{"id":1954,"date":"2022-08-19T21:39:10","date_gmt":"2022-08-19T12:39:10","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1954"},"modified":"2022-08-19T21:40:03","modified_gmt":"2022-08-19T12:40:03","slug":"%e5%8d%8a%e5%b0%8e%e4%bd%93%e3%80%80%e5%8d%8a%e5%b0%8e%e4%bd%93%e8%a3%bd%e9%80%a0%e8%a3%85%e7%bd%ae%e3%80%80%e7%bf%bb%e8%a8%b3%e3%80%80%e6%97%a5%e6%9c%ac%e8%aa%9e%e8%a8%b3%e3%80%80%e7%b1%b3%e5%9b%bd","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1954","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"

\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n

\u826f\u3044\u6c7a\u7b97\u306b\u52a0\u3048\u3001\u5f37\u6c17\u306e\u898b\u901a\u3057\u3067\u3059\u306d\u3002\u534a\u5c0e\u4f53\u306e\u9700\u8981\u306f\u307e\u3060\u307e\u3060\u5f37\u3044\u3068\u306e\u3053\u3068\u306a\u306e\u3067\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u534a\u5c0e\u4f53\u306f\u666f\u6c17\u6e1b\u901f\u3067\u3082\u4eca\u5f8c\u306f\u5fc5\u8981\u6570\u306e\u7d76\u5bfe\u91cf\u304c\u5897\u52a0\u3059\u308b\u306e\u3067\u9700\u8981\u306f\u4eca\u307e\u3067\u3068\u306f\u7570\u306a\u308b\u3068\u601d\u3063\u3066\u307e\u3059\u3002<\/p>\n

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

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

\u524d\u56de\u306e2022\u5e74\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306f\u3053\u3061\u3089<\/a>\u3067\u3059\u3002<\/p>\n

\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

Call participants:
\nMichael Sullivan — Corporate Vice President
\nGary Dickerson — President and Chief Executive Officer
\nBrice Hill — Chief Financial Officer
\nC.J. Muse — Evercore ISI — Analyst
\nMark Lipacis — Jefferies — Analyst
\nVivek Arya — Bank of America Merrill Lynch — Analyst
\nStacy Rasgon — Bernstein Research — Analyst
\nAtif Malik — Citi — Analyst
\nKrish Sankar — Cowen and Company — Analyst
\nToshiya Hari — Goldman Sachs — Analyst
\nHarlan Sur — J.P. Morgan — Analyst
\nJoe Quatrochi — Wells Fargo Securities — Analyst
\nTimothy Arcuri — UBS — Analyst
\nJoseph Moore — Morgan Stanley — Analyst
\nSidney Ho — Deutsche Bank — Analyst
\nQuinn Bolton — Needham and Company — Analyst
\nPatrick Ho — Stifel Financial Corp. — Analyst
\nMehdi Hosseini — Susquehanna International Group — Analyst
\nMore AMAT analysis<\/p>\n

2022\u5e748\u670818\u65e5\u5348\u5f8c4\u664230\u5206<\/p>\n

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

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\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306e\u5834\u5408\u306f\u3001\u3088\u308a\u660e\u78ba\u3067\u3059\u3002\u7b2c4\u56db\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u4e2d\u9593\u5024\u3092\u7528\u3044\u308b\u3068\u3001\u5f53\u793e\u306e\u30a6\u30a7\u30fc\u30cf\u30d5\u30a1\u30d6\u88c5\u7f6e\u58f2\u4e0a\u9ad8\u306f\u901a\u671f\u3067\u7d0415%\u5897\u52a0\u3059\u308b\u898b\u8fbc\u307f\u3067\u3059\u30022023\u5e74\u3092\u898b\u636e\u3048\u305f\u5834\u5408\u30013\u3064\u306e\u4e3b\u8981\u306a\u8981\u56e0\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305a\u3001\u30de\u30af\u30ed\u306e\u4e0d\u78ba\u5b9f\u6027\u3068\u5bb6\u96fb\u304a\u3088\u3073PC\u306e\u4f4e\u8ff7\u306b\u3088\u308a\u3001\u3053\u308c\u3089\u306e\u9867\u5ba2\u304c\u4e00\u90e8\u306e\u751f\u7523\u80fd\u529b\u5897\u5f37\u3092\u5ef6\u671f\u3059\u308b\u305f\u3081\u3001\u30e1\u30e2\u30ea\u652f\u51fa\u306f2022\u5e74\u3088\u308a\u6e1b\u5c11\u3059\u308b\u3068\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002<\/p>\n

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\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u7387\u306f\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u4f4e\u4e0b\u3068\u4e3b\u306b\u30a8\u30f3\u30b8\u30cb\u30a2\u30ea\u30f3\u30b0\u90e8\u9580\u3067\u306e\u4eba\u54e1\u5897\u306b\u3088\u308a60\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u4f4e\u4e0b\u3057\u300130%\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u975eGAAP\u30d9\u30fc\u30b9\u306e\u5229\u76ca\u306f1.94\u30c9\u30eb\u3067\u3001\u524d\u56db\u534a\u671f\u6bd40.09\u30c9\u30eb\u306e\u5897\u52a0\u3068\u306a\u308a\u3001\u3053\u308c\u307e\u3067\u306e\u8a18\u9332\u3068\u540c\u3058\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u30bb\u30b0\u30e1\u30f3\u30c8\u306b\u76ee\u3092\u5411\u3051\u308b\u3068\u3002\u30bb\u30df\u30fb\u30b7\u30b9\u30c6\u30e0\u90e8\u9580\u306f\u51fa\u8377\u53f0\u6570\u306e\u6700\u5927\u5316\u306b\u6210\u529f\u3057\u3001\u58f2\u4e0a\u306f\u524d\u56db\u534a\u671f\u6bd46\uff05\u5897\u306e2\u51047,600\u4e07\u30c9\u30eb\u3068\u306a\u308a\u307e \u3057\u305f\u3002<\/p>\n

\u30bb\u30b0\u30e1\u30f3\u30c8\u306e\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u7387\u306f\u3001\u6750\u6599\u8cbb\u3001\u904b\u8cc3\u3001\u914d\u9001\u8cbb\u3001\u4eba\u4ef6\u8cbb\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u524d\u56db\u534a\u671f\u6bd4100\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u6e1b\u306e36.1%\u3068\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u4fa1\u683c\u8abf\u6574\u306b\u3088\u308a\u4e00\u90e8\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u3002AGS \u306f\u3001\u524d\u56db\u534a\u671f\u6bd4\u3067 3,700 \u4e07\u30c9\u30eb\uff083\uff05\uff09\u5897\u52a0\u3057\u3001\u8a18\u9332\u7684\u306a\u58f2\u4e0a\u9ad8\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u3002\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u306f\u5f15\u304d\u7d9a\u304d\u524d\u5e74\u540c\u671f\u6bd4\u3067\u9806\u8abf\u306b\u5897\u52a0\u3057\u307e\u3057\u305f\u304c\u3001\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u30fb\u30d1\u30fc\u30c4\u3068 200 \u30df\u30ea\u30e1\u30fc\u30c8\u30eb\u30fb\u30b7\u30b9\u30c6\u30e0\u306e\u6210\u9577\u306f\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u4e0d\u8db3\u306b\u3088\u308a\u5236\u7d04\u3055\u308c\u307e\u3057\u305f\u3002AGS\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u7387\u306f30.6%\u3067\u3001\u524d\u56db\u534a\u671f\u6bd4\u3067\u308f\u305a\u304b\u306b\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002<\/p>\n

AGS\u306b\u3064\u3044\u3066\u3001\u5c11\u3057\u6240\u611f\u3092\u8ff0\u3079\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002\u6765\u6708\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u3092\u958b\u50ac\u3057\u3001\u7d4c\u5e38\u53ce\u76ca\u3092\u5897\u3084\u3059\u305f\u3081\u306e\u6226\u7565\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u3054\u8aac\u660e\u3059\u308b\u6a5f\u4f1a\u3092\u8a2d\u3051\u307e\u3059\u3002\u305d\u306e\u4e2d\u3067\u3001\u30a4\u30f3\u30b9\u30c8\u30fc\u30eb\u30d9\u30fc\u30b9\u306e\u62e1\u5927\u3001\u6a5f\u5668\u306e\u30b5\u30fc\u30d3\u30b9\u5f37\u5ea6\u3001\u9577\u671f\u30b5\u30fc\u30d3\u30b9\u5951\u7d04\u306e3\u3064\u3092\u91cd\u8981\u306a\u30c9\u30e9\u30a4\u30d0\u30fc\u3068\u3057\u3066\u3044\u307e\u3059\u3002AGS\u306f\u30012024\u5e74\u306e\u8ca1\u52d9\u30e2\u30c7\u30eb\u306b\u5411\u3051\u3066\u5927\u304d\u304f\u524d\u9032\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u7b2c3\u56db\u534a\u671f\u306f\u3001AGS\u306e\u53ce\u76ca\u8a08\u753b\u306e\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\u306b\u5bfe\u3057\u3066\u7d045\u5104\u30c9\u30eb\u3001\u30cf\u30a4\u30b1\u30fc\u30b9\u306b\u5bfe\u3057\u3066\u7d042\u51045,000\u4e07\u30c9\u30eb\u306e\u9032\u6357\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306f\u8cc7\u672c\u304c\u8efd\u304f\u3001\u512a\u308c\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u307e\u3059\u3002\u6b21\u306b\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u6d88\u8cbb\u8005\u5411\u3051\u90e8\u5206\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u304c\u9ad8\u3044\u305f\u3081\u3001\u5e02\u5834\u306f\u5f31\u542b\u307f\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u5f53\u56db\u534a\u671f\u306f\u3001\u73fe\u5728\u306e\u5e02\u5834\u74b0\u5883\u306b\u3042\u308f\u305b\u3066\u652f\u51fa\u3092\u6e1b\u3089\u3057\u307e\u3057\u305f\u3002\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306e\u58f2\u4e0a\u306f\u30014,800 \u4e07\u30c9\u30eb\uff0813\uff05\uff09\u6e1b\u5c11\u3057\u30013 \u5104 3,300 \u4e07\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u4e8b\u696d\u306e\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u306f7,000\u4e07\u30c9\u30eb\u3067\u3001\u524d\u56db\u534a\u671f\u6bd4\u3067\u306f1,200\u4e07\u30c9\u30eb\uff0815\uff05\uff09\u6e1b\u5c11\u3057\u307e\u3057\u305f\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u76ee\u3092\u5411\u3051\u308b\u3068<\/p>\n

\u5f53\u56db\u534a\u671f\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f14\u51047,000\u4e07\u30c9\u30eb\u3067\u3001\u58f2\u4e0a\u306e23\uff05\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e97\uff05\u306b\u3042\u305f\u308b12\u51043,000\u4e07\u30c9\u30eb\u3092\u682a\u4e3b\u306b\u9084\u5143\u3057\u300110\u5104\u30c9\u30eb\u3092\u81ea\u793e\u682a\u8cb7\u3044\uff08980\u4e07\u682a\uff09\u3068\u914d\u5f53\u91d12\u51042,500\u4e07\u30c9\u30eb\u306b\u5145\u5f53\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u30012\u4ef6\u306e\u6226\u7565\u7684\u8cb7\u53ce\u306b\u7d044\u51044,000\u4e07\u30c9\u30eb\u3092\u6295\u3058\u307e\u3057\u305f\u3002\u30d4\u30b3\u30b5\u30f3\u3092\u52a0\u3048\u3066ALD\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u62e1\u5927\u3057\u3001\u6709\u80fd\u306a\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u30fb\u30c1\u30fc\u30e0\u3092\u7372\u5f97\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u307e\u3067\u306e\u7d2f\u8a08\u3067\u306f\u300145\u5104\u30c9\u30eb\u3092\u8d85\u3048\u308b\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306840\u5104\u30c9\u30eb\u8fd1\u3044\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u300152\u51045,000\u4e07\u30c9\u30eb\u3092\u682a\u4e3b\u306b\u9084\u5143\u3057\u3066\u3044\u307e\u3059\u3002\u6b21\u306b\u3001\u7b2c4\u56db\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u767a\u8868\u3057\u307e\u3059\u3002\u58f2\u4e0a\u9ad8\u306f66\u51045,000\u4e07\u30c9\u30eb\u30d7\u30e9\u30b9\u30de\u30a4\u30ca\u30b94\u5104\u30c9\u30eb\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u975eGAAP\u30d9\u30fc\u30b9\u306eEPS\u306f2\u30c9\u30eb\u30d7\u30e9\u30b9\u30de\u30a4\u30ca\u30b90.18\u30c9\u30eb\u3068\u306a\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u898b\u901a\u3057\u306e\u4e2d\u3067\u3001\u30bb\u30df\u30fb\u30b7\u30b9\u30c6\u30e0\u306e\u58f2\u4e0a\u306f49\u51043,000\u4e07\u30c9\u30eb\u3001\u524d\u5e74\u6bd414%\u5897\u3068\u306a\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002AGS\u306e\u58f2\u4e0a\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u304c\u5f15\u304d\u7d9a\u304d\u5065\u5168\u306b\u6210\u9577\u3057\u3001200\u30df\u30ea\u30b7\u30b9\u30c6\u30e0\u53ca\u3073\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u30fb\u30d1\u30fc\u30c4\u306e\u30b5\u30d7\u30e9\u30a4\u30c1 \u30a7\u30fc\u30f3\u306e\u5236\u7d04\u304c\u7d99\u7d9a\u3059\u308b\u3053\u3068\u304b\u3089\u3001\u524d\u5e74\u540c\u671f\u6bd44\uff05\u5897\u306e14\u51043,000\u4e07\u30c9\u30eb\u306b\u5897\u52a0\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306e\u58f2\u4e0a\u306f\u30012\u51045,000\u4e07\u30c9\u30eb\u7a0b\u5ea6\u306b\u6e1b\u5c11\u3059\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002\u975eGAAP\u30d9\u30fc\u30b9\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f46.4%\u306b\u5897\u52a0\u3059\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u8cbb\u7528\u306f\u308f\u305a\u304b\u306b\u5897\u52a0\u3057\u300110\u51048,000\u4e07\u30c9\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u7a0e\u7387\u306f11.8%\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u8cea\u7591\u5fdc\u7b54\u306b\u5165\u308b\u524d\u306b\u3001\u73fe\u5728\u306e\u74b0\u5883\u4e0b\u3067\u306e\u5f53\u793e\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6574\u7406\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3059\u3079\u3066\u306e\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u5148\u9032\u6280\u8853\u306b\u5bfe\u3059\u308b\u9867\u5ba2\u306e\u5f15\u304d\u5408\u3044\u306f\u975e\u5e38\u306b\u5f37\u304f\u3001\u53d7\u6ce8\u6b8b\u306f\u5f15\u304d\u7d9a\u304d\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

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3\u3064\u76ee\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u304c55\u5104\u30c9\u30eb\u3092\u8d85\u3048\u308b\u898f\u6a21\u306b\u6210\u9577\u3057\u3001\u90e8\u54c1\u3001\u30b5\u30fc\u30d3\u30b9\u3001\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u306e\u5b9a\u671f\u7684\u306a\u9700\u8981\u304b\u3089\u53ce\u76ca\u306e87%\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u30de\u30a4\u30af\u3001Q&A\u3092\u59cb\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30b5\u30ea\u30d0\u30f3 — \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30d6\u30e9\u30a4\u30b9\u3002[\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u65b9\u3078\u3011\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u65b9\u3001\u3069\u3046\u305e\u59cb\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/span><\/strong><\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6700\u521d\u306e\u8cea\u554f\u306f\u3001Evercore ISI\u306eC.J.\u30df\u30e5\u30fc\u30ba\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

C.J.\u30df\u30e5\u30fc\u30ba — \u30a8\u30f4\u30a1\u30fc\u30b3\u30a2ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u3069\u3046\u3082\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u8cea\u554f\u3068\u3057\u3066\u306f\u3001\u8a18\u9332\u7684\u306a\u53d7\u6ce8\u6b8b\u3068\u30ea\u30fc\u30c9\u30bf\u30a4\u30e0\u306e\u5ef6\u9577\u3001\u305d\u3057\u3066\u9867\u5ba2\u306e\u751f\u7523\u8a08\u753b\u5909\u66f4\u306b\u4f34\u3046\u30d7\u30c3\u30c8\u30fb\u30a2\u30f3\u30c9\u30fb\u30c6\u30a4\u30af\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u4f9b\u7d66\u5236\u7d04\u304c\u7de9\u548c\u3055\u308c\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u307e\u305f\u30012023\u5e74\u307e\u3067\u306e\u793e\u5185\u751f\u7523\u4f53\u5236\u3084\u3001\u305d\u306e\u9593\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u5411\u4e0a\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u305d\u306e\u3042\u305f\u308a\u306e\u8003\u3048\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

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

C.J.\u3001\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u4f9b\u7d66\u5236\u7d04\u3084\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u9700\u8981\u74b0\u5883\u306a\u3069\u306b\u3064\u3044\u3066\u306e\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u3053\u3053\u6570\u9031\u9593\u3001\u79c1\u305f\u3061\u304c\u4f55\u3092\u3057\u305f\u304b\u3092\u8aac\u660e\u3057\u307e\u3057\u3087\u3046\u3002\u79c1\u305f\u3061\u306f\u3001\u56db\u534a\u671f\u306b1\u30012\u56de\u3001\u5b9a\u671f\u7684\u306b\u884c\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u304c\u30012023\u5e74\u306e\u9700\u8981\u3092\u3059\u3079\u3066\u304a\u5ba2\u69d8\u306b\u518d\u78ba\u8a8d\u3059\u308b\u30b5\u30a4\u30af\u30eb\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u306f\u56db\u534a\u671f\u306b1\u30012\u56de\u3001\u5b9a\u671f\u7684\u306b\u884c\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3001\u304a\u5ba2\u69d8\u306b\u306f\u3001\u5909\u66f4\u3001\u8ffd\u52a0\u3001\u524a\u6e1b\u306e\u610f\u601d\u8868\u793a\u3092\u3059\u308b\u6a5f\u4f1a\u3092\u4e0e\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5236\u7d04\u306e\u591a\u3044\u74b0\u5883\u3067\u306f\u3001\u9867\u5ba2\u30d9\u30fc\u30b9\u306e\u4f9b\u7d66\u30d0\u30e9\u30f3\u30b9\u3092\u6700\u9069\u306a\u3082\u306e\u306b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u305d\u308c\u304c\u4eca\u3001\u5b8c\u4e86\u3057\u305f\u3068\u3053\u308d\u3067\u3059\u3002\u6700\u521d\u306e\u30b3\u30e1\u30f3\u30c8\u3067\u8ff0\u3079\u305f\u3088\u3046\u306b\u30012023\u5e74\u3068\u4eca\u5f8c3\u56db\u534a\u671f\u4ee5\u4e0a\u306e\u898b\u901a\u3057\u3067\u306f\u3001\u9700\u8981\u306f\u4f9d\u7136\u3068\u3057\u3066\u5f53\u793e\u306e\u4f9b\u7d66\u80fd\u529b\u3092\u5927\u5e45\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u3059\u3079\u3066\u3092\u518d\u78ba\u8a8d\u3067\u304d\u305f\u3068\u3044\u3046\u81ea\u4fe1\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u4f9b\u7d66\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306b\u5927\u304d\u306a\u6295\u8cc7\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u76f4\u63a5\u306e\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3068\u4e8c\u6b21\u7684\u306a\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306e\u4e21\u65b9\u306b\u304a\u3044\u3066\u3001\u554f\u984c\u3092\u7279\u5b9a\u3057\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3092\u7de9\u3081\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306b\u304a\u3051\u308b\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u751f\u7523\u91cf\u3092\u5897\u3084\u3057\u3001\u3054\u6307\u6458\u306e\u3088\u3046\u306b\u5897\u3048\u7d9a\u3051\u3066\u3044\u308b\u53d7\u6ce8\u6b8b\u306b\u53d6\u308a\u7d44\u307f\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\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

C.J.\u3001\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u30023\u670828\u65e5\u306b\u4e0a\u6d77\u3067\u767a\u751f\u3057\u305fCOVID\u306e\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u306b\u3088\u308a\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u5168\u4f53\u304c\u505c\u6ede\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u5c11\u3057\u305a\u3064\u524d\u9032\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u306f\u305f\u3060……\u4eca\u73fe\u5728\u3082\u3001\u4eca\u5f8c\u3082\u5c11\u3057\u305a\u3064\u524d\u9032\u3057\u3066\u3044\u304f\u3068\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3067\u304d\u308b\u9650\u308a\u306e\u3053\u3068\u3092\u3057\u3001\u6295\u8cc7\u3082\u3057\u3001\u4eba\u54e1\u3082\u5897\u3084\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u3055\u3089\u306b\u6f38\u9032\u7684\u306a\u3082\u306e\u3067\u3059\u3002\u30de\u30fc\u30b8\u30f3\u306b\u3064\u3044\u3066\u3082\u540c\u3058\u3053\u3068\u304c\u8a00\u3048\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u524d\u56db\u534a\u671f\u3001\u79c1\u305f\u3061\u306f\u300c\u73fe\u72b6\u304b\u3089\u3055\u3089\u306b\u524d\u9032\u3059\u308b\u300d\u3068\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3068\u30de\u30fc\u30b8\u30f3\u306e\u4e21\u65b9\u306b\u3064\u3044\u3066\u300122\u5e74\u304b\u308923\u5e74\u306b\u304b\u3051\u3066\u306f\u3055\u3089\u306b\u6f38\u9032\u7684\u306a\u6539\u5584\u3092\u76ee\u6307\u3059\u3068\u3044\u3046\u306e\u304c\u672c\u5f53\u306e\u3068\u3053\u308d\u3060\u3068\u601d\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

\u53f8\u4f1a<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30b8\u30a7\u30d5\u30ea\u30fc\u30ba\u306e\u30de\u30fc\u30af\u30fb\u30ea\u30d1\u30b7\u30b9\u304b\u3089\u3067\u3059\u3002\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

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

\u30b2\u30a4\u30ea\u30fc\u3001\u8cea\u554f\u306a\u306e\u3067\u3059\u304c\u3001\u9867\u5ba2\u304c\u6ce8\u6587\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u8abf\u6574\u3057\u3066\u3044\u308b\u3068\u8a00\u3063\u3066\u304d\u305f\u3068\u304d\u306b\u3001\u3042\u306a\u305f\u65b9\u306f\u3069\u3046\u3059\u308b\u306e\u304b\u3001\u305d\u306e\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u7406\u89e3\u3059\u308b\u624b\u52a9\u3051\u3092\u3057\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u3053\u3067\u30d7\u30c3\u30b7\u30e5\u3059\u308b\u306e\u3067\u3059\u304b\uff1f\u305d\u306e\u305f\u3081\u306b\u5272\u308a\u5f53\u3066\u305f\u30b9\u30ed\u30c3\u30c8\u3092\u4f7f\u3063\u3066\u30011\u56db\u534a\u671f\u304b2\u56db\u534a\u671f\u5f8c\u308d\u306b\u305a\u3089\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u3042\u308b\u6642\u70b9\u3067\u3001\u300c\u3082\u3046\u3053\u308c\u4ee5\u4e0a\u9045\u3089\u305b\u3089\u308c\u306a\u3044\u3002\u3053\u308c\u4ee5\u4e0a\u5f15\u304d\u5ef6\u3070\u3059\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u304b\u3089\u3001\u53d7\u3051\u3066\u3082\u3089\u3046\u304b\u3001\u30e9\u30a4\u30f3\u306e\u6700\u5f8c\u5c3e\u306b\u56de\u3063\u3066\u3082\u3089\u3046\u304b\u3060\u300d\u3068\u8a00\u3046\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u73fe\u5834\u3067\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u898b\u3066\u3044\u308b\u3053\u3068\u3092\u3001\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u4f8b\u3048\u3070\u3001\u4f55\u4eba\u304c\u62bc\u3057\u623b\u3055\u308c\u3066\u3044\u308b\u306e\u304b\uff1f4\u5206\u306e1\u304b\uff1f4\u5206\u306e2\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u305d\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u3069\u306e\u3088\u3046\u306b\u7ba1\u7406\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u904b\u55b6\u4e0a\u306e\u4ed5\u7d44\u307f\u306b\u3064\u3044\u3066\u3082\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

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

\u30b2\u30a4\u30ea\u30fc\u304c\u30b3\u30e1\u30f3\u30c8\u3059\u308b\u306e\u306f\u5206\u304b\u3063\u3066\u3044\u307e\u3059\u3002\u30de\u30fc\u30af\u3001\u79c1\u3082\u7c21\u5358\u306b\u30b3\u30e1\u30f3\u30c8\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u9867\u5ba2\u3068\u4e00\u7dd2\u306b\u30d0\u30c3\u30af\u30ed\u30b0\u3092\u30c6\u30b9\u30c8\u3059\u308b\u969b\u3001\u9867\u5ba2\u304c\u5909\u66f4\u3092\u5e0c\u671b\u3059\u308b\u5834\u5408\u3001\u591a\u304f\u306e\u5834\u5408\u3001\u305d\u308c\u306f\u76f8\u4e92\u306b\u6709\u76ca\u306a\u5909\u66f4\u3067\u3059\u3002<\/p>\n

\u73fe\u5728\u3001\u9700\u8981\u304c\u4f9b\u7d66\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u5225\u306e\u304a\u5ba2\u69d8\u304c\u3053\u306e\u30c4\u30fc\u30eb\u306e\u5c0e\u5165\u306b\u95a2\u5fc3\u3092\u5bc4\u305b\u3066\u3044\u307e\u3059\u3002\u305d\u3053\u3067\u307e\u305a\u3001\u305d\u306e\u3088\u3046\u306a\u5909\u66f4\u306b\u5bfe\u5fdc\u3059\u308b\u3088\u3046\u306b\u3057\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u304a\u5ba2\u69d8\u304c\u6301\u3063\u3066\u3044\u308b\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u306a\u3069\u3092\u8981\u6c42\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u67d4\u8edf\u306b\u5bfe\u5fdc\u3059\u308b\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u306b\u3001\u9867\u5ba2\u30d9\u30fc\u30b9\u306e\u3059\u3079\u3066\u306e\u9700\u8981\u3092\u518d\u30c6\u30b9\u30c8\u3057\u3001\u518d\u78ba\u8a8d\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u3001\u88dc\u8db3\u3057\u3066\u304f\u3060\u3055\u3044\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

\u3044\u3044\u3048\u3001\u305d\u306e\u901a\u308a\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u304c\u4eca\u76f4\u9762\u3057\u3066\u3044\u308b\u8ab2\u984c\u306f\u3001\u591a\u304f\u306e\u304a\u5ba2\u69d8\u304c\u4e3b\u8981\u306a\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u8ee2\u63db\u3092\u63a8\u9032\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u30de\u30fc\u30af\u3001\u7279\u306b\u9ad8\u6027\u80fd\u30ed\u30b8\u30c3\u30af\u306e\u5206\u91ce\u3067\u306f\u3001\u8ab0\u3082\u304c\u3053\u306e\u3088\u3046\u306a\u65b0\u3057\u3044\u5909\u5316\u3078\u306e\u5bfe\u5fdc\u306b\u8ffd\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

ICAPS\u3001\u81ea\u52d5\u8eca\u3001\u7523\u696d\u7528\u30aa\u30fc\u30c8\u30e1\u30fc\u30b7\u30e7\u30f3\u306a\u3069\u306e\u304a\u5ba2\u69d8\u304b\u3089\u975e\u5e38\u306b\u591a\u304f\u306e\u9700\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u6b8b\u5ff5\u306a\u304c\u3089\u3001\u305d\u306e\u9700\u8981\u306b\u5fdc\u3048\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u307e\u305f\u3001Brice\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u30e1\u30e2\u30ea\u304c\u5f31\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u9867\u5ba2\u3068\u5354\u529b\u3057\u3066\u3001\u9867\u5ba2\u3068\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u6b63\u3057\u3044\u7d50\u679c\u3092\u5c0e\u304d\u51fa\u3059\u3088\u3046\u52aa\u529b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

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

\u975e\u5e38\u306b\u53c2\u8003\u306b\u306a\u308a\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

\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\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

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

\u79c1\u306f2\u3064\u306e\u3053\u3068\u3092\u8abf\u6574\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u3069\u3046\u3067\u3057\u3087\u3046\u304b\uff1f1\u3064\u306f\u3001Brice\u3055\u3093\u304c\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306b\u308f\u305f\u3063\u3066\u751f\u7523\u80fd\u529b\u3092\u5897\u5f37\u3059\u308b\u3068\u304a\u3063\u3057\u3083\u3063\u305f\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u9700\u8981\u306e\u89b3\u70b9\u304b\u3089\u306f\u3001\u78ba\u304bGary\u306f\u30e1\u30e2\u30ea\u304c\u6e1b\u5c11\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u306d\u3002ICAPS\u306b\u3064\u3044\u3066\u306f\u69d8\u3005\u306a\u898b\u89e3\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u30ea\u30fc\u30c7\u30a3\u30f3\u30b0\u30fb\u30a8\u30c3\u30b8\u306b\u3064\u3044\u3066\u306f\u4e0a\u6607\u3059\u308b\u306f\u305a\u3067\u3059\u3002\u305d\u3053\u3067\u3001\u5177\u4f53\u7684\u306a\u8cea\u554f\u3067\u3059\u304c\u3001\u6765\u5e74\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u305d\u306e\u3082\u306e\u3092\u304a\u793a\u3057\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u306e\u306f\u5b58\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3042\u306a\u305f\u304c\u898b\u305f\u3068\u3053\u308d\u3001\u6d88\u8cbb\u74b0\u5883\u306f\u6a2a\u3070\u3044\u304b\u30895%\u3042\u308b\u3044\u306f10%\u306e\u6e1b\u5c11\u3068\u3044\u3046\u3088\u3046\u306a\u3001\u3042\u308a\u3075\u308c\u305f\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u305d\u306e\u3088\u3046\u306a\u898b\u65b9\u3068\u306f\u5927\u304d\u304f\u7570\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4f9b\u7d66\u3092\u5897\u3084\u3059\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u6765\u5e74\u306b\u5411\u3051\u3066\u696d\u754c\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u3001\u30d9\u30fc\u30b9\u30e9\u30a4\u30f3\u3092\u78ba\u8a8d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002<\/p>\n

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

Vivek\u3001\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u3053\u306e2\u3064\u3092\u8abf\u6574\u3059\u308b\u305f\u3081\u306b\u3001\u307e\u305a\u306f\u3063\u304d\u308a\u3055\u305b\u3066\u304a\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u3001\u3064\u307e\u308a3\u5e74\u4ee5\u4e0a\u306b\u308f\u305f\u3063\u3066\u9700\u8981\u304c\u4f9b\u7d66\u3092\u306f\u308b\u304b\u306b\u4e0a\u56de\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u4f9b\u7d66\u3092\u5897\u3084\u3059\u3053\u3068\u306b\u96c6\u4e2d\u3057\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u305d\u306e\u305f\u3081\u306b\u5168\u529b\u3092\u5c3d\u304f\u3057\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u671f\u9593\u4e2d\u3001\u9700\u8981\u304c\u4f9b\u7d66\u3092\u4e0a\u56de\u308b\u72b6\u614b\u304c\u7d9a\u304f\u3068\u3044\u3046\u306e\u304c\u79c1\u305f\u3061\u306e\u4e88\u60f3\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u4ee5\u524d\u3069\u306a\u305f\u304b\u304c\u304a\u3063\u3057\u3083\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u5e02\u5834\u306b\u5bfe\u3057\u3066\u5341\u5206\u306a\u4f9b\u7d66\u3092\u884c\u3063\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u3082\u3057\u9700\u8981\u306b\u5909\u5316\u304c\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u79c1\u305f\u3061\u306e\u4f9b\u7d66\u30e9\u30a4\u30f3\u3092\u8d85\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u8003\u3048\u3067\u3059\u300223\u5e74\u306b\u3064\u3044\u3066\u306f\u3001\u307e\u3060\u5224\u65ad\u3059\u308b\u306e\u306f\u65e9\u3044\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u5e02\u5834\u306e\u3055\u307e\u3056\u307e\u306a\u5206\u91ce\u3067\u5f31\u70b9\u3084\u5728\u5eab\u554f\u984c\u304c\u3042\u308b\u3053\u3068\u3001\u307e\u305f\u4ed6\u306e\u5730\u57df\u3067\u306f\u975e\u5e38\u306b\u597d\u8abf\u3067\u3001\u9867\u5ba2\u306e\u88fd\u54c1\u306b\u5fc5\u8981\u306a\u30d7\u30ed\u30bb\u30b9\u3092\u4e88\u5b9a\u901a\u308a\u306b\u69cb\u7bc9\u3057\u3066\u3044\u308b\u3053\u3068\u3082\u6307\u6458\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u306e\u30d7\u30c3\u30c8\uff06\u30c6\u30a4\u30af\u306f\u3001\u591a\u304b\u308c\u5c11\u306a\u304b\u308c\u3001\u6765\u5e74\u3082\u9700\u8981\u30b7\u30b0\u30ca\u30eb\u3092\u7d99\u7d9a\u3055\u305b\u308b\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

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

\u6b21\u306e\u8cea\u554f\u306f\u3001Bernstein\u306eStacy Rasgon\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

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

\u8cea\u554f\u3067\u3059\u3002\u30e1\u30e2\u30ea\u3068\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306e\u30d0\u30c3\u30af\u30ed\u30b0\u306b\u3064\u3044\u3066\u3001\u5225\u3005\u306b\u30b3\u30e1\u30f3\u30c8\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u30e1\u30e2\u30ea\u306e\u53d7\u6ce8\u6b8b\u304c\u6e1b\u5c11\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u9700\u8981\u304c\u4f9b\u7d66\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u53d7\u6ce8\u6b8b\u5168\u4f53\u306f\u307e\u3060\u5897\u52a0\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u3048\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u306e\u53d7\u6ce8\u6b8b\u304c\u30e1\u30e2\u30ea\u306e\u53d7\u6ce8\u6b8b\u3088\u308a\u5897\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308b\u3044\u306f\u3001\u305d\u306e\u7570\u306a\u308b\u90e8\u5206\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b?<\/p>\n

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

\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u306e\u901a\u308a\u3060\u3001\u30b9\u30c6\u30a4\u30b7\u30fc\u3002\u3053\u3061\u3089\u306f\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u3002\u78ba\u304b\u306b\u53d7\u6ce8\u6b8b\u306f\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306e\u53d7\u6ce8\u6b8b\u306f\u3001\u305d\u306e\u4e2d\u3067\u3082\u6700\u3082\u5f37\u529b\u306a\u8981\u7d20\u3067\u3042\u308a\u3001\u5f53\u793e\u306e\u53d7\u6ce8\u6b8b\u9ad8\u3092\u5897\u3084\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3044\u3044\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u30e1\u30e2\u30ea\u30fc\u306e\u307b\u3046\u306f\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002\u30e1\u30e2\u30ea\u30fc\u5074\u304c\u5168\u4f53\u7684\u306b\u6e1b\u5c11\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u306f\u5b9f\u969b\u306b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u304c\u3001\u305d\u306e\u3088\u3046\u306a\u898b\u65b9\u304c\u59a5\u5f53\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u4e00\u90e8\u306e\u304a\u5ba2\u69d8\u306f\u30e1\u30e2\u30ea\u306e\u30d0\u30c3\u30af\u30ed\u30b0\u3092\u6e1b\u3089\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5168\u4f53\u3068\u3057\u3066\u306f\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u3068ICAPS\u306e\u4e00\u90e8\u306e\u304a\u5ba2\u69d8\u304c\u30d7\u30e9\u30b9\u9762\u3092\u4e0a\u56de\u308a\u3001\u5897\u52a0\u3055\u305b\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

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

\u30b9\u30c6\u30a4\u30b7\u30fc\u3001\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u3002\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u30ed\u30b8\u30c3\u30af\u306f\u3001\u30a6\u30a7\u30cf\u30d5\u30a1\u30d6\u5168\u4f53\u306e\u88c5\u7f6e\u306b\u5360\u3081\u308b\u5272\u5408\u304c\u9ad8\u307e\u3063\u3066\u3044\u307e\u3059\u3002\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u30ed\u30b8\u30c3\u30af\u306f\u3001\u30a6\u30a7\u30cf\u30d5\u30a1\u30d6\u88c5\u7f6e\u5168\u4f53\u306e3\u5206\u306e2\u7a0b\u5ea6\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u9ad8\u6027\u80fd\u3067\u7af6\u4e89\u529b\u306e\u3042\u308b\u88fd\u54c1\u3092\u4f5c\u308b\u305f\u3081\u306b\u306f\u3001\u5404\u793e\u304c\u5927\u898f\u6a21\u306a\u6295\u8cc7\u3092\u884c\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

ICAPS\u3067\u306f\u3001\u591a\u304f\u306e\u4f01\u696d\u304cICAPS\u306e\u751f\u7523\u80fd\u529b\u306b\u9577\u671f\u7684\u306a\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u3092\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u5e02\u5834\u5168\u4f53\u306b\u304a\u3051\u308b\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306e\u5272\u5408\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u78ba\u304b\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u30d6\u30e9\u30a4\u30b9\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u307e\u305f\u3054\u8cea\u554f\u306b\u3082\u3042\u3063\u305f\u3088\u3046\u306b\u3001\u78ba\u304b\u306b\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u30ed\u30b8\u30c3\u30af\u306f\u597d\u8abf\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u6b8b\u5ff5\u306a\u304c\u3089\u9700\u8981\u3092\u6e80\u305f\u3059\u3053\u3068\u306f\u3067\u304d\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

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

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u52a9\u304b\u308a\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

\u6b21\u306e\u8cea\u554f\u306f\u30b7\u30c6\u30a3\u306e\u30a2\u30c6\u30a3\u30d5\u30fb\u30de\u30ea\u30af\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Atif Malik — Citi — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u306b\u7c21\u5358\u306a\u8cea\u554f\u3092\u3057\u307e\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u3055\u3093\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u540c\u696d\u8005\u306e\u4e2d\u306b\u306f\u3001\u4e2d\u56fd\u306e\u898f\u5236\u309214\u30ca\u30ce\u30e1\u30fc\u30c8\u30eb\u4ee5\u4e0b\u306b\u62e1\u5927\u3059\u308b\u3068\u3044\u3046\u8a71\u3092\u3057\u305f\u4eba\u304c\u3044\u307e\u3057\u305f\u306d\u3002\u3053\u306e\u3053\u3068\u306f\u30017\u6708\u307e\u305f\u306f10\u6708\u671f\u306e\u898b\u901a\u3057\u306b\u5f71\u97ff\u3057\u307e\u3057\u305f\u304b\uff1f\u307e\u305f\u3001\u4e2d\u56fd\u3067\u306e\u7dcf\u58f2\u4e0a\u9ad8\u306b\u3064\u3044\u3066\u3001\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u30b7\u30b9\u30c6\u30e0\u3068\u30b7\u30ea\u30b3\u30f3\u306e\u3069\u3061\u3089\u304c\u591a\u3044\u3067\u3059\u304b\uff1f<\/p>\n

Brice Hill — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

Atif\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u3053\u306e\u4ef6\u306b\u95a2\u3057\u3066\u306f\u3001\u540c\u696d\u4ed6\u793e\u3068\u540c\u3058\u3088\u3046\u306a\u901a\u77e5\u3092\u53d7\u3051\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u4e2d\u56fd\u306e\u304a\u5ba2\u3055\u307e\u3078\u306e14\u30ca\u30ce\u30e1\u30fc\u30c8\u30eb\u4ee5\u4e0b\u306e\u51fa\u8377\u306e\u3053\u3068\u3067\u3059\u30027\u6708\u671f\u306b\u306f\u5f71\u97ff\u304c\u306a\u304f\u300110\u6708\u671f\u306b\u3082\u307b\u3068\u3093\u3069\u5f71\u97ff\u304c\u306a\u3044\u305f\u3081\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u542b\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u90e8\u5206\u306f\u660e\u78ba\u3067\u3059\u3002\u307e\u305f\u3001\u8cbf\u6613\u30eb\u30fc\u30eb\u306b\u95a2\u3059\u308b\u3059\u3079\u3066\u306e\u5909\u66f4\u306b\u5b8c\u5168\u306b\u5bfe\u5fdc\u3067\u304d\u308b\u3088\u3046\u3001\u3053\u308c\u307e\u3067\u901a\u308a\u53d6\u308a\u7d44\u3093\u3067\u3044\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u30017\u6708\u300110\u6708\u671f\u306b\u306f\u5927\u304d\u306a\u5909\u5316\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u308c\u304b\u3089\u3001\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306b\u95a2\u3059\u308b\u8cea\u554f\u3092\u3082\u3046\u4e00\u5ea6\u304a\u9858\u3044\u3057\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

\u304a\u53d7\u3051\u3057\u307e\u3059\u3002\u30a2\u30c6\u30a3\u30d5\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4e2d\u56fd\u3067\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u6b63\u78ba\u306a\u91d1\u984d\u306f\u7533\u3057\u4e0a\u3052\u3089\u308c\u307e\u305b\u3093\u304c\u3001\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u306e\u53ce\u76ca\u306e\u5927\u90e8\u5206\u306f\u4e2d\u56fd\u304b\u3089\u3082\u305f\u3089\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u9867\u5ba2\u3068\u56fd\u5185\u306e\u9867\u5ba2\u304c\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f — \u305d\u3057\u3066\u3001\u3053\u308c\u3089\u3059\u3079\u3066\u306e\u7570\u306a\u308b\u30d3\u30b8\u30cd\u30b9\u306b\u5bfe\u3059\u308b\u30b7\u30b9\u30c6\u30e0\u3068\u30b5\u30fc\u30d3\u30b9\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u306e\u6bd4\u7387\u3092\u3059\u3079\u3066\u8aac\u660e\u3059\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u79c1\u304c\u8a00\u3044\u305f\u3044\u306e\u306f\u3001\u4ee5\u524d\u306b\u3082\u304a\u8a71\u3057\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u4e2d\u56fd\u306b\u304a\u3051\u308b\u5f53\u793e\u306e\u30bb\u30df\u30d5\u30a1\u30f3\u30c0\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u4e8b\u696d\u306e\u5927\u90e8\u5206\u306fICAPS\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u30c8\u30ec\u30fc\u30ea\u30f3\u30b0\u30fb\u30ce\u30fc\u30c9\u4e0a\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

Atif Malik — Citi — \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

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b3\u30fc\u30a6\u30a7\u30f3\u306e\u30af\u30ea\u30b7\u30e5\u30fb\u30b5\u30f3\u30ab\u30fc\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u30af\u30ea\u30b7\u30e5\u30fb\u30b5\u30f3\u30ab\u30fc — \u30b3\u30fc\u30a6\u30a7\u30f3\u30a2\u30f3\u30c9\u30ab\u30f3\u30d1\u30cb\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

Brice \u3082\u3057\u6765\u5e74\u3001WFE\u5168\u4f53\u304c\u4f8b\u3048\u307010\uff05\u30c0\u30a6\u30f3\u3059\u308b\u5834\u5408\u3001\u5f37\u529b\u306a\u30d0\u30c3\u30af\u30ed\u30b0\u3092\u8003\u3048\u308b\u3068\u3001\u30bb\u30df\u3068\u30b5\u30fc\u30d3\u30b9\u3092\u542b\u3080AMAT\u306e\u7dcf\u53ce\u76ca\u306f\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3082\u3063\u3068\u91cd\u8981\u306a\u3053\u3068\u3068\u3057\u3066\u3001WFE\u304c10\uff05\u6e1b\u5c11\u3057\u305f\u5834\u5408\u3001EPS\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u306e\u3088\u3046\u306a\u74b0\u5883\u4e0b\u3067\u53ce\u76ca\u3068\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u304b\u3001\u30d6\u30e9\u30a4\u30b9\u3001\u4f55\u304b\u3054\u610f\u898b\u304c\u3042\u308c\u3070\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

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

Krish\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u6700\u521d\u306b\u3001\u6295\u8cc7\u5bb6\u306e\u7686\u69d8\u306b\u304a\u4f1d\u3048\u3057\u305f\u3044\u306e\u306f\u3001\u3054\u8cea\u554f\u306e\u4e2d\u3067\u5f53\u793e\u306e\u30d0\u30c3\u30af\u30ed\u30b0\u306b\u3064\u3044\u3066\u3054\u6307\u6458\u304c\u3042\u3063\u305f\u3053\u3068\u3067\u3059\u3002\u3054\u6307\u6458\u306e\u3068\u304a\u308a\u3001\u5f53\u793e\u306b\u306f\u5927\u91cf\u306e\u53d7\u6ce8\u6b8b\u304c\u3042\u308a\u307e\u3059\u3002\u4eca\u5f8c3\u56db\u534a\u671f\u4ee5\u4e0a\u3001\u751f\u7523\u91cf\u3092\u5897\u3084\u3057\u3066\u53d7\u6ce8\u6b8b\u306b\u5bfe\u5fdc\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3082\u3057\u53ce\u76ca\u304c\u6e1b\u5c11\u3057\u305f\u5834\u5408\u3001\u3042\u308b\u3044\u306fWFE\u304c\u6e1b\u5c11\u3057\u305f\u5834\u5408\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u306a\u3089\u3001\u307e\u305a\u6700\u521d\u306b\u3001\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306fWFE\u3068100\uff05\u306e\u76f8\u95a2\u95a2\u4fc2\u304c\u3042\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u6295\u8cc7\u5bb6\u306e\u7686\u69d8\u306b\u304a\u4f1d\u3048\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306f\u3001\u30c4\u30fc\u30eb\u3092\u51fa\u8377\u3059\u308b\u305f\u3073\u306b\u5897\u52a0\u3059\u308b\u30a4\u30f3\u30b9\u30c8\u30fc\u30eb\u30d9\u30fc\u30b9\u304c\u539f\u52d5\u529b\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5f53\u793e\u304c\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u5de5\u5834\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u5168\u4f53\u306e\u7a3c\u50cd\u7387\u3001\u53d6\u5f15\u7528\u30b9\u30da\u30a2\u30d1\u30fc\u30c4\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u30fb\u30b5\u30fc\u30d3\u30b9\u5951\u7d04\u3082\u542b\u307e\u308c\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001WFE\u306e\u4f4e\u4e0b\u306b\u3088\u308b\u53ce\u76ca\u306e\u843d\u3061\u8fbc\u307f\u306f\u3001\u3053\u306e\u90e8\u5206\u306b\u3088\u3063\u3066\u8efd\u6e1b\u3055\u308c\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3053\u3068\u306f\u3001\u30e2\u30c7\u30eb\u3092\u8003\u3048\u3066\u3044\u308b\u4eba\u305f\u3061\u306e\u305f\u3081\u306b\u5f37\u8abf\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001WFE\u304c\u5909\u5316\u3057\u3001\u6a5f\u5668\u5074\u304c\u5909\u5316\u3057\u3066\u3082\u3001\u30b5\u30fc\u30d3\u30b9\u5074\u306e\u30b7\u30b0\u30ca\u30eb\u306f\u5f31\u307e\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5168\u4f53\u7684\u306a\u30e2\u30c7\u30ea\u30f3\u30b0\u306e\u305f\u3081\u306b\u3001\u79c1\u306f\u304a\u305d\u3089\u304f2019\u5e74\u3092\u4ee3\u7406\u5e74\u3068\u3057\u3066\u3001\u53ce\u76ca\u6e1b\u5c11\u306e\u74b0\u5883\u306b\u5bfe\u3057\u3066\u30d3\u30b8\u30cd\u30b9\u304c\u3069\u306e\u3088\u3046\u306b\u53cd\u5fdc\u3059\u308b\u304b\u3092\u898b\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u652f\u51fa\u306f\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3055\u308c\u3066\u304a\u308a\u3001\u6bd4\u8f03\u7684\u6a2a\u3070\u3044\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306a\u74b0\u5883\u3067\u306f\u3001\u3082\u3057\u4eee\u306b\u305d\u3046\u3060\u3068\u3057\u305f\u3089\u3001\u4f1a\u793e\u306f\u540c\u3058\u3088\u3046\u306a\u53cd\u5fdc\u3092\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

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

\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u672c\u5f53\u306b\u611f\u8b1d\u3057\u3066\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

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\u30cf\u30ea\u3000\u30c8\u30b7\u30e4 — \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u3001CHIPS\u6cd5\u306b\u95a2\u3059\u308b\u30b3\u30e1\u30f3\u30c8\u3068\u3001\u3088\u308a\u5e83\u7bc4\u306a\u696d\u754c\u3078\u306e\u5f71\u97ff\u3001\u305d\u3057\u3066\u3088\u308a\u91cd\u8981\u306a\u3053\u3068\u3068\u3057\u3066\u3001\u3042\u306a\u305f\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u8a71\u3057\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

2023\u5e74\u5f8c\u534a\u304b\u3089\u5c0f\u3055\u306a\u8ffd\u3044\u98a8\u304c\u5439\u304f\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u307e\u305a\u300123\u5e74\u306824\u5e74\u306b\u3064\u3044\u3066\u5b9a\u91cf\u7684\u306b\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u5e78\u3044\u3067\u3059\u3002\u3055\u3089\u306b\u91cd\u8981\u306a\u3053\u3068\u3068\u3057\u3066\u3001CHIPS\u6cd5\u304c\u6210\u7acb\u3057\u3066\u4ee5\u6765\u3001\u9867\u5ba2\u3068\u306e\u4f1a\u8a71\u306f\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u6295\u8cc7\u5bb6\u304b\u3089\u53d7\u3051\u308b\u4e3b\u306a\u8cea\u554f\u306f\u3001\u53f0\u6e7e\u306e\u5927\u624b\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u304c\u7c73\u56fd\u3067\u751f\u7523\u80fd\u529b\u3092\u5897\u5f37\u3059\u308b\u3068\u6c7a\u3081\u305f\u5834\u5408\u3001\u53f0\u6e7e\u3067\u8d77\u3053\u308a\u3046\u308b\u3053\u3068\u3092\u5dee\u3057\u5f15\u3044\u3066\u3001\u305d\u308c\u3092\u7c73\u56fd\u306b\u6301\u3061\u8fbc\u3080\u3068\u3044\u3046\u30bc\u30ed\u30b5\u30e0\u30fb\u30b2\u30fc\u30e0\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u306f\u306a\u3044\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u6b63\u5473\u306e\u3068\u3053\u308d\u3001\u30bc\u30ed\u30b5\u30e0\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u306b\u5bfe\u3057\u3066\u3001\u3042\u306a\u305f\u306f\u3069\u306e\u3088\u3046\u306b\u5bfe\u5fdc\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/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

\u305d\u3046\u3067\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002CHIPS\u6cd5\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u307e\u305a\u3001CHIPS\u3068\u79d1\u5b66\u306b\u95a2\u3059\u308b\u6cd5\u5f8b\u304c\u901a\u904e\u3057\u3001\u6cd5\u5f8b\u3068\u306a\u3063\u305f\u3053\u3068\u3092\u975e\u5e38\u306b\u3046\u308c\u3057\u304f\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u7c73\u56fd\u3068\u696d\u754c\u5168\u4f53\u306b\u3068\u3063\u3066\u672c\u5f53\u306b\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u3053\u3068\u3067\u3059\u3002<\/p>\n

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\u65b0\u3057\u3044\u5834\u6240\u306b\u79fb\u8ee2\u3059\u308b\u969b\u306b\u306f\u3001\u7acb\u3061\u4e0a\u3052\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308a\u307e\u3059\u304c\u3001\u30d5\u30a1\u30d6\u3092\u7acb\u3061\u4e0a\u3052\u308c\u3070\u3001\u52b9\u7387\u306f\u591a\u5c11\u843d\u3061\u307e\u3059\u3057\u3001\u7279\u306b\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306b\u3068\u3063\u3066\u306f\u30d7\u30e9\u30b9\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u300123\u5e74\u5f8c\u534a\u4ee5\u964d\u3082\u3001\u3053\u3046\u3057\u305f\u6295\u8cc7\u3084\u5de5\u5834\u306e\u7acb\u3061\u4e0a\u3052\u306b\u4f34\u3044\u3001\u82e5\u5e72\u306e\u652f\u51fa\u5897\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u6642\u9593\u304c\u7d4c\u3064\u306b\u3064\u308c\u3066\u3001\u5de5\u5834\u306e\u898f\u6a21\u306b\u3082\u3088\u308a\u307e\u3059\u304c\u3001\u5927\u304d\u306a\u5de5\u5834\u306e\u307b\u3046\u304c\u52b9\u7387\u7684\u3067\u3059\u3002\u5927\u304d\u306a\u5de5\u5834\u306f\u5c0f\u3055\u306a\u5de5\u5834\u3088\u308a\u3082\u52b9\u7387\u7684\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u5de5\u5834\u304c\u5b8c\u6210\u3059\u308b\u307e\u3067\u306f\u3001\u4f55\u5e74\u3082\u4f55\u5e74\u3082\u304b\u304b\u308b\u3067\u3057\u3087\u3046\u304c\u3001\u3042\u308b\u7a0b\u5ea6\u306e\u671f\u9593\u3001\u52b9\u7387\u304c\u843d\u3061\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001WFE\u5168\u4f53\u3068\u3044\u3046\u5927\u304d\u306a\u30b9\u30b1\u30fc\u30eb\u3067\u898b\u308c\u3070\u3001\u5927\u304d\u306a\u8ffd\u3044\u98a8\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u8ffd\u3044\u98a8\u3067\u3042\u308b\u3053\u3068\u306f\u9593\u9055\u3044\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u30cf\u30ea\u3000\u30c8\u30b7\u30e4– \u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

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

\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30cf\u30fc\u30e9\u30f3\u30fb\u30b9\u30fc\u30eb\u304b\u3089\u3067\u3059\u3002\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\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

\u3053\u3093\u306b\u3061\u306f\u3002\u79c1\u306e\u8cea\u554f\u306b\u304a\u7b54\u3048\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30a4\u30b9\u304c\u30b5\u30fc\u30d3\u30b9\u306b\u95a2\u3057\u3066\u8ff0\u3079\u305f\u3053\u3068\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u3053\u308c\u306f\u3001\u4eca\u5ea6\u306e\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u306e\u305f\u3081\u306e\u30d7\u30e9\u30b0\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u6765\u5e74\u306eWFE\u74b0\u5883\u304c\u60aa\u5316\u3057\u305f\u5834\u5408\u3001\u8cb4\u793e\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u30d0\u30c3\u30d5\u30a1\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u756a\u5927\u304d\u3044\u306e\u306f\u3001\u5fa1\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u304c\u6b74\u53f2\u7684\u306b\u4e0d\u6cc1\u6642\u306b\u3082\u843d\u3061\u8fbc\u307e\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u5b9f\u969b\u3001\u904e\u53bb11\u5e74\u9593\u3001\u3064\u307e\u308aWFE\u304c4\u56de\u30c0\u30a6\u30f3\u3057\u305f\u30b5\u30a4\u30af\u30eb\u306e\u4e2d\u3067\u3001AGS\u304c\u30c0\u30a6\u30f3\u3057\u305f\u5e74\u306f1\u56de\u3060\u3051\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u306e\u9593\u3001\u53ce\u76ca\u306eCAGR\u306f8%\u304b\u308910%\u3068\u3001\u304b\u306a\u308a\u5b89\u5b9a\u7684\u306b\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

WFE\u304c\u4f4e\u8abf\u306a\u5834\u5408\u3001200\u30df\u30ea\u6a5f\u5668\u306e\u58f2\u4e0a\u304c\u6e1b\u5c11\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u306e\u3088\u3046\u306a\u5e74\u91d1\u306e\u3088\u3046\u306a\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u4ee5\u5916\u3067\u3001\u30b5\u30fc\u30d3\u30b9\u306e\u7d99\u7d9a\u7684\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u3001\u30c1\u30fc\u30e0\u306f\u3069\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u304b\uff1f<\/p>\n

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

\u306f\u3044\u3002\u30cf\u30fc\u30e9\u30f3\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u304c\u91cd\u8996\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u3042\u306a\u305f\u304c\u793a\u5506\u3057\u305f\u3088\u3046\u306b\u3001\u30c4\u30fc\u30eb\u3092\u51fa\u8377\u3059\u308b\u305f\u3073\u306b\u5897\u3048\u3066\u3044\u304f\u30a4\u30f3\u30b9\u30c8\u30fc\u30eb\u30d9\u30fc\u30b9\u3068\u3001\u3042\u306a\u305f\u304c\u5f37\u8abf\u3057\u305f\u3088\u3046\u306b\u3001\u30a4\u30f3\u30b9\u30c8\u30fc\u30eb\u30d9\u30fc\u30b9\u306b\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u79c1\u305f\u3061\u306e\u80fd\u529b\u3067\u3042\u308a\u3001\u53d6\u5f15\u4e0a\u306e\u30b5\u30dd\u30fc\u30c8\u30b9\u30da\u30a2\u3084\u30b5\u30fc\u30d3\u30b9\u3001\u305d\u3057\u3066\u30b9\u30da\u30a2\u63d0\u4f9b\u306e\u305f\u3081\u306e\u9867\u5ba2\u3068\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u3001\u3055\u3089\u306b\u6b69\u7559\u307e\u308a\u3068\u80fd\u529b\u306e\u6700\u9069\u5316\u306b\u95a2\u3059\u308b\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u5168\u4f53\u306e\u6d1e\u5bdf\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u3088\u308a\u4fa1\u5024\u306e\u3042\u308b\u30b5\u30fc\u30d3\u30b9\u63d0\u4f9b\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u5897\u3084\u3059\u3053\u3068\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30a2\u30d7\u30e9\u30a4\u30c9\u306e\u6301\u3064\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306e\u30a4\u30f3\u30c6\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u8fc5\u901f\u306a\u7acb\u3061\u4e0a\u3052\u3001\u3088\u308a\u9ad8\u3044\u6b69\u7559\u307e\u308a\u3092\u5b9f\u73fe\u3057\u3001\u81ea\u793e\u3067\u306f\u5f97\u3089\u308c\u306a\u3044\u53ef\u80fd\u6027\u3092\u6301\u3064\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u3053\u308c\u304c\u5f53\u793e\u306e\u91cd\u70b9\u5206\u91ce\u3067\u3042\u308a\u3001\u30a4\u30f3\u30b9\u30c8\u30fc\u30eb\u30d9\u30fc\u30b9\u304c\u62e1\u5927\u3059\u308c\u3070\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u3082\u7d99\u7d9a\u7684\u306b\u62e1\u5927\u3067\u304d\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002\u6700\u5f8c\u306b\u3001WFE\u3068\u306e\u76f8\u95a2\u304c100\uff05\u3067\u306a\u3044\u3053\u3068\u306b\u3064\u3044\u3066\u306f\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3067\u3059\u3002WFE\u304c\u5909\u5316\u3057\u305f\u308a\u3001\u53ce\u76ca\u3084\u305d\u306e\u4ed6\u306e\u30d3\u30b8\u30cd\u30b9\u304c\u5f31\u304f\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306f\u5de5\u5834\u306e\u7a3c\u50cd\u7387\u3084\u3001\u5de5\u5834\u3067\u306e\u30b5\u30fc\u30d3\u30b9\u3084\u30a4\u30f3\u30c6\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u5fc5\u8981\u6027\u306b\u95a2\u308f\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u3089\u304c\u91cd\u8981\u306a\u30c9\u30e9\u30a4\u30d0\u30fc\u3060\u3068\u601d\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

\u30cf\u30fc\u30e9\u30f3\u3001\u6765\u6708\u3053\u3053\u3067\u958b\u50ac\u3055\u308c\u308b\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u306b\u3064\u3044\u3066\u3001\u7686\u3055\u3093\u306b\u304a\u77e5\u3089\u305b\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u300210\u5e74\u300111\u5e74\u306e\u8a71\u3092\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u671f\u9593\u3092\u632f\u308a\u8fd4\u3063\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u3053\u306e\u9593\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u3068\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u5951\u7d04\u306e\u5272\u5408\u306f\u3001\u307b\u307c2\u500d\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u5951\u7d04\u671f\u9593\u304c2\u5e74\u534a\u306b\u5ef6\u3073\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u5951\u7d04\u306e\u5272\u5408\u304c\u975e\u5e38\u306b\u9ad8\u304f\u306a\u308a\u3001\u3057\u304b\u3082\u305d\u308c\u304c\u307e\u3060\u4f38\u3073\u3066\u3044\u308b\u306e\u3067\u3001\u30d3\u30b8\u30cd\u30b9\u306e\u56de\u5fa9\u529b\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u30c1\u30c3\u30d7\u4e0d\u8db3\u3068\u512a\u308c\u305f\u30c1\u30c3\u30d7\u306e\u751f\u7523\u306b\u6ce8\u76ee\u304c\u96c6\u307e\u3063\u3066\u3044\u308b\u73fe\u5728\u306e\u74b0\u5883\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u306e\u4fa1\u5024\u304c\u3088\u308a\u4e00\u5c64\u6d6e\u304d\u5f6b\u308a\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u30de\u30cd\u30fc\u30b8\u30c9\u30fb\u30d1\u30fc\u30c4\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u3088\u3046\u306b\u3001\u53d6\u5f15\u4e0a\u306e\u89b3\u70b9\u304b\u3089\u5229\u7528\u53ef\u80fd\u306a\u3082\u306e\u3092\u7af6\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u5229\u7528\u53ef\u80fd\u306a\u30d1\u30fc\u30c4\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3067\u3001\u30d6\u30e9\u30a4\u30b9\u304c\u8a71\u3057\u305f\u3088\u3046\u306a\u3042\u3089\u3086\u308b\u3053\u3068\u306b\u52a0\u3048\u3066\u3001\u5f53\u793e\u306e\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u3001\u3053\u3046\u3057\u305f\u9577\u671f\u7684\u306a\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u306e\u4fa1\u5024\u3092\u969b\u7acb\u305f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

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

\u30cf\u30fc\u30e9\u30f3\u3001\u30de\u30a4\u30af\u3067\u3059\u3002\u5148\u307b\u3069\u3001\u6b21\u306e\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u304a\u4f1d\u3048\u3057\u305f\u304b\u3068\u601d\u3044\u307e\u3059\u3002\u4eca\u65e5\u304b\u30895\u9031\u9593\u5f8c\u3067\u3059\u304c\u30015\u670826\u65e5\u304c\u6700\u7d42\u65e5\u3068\u8a00\u3063\u305f\u306e\u304c\u805e\u3053\u3048\u305f\u3088\u3046\u306a\u6c17\u304c\u3057\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u30019\u670822\u65e5\u3067\u3059\u3002<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

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

\u6b21\u306e\u8cea\u554f\u306f\u3001Wells Fargo\u306eJoe Quatrochi\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

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

\u7279\u306b\u6700\u5148\u7aef\u306e\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u3078\u306e\u6295\u8cc7\u304c\u597d\u8abf\u3060\u3068\u3044\u3046\u304a\u8a71\u3067\u3057\u305f\u304c\u3001\u6d88\u8cbb\u8005\u4e3b\u5c0e\u306e\u9700\u8981\u3082\u3042\u308a\u307e\u3059\u306d\u3002\u305d\u306e\u305f\u3081\u3001\u9867\u5ba2\u306e\u6280\u8853\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u5909\u66f4\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u9867\u5ba2\u304c\u5c0e\u5165\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u5bb9\u91cf\u306e\u3088\u3046\u306a\u3082\u306e\u306b\u5909\u5316\u304c\u3042\u3063\u305f\u306e\u3067\u306f\u306a\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

\u305d\u3046\u3067\u3059\u306d\u3002\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30e7\u30fc\u3002\u307e\u305a\u7b2c\u4e00\u306b\u3001\u9700\u8981\u304c\u4f9b\u7d66\u30ec\u30d9\u30eb\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u5168\u4f53\u3068\u3057\u3066\u3001\u9700\u8981\u306f\u5c11\u3057\u6e1b\u5c11\u3057\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u3067\u3082\u7b2c4\u56db\u534a\u671f\u4ee5\u964d\u306b\u4f9b\u7d66\u3067\u304d\u308b\u91cf\u3092\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6700\u5148\u7aef\u306e\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u3068\u3044\u3046\u306e\u306f\u3001\u304a\u5ba2\u69d8\u304c\u88fd\u54c1\u3092\u4f5c\u308b\u305f\u3081\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u4f5c\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u304b\u3089\u3001\u304a\u5ba2\u69d8\u306e\u88fd\u54c1\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u5b88\u3089\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u5f7c\u3089\u306f\u305d\u306e\u6280\u8853\u3092\u5c0e\u5165\u3059\u308b\u3053\u3068\u306b\u304b\u306a\u308a\u529b\u3092\u5165\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u88fd\u54c1\u306e\u5e02\u5834\u898f\u6a21\u306b\u3088\u3063\u3066\u3001\u751f\u7523\u91cf\u304c\u5909\u52d5\u3059\u308b\u306e\u306f\u3054\u6307\u6458\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u30012\u5e74\u5f8c\u306e\u88fd\u54c1\u306e\u305f\u3081\u306b\u30ed\u30b8\u30c3\u30af\u30ce\u30fc\u30c9\u3092\u69cb\u7bc9\u3059\u308b\u306e\u3067\u3042\u308c\u3070\u30012\u5e74\u5f8c\u306e\u5e02\u5834\u306e\u3053\u3068\u3092\u672c\u5f53\u306b\u8003\u3048\u3066\u88c5\u7f6e\u3092\u8a2d\u7f6e\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u671f\u306e\u30de\u30af\u30ed\u7d4c\u6e08\u74b0\u5883\u3001GDP\u3092\u898b\u3066\u3001\u9700\u8981\u3092\u4e0b\u3052\u308c\u3070\u3044\u3044\u3068\u3044\u3046\u3088\u3046\u306a\u5358\u7d14\u306a\u8a71\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u671f\u306e\u30de\u30af\u30ed\u7d4c\u6e08\u74b0\u5883\u3001\u3064\u307e\u308aGDP\u3092\u898b\u3066\u9700\u8981\u3092\u4e0b\u3052\u308b\u3068\u3044\u3046\u5358\u7d14\u306a\u8a71\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u30b9\u306f……\u3082\u3046\u308f\u304b\u3063\u3066\u3044\u307e\u3059\u3088\u306d\uff1f\u79c1\u305f\u3061\u306f\u6765\u5e74\u306e\u9700\u8981\u3092\u3059\u3079\u3066\u518d\u8a66\u9a13\u3057\u307e\u3057\u305f\u3057\u3001\u305d\u308c\u306f\u3059\u3079\u3066\u306e\u304a\u5ba2\u69d8\u304c\u8003\u3048\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

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

\u6b21\u306e\u8cea\u554f\u306fUBS\u306e\u30c6\u30a3\u30e2\u30b7\u30fc\u30fb\u30a2\u30eb\u30ad\u30e5\u30ea\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u30c6\u30a3\u30e2\u30b7\u30fc\u30fb\u30a2\u30eb\u30ad\u30e5\u30ea — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4eca\u56de\u3001\u4f55\u304c\u8d77\u304d\u3066\u3044\u308b\u306e\u304b\u3001\u3044\u304f\u3064\u304b\u306e\u30b7\u30b0\u30ca\u30eb\u304c\u6df7\u5728\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u4e00\u65b9\u3067\u306f\u3001\u9867\u5ba2\u304b\u3089\u306e\u62bc\u3057\u51fa\u3057\u304c\u3042\u308b\u4e00\u65b9\u3067\u3001\u4ed6\u306e\u9867\u5ba2\u304b\u3089\u9577\u671f\u7684\u306a\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u5f97\u3066\u3044\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u610f\u5473\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u610f\u5473\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306f\u3001\u30e1\u30e2\u30ea\u304c\u62bc\u3057\u51fa\u3055\u308c\u3066\u3082\u6301\u3061\u3053\u305f\u3048\u3089\u308c\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u805e\u3053\u3048\u308b\u304b\u3089\u3067\u3059\u3002\u901a\u5e38\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u6700\u5148\u7aef\u306e\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u751f\u7523\u80fd\u529b\u304c\u96c6\u4e2d\u3057\u3066\u3044\u3066\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fc\u30d3\u30b8\u30cd\u30b9\u306b\u623b\u308d\u3046\u3068\u7af6\u4e89\u3057\u3066\u3044\u308b\u304a\u96a3\u3055\u3093\u307f\u305f\u3044\u306a\u4eba\u304c\u51fa\u3066\u304f\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\u3002\u4eca\u56de\u306f\u305d\u308c\u304c\u9055\u3046\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3068\u3044\u3046\u306e\u3082\u3001\u79c1\u306f\u3055\u307e\u3056\u307e\u306a\u30b7\u30b0\u30ca\u30eb\u3092\u8033\u306b\u3057\u307e\u3059\u304c\u3001\u660e\u3089\u304b\u306b\u9055\u3046\u3053\u3068\u304c\u3042\u308b\u306e\u3067\u3059\u3002\u305d\u3053\u3067\u3001\u3042\u306a\u305f\u306e\u904e\u53bb\u306e\u77e5\u898b\u306b\u57fa\u3065\u304f\u52a9\u8a00\u3092\u304a\u9858\u3044\u3057\u305f\u3044\u306e\u3067\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\u3001\u30c6\u30a3\u30e0\u30022\u3064\u3060\u3051\u30b3\u30e1\u30f3\u30c8\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u30021\u3064\u76ee\u306f\u3001\u8a08\u753b\u306e\u89b3\u70b9\u304b\u3089\u3001\u3059\u3079\u3066\u306e\u304a\u5ba2\u69d8\u306b\u5bfe\u3057\u3066\u8996\u91ce\u3092\u5e83\u3052\u3066\u304d\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u4ee5\u524d\u3088\u308a\u3082\u9577\u3044\u30b7\u30b0\u30ca\u30eb\u3092\u51fa\u3057\u3001\u30ad\u30e3\u30d1\u30b7\u30c6\u30a3\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u306e\u8b70\u8ad6\u306b\u53c2\u52a0\u3059\u308b\u6a5f\u4f1a\u3092\u4e0e\u3048\u3066\u304f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u4e00\u90e8\u306e\u304a\u5ba2\u3055\u307e\u304c\u3001\u3042\u308b\u4e00\u5b9a\u306e\u5bb9\u91cf\u5e2f\u306e\u4e2d\u3067\u904b\u7528\u3059\u308b\u3068\u3044\u3046\u611f\u899a\u3001\u3042\u308b\u3044\u306f\u57fa\u672c\u7684\u306a\u7d04\u675f\u3092\u79c1\u305f\u3061\u306b\u793a\u3057\u3066\u304f\u308c\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u9ad8\u3044\u4fe1\u983c\u6027\u306e\u89b3\u70b9\u304b\u3089\u3001\u79c1\u305f\u3061\u304c\u4f55\u3092\u8a08\u753b\u3059\u3079\u304d\u304b\u306b\u3064\u3044\u3066\u3001\u3055\u3089\u306a\u308b\u81ea\u4fe1\u3092\u4e0e\u3048\u3066\u304f\u308c\u3066\u3044\u308b\u306e\u3067\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

\u30c6\u30a3\u30e0\u3001\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u3001\u3053\u306e\u6642\u9593\u8ef8\u3067\u79c1\u305f\u3061\u3092\u52a9\u3051\u3066\u304f\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002\u4eca\u5f8c\u306e\u5909\u9077\u306b\u5bfe\u3059\u308b\u76f8\u5bfe\u7684\u306a\u6295\u8cc7\u984d\u3092\u898b\u308b\u3068\u3001\u65b0\u7d20\u6750\u3084\u65b0\u69cb\u9020\u306b\u5411\u304b\u3046\u3082\u306e\u304c\u591a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u30b2\u30fc\u30c8\u30aa\u30fc\u30eb\u30a2\u30e9\u30a6\u30f3\u30c9\u306b\u3064\u3044\u3066\u306f\u3001\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u3067\u304a\u8a71\u3057\u307e\u3057\u305f\u3002<\/p>\n

7\u30ca\u30ce\u30e1\u30fc\u30c8\u30eb\u304b\u30893\u30ca\u30ce\u30e1\u30fc\u30c8\u30eb\u3078\u306e\u914d\u7dda\u306f\u30013\u30ca\u30ce\u30e1\u30fc\u30c8\u30eb\u30fb\u30ce\u30fc\u30c9\u306b\u306a\u308b\u3068\u6bb5\u6570\u304c\u5897\u3048\u308b\u306e\u3067\u3001\u30a6\u30a8\u30cf\u30fc\u5f53\u305f\u308a3\u500d\u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3053\u3067\u30017\u3064\u306e\u6280\u8853\u30921\u3064\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u7d71\u5408\u3057\u3001\u914d\u7dda\u62b5\u6297\u309250\uff05\u4f4e\u6e1b\u3055\u305b\u308b\u300c\u30a4\u30f3\u30c6\u30b0\u30ec\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30c6\u30ea\u30a2\u30eb\u30fb\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u300d\u3092\u958b\u767a\u3057\u307e\u3057\u305f\u3002\u88cf\u9762\u914d\u96fb\u3067\u3059\u304c\u3001\u6700\u8fd1\u3001\u3042\u308b\u304a\u5ba2\u69d8\u304c\u3001\u5c06\u6765\u306e\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30ce\u30fc\u30c9\u306b\u5411\u3051\u3066\u3001\u96fb\u529b\u6027\u80fd\u306b\u95a2\u9023\u3059\u308b\u6750\u6599\u3084\u69cb\u9020\u306e\u5927\u5e45\u306a\u5897\u52a0\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u88cf\u9762\u914d\u96fb\u3082\u307e\u305f\u3001\u91cd\u8981\u306a\u5909\u66f2\u70b9\u3067\u3059\u3002<\/p>\n

\u30a6\u30a7\u30fc\u30cf\u306e\u88cf\u9762\u306b\u69cb\u9020\u3092\u914d\u7f6e\u3059\u308b\u3053\u3068\u3067\u3001\u6a5f\u80fd\u3092\u7e2e\u5c0f\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u9762\u7a4d\u3092\u6700\u592730%\u524a\u6e1b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306e\u3088\u3046\u306a\u30bf\u30a4\u30d7\u306e\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306b\u5bfe\u3059\u308b\u76f8\u5bfe\u7684\u306a\u8ca2\u732e\u3068\u76f8\u5bfe\u7684\u306a\u6295\u8cc7\u306f\u5897\u52a0\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u3082\u79c1\u305f\u3061\u3092\u52a9\u3051\u3066\u304f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

Timothy Arcuri — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

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

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

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30b8\u30e7\u30bb\u30d5\u30fb\u30e0\u30fc\u30a2\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

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

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u904e\u53bb\u306b\u6bd4\u3079\u3066\u4eca\u5f8c\u306e\u56de\u5fa9\u529b\u304c\u9ad8\u3044\u3068\u3044\u3046\u898b\u65b9\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u305d\u308c\u306f\u30e1\u30e2\u30ea\u5358\u4f53\u3067\u3082\u305d\u3046\u3060\u3068\u8a00\u3048\u307e\u3059\u304b\uff1f\u305d\u3057\u3066\u3001\u3082\u3057\u79c1\u305f\u3061\u304c\u4e00\u7a2e\u306e — \u3053\u308c\u304c2019\u5e74\u306b\u4f3c\u305f\u3088\u3046\u306a\u30e1\u30e2\u30ea\u306e\u4e0b\u964d\u3060\u3068\u8003\u3048\u308b\u306a\u3089\u3001WFE\u30822019\u5e74\u306b\u4f3c\u305f\u3088\u3046\u306a\u4e0b\u964d\u3060\u3068\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u305d\u308c\u306f\u3042\u307e\u308a\u306b\u60b2\u89b3\u7684\u3060\u3068\u601d\u308f\u308c\u307e\u3059\u304b\uff1f\u305d\u308c\u306f\u306a\u305c\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

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

\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30e7\u30fc\u3002\u6700\u521d\u306e\u90e8\u5206\u306f\u3001\u79c1\u306f\u305d\u306e\u3088\u3046\u306b\u8003\u3048\u305f\u3053\u3068\u304c\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u5f3e\u529b\u7684\u3067\u3042\u308b\u3068\u8a00\u3046\u3067\u3057\u3087\u3046 — \u3088\u308a\u5f3e\u529b\u7684\u306a\u54f2\u5b66\u3084\u7acb\u5834\u306f\u3001\u8a18\u61b6\u3060\u3051\u306b\u594f\u529f\u3059\u308b\u3067\u3057\u3087\u3046\u3002\u305d\u306e\u7406\u7531\u306f\u3001\u307e\u305a\u3001\u3053\u308c\u307e\u3067\u8a71\u3057\u3066\u304d\u305f\u30d0\u30c3\u30af\u30ed\u30b0\u306e\u3053\u3068\u3067\u3059\u3002\u30e1\u30e2\u30ea\u304c\u524d\u56db\u534a\u671f\u3088\u308a\u5f31\u304f\u306a\u3063\u305f\u3068\u306f\u3044\u3048\u3001\u30e1\u30e2\u30ea\u306e\u9867\u5ba2\u306b\u306f\u76f8\u5f53\u6570\u306e\u30d0\u30c3\u30af\u30ed\u30b0\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u30c0\u30a4\u30ca\u30df\u30ba\u30e0\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u3088\u3046\u306a\u5168\u4f53\u7684\u306a\u30d0\u30c3\u30af\u30ed\u30b0\u306e\u5f37\u3055\u304c\u3001\u5f53\u793e\u304c\u4ed6\u306e\u6642\u671f\u3088\u308a\u3082\u56de\u5fa9\u529b\u304c\u3042\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u7406\u7531\u306e\u3072\u3068\u3064\u3067\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u304c\u3088\u308a\u56de\u5fa9\u529b\u304c\u3042\u308b\u3068\u8003\u3048\u308b\u7406\u7531\u306e\u3072\u3068\u3064\u3067\u3001\u3053\u308c\u306f\u30e1\u30e2\u30ea\u306e\u304a\u5ba2\u69d8\u3084\u30b9\u30da\u30a2\u306e\u89b3\u70b9\u304b\u3089\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u304a\u5ba2\u69d8\u306a\u3069\u306b\u3082\u5f53\u3066\u306f\u307e\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u30e1\u30e2\u30ea\u306e\u304a\u5ba2\u3055\u307e\u3084\u4e88\u5099\u54c1\u306e\u304a\u5ba2\u3055\u307e\u306b\u3082\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u6700\u5f8c\u306e1\u679a\u3067\u3059\u304c\u3001\u7686\u3055\u3093\u306b\u5ff5\u306e\u305f\u3081\u304a\u4f1d\u3048\u3057\u3066\u304a\u304d\u307e\u3059\u3068\u3001\u79c1\u306f2019\u5e74\u304c\u4f1a\u793e\u306e\u640d\u76ca\u306b\u306a\u308b\u3068\u6697\u306b\u8a00\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30022019\u5e74\u306b\u306f\u623b\u308a\u307e\u305b\u3093\u304c\u3001\u3082\u3057\u79c1\u305f\u3061\u304c\u3088\u308a\u5f31\u3044\u74b0\u5883\u306b\u3044\u305f\u5834\u5408\u3001\u7c97\u5229\u76ca\u7387\u3068\u652f\u51fa\u304c\u3069\u306e\u3088\u3046\u306b\u632f\u308b\u821e\u3046\u304b\u3092\u793a\u3059\u826f\u3044\u4ee3\u7406\u4eba\u3067\u3042\u308b\u3068\u8a00\u3044\u305f\u304b\u3063\u305f\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u305d\u308c\u3092\u660e\u78ba\u306b\u3059\u308b\u305f\u3081\u3067\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\u30b8\u30e7\u30fc\u3001\u30b2\u30a4\u30ea\u30fc\u3067\u3059\u3002\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306e\u6bd4\u7387\u306f\u3001\u5f53\u6642\u3068\u6bd4\u3079\u308b\u3068\u304b\u306a\u308a\u9ad8\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u3067\u30823\u5206\u306e2\u524d\u5f8c\u3092\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u9ad8\u6027\u80fd\u30ed\u30b8\u30c3\u30af\u306e\u5206\u91ce\u3067\u306f\u30ea\u30fc\u30c0\u30fc\u4e89\u3044\u304c\u7e70\u308a\u5e83\u3052\u3089\u308c\u3066\u304a\u308a\u3001\u3053\u306e\u5206\u91ce\u3067\u306f\u5927\u898f\u6a21\u306a\u6295\u8cc7\u304c\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5f53\u793e\u306e\u9867\u5ba2\u306f\u3001\u9867\u5ba2\u3068\u306e\u9577\u671f\u5951\u7d04\u3092\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u5f53\u6642\u306f\u898b\u3089\u308c\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306e\u5272\u5408\u3068\u76f8\u5bfe\u7684\u306a\u5f37\u3055\u306f\u3001\u30a6\u30a7\u30cf\u30fb\u30d5\u30a1\u30d6\u88c5\u7f6e\u5e02\u5834\u5168\u4f53\u3068\u6bd4\u8f03\u3057\u3066\u30012019\u5e74\u306e\u6642\u671f\u3068\u306f\u660e\u3089\u304b\u306b\u7570\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

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

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30b7\u30c9\u30cb\u30fc\u30fb\u30db\u30fc\u304b\u3089\u3067\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n

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

\u3082\u30461\u3064\u306e\u8cea\u554f\u306f\u3001\u4e2d\u56fd\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u4e2d\u56fd\u304b\u3089\u306e\u53ce\u76ca\u3092\u898b\u308b\u3068\u3001\u524d\u56db\u534a\u671f\u6bd4\u30677\uff05\u30dd\u30a4\u30f3\u30c8\u307b\u3069\u4e0b\u304c\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u3053\u308c\u306f\u540c\u696d\u4ed6\u793e\u3088\u308a\u3082\u591a\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u306e\u3042\u305f\u308a\u306e\u72b6\u6cc1\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u4ee5\u524d\u306e\u8cea\u554f\u3067\u3001\u65b0\u3057\u3044\u8f38\u51fa\u898f\u5236\u304c7\u6708\u671f\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3055\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u4e2d\u56fd\u56fd\u5185\u306e\u9867\u5ba2\u3068\u591a\u56fd\u7c4d\u4f01\u696d\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u3068\u30e1\u30e2\u30ea\u306e\u9700\u8981\u306e\u5f37\u3055\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u3046\u3059\u308c\u3070\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30b9\u30fb\u30d2\u30eb — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30b7\u30c9\u30cb\u30fc\u3002\u30d6\u30e9\u30a4\u30b9\u3067\u3059\u30021\u3064\u306f\u7279\u5b9a\u306e\u8981\u56e0\u3001\u3082\u30461\u3064\u306f\u4e00\u822c\u7684\u306a\u898b\u89e3\u3067\u3059\u3002\u5177\u4f53\u7684\u306a\u8981\u56e0\u3068\u3057\u3066\u306f\u3001\u30c7\u30a3\u30b9\u30d7\u30ec\u30a4\u4e8b\u696d\u306b\u304a\u3051\u308b\u30de\u30a4\u30ca\u30b9\u8981\u56e0\u306e\u307b\u3068\u3093\u3069\u304c\u4e2d\u56fd\u306e\u9867\u5ba2\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u304c\u3001\u304a\u305d\u3089\u304f\u4e3b\u8981\u306a\u5909\u5316\u8981\u7d20\u3067\u3059\u3002\u3042\u3068\u306f\u901a\u5e38\u306e\u56db\u534a\u671f\u3054\u3068\u306e\u6d3b\u52d5\u3067\u3059\u3002\u4eca\u5f8c\u3001\u4e2d\u56fd\u5e02\u5834\u304c\u5f31\u304f\u306a\u308b\u3068\u306f\u8003\u3048\u3066\u3044\u307e\u305b\u3093\u3002ICAPS\u3078\u306e\u6295\u8cc7\u3082\u307b\u307c\u4e88\u5b9a\u901a\u308a\u9032\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u30b7\u30b0\u30ca\u30eb\u306b\u5927\u304d\u306a\u5909\u5316\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u7570\u306a\u308b\u898f\u6a21\u306e\u7d0d\u54c1\u304c\u3042\u308b\u305f\u3081\u3001\u305d\u306e\u5185\u5916\u306e\u72b6\u6cc1\u3067\u3059\u3002\u305f\u307e\u305f\u307e\u3001\u3053\u306e\u56db\u534a\u671f\u306f\u5168\u4f53\u7684\u306b\u524d\u56db\u534a\u671f\u3088\u308a\u5c11\u3057\u5c0f\u3055\u304b\u3063\u305f\u306e\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u305d\u306e\u4ed6\u306e\u5909\u5316\u306b\u3064\u3044\u3066\u306f\u3001\u8868\u793a\u3068\u4e00\u822c\u7684\u306a\u30a2\u30c3\u30d7\u30c0\u30a6\u30f3\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u8cbf\u6613\u30eb\u30fc\u30eb\u306b\u8d77\u56e0\u3059\u308b\u5909\u5316\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

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

\u308f\u304b\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

\u6b21\u306e\u8cea\u554f\u306fNeedham & Company\u306e\u30af\u30a4\u30f3\u30fb\u30dc\u30eb\u30c8\u30f3\u304b\u3089\u3067\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059<\/p>\n

Quinn Bolton — Needham and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u8aac\u660e\u3068\u7c21\u5358\u306a\u8cea\u554f\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u30e1\u30e2\u30ea\u306e\u30ea\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30e1\u30e2\u30ea\u306e\u9867\u5ba2\u306f\u7d0d\u671f\u3092\u4f55\u56db\u534a\u671f\u304b\u65e9\u3081\u308b\u3060\u3051\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u30c4\u30fc\u30eb\u3092\u5b8c\u5168\u306b\u30ad\u30e3\u30f3\u30bb\u30eb\u3057\u3066\u3001\u305d\u306e\u5206\u3092\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u306e\u9867\u5ba2\u306b\u632f\u308a\u5206\u3051\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u30e1\u30e2\u30ea\u306e\u30ea\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306b\u3064\u3044\u3066\u306e\u8cea\u554f\u3067\u3059\u3002DRAM\u3068NAND\u306e\u4e21\u65b9\u3067\u540c\u3058\u3088\u3046\u306b\u8d77\u3053\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082DRAM\u304c\u4e2d\u5fc3\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Brice Hill — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002Quinn\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u306e3\u3064\u306e\u4e8b\u8c61\u306f\u3001\u57fa\u672c\u7684\u306b\u3059\u3079\u3066\u306e\u9867\u5ba2\u306b\u5bfe\u3057\u3066\u8d77\u3053\u3063\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u8ffd\u52a0\u3001\u524a\u9664\u3001\u305d\u3057\u3066\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u5909\u66f4\u304c\u3042\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n

\u8a18\u61b6\u3067\u306f\u3001\u77ed\u671f\u9593\u306e\u30a6\u30a3\u30f3\u30c9\u30a6\u3067\u306f\u8ffd\u52a0\u3088\u308a\u3082\u30c9\u30ed\u30c3\u30d7\u306e\u65b9\u304c\u591a\u3044\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3053\u308c\u3089\u306f\u30ad\u30e3\u30f3\u30bb\u30eb\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u30ea\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306f\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u3057\u3001\u30e1\u30e2\u30ea\u30fc\u306e\u5834\u5408\u306f\u8ffd\u52a0\u3082\u3042\u308a\u307e\u3059\u3002\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u305f\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u6df7\u5728\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5168\u4f53\u7684\u306b\u898b\u308c\u3070\u3001\u30e1\u30e2\u30ea\u306f……\u30b5\u30a4\u30af\u30eb\u30aa\u30fc\u30d0\u30fc\u3067\u3001\u30e1\u30e2\u30ea\u306f\u524d\u30b5\u30a4\u30af\u30eb\u306e\u3082\u306e\u3088\u308a\u3082\u4f4e\u304f\u306a\u3063\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

Quinn Bolton — Needham and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u308c\u306fDRAM\u3068NAND\u3067\u540c\u3058\u3067\u3059\u304b\uff1f<\/p>\n

Brice Hill — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u305d\u306e\u90e8\u5206\u306b\u3064\u3044\u3066\u306f\u3001\u79c1\u306f\u628a\u63e1\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u5f53\u793e\u3067\u306f\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u660e\u8a18\u3057\u3066\u3044\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u306b\u306f\u7b54\u3048\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n

Quinn Bolton — Needham and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\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

\u6b21\u306e\u8cea\u554f\u306f\u30b9\u30c6\u30a3\u30d5\u30a7\u30eb\u306e\u30d1\u30c8\u30ea\u30c3\u30af\u30fb\u30db\u30fc\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30d1\u30c8\u30ea\u30c3\u30af\u30fb\u30db\u30fc — \u30b9\u30c6\u30a3\u30d5\u30a7\u30eb\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30b2\u30fc\u30ea\u30fc\u3055\u3093\u3001\u696d\u754c\u306b\u95a2\u3059\u308b\u8cea\u554f\u306e\u591a\u304f\u304c\u56de\u7b54\u3055\u308c\u305f\u3088\u3046\u3067\u3059\u306e\u3067\u3001\u305d\u3061\u3089\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u30d7\u30ed\u30bb\u30b9\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u4e8b\u696d\u304c\u5e73\u5747\u4ee5\u4e0a\u306e\u4f38\u3073\u3092\u898b\u305b\u3066\u3044\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30ed\u30b8\u30c3\u30af\u4e8b\u696d\u306b\u3064\u3044\u3066\u306f\u3069\u3046\u3067\u3057\u3087\u3046\u304b\uff1f\u7279\u306b\u30a2\u30c9\u30d0\u30f3\u30b9\u30c8\u30fb\u30ce\u30fc\u30c9\u3067\u306f\u3001\u30d5\u30a1\u30a6\u30f3\u30c9\u30ea\u30fb\u30ed\u30b8\u30c3\u30af\u304c\u5927\u304d\u306a\u539f\u52d5\u529b\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002ICAPS\u306e\u30d3\u30b8\u30cd\u30b9\u304c\u30d7\u30ed\u30bb\u30b9\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306b\u6d78\u900f\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u5b8c\u5168\u306b\u30a2\u30c9\u30d0\u30f3\u30b9\u30c8\u30fb\u30ce\u30fc\u30c9\u5411\u3051\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

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

Patrick\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002ICAPS\u306f\u5f53\u793e\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u597d\u8abf\u3067\u3042\u308a\u3001\u4f1a\u793e\u5168\u4f53\u3068\u3057\u3066\u3082\u975e\u5e38\u306b\u597d\u8abf\u3067\u3059\u3002PDC\u306f2021\u5e74\u5ea6\u306b67\uff05\u5897\u30012022\u5e74\u5ea6\u308240\uff05\u8fd1\u304f\u5897\u3048\u307e\u3059\u3002\u30e1\u30e2\u30ea\u3082\u4f38\u3073\u3066\u3044\u307e\u3059\u3057\u3001ICAPS\u3082\u9593\u9055\u3044\u306a\u304f\u4f38\u3073\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u6628\u5e74\u306ePDC\u30d3\u30b8\u30cd\u30b9\u3067\u306f\u3001eBeam\u304c\u307b\u307c\u500d\u5897\u3057\u307e\u3057\u305f\u3002\u96fb\u5b50\u5149\u5b66\u306e\u5782\u76f4\u7d71\u5408\u3001\u89e3\u50cf\u5ea6\u3084\u753b\u50cf\u51e6\u7406\u6280\u8853\u306e\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u4e8b\u696d\u306f22\u5e74\u4ee5\u964d\u3082\u975e\u5e38\u306b\u597d\u8abf\u3067\u3059\u3002\u5149\u5b66\u5f0f\u691c\u67fb\u88c5\u7f6e\u3082\u597d\u8abf\u3067\u3001\u5149\u5b66\u5f0f\u691c\u67fb\u88c5\u7f6e\u306e\u5206\u91ce\u3067\u306f\u5e02\u5834\u5168\u4f53\u3092\u4e0a\u56de\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001PDC\u306fPPACt\u306e\u5909\u5316\u3068\u975e\u5e38\u306b\u5f37\u3044\u7d50\u3073\u3064\u304d\u304c\u3042\u308a\u307e\u3059\u3002Gate-All-Around\uff08\u30b2\u30fc\u30c8\u30fb\u30aa\u30fc\u30eb\u30fb\u30e9\u30a6\u30f3\u30c9\uff09\u300f\u3084\u305d\u306e\u4ed6\u306e\u5927\u304d\u306a\u5909\u5f62\u306e\u5834\u5408\u3001\u5f53\u793e\u72ec\u81ea\u306e\u30a4\u30e1\u30fc\u30b8\u30f3\u30b0\u6a5f\u80fd\u306b\u3088\u3063\u3066\u3001\u3053\u308c\u3089\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u8ab0\u3088\u308a\u3082\u901f\u304f\u3001\u512a\u308c\u305f\u5f62\u3067\u30d5\u30a3\u30f3\u30ac\u30fc\u30d7\u30ea\u30f3\u30c8\u306b\u63cf\u304d\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u76f8\u4e57\u52b9\u679c\u306b\u3088\u308a\u3001PDC\u306e\u529b\u5f37\u3044\u6210\u9577\u3060\u3051\u3067\u306a\u304f\u3001\u5f53\u793e\u306e\u4ed6\u306e\u534a\u5c0e\u4f53\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u306e\u5f37\u529b\u306a\u76f8\u4e57\u52b9\u679c\u3092\u898b\u8fbc\u3080\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

Patrick Ho — Stifel Financial Corp.–\u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

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

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

\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u65b9\u3001\u3082\u30461\u554f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

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

\u6b21\u306e\u8cea\u554f\u306fMehdi Hosseini\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

Mehdi Hosseini — Susquehanna International Group — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

WFE\u306e\u8cea\u554f\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u30922\u3064\u3002\u9700\u8981\u306b\u30b7\u30d5\u30c8\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u30b3\u30f3\u30dd\u30fc\u30cd\u30f3\u30c8\u304c\u3059\u3079\u3066\u63c3\u3063\u305f\u5834\u5408\u3001\u53ce\u76ca\u306e\u76ee\u5b89\u306f\u3069\u3046\u306a\u308a\u307e\u3059\u304b\uff1f<\/p>\n

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

\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u3053\u306e\u3088\u3046\u306a\u6c34\u6e96\u306b\u306a\u3063\u3066\u304b\u3089\u6570\u56db\u534a\u671f\u304c\u7d4c\u904e\u3057\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u4e88\u6e2c\u3059\u308b\u306e\u306f\u56f0\u96e3\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u78ba\u304b2\u56db\u534a\u671f\u524d\u306b\u3001\u4f9b\u7d66\u306e\u5236\u7d04\u304c\u304a\u305d\u3089\u304f3\u5104\u30c9\u30eb\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u305f\u3068\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u3082\u3057\u4f9b\u7d66\u5236\u7d04\u304c\u30bc\u30ed\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u5206\u3001\u3055\u3089\u306b\u9ad8\u3044\u30ab\u30fc\u30d6\u3092\u63cf\u304f\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Mehdi Hosseini — Susquehanna International Group — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u5728\u5eab\u306e\u3046\u3061\u3001WIP\u3068\u5b8c\u6210\u54c1\u306e\u69cb\u6210\u306f\u3069\u306e\u3088\u3046\u306b\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\uff08CFO<\/p>\n

\u5728\u5eab\u306e\u5909\u52d5\u306b\u3064\u3044\u3066\u306f\u3001\u5728\u5eab\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306b\u308f\u305f\u3063\u3066\u6bd4\u8f03\u7684\u30d0\u30e9\u30f3\u30b9\u304c\u53d6\u308c\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5897\u52a0\u5206\u306f — \u3059\u307f\u307e\u305b\u3093\u3001\u4eca\u6570\u5b57\u3092\u898b\u3066\u3044\u308b\u306e\u3067\u3059\u304c — \u6bd4\u8f03\u7684\u30d0\u30e9\u30f3\u30b9\u304c\u3068\u308c\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u306b\u8d77\u3053\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u3053\u3053\u306b\u3042\u308b\u306e\u3067\u3059\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u306b\u3001\u3088\u308a\u591a\u304f\u306e\u672a\u52a0\u5de5\u5728\u5eab\u304c\u5165\u8377\u3057\u300195%\u4ee5\u4e0a\u306e\u90e8\u54c1\u304c\u5165\u624b\u53ef\u80fd\u306b\u306a\u308a\u3001\u5728\u5eab\u3092\u7a4d\u307f\u4e0a\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u305d\u308c\u304c\u539f\u6750\u6599\u306eWIP\u306b\u8868\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u5b8c\u6210\u54c1\u306b\u3064\u3044\u3066\u306f\u3001\u5b8c\u6210\u54c1\u3084\u5b8c\u6210\u9593\u8fd1\u306e\u5de5\u5177\u304c\u3001\u90e8\u54c11\u500b\u5f85\u3061\u3001\u3042\u308b\u3044\u306f\u304a\u5ba2\u69d8\u3078\u306e\u51fa\u8377\u9593\u8fd1\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u306e\u5728\u5eab\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u3059\u3079\u3066\u306e\u30b3\u30f3\u30dd\u30fc\u30cd\u30f3\u30c8\u3067\u6bd4\u8f03\u7684\u30d0\u30e9\u30f3\u30b9\u304c\u53d6\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Mehdi Hosseini — Susquehanna International Group — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3067\u306f\u3001\u30e1\u30e2\u30ea\u30fc\u9867\u5ba2\u306b\u3088\u308b\u30d7\u30c3\u30b7\u30e5\u30a2\u30a6\u30c8\u306f\u3001\u5728\u5eab\u65e5\u6570\u306e\u5897\u52a0\u306e\u8981\u56e0\u306b\u306f\u306a\u3089\u306a\u3044\u306e\u3067\u3059\u306d\uff1f<\/p>\n

Brice Hill — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u3002\u5168\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u5f53\u793e\u306f\u5e02\u5834\u306b\u5bfe\u3057\u3066\u307e\u3060\u5341\u5206\u306a\u30b5\u30fc\u30d3\u30b9\u3092\u53d7\u3051\u3066\u3044\u306a\u3044\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u304a\u5ba2\u69d8\u304c\u88c5\u7f6e\u3092\u9045\u3089\u305b\u305f\u308a\u30ad\u30e3\u30f3\u30bb\u30eb\u3057\u305f\u308a\u3057\u305f\u5834\u5408\u3001\u305d\u306e\u5728\u5eab\u3084\u90e8\u54c1\u3092\u5225\u306e\u304a\u5ba2\u69d8\u306b\u79fb\u52d5\u3055\u305b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u3053\u306e\u3088\u3046\u306a\u72b6\u6cc1\u304c\u7d9a\u304f\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u306f\u3044\u3002\u305d\u308c\u304b\u3089\u3001\u7686\u3055\u3093\u306b\u5f37\u8abf\u3057\u3066\u304a\u304d\u305f\u3044\u306e\u306f\u3001\u79c1\u305f\u3061\u306f\u751f\u7523\u9ad8\u306b\u3064\u3044\u3066\u3053\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306f\u751f\u7523\u91cf\u3092\u5897\u3084\u3059\u4e88\u5b9a\u3067\u3059\u304c\u3001\u73fe\u5728\u306e\u4f9b\u7d66\u91cf\u3088\u308a\u3082\u9700\u8981\u306e\u65b9\u304c\u591a\u3044\u306e\u3067\u3001\u305d\u308c\u3092\u51fa\u8377\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

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

\u308f\u304b\u308a\u307e\u3057\u305f\u3002Mehdi\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u30d6\u30e9\u30a4\u30b9\u3001\u8981\u7d04\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\u3053\u308c\u307e\u3067\u30d7\u30c3\u30c8\u3068\u30c6\u30a4\u30af\u3001\u5e02\u5834\u306e\u5f31\u3055\u3068\u5f37\u3055\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u5168\u4f53\u7684\u306a\u8a71\u3068\u3057\u3066\u3001\u79c1\u305f\u3061\u306b\u306f\u8907\u6570\u306e\u56db\u534a\u671f\u306e\u30d0\u30c3\u30af\u30ed\u30b0\u304c\u3042\u308a\u307e\u3059\u3002\u79c1\u305f\u3061\u306e\u4ed5\u4e8b\u306e\u7b2c\u4e00\u306f\u3001\u751f\u7523\u91cf\u3092\u5897\u3084\u3057\u3066\u304a\u5ba2\u69d8\u306e\u9700\u8981\u306b\u3067\u304d\u308b\u3060\u3051\u65e9\u304f\u5fdc\u3048\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u305d\u3046\u3059\u308b\u3053\u3068\u3067\u3001\u6b21\u306e\u56db\u534a\u671f\u306b\u306f\u58f2\u4e0a\u9ad8\u3068\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u4e21\u65b9\u304c\u5f90\u3005\u306b\u5897\u52a0\u3057\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002\u5f53\u793e\u306f\u534a\u5c0e\u4f53\u5e02\u5834\u306e\u9577\u671f\u7684\u306a\u6210\u9577\u3092\u78ba\u4fe1\u3057\u3066\u304a\u308a\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3078\u306e\u6295\u8cc7\u3092\u62e1\u5927\u3057\u3001\u7279\u306b\u9867\u5ba2\u306e\u30d1\u30ef\u30fc\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3001\u30a8\u30ea\u30a2\u30b3\u30b9\u30c8\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u63a8\u9032\u3059\u308b\u305f\u3081\u306e\u7814\u7a76\u958b\u767a\u306b\u5f15\u304d\u7d9a\u304d\u6ce8\u529b\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u4eca\u5f8c\u958b\u50ac\u3055\u308c\u308b\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u3067\u591a\u304f\u306e\u65b9\u3005\u3068\u304a\u4f1a\u3044\u3067\u304d\u308b\u3053\u3068\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u30b2\u30a4\u30ea\u30fc\u3068\u79c1\u306f\u3001\u30b5\u30f3\u30d5\u30e9\u30f3\u30b7\u30b9\u30b3\u3067\u958b\u50ac\u3055\u308c\u308b\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306b\u53c2\u52a0\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u76f4\u524d\u306b\u306f\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u3067Citi\u3068Evercore\u306e\u30a4\u30d9\u30f3\u30c8\u306b\u53c2\u52a0\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u3067\u306f\u3001\u30de\u30a4\u30af\u3001\u7d42\u4e86\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30b5\u30ea\u30d0\u30f3 — \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u672c\u65e5\u306f\u304a\u96c6\u307e\u308a\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba\u306b\u5f15\u304d\u7d9a\u304d\u3054\u95a2\u5fc3\u3092\u304a\u5bc4\u305b\u3044\u305f\u3060\u304d\u3001\u8aa0\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

 <\/p>\n

 <\/p>\n

\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u3084\u3054\u611f\u60f3\u3092\u3044\u305f\u3060\u3051\u308b\u3068\u5b09\u3057\u3044\u3067\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":"

\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u826f\u3044\u6c7a\u7b97\u306b\u52a0\u3048\u3001\u5f37\u6c17\u306e\u898b\u901a\u3057\u3067\u3059\u306d\u3002\u534a\u5c0e\u4f53\u306e\u9700\u8981\u306f\u307e\u3060\u307e\u3060\u5f37\u3044\u3068\u306e\u3053\u3068\u306a\u306e\u3067\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002 \u534a\u5c0e\u4f53\u306f\u666f\u6c17\u6e1b\u901f\u3067\u3082\u4eca\u5f8c\u306f\u5fc5\u8981\u6570\u306e\u7d76\u5bfe\u91cf … <\/p>\n","protected":false},"author":1,"featured_media":800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[769,395,255,105,83],"class_list":{"0":"post-1954","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-amt","9":"tag-395","10":"tag-255","11":"tag-105","12":"tag-83"},"yoast_head":"\n\u3010\u7ffb\u8a33\u3011\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a – \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"description\" content=\"\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u826f\u3044\u6c7a\u7b97\u306b\u52a0\u3048\u3001\u5f37\u6c17\u306e\u898b\u901a\u3057\u3067\u3059\u306d\u3002\u534a\u5c0e\u4f53\u306e\u9700\u8981\u306f\u307e\u3060\u307e\u3060\u5f37\u3044\u3068\u306e\u3053\u3068\u306a\u306e\u3067\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1up-life.blog\/?p=1954\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u3010\u7ffb\u8a33\u3011\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a – \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"og:description\" content=\"\u30a2\u30d7\u30e9\u30a4\u30c9 \u30de\u30c6\u30ea\u30a2\u30eb\u30ba (AMAT)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u826f\u3044\u6c7a\u7b97\u306b\u52a0\u3048\u3001\u5f37\u6c17\u306e\u898b\u901a\u3057\u3067\u3059\u306d\u3002\u534a\u5c0e\u4f53\u306e\u9700\u8981\u306f\u307e\u3060\u307e\u3060\u5f37\u3044\u3068\u306e\u3053\u3068\u306a\u306e\u3067\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\" \/>\n<meta property=\"og:url\" content=\"https:\/\/1up-life.blog\/?p=1954\" \/>\n<meta property=\"og:site_name\" content=\"\u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-19T12:39:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-19T12:40:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/11\/AMAT.png\" \/>\n\t<meta property=\"og:image:width\" content=\"745\" \/>\n\t<meta property=\"og:image:height\" content=\"188\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"\u3059\u3051\u307d\u3093\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u57f7\u7b46\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u3059\u3051\u307d\u3093\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u63a8\u5b9a\u8aad\u307f\u53d6\u308a\u6642\u9593\" \/>\n\t<meta name=\"twitter:data2\" content=\"64\u5206\" \/>\n<script type=\"application\/ld+json\" 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