u306e\u4e00\u90e8\u3067\u975e\u5e38\u306b\u9ad8\u3044\u30b7\u30a7\u30a2\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6295\u8cc7\u5bb6\u5411\u3051\u8aac\u660e\u4f1a\u3067\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3053\u306e\u4e8b\u696d\u304b\u3089\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u56de\u53ce\u3059\u308b\u3053\u3068\u306b\u5168\u529b\u3092\u6ce8\u3044\u3067\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u30d6\u30e9\u30a4\u30b9\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u30ec\u30d9\u30eb\u304c\u4e0b\u304c\u3063\u3066\u3082\u540c\u69d8\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

2023\u5e74\u307e\u3067\u3092\u898b\u636e\u3048\u3066\u3082\u3001\u5e02\u5834\u304c\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u3066\u3044\u304f\u306e\u304b\u3001\u4eca\u306e\u6642\u70b9\u3067\u306f\u307e\u3060\u898b\u3048\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u73fe\u5728\u9032\u884c\u4e2d\u306e\u4e8b\u696d\u7e2e\u5c0f\u306b\u3088\u308a\u3001\u540c\u30ec\u30d9\u30eb\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u63d0\u4f9b\u3057\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u306e\u4e8b\u696d\u306f\u3001\u534a\u5c0e\u4f53\u6210\u819c\u6280\u8853\u3092\u6d3b\u7528\u3057\u3066\u3001\u3088\u308a\u5927\u304d\u306a\u30d1\u30cd\u30eb\u306b\u5c55\u958b\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u3082\u30461\u3064\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u3082\u30461\u3064\u306e\u76f8\u4e57\u52b9\u679c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u30a2\u30c9\u30d0\u30f3\u30b9\u30c8\u30fb\u30d1\u30c3\u30b1\u30fc\u30b8\u30f3\u30b0\u30fb\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u898b\u308b\u3068\u3001\u3088\u308a\u5927\u304d\u306a\u57fa\u677f\u30b5\u30a4\u30ba\u306b\u5bfe\u5fdc\u3059\u308b\u6280\u8853\u3084\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u304c\u3042\u308a\u3001\u9577\u671f\u7684\u306b\u306f\u30d1\u30c3\u30b1\u30fc\u30b8\u30f3\u30b0\u306b\u304a\u3051\u308b\u5f53\u793e\u306e\u5f37\u529b\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u5f37\u5316\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u305d\u3053\u306b\u306f\u76f8\u4e57\u52b9\u679c\u304c\u3042\u308b\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3082\u826f\u597d\u3067\u3059\u3002\u9577\u671f\u7684\u306b\u306f\u3001\u6709\u6a5fEL\u306e\u6280\u8853\u7684\u306a\u554f\u984c\u304c\u89e3\u6c7a\u3055\u308c\u308c\u3070\u3001\u518d\u3073\u3053\u306e\u5e02\u5834\u306b\u53c2\u5165\u3059\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u305d\u3046\u306a\u3089\u306a\u3044\u3068\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n

Joe Moore — \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306eSidney Ho\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Sidney Ho — Deutsche Bank — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u79c1\u306e\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u7b2c2\u56db\u534a\u671f\u306eAGS\u306e\u53ce\u76ca\u304c\u4e88\u60f3\u3092\u4e0a\u56de\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3042\u306a\u305f\u306e\u6e96\u5099\u767a\u8a00\u3067\u958b\u793a\u3055\u308c\u305f\u3059\u3079\u3066\u306e\u6307\u6a19\u3092\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u524d\u56db\u534a\u671f\u3092\u632f\u308a\u8fd4\u308b\u3068\u3001\u6d88\u8017\u54c1\u306e\u5236\u7d04\u304c200mm\u88fd\u54c1\u30e9\u30a4\u30f3\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u4e0a\u6607\u3092\u3082\u305f\u3089\u3057\u305f\u8981\u56e0\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305f\u30012022\u5e74\u5ea6\u306eAGS\u306e\u6210\u9577\u7387\u30922\u6841\u53f0\u524d\u534a\u3068\u793a\u5506\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u4f55\u304b\u5909\u5316\u304c\u3042\u308a\u307e\u3057\u305f\u304b\uff1f\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u4f55\u304b\u5909\u5316\u304c\u3042\u308a\u307e\u3057\u305f\u304b\uff1f\u307e\u305f\u3001COVID\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u304cAGS\u306b\u4e0e\u3048\u308b\u30ea\u30b9\u30af\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Mike Sullivan — \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u306f\u3044\u3002\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u65b9\u3001\u3053\u308c\u304c\u6700\u5f8c\u306e\u8cea\u554f\u306b\u306a\u308a\u307e\u3059\u3001\u5ff5\u306e\u305f\u3081\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30d6\u30e9\u30a4\u30b9\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u306f\u3044\u3002\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u4e8b\u696d\u306f\u524d\u56db\u534a\u671f\u6bd4\u30675\uff05\u4f38\u3073\u305f\u3068\u3044\u3046\u3053\u3068\u304c\u91cd\u8981\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067\u308215\uff05\u306e\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306e\u7686\u69d8\u306f\u3054\u5b58\u77e5\u304b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u3092\u3088\u308a\u591a\u304f\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u578b\u306b\u79fb\u884c\u3059\u308b\u3053\u3068\u306f\u3001\u5f53\u793e\u306e\u6226\u7565\u306e\u91cd\u8981\u306a\u90e8\u5206\u3067\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u305d\u306e\u65b9\u304c\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u3088\u308a\u826f\u3044\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3067\u304d\u3001\u5f53\u793e\u3082\u3088\u308a\u826f\u3044\u8a08\u753b\u3092\u7acb\u3066\u3001\u304a\u5ba2\u69d8\u306b\u6280\u8853\u3084\u30a2\u30c9\u30d0\u30a4\u30b9\u3001\u80fd\u529b\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3089\u3067\u3059\u3002\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306e\u6307\u6a19\u3092\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u305d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u307e\u3059\u307e\u3059\u5f37\u56fa\u306a\u3082\u306e\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u4ed6\u306e\u4e8b\u696d\u306e\u4f9b\u7d66\u5236\u7d04\u3092\u8003\u3048\u308b\u3068\u3001\u7d4c\u5e38\u53ce\u76ca\u304c\u4f4e\u30d9\u30fc\u30bf\u3067\u3042\u308b\u3053\u3068\u3084\u3001\u4ed6\u306e\u4e8b\u696d\u306e\u5909\u5316\u306b\u5bfe\u3057\u3066\u5c11\u3057\u62b5\u6297\u529b\u304c\u3042\u308b\u3053\u3068\u306f\u3001\u9a5a\u304f\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u304c\u9ad8\u3044\u7a3c\u50cd\u7387\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u3001\u53ce\u76ca\u3092\u62bc\u3057\u4e0a\u3052\u308b\u8981\u56e0\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u306f\u307e\u3060\u53d6\u5f15\u7684\u306a\u8981\u7d20\u304c\u3042\u308a\u307e\u3059\u3002200\u30df\u30ea\u3001300\u30df\u30ea\u3001\u3059\u3079\u3066\u306e\u88fd\u54c1\u30bf\u30a4\u30d7\u3067\u300192\uff05\u300193\uff05\u300194\uff05\u3068\u3044\u3046\u8a18\u9332\u7684\u306a\u7a3c\u50cd\u7387\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306b\u304a\u3051\u308b\u4e88\u5099\u54c1\u3084\u90e8\u54c1\u3001\u30b5\u30fc\u30d3\u30b9\u90e8\u54c1\u306b\u3064\u306a\u304c\u308b\u3082\u306e\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u5f53\u56db\u534a\u671f\u306f\u975e\u5e38\u306b\u597d\u8abf\u3067\u3057\u305f\u3002\u3082\u3063\u3068\u4f9b\u7d66\u304c\u3042\u308c\u3070\u3001\u3055\u3089\u306b\u9ad8\u3044\u6c34\u6e96\u306b\u306a\u3063\u305f\u3067\u3057\u3087\u3046\u304c\u3001\u73fe\u5728\u53d6\u308a\u7d44\u3093\u3067\u3044\u308b\u3068\u3053\u308d\u3067\u3059\u3002\u6700\u5f8c\u306b\u3001COVID\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u4f9b\u7d66\u306b\u95a2\u3059\u308b\u3082\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u7b2c2\u56db\u534a\u671f\u306f\u3082\u3063\u3068\u597d\u8abf\u306b\u63a8\u79fb\u3067\u304d\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u90e8\u54c1\u306b\u3064\u3044\u3066\u3082\u3001\u3082\u3063\u3068\u591a\u304f\u306e\u90e8\u54c1\u3092\u63d0\u4f9b\u3067\u304d\u305f\u306f\u305a\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u6211\u3005\u306b\u3068\u3063\u3066\u6700\u512a\u5148\u4e8b\u9805\u3067\u3042\u308a\u3001\u4eca\u5f8c\u306b\u5411\u3051\u3066\u306f\u305d\u306e\u6539\u5584\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u307e\u3059\u3002\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30fb\u30c7\u30a3\u30c3\u30ab\u30fc\u30bd\u30f3 — \u793e\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u30b7\u30c9\u30cb\u30fc\u3001\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u3002\u3082\u30461\u70b9\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u306e\u4f38\u3073\u306e\u539f\u52d5\u529b\u3068\u306a\u3063\u3066\u3044\u308b\u306e\u304c\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u30fb\u30b5\u30fc\u30d3\u30b9\u3067\u3059\u3002\u5f53\u793e\u306e\u304a\u5ba2\u3055\u307e\u306f\u3001\u751f\u7523\u6027\u306e\u5411\u4e0a\u306b\u975e\u5e38\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u90e8\u54c1\u7ba1\u7406\u30b5\u30fc\u30d3\u30b9\u3082\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u30b5\u30fc\u30d3\u30b9\u3092\u5229\u7528\u3055\u308c\u3066\u3044\u308b\u304a\u5ba2\u69d8\u306e\u591a\u304f\u306f\u3001\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u90e8\u54c1\u304c\u4e0d\u8db3\u3059\u308b\u3053\u3068\u3082\u306a\u304f\u3001\u30c1\u30c3\u30d7\u306e\u751f\u7523\u91cf\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u6b69\u7559\u307e\u308a\u3092\u5411\u4e0a\u3055\u305b\u3001\u751f\u7523\u6027\u3092\u6700\u9069\u5316\u3057\u3001\u30c1\u30c3\u30d7\u306e\u751f\u7523\u91cf\u3092\u5897\u3084\u3059\u305f\u3081\u306e\u30de\u30cd\u30fc\u30b8\u30c9\u30b5\u30fc\u30d3\u30b9\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u3082\u3001\u304a\u5ba2\u69d8\u304b\u3089\u975e\u5e38\u306b\u9ad8\u3044\u8a55\u4fa1\u3092\u3044\u305f\u3060\u3044\u3066\u3044\u307e\u3059\u3002\u3068\u3053\u308d\u3067\u3001\u3053\u306e\u3088\u3046\u306a\u30b5\u30fc\u30d3\u30b9\u306e\u6a5f\u4f1a\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u305f\u3081\u306b\u3001\u5f93\u696d\u54e1\u6570\u304c\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u7acb\u3061\u4e0a\u3052\u30b5\u30fc\u30d3\u30b9\u3067\u3059\u3002\u7acb\u3061\u4e0a\u3052\u52a0\u901f\u30b5\u30fc\u30d3\u30b9\u3067\u306f\u3001\u6e96\u5099\u66f8\u9762\u3067\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u591a\u304f\u306e\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u7acb\u3061\u4e0a\u3052\u306b\u8981\u3059\u308b\u6642\u9593\u306f\u6570\u30ab\u6708\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u30c1\u30c3\u30d7\u306e\u751f\u7523\u306b\u5fc5\u8981\u306a\u30c4\u30fc\u30eb\u306e\u6642\u9593\u3092\u77ed\u7e2e\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308c\u3070\u3001\u8ab0\u3082\u304c\u305d\u308c\u306b\u96c6\u4e2d\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u306e\u30b5\u30fc\u30d3\u30b9\u306f\u3001\u5f53\u793e\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u6bd4\u7387\u3092\u9ad8\u3081\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u3092\u5897\u52a0\u3055\u305b\u308b\u3082\u306e\u3067\u3059\u3002\u7e70\u308a\u8fd4\u3057\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3001\u8ab0\u3082\u304c\u3067\u304d\u308b\u3060\u3051\u65e9\u304f\u826f\u3044\u30c1\u30c3\u30d7\u3092\u751f\u7523\u3059\u308b\u3053\u3068\u306b\u96c6\u4e2d\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u30c6\u30fc\u30de\u306a\u306e\u3067\u3059\u3002<\/p>\n

Mike Sullivan — \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30b2\u30a4\u30ea\u30fc\u3002\u305d\u3057\u3066\u3001Sidney\u3001\u3042\u308a\u304c\u3068\u3046\u3002\u30d6\u30e9\u30a4\u30b9\u3001\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u3092\u7d42\u3048\u3066\u306e\u611f\u60f3\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u30de\u30a4\u30af\u3001\u3042\u308a\u304c\u3068\u3046\u3002\u7686\u3055\u3093\u3001\u3054\u53c2\u52a0\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u4eca\u65e5\u306e\u91cd\u8981\u306a\u30e1\u30c3\u30bb\u30fc\u30b8\u306f\u3001\u9700\u8981\u304c\u975e\u5e38\u306b\u5f37\u304f\u3001\u6301\u7d9a\u53ef\u80fd\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u7c97\u5229\u7387\u306e\u5411\u4e0a\u306b\u52aa\u3081\u3001\u9577\u671f\u7684\u306a\u30e2\u30c7\u30eb\u3092\u78ba\u7acb\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u65e5\u3005\u3001\u4f9b\u7d66\u72b6\u6cc1\u3092\u6539\u5584\u3059\u308b\u305f\u3081\u306b\u61f8\u547d\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u6295\u8cc7\u5bb6\u306e\u7686\u3055\u3093\u306b\u305c\u3072\u304a\u4f1a\u3044\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30b5\u30f3\u30d5\u30e9\u30f3\u30b7\u30b9\u30b3\u3067\u958b\u50ac\u3055\u308c\u308bBofA\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306b\u53c2\u52a0\u3059\u308b\u4e88\u5b9a\u3067\u3059\u304c\u3001\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30b2\u30a4\u30ea\u30fc\u30822\u9031\u9593\u5f8c\u306b\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u3067\u958b\u50ac\u3055\u308c\u308b\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3\u306e\u4f1a\u8b70\u306b\u51fa\u5e2d\u3057\u307e\u3059\u3002\u7686\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Mike Sullivan — \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u306f\u3044\u3002\u30d6\u30e9\u30a4\u30b9\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306e\u30ea\u30d7\u30ec\u30a4\u306f\u3001\u5348\u5f8c5\u6642\uff08\u592a\u5e73\u6d0b\u6a19\u6e96\u6642\uff09\u307e\u3067\u306b\u5f53\u793e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u3067\u3054\u89a7\u3044\u305f\u3060\u3051\u308b\u4e88\u5b9a\u3067\u3059\u3002\u4eca\u5f8c\u3068\u3082\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

 <\/p>\n

\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n

\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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