{"id":33346,"date":"2026-10-29T10:45:53","date_gmt":"2026-10-29T01:45:53","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=33346"},"modified":"2026-10-29T10:45:53","modified_gmt":"2026-10-29T01:45:53","slug":"ue-anthropics-potential-ipo-and-the-turmoil-at-openai","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-anthropics-potential-ipo-and-the-turmoil-at-openai","title":{"rendered":"\u3010\u5b8c\u5168\u89e3\u8aac\u3011\u30a2\u30f3\u30bd\u30ed\u30d4\u30c3\u30af\u4e0a\u5834\u3068OpenAI\u306e\u6fc0\u52d5\u2015\u2015\u4eba\u985e\u53f2\u4e0a\u6700\u5927\u306eIPO\u304c\u7a81\u304d\u3064\u3051\u308b\u300c\u77e5\u80fd\u3068\u8cc7\u672c\u300d\u306e\u30ea\u30a2\u30eb"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u5b8c\u5168\u89e3\u8aac\u3011\u30a2\u30f3\u30bd\u30ed\u30d4\u30c3\u30af\u4e0a\u5834\u3068OpenAI\u306e\u6fc0\u52d5\u2015\u2015\u4eba\u985e\u53f2\u4e0a\u6700\u5927\u306eIPO\u304c\u7a81\u304d\u3064\u3051\u308b\u300c\u77e5\u80fd\u3068\u8cc7\u672c\u300d\u306e\u30ea\u30a2\u30eb<\/h2>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"1\" class=\"\">\u6982\u8981<\/h2>\n<p data-path-to-node=\"2\"><span class=\"\">2026\u5e74\u79cb\u3001<\/span><span class=\"\">\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u53f2\u304a\u3088\u3073\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u306b\u304a\u3044\u3066\u6975\u3081\u3066\u8c61\u5fb4\u7684\u306a\u8ee2\u63db\u70b9\u304c\u8a2a\u308c\u307e\u3057\u305f\u3002<\/span><span class=\"\">AI\u7814\u7a76\u4f01\u696dAnthropic\uff08\u30a2\u30f3\u30bd\u30ed\u30d4\u30c3\u30af\uff09\u304c\u7c73\u56fd\u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\uff08SEC\uff09\u306b\u5bfe\u3057\u3001<\/span><span class=\"\">\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08IPO\uff09\u306b\u5411\u3051\u305f\u767b\u9332\u5c4a\u51fa\u66f8\u300cForm S-1\u300d\u3092\u516c\u958b\u63d0\u51fa\u3057\u305f\u306e\u3067\u3059\u3002<\/span><strong>\u60f3\u5b9a\u6642\u4fa1\u7dcf\u984d\u306f1.5\u5146\u30c9\u30eb\u304b\u30891.75\u5146\u30c9\u30eb\uff08\u7d04230\u5146\u301c270\u5146\u5186\u898f\u6a21\uff09\u3068\u8a66\u7b97\u3055\u308c\u3066\u304a\u308a\u3001<span class=\"\">\u3053\u308c\u304c\u5b9f\u73fe\u3059\u308c\u3070\u30b5\u30a6\u30b8\u30a2\u30e9\u30e0\u30b3\u3092\u4e0a\u56de\u308b\u4eba\u985e\u53f2\u4e0a\u6700\u5927\u306eIPO\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p data-path-to-node=\"3\"><span>\u304b\u3064\u3066OpenAI\u306e\u30b3\u30a2\u30e1\u30f3\u30d0\u30fc\u3068\u3057\u3066\u7814\u7a76\u958b\u767a\u306e\u6700\u524d\u7dda\u306b\u3044\u305f\u30c0\u30ea\u30aa\u30fb\u30a2\u30e2\u30c7\u30a4\uff08Dario Amodei\uff09\u6c0f\u3089\u304c2021\u5e74\u306b\u8a2d\u7acb\u3057\u305fAnthropic\u306f\u3001<\/span><span class=\"\">\u300cAI\u306e\u5b89\u5168\u6027\uff08AI Safety\uff09\u300d\u3092\u59a5\u5354\u3057\u306a\u3044\u305f\u3081\u306e\u7406\u5ff5\u3092\u63b2\u3052\u3001<\/span><span class=\"\">\u30e1\u30ac\u30c6\u30c3\u30af\u306e\u8cc7\u672c\u3092\u53d7\u3051\u5165\u308c\u306a\u304c\u3089\u3082\u5f37\u56fa\u306a\u72ec\u7acb\u6027\u3092\u7dad\u6301\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/span><span>\u305d\u3057\u30662026\u5e74\u3001<\/span><span class=\"\">\u58f2\u4e0a\u9ad8\u306e\u524d\u5e74\u540c\u671f\u6bd41,<\/span><span>300%\u5897\u3001<\/span><span>\u5e74\u9593\u63db\u7b97\u58f2\u4e0a\uff08ARR\uff09600\u5104\u30c9\u30eb\u7a81\u7834\u3001<\/span><span class=\"\">\u56db\u534a\u671f\u30d9\u30fc\u30b9\u3067\u306e\u55b6\u696d\u9ed2\u5b57\u5316\u3068\u3044\u3046\u9a5a\u7570\u7684\u306a\u8ca1\u52d9\u5b9f\u7e3e\u3092\u5f15\u3063\u63d0\u3052\u3001<\/span><span>\u30a6\u30a9\u30fc\u30eb\u8857\u306e\u516c\u958b\u5e02\u5834\u3078\u3068\u540d\u4e57\u308a\u3092\u4e0a\u3052\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"4\"><span>\u4e00\u65b9\u3067\u3001<\/span><span>\u9577\u3089\u304f\u751f\u6210AI\u30d6\u30fc\u30e0\u306e\u727d\u5f15\u5f79\u3068\u3057\u3066\u541b\u81e8\u3057\u3066\u304d\u305f\u30e9\u30a4\u30d0\u30eb\u306eOpenAI\u306f\u3001<\/span><span class=\"\">\u6c11\u9593\u30e9\u30a6\u30f3\u30c9\u3092\u901a\u3058\u30661,<\/span><span class=\"\">500\u5104\u30c9\u30eb\u8d85\u306e\u8a55\u4fa1\u984d\u3092\u7dad\u6301\u3057\u3064\u3064\u3082\u3001<\/span><span class=\"\">\u975e\u516c\u958b\u4f01\u696d\u306e\u307e\u307e\u7559\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u3055\u3089\u306b\u3001<\/span><span>\u8a2d\u7acb\u5f53\u521d\u306e\u300c\u975e\u55b6\u5229\u652f\u914d\u30fb\u5229\u76ca\u4e0a\u9650\uff08Capped-Profit\uff09\u300d\u3068\u3044\u3046\u7406\u5ff5\u7684\u30ac\u30d0\u30ca\u30f3\u30b9\u304c\u73fe\u5b9f\u306e\u5de8\u984d\u8a08\u7b97\u30b3\u30b9\u30c8\u3068\u885d\u7a81\u3057\u305f\u7d50\u679c\u3001<\/span><span class=\"\">\u7d14\u7c8b\u306a\u55b6\u5229\u4f01\u696d\u3078\u306e\u7d44\u7e54\u518d\u7de8\u3092\u9032\u3081\u308b\u306a\u3069\u3001<\/span><span>\u4e8b\u696d\u62e1\u5927\u3068\u7d71\u6cbb\u69cb\u9020\u306e\u72ed\u9593\u3067\u5927\u304d\u306a\u8ee2\u63db\u671f\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"5\"><span class=\"\">\u306a\u305cAnthropic\u306f\u3044\u3061\u65e9\u304f\u4e0a\u5834\u3092\u9078\u3073\u3001<\/span><span class=\"\">OpenAI\u306f\u975e\u516c\u958b\u306e\u307e\u307e\u7d44\u7e54\u6539\u7de8\u3092\u9032\u3081\u3066\u3044\u308b\u306e\u304b\u3002<\/span><span>\u306a\u305c\u4e21\u793e\u306f\u305d\u308c\u305e\u308cAmazon\u30fbGoogle\u3001<\/span><span class=\"\">\u3042\u308b\u3044\u306fMicrosoft\u3068\u3044\u3063\u305f\u4e16\u754c\u306e\u5de8\u5927\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u304b\u3089\u6570\u5146\u5186\u898f\u6a21\u306e\u8cc7\u91d1\u3092\u5f15\u304d\u51fa\u3057\u306a\u304c\u3089\u3001<\/span><span>\u3053\u308c\u307b\u3069\u307e\u3067\u306b\u5bfe\u7167\u7684\u306a\u8cc7\u672c\u653f\u7b56\u3068\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\uff08\u4f01\u696d\u7d71\u6cbb\uff09\u3092\u8a2d\u8a08\u3057\u305f\u306e\u304b\u3002<\/span><\/p>\n<p data-path-to-node=\"6\"><span>\u672c\u8a18\u4e8b\u3067\u306f\u3001<\/span><span>Anthropic\u304c\u63d0\u51fa\u3057\u305fS-1\u76ee\u8ad6\u898b\u66f8\u306e\u5b9f\u7e3e\u30c7\u30fc\u30bf\u3084\u6700\u65b0\u306e\u52d5\u5411\u3092\u30d9\u30fc\u30b9\u306b\u3001<\/span><span>\u8cc7\u672c\u69cb\u6210\u3001<\/span><span>\u53ce\u76ca\u30e2\u30c7\u30eb\u3001<\/span><span>\u8a08\u7b97\u8cc7\u6e90\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3001<\/span><span>\u305d\u3057\u3066AI\u6642\u4ee3\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u3042\u308a\u65b9\u3092\u521d\u5fc3\u8005\u306b\u3082\u5206\u304b\u308a\u3084\u3059\u304f\u4f53\u7cfb\u7684\u306b\u89e3\u304d\u660e\u304b\u3057\u307e\u3059\u3002<\/span><span>\u305d\u3057\u3066\u6700\u5f8c\u306b\u3001<\/span><span>\u500b\u4eba\u304c\u6fc0\u5909\u3059\u308b\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u6f6e\u6d41\u306b\u98f2\u307f\u8fbc\u307e\u308c\u305a\u3001<\/span><span class=\"\">\u81ea\u3089\u306e\u8cc7\u7523\u3068\u30ad\u30e3\u30ea\u30a2\u3092\u5b88\u308a\u80b2\u3066\u308b\u305f\u3081\u306e\u300c\u91d1\u878d\u30fb\u6295\u8cc7\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u91cd\u8981\u6027\u300d\u306b\u3064\u3044\u3066\u8003\u5bdf\u3057\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"8\">\u7b2c1\u7ae0\uff1aAnthropic\u4e0a\u5834\u307e\u3067\u306e\u8db3\u8de1\u2015\u20152026\u5e74\u306b\u304a\u3051\u308b\u6012\u6d9b\u306e\u8ecc\u8de1<\/h2>\n<p data-path-to-node=\"9\"><span>\u307e\u305a\u306f\u3001<\/span><span class=\"\">Anthropic\u304c2026\u5e74\u5e74\u521d\u304b\u308910\u6708\u4e0b\u65ec\u306e\u4e0a\u5834\u7533\u8acb\u306b\u81f3\u308b\u307e\u3067\u306b\u305f\u3069\u3063\u305f\u8ecc\u8de1\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/span><span class=\"\">\u305d\u306e\u9032\u5316\u306e\u30b9\u30d4\u30fc\u30c9\u306f\u3001<\/span><span class=\"\">\u3053\u308c\u307e\u3067\u306e\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u5e38\u8b58\u3092\u5b8c\u5168\u306b\u5857\u308a\u66ff\u3048\u308b\u3082\u306e\u3067\u3057\u305f\u3002<\/span><\/p>\n<h3 data-path-to-node=\"10\" class=\"\">1. 2026\u5e74\u306e\u4e3b\u8981\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3<\/h3>\n<div class=\"attachment-container unknown md-has-block-component\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><timeline class=\"lm-enabled ng-star-inserted\"><\/p>\n<div role=\"list\" class=\"timeline-container\" jslog=\"308594;track:impression,attention\">\n<div role=\"listitem\" class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<div class=\"timeline-marker\"><\/div>\n<div class=\"timeline-line ng-star-inserted\"><\/div>\n<\/div>\n<div class=\"timeline-content\">\n<div class=\"timeline-title gds-emphasized-body-l ng-star-inserted\"><strong>\u30b7\u30ea\u30fc\u30baG\u8abf\u9054\uff08\u8a55\u4fa1\u984d3,800\u5104\u30c9\u30eb\uff09<\/strong><\/div>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\"><strong>2026\u5e742\u6708<\/strong><\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\"><structured-node-sequence _nghost-ng-c625462645=\"\"><structured-text _ngcontent-ng-c625462645=\"\" class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">300\u5104\u30c9\u30eb\u898f\u6a21\u306e\u5927\u578b\u8cc7\u91d1\u8abf\u9054\u3092\u5b8c\u4e86\u3002\u8a55\u4fa1\u984d\u306f\u7d043,800\u5104\u30c9\u30eb\u306b\u9054\u3057\u3001\u4e0a\u5834\u4f01\u696d\u306b\u5339\u6575\u3059\u308b\u8cc7\u672c\u57fa\u76e4\u3092\u78ba\u7acb\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div role=\"listitem\" class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<div class=\"timeline-marker\"><\/div>\n<div class=\"timeline-line ng-star-inserted\"><\/div>\n<\/div>\n<div class=\"timeline-content\">\n<div class=\"timeline-title gds-emphasized-body-l ng-star-inserted\"><strong>\u30b7\u30ea\u30fc\u30baH\u8abf\u9054\uff08\u4f01\u696d\u4fa1\u50249,650\u5104\u30c9\u30eb\uff09<\/strong><\/div>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\"><strong>2026\u5e745\u6708<\/strong><\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\"><structured-node-sequence _nghost-ng-c625462645=\"\"><structured-text _ngcontent-ng-c625462645=\"\" class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">650\u5104\u30c9\u30eb\u3092\u8abf\u9054\u3057\u3001\u30dd\u30b9\u30c8\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u7d049,650\u5104\u30c9\u30eb\uff08\u7d041\u5146\u30c9\u30eb\u898f\u6a21\uff09\u3078\u5230\u9054\u3002\u30e1\u30ac\u30c6\u30c3\u30af\u306b\u3088\u308b\u652f\u63f4\u67a0\u304c\u62e1\u5927\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div role=\"listitem\" class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<div class=\"timeline-marker\"><\/div>\n<div class=\"timeline-line ng-star-inserted\"><\/div>\n<\/div>\n<div class=\"timeline-content\">\n<div class=\"timeline-title gds-emphasized-body-l ng-star-inserted\"><strong>SEC\u3078\u975e\u516c\u958b\u3067S-1\u30c9\u30e9\u30d5\u30c8\u3092\u63d0\u51fa<\/strong><\/div>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\"><strong>2026\u5e746\u67081\u65e5<\/strong><\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\"><structured-node-sequence _nghost-ng-c625462645=\"\"><structured-text _ngcontent-ng-c625462645=\"\" class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">\u7c73\u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\uff08SEC\uff09\u306b\u5bfe\u3057\u3001IPO\u306b\u5411\u3051\u305f\u767b\u9332\u5c4a\u51fa\u66f8\u306e\u8349\u6848\uff08\u30c9\u30e9\u30d5\u30c8S-1\uff09\u3092\u975e\u516c\u958b\u3067\u63d0\u51fa\u3002\u4e0a\u5834\u30d7\u30ed\u30bb\u30b9\u306e\u6c34\u9762\u4e0b\u3067\u306e\u672c\u683c\u5316\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div role=\"listitem\" class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<div class=\"timeline-marker\"><\/div>\n<div class=\"timeline-line ng-star-inserted\"><\/div>\n<\/div>\n<div class=\"timeline-content\">\n<div class=\"timeline-title gds-emphasized-body-l ng-star-inserted\"><strong>\u4e0a\u5834\u5148\u5e02\u5834\u306e\u9078\u5b9a\u3068\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3078\u306e\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/div>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\"><strong>2026\u5e749\u6708<\/strong><\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\"><structured-node-sequence _nghost-ng-c625462645=\"\"><structured-text _ngcontent-ng-c625462645=\"\" class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">Nasdaq\u3078\u306e\u4e0a\u5834\u65b9\u91dd\u3092\u6c7a\u5b9a\u3057\u3001\u4e3b\u8981\u306a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u5bfe\u3059\u308b\u8ca1\u52d9\u30c7\u30fc\u30bf\u306e\u4e8b\u524d\u63d0\u793a\u3092\u958b\u59cb\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div role=\"listitem\" class=\"timeline-event ng-star-inserted\">\n<div class=\"timeline-marker-container\">\n<div class=\"timeline-marker\"><\/div>\n<\/div>\n<div class=\"timeline-content\">\n<div class=\"timeline-title gds-emphasized-body-l ng-star-inserted\"><strong>Form S-1\u3092\u4e00\u822c\u516c\u958b\uff08\u6b63\u5f0f\u4e0a\u5834\u7533\u8acb\uff09<\/strong><\/div>\n<div class=\"timeline-time-label gds-extended-caption ng-star-inserted\"><strong>2026\u5e7410\u670826\u65e5<\/strong><\/div>\n<div class=\"timeline-description gds-body-l ng-star-inserted\"><structured-node-sequence _nghost-ng-c625462645=\"\"><structured-text _ngcontent-ng-c625462645=\"\" class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">\u30c6\u30a3\u30c3\u30ab\u30fc\u30b7\u30f3\u30dc\u30eb\u300cANT\u300d\u3067Nasdaq Global Select Market\u3078\u306e\u4e0a\u5834\u3092\u6b63\u5f0f\u7533\u8acb\u3002\u8a73\u7d30\u306a\u8ca1\u52d9\u30c7\u30fc\u30bf\u3068\u30ac\u30d0\u30ca\u30f3\u30b9\u8a2d\u8a08\u304c\u958b\u793a\u3055\u308c\u308b\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/timeline><\/response-element><\/div>\n<p data-path-to-node=\"12\"><span class=\"\">\u308f\u305a\u304b\u6570\u30f6\u6708\u306e\u9593\u306b\u3001<\/span><span class=\"\">\u6c11\u9593\u5e02\u5834\u3067\u306e\u8a55\u4fa1\u984d\u304c3,<\/span><span class=\"\">800\u5104\u30c9\u30eb\u304b\u30891\u5146\u30c9\u30eb\u8fd1\u508d\u3078\u3068\u8df3\u306d\u4e0a\u304c\u308a\u3001<\/span><span class=\"\">\u516c\u958b\u5e02\u5834\u3067\u306f1.<\/span><span>5\u5146\u30c9\u30eb\u8d85\u3092\u76ee\u6307\u3059\u3068\u3044\u3046\u30b9\u30b1\u30fc\u30eb\u611f\u306f\u3001<\/span><span class=\"\">AI\u30e2\u30c7\u30eb\u306e\u958b\u767a\u30fb\u904b\u7528\u306b\u6c42\u3081\u3089\u308c\u308b\u8cc7\u672c\u306e\u898f\u6a21\u304c\u3044\u304b\u306b\u6841\u5916\u308c\u3067\u3042\u308b\u304b\u3092\u7269\u8a9e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"14\" class=\"\">\u7b2c2\u7ae0\uff1aS-1\u76ee\u8ad6\u898b\u66f8\u304c\u660e\u304b\u3057\u305fAnthropic\u306e\u9a5a\u7570\u7684\u306a\u8ca1\u52d9\u3068\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/h2>\n<p data-path-to-node=\"15\"><span class=\"\">2026\u5e7410\u670826\u65e5\u306b\u516c\u958b\u3055\u308c\u305fForm S-1\u306f\u3001<\/span><span class=\"\">\u305d\u308c\u307e\u3067\u30d9\u30fc\u30eb\u306b\u5305\u307e\u308c\u3066\u3044\u305f\u6700\u5148\u7aefAI\u4f01\u696d\u306e\u30ea\u30a2\u30eb\u306a\u640d\u76ca\u69cb\u9020\u3092\u767d\u65e5\u306e\u4e0b\u306b\u6652\u3057\u307e\u3057\u305f\u3002<\/span><span>\u5e02\u5834\u306e\u6295\u8cc7\u5bb6\u304c\u6700\u3082\u9a5a\u5606\u3057\u305f\u306e\u306f\u3001<\/span><span>\u58f2\u4e0a\u9ad8\u306e\u6025\u6fc0\u306a\u4f38\u3073\u3068\u3001<\/span><span>\u640d\u76ca\u5206\u5c90\u70b9\u306e\u65e9\u671f\u901a\u904e\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"16\">1. \u4e3b\u306a\u8ca1\u52d9\u30cf\u30a4\u30e9\u30a4\u30c8<\/h3>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><b data-path-to-node=\"17,0,0\" data-index-in-node=\"0\">\u4e0a\u5834\u5e02\u5834 \/ \u30c6\u30a3\u30c3\u30ab\u30fc\uff1a<\/b><span> Nasdaq Global Select Market \/ <\/span><b data-path-to-node=\"17,0,0\" data-index-in-node=\"44\">ANT<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><b data-path-to-node=\"17,1,0\" data-index-in-node=\"0\">\u60f3\u5b9a\u6642\u4fa1\u7dcf\u984d\uff1a<\/b><span> <\/span><b data-path-to-node=\"17,1,0\" data-index-in-node=\"8\">1.5\u5146 \u301c 1.75\u5146\u30c9\u30eb<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,2,0\"><b data-path-to-node=\"17,2,0\" data-index-in-node=\"0\">\u53d6\u5f15\u958b\u59cb\u60f3\u5b9a\u6642\u671f\uff1a<\/b><span> 2026\u5e7411\u670816\u65e5\u306e\u9031\uff08\u7c73\u4e2d\u9593\u9078\u6319\u76f4\u5f8c\u3092\u4e88\u5b9a\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,3,0\"><b data-path-to-node=\"17,3,0\" data-index-in-node=\"0\">2026\u5e74\u4e0a\u534a\u671f\uff08H1\uff09\u58f2\u4e0a\u9ad8\uff1a<\/b><span> <\/span><b data-path-to-node=\"17,3,0\" data-index-in-node=\"17\">163\u5104\u30c9\u30eb<\/b><span>\uff08\u524d\u5e74\u540c\u671f\u306e12\u5104\u30c9\u30eb\u304b\u3089\u7d041,<\/span><span>300%\u5897\u52a0\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,4,0\"><b data-path-to-node=\"17,4,0\" data-index-in-node=\"0\">2026\u5e74\u4e0a\u534a\u671f\uff08H1\uff09\u55b6\u696d\u640d\u5931\uff1a<\/b><span> <\/span><b data-path-to-node=\"17,4,0\" data-index-in-node=\"18\">\u25b26\u51049,300\u4e07\u30c9\u30eb<\/b><span>\uff08\u524d\u5e74\u540c\u671f\u306e\u25b221\u5104\u30c9\u30eb\u304b\u3089\u5287\u7684\u306b\u8d64\u5b57\u304c\u7e2e\u5c0f\uff09<\/span><\/p>\n<ul data-path-to-node=\"17,4,1\">\n<li>\n<p data-path-to-node=\"17,4,1,0,0\"><span>\u7279\u7b46\u3059\u3079\u304d\u70b9\u3068\u3057\u3066\u3001<\/span><b data-path-to-node=\"17,4,1,0,0\" data-index-in-node=\"10\">2026\u5e74\u7b2c2\u56db\u534a\u671f\uff08Q2\uff09\u5358\u4f53\u3067\u306f\u7d049.7\u5104\u301c10\u5104\u30c9\u30eb\u306e\u55b6\u696d\u5229\u76ca\uff08GAAP\u55b6\u696d\u5229\u76ca\u7387 8.4%\uff09\u3092\u8a08\u4e0a\u3057\u3001\u56db\u534a\u671f\u30d9\u30fc\u30b9\u3067\u306e\u9ed2\u5b57\u5316\u3092\u9054\u6210<\/b><span>\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"17,5,0\"><b data-path-to-node=\"17,5,0\" data-index-in-node=\"0\">2026\u5e74\u4e0a\u534a\u671f\uff08H1\uff09\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff1a<\/b><span> <\/span><b data-path-to-node=\"17,5,0\" data-index-in-node=\"24\">+39\u5104\u30c9\u30eb<\/b><span>\uff08\u529b\u5f37\u3044\u73fe\u91d1\u306e\u5275\u51fa\u529b\u3092\u8a3c\u660e\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,6,0\"><b data-path-to-node=\"17,6,0\" data-index-in-node=\"0\">2026\u5e74\u4e0a\u534a\u671f\uff08H1\uff09\u7d14\u640d\u5931\uff1a<\/b><span> <\/span><b data-path-to-node=\"17,6,0\" data-index-in-node=\"17\">\u25b2807\u5104\u30c9\u30eb<\/b><\/p>\n<ul data-path-to-node=\"17,6,1\">\n<li>\n<p data-path-to-node=\"17,6,1,0,0\"><span>\u3053\u306e\u5de8\u5927\u306a\u7d14\u640d\u5931\u3092\u898b\u3066\u300c\u5927\u8d64\u5b57\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u8aa4\u89e3\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001<\/span><span class=\"\">\u5b9f\u614b\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/span><span class=\"\">807\u5104\u30c9\u30eb\u306e\u3046\u3061724\u5104\u30c9\u30eb\u306f\u3001<\/span><span class=\"\">\u81ea\u793e\u306e\u4f01\u696d\u4fa1\u5024\u304c\u6570\u500d\u306b\u8df3\u306d\u4e0a\u304c\u3063\u305f\u3053\u3068\u306b\u3088\u3063\u3066\u751f\u3058\u305f\u3001<\/span><span class=\"\">\u512a\u5148\u682a\u3084\u8ee2\u63db\u793e\u50b5\u306e\u4f1a\u8a08\u4e0a\u306e\u8a55\u4fa1\u63db\u3048\u640d\u5931\uff08\u30ce\u30f3\u30ad\u30e3\u30c3\u30b7\u30e5\u640d\u5931\uff09\u3067\u3059\u3002<\/span><span class=\"\">\u672c\u696d\u306e\u73fe\u91d1\u3092\u5931\u3063\u305f\u308f\u3051\u3067\u306f\u306a\u304f\u3001<\/span><span>\u3080\u3057\u308d\u73fe\u91d1\u53ce\u652f\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306f\u6f64\u6ca2\u306b\u9ed2\u5b57\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"18\">2. \u53ce\u76ca\u3092\u652f\u3048\u308b\u300c\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u7279\u5316\u578b\u300d\u306e\u8ab2\u91d1\u69cb\u9020<\/h3>\n<p data-path-to-node=\"19\"><span>Anthropic\u306e\u58f2\u4e0a\u9ad8\u306e80%\u4ee5\u4e0a\u306f\u3001<\/span><span>\u958b\u767a\u8005\u3084\u4f01\u696d\u30b7\u30b9\u30c6\u30e0\u304cAPI\u3092\u901a\u3058\u3066\u30e2\u30c7\u30eb\u3092\u547c\u3073\u51fa\u3059\u300c\u5f93\u91cf\u8ab2\u91d1\uff08Consumption-based API\uff09\u300d\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span>\u4e00\u822c\u30e6\u30fc\u30b6\u30fc\u5411\u3051\u306e\u6708\u984d20\u30c9\u30eb\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\uff08Claude Pro\u7b49\uff09\u306f\u5168\u4f53\u306e\u7d0420%\u306b\u904e\u304e\u307e\u305b\u3093\u3002<\/span><\/p>\n<p data-path-to-node=\"20\"><span>\u3055\u3089\u306b\u7279\u7b46\u3059\u3079\u304d\u306f\u3001<\/span><b data-path-to-node=\"20\" data-index-in-node=\"10\">\u30cd\u30c3\u30c8\u30ec\u30d9\u30cb\u30e5\u30fc\u30ea\u30c6\u30f3\u30b7\u30e7\u30f3\uff08NRR\uff09\u304c\u7d04900%\u306b\u9054\u3057\u3066\u3044\u308b\u70b9<\/b><span>\u3067\u3059\u3002<\/span><span>NRR\u3068\u306f\u3001<\/span><span>\u65e2\u5b58\u9867\u5ba2\u304c\u524d\u5e74\u306b\u6bd4\u3079\u3066\u3069\u308c\u3060\u3051\u5229\u7528\u984d\u3092\u5897\u3084\u3057\u305f\u304b\u3092\u793a\u3059SaaS\u30fb\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u306e\u91cd\u8981\u6307\u6a19\u3067\u3059\u3002<\/span><span>100%\u3092\u8d85\u3048\u3066\u3044\u308c\u3070\u65e2\u5b58\u9867\u5ba2\u306e\u53d6\u5f15\u984d\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u304c\u3001<\/span><span>900%\u3068\u3044\u3046\u6570\u5b57\u306f\u300c\u4e00\u5ea6Claude\u3092\u63a1\u7528\u3057\u305f\u4f01\u696d\u304c\u3001<\/span><span>\u7fcc\u5e74\u306b\u306f\u5229\u7528\u898f\u6a21\u30929\u500d\u306b\u62e1\u5927\u3055\u305b\u3066\u3044\u308b\u300d\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"21\"><span>\u306a\u305c\u3053\u308c\u307b\u3069\u307e\u3067\u306b\u5229\u7528\u304c\u62e1\u5927\u3057\u305f\u306e\u304b\u3002<\/span><span>\u305d\u306e\u80cc\u666f\u306b\u306f\u3001<\/span><span>Anthropic\u304c\u9054\u6210\u3057\u305f\u300c\u30b8\u30a7\u30f4\u30a9\u30f3\u30ba\u306e\u9006\u8aac\uff08Jevons Paradox\uff09\u300d\u304c\u3042\u308a\u307e\u3059\u3002<\/span><span> Anthropic\u306f\u63a8\u8ad6\u52b9\u7387\u5316\u6280\u8853\u3092\u78e8\u304d\u3001<\/span><span class=\"\"> Claude 3.<\/span><span>5 Sonnet\u3084\u305d\u306e\u5f8c\u306e\u6b21\u4e16\u4ee3\u30e2\u30c7\u30eb\u306b\u304a\u3044\u3066\u30bf\u30b9\u30af\u3042\u305f\u308a\u306e\u63a8\u8ad6\u30b3\u30b9\u30c8\u3092\u5927\u5e45\u306b\u5f15\u304d\u4e0b\u3052\u307e\u3057\u305f\u3002<\/span><span>\u901a\u5e38\u3001<\/span><span>\u5358\u4fa1\u3092\u4e0b\u3052\u308b\u3068\u58f2\u4e0a\u306f\u6e1b\u5c11\u3057\u305d\u3046\u306b\u601d\u3048\u307e\u3059\u304c\u3001<\/span><span>\u5b89\u4fa1\u3067\u9ad8\u6027\u80fd\u306b\u306a\u3063\u305f\u3053\u3068\u3067\u4f01\u696d\u304c\u696d\u52d9\u30d7\u30ed\u30bb\u30b9\u5168\u4f53\uff08\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u958b\u767a\u3001<\/span><span>\u5951\u7d04\u66f8\u30ec\u30d3\u30e5\u30fc\u3001<\/span><span>\u30c7\u30fc\u30bf\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\uff09\u306bClaude\u3092\u7d44\u307f\u8fbc\u3080\u3088\u3046\u306b\u306a\u308a\u3001<\/span><span>\u7dcf\u5229\u7528\u91cf\u304c\u7206\u767a\u7684\u306b\u5897\u52a0\u3057\u305f\u306e\u3067\u3059\u3002<\/span><span>\u3053\u306e\u7d50\u679c\u3001<\/span><span class=\"\">\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\uff08\u7c97\u5229\u7387\uff09\u306f2025\u5e74\u4e0a\u534a\u671f\u306e12.<\/span><span class=\"\">4%\u304b\u3089\u3001<\/span><span class=\"\">2026\u5e74\u4e0a\u534a\u671f\u306b\u306f\u5927\u5e45\u306b\u6539\u5584\uff08\u7b97\u51fa\u30d9\u30fc\u30b9\u306b\u3088\u308a40%\u301c\u8db3\u514380%\u8d85\uff09\u3057\u3001<\/span><span>\u640d\u76ca\u69cb\u9020\u3092\u4e00\u5909\u3055\u305b\u307e\u3057\u305f\u3002<\/span><\/p>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"23\">\u7b2c3\u7ae0\uff1aAnthropic vs OpenAI\u2015\u2015\u8cc7\u672c\u653f\u7b56\u30fb\u88fd\u54c1\u30fb\u8ca1\u52d9\u306e\u5fb9\u5e95\u6bd4\u8f03<\/h2>\n<p data-path-to-node=\"24\"><span>AI\u696d\u754c\u306e\u300c\u4e8c\u5927\u5de8\u982d\u300d\u3067\u3042\u308bAnthropic\u3068OpenAI\u3002<\/span><span>\u4e21\u8005\u306f\u3057\u3070\u3057\u3070\u30e9\u30a4\u30d0\u30eb\u3068\u3057\u3066\u4e00\u62ec\u308a\u306b\u8a9e\u3089\u308c\u307e\u3059\u304c\u3001<\/span><span>\u305d\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3001<\/span><span>\u63d0\u643a\u95a2\u4fc2\u3001<\/span><span class=\"\">\u305d\u3057\u3066\u88fd\u54c1\u601d\u60f3\u306b\u306f\u6c7a\u5b9a\u7684\u306a\u9055\u3044\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"25\" class=\"\">1. \u8ca1\u52d9\u30fb\u53ce\u76ca\u69cb\u9020\u306e\u6bd4\u8f03<\/h3>\n<table data-path-to-node=\"26\">\n<thead>\n<tr>\n<td><strong>\u6307\u6a19 \/ \u9805\u76ee<\/strong><\/td>\n<td><strong>Anthropic\uff08S-1\u958b\u793a\u30c7\u30fc\u30bf\uff09<\/strong><\/td>\n<td><strong>OpenAI\uff08\u63a8\u8a08\u30fb\u5e02\u5834\u89b3\u6e2c\u30c7\u30fc\u30bf\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"26,1,0,0\"><b data-path-to-node=\"26,1,0,0\" data-index-in-node=\"0\">2025\u5e74 \u901a\u671f\u58f2\u4e0a\u9ad8<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,1,1,0\">\u7d0446\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"26,1,2,0\"><b data-path-to-node=\"26,1,2,0\" data-index-in-node=\"0\">\u7d04130.7\u5104\u30c9\u30eb<\/b>\uff08\u5148\u884c\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,2,0,0\"><b data-path-to-node=\"26,2,0,0\" data-index-in-node=\"0\">2026\u5e74 \u4e0a\u534a\u671f\u58f2\u4e0a\u9ad8<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,2,1,0\"><b data-path-to-node=\"26,2,1,0\" data-index-in-node=\"0\">163\u5104\u30c9\u30eb<\/b>\uff08Q1: 47\u5104 \/ Q2: 116\u5104\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,2,2,0\">\u7d04124\u5104\u30c9\u30eb\uff08Q1: \u7d0457\u5104 \/ Q2: \u7d0467\u5104\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,3,0,0\"><b data-path-to-node=\"26,3,0,0\" data-index-in-node=\"0\">\u76f4\u8fd1\u30e9\u30f3\u30ec\u30fc\u30c8\uff08ARR\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,3,1,0\"><b data-path-to-node=\"26,3,1,0\" data-index-in-node=\"0\">\u5e74\u7387600\u5104\u30c9\u30eb\u898f\u6a21\u8d85<\/b>\uff08Q2\u63db\u7b97\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,3,2,0\">\u5e74\u7387\u7d04500\u5104\u30c9\u30eb\uff082026\u5e74\u79cb\u63a8\u8a08\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,4,0,0\"><b data-path-to-node=\"26,4,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\uff08\u7c97\u5229\u7387\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,4,1,0\">40%\u524d\u5f8c \u301c \u8db3\u514385%\u6c34\u6e96\uff08\u6025\u4f38\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,4,2,0\">40% \u301c 45%\u524d\u5f8c\uff08\u63a8\u8ad6\u539f\u4fa1\u63a7\u9664\u5f8c\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,5,0,0\"><b data-path-to-node=\"26,5,0,0\" data-index-in-node=\"0\">\u55b6\u696d\u640d\u76ca\u52d5\u5411<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,5,1,0\">2026\u5e74Q2\u306b\u55b6\u696d\u9ed2\u5b57\u5316\uff08GAAP 8.4%\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,5,2,0\">\u5927\u898f\u6a21\u306a\u7814\u7a76\u958b\u767a\u30fb\u30e2\u30c7\u30eb\u5b66\u7fd2\u306b\u3088\u308a\u55b6\u696d\u8d64\u5b57\u7d99\u7d9a<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,6,0,0\"><b data-path-to-node=\"26,6,0,0\" data-index-in-node=\"0\">\u8cc7\u672c\u56de\u53ce\u30e2\u30c7\u30eb<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,6,1,0\"><b data-path-to-node=\"26,6,1,0\" data-index-in-node=\"0\">\u4e00\u822c\u7684\u306a\u516c\u958b\u5e02\u5834\u4e0a\u5834\uff08IPO\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,6,2,0\"><b data-path-to-node=\"26,6,2,0\" data-index-in-node=\"0\">\u6c11\u9593\u5927\u578b\u8abf\u9054\u306e\u7d99\u7d9a \uff0b \u55b6\u5229\u6cd5\u4eba\u5316<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"27\"><span class=\"\">2025\u5e74\u306e\u6642\u70b9\u3067\u306f\u3001<\/span><span class=\"\">\u5148\u884c\u3057\u3066\u4e16\u754c\u7684\u306a\u30d6\u30fc\u30e0\u3092\u5dfb\u304d\u8d77\u3053\u3057\u305fOpenAI\u304c\u58f2\u4e0a\u898f\u6a21\u3067\u5727\u5012\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/span><span class=\"\">\u3057\u304b\u30572026\u5e74\u306b\u5165\u308a\u3001<\/span><span class=\"\">\u4f01\u696d\u306e\u57fa\u5e79\u30b7\u30b9\u30c6\u30e0\u3084\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u958b\u767a\u73fe\u5834\u306b\u304a\u3051\u308bClaude\u306e\u63a1\u7528\u304c\u7206\u767a\u3057\u305f\u3053\u3068\u3067\u3001<\/span><span class=\"\">Anthropic\u306e\u6210\u9577\u89d2\u5ea6\u304c\u6025\u6fc0\u306b\u7acb\u3061\u4e0a\u304c\u308a\u3001<\/span><span class=\"\">\u4e0a\u534a\u671f\u58f2\u4e0a\u9ad8\u3084ARR\u30d9\u30fc\u30b9\u3067OpenAI\u3092\u731b\u8ffd\u30fb\u9006\u8ee2\u3059\u308b\u5c40\u9762\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"28\">2. \u88fd\u54c1\u30e9\u30a4\u30f3\u30ca\u30c3\u30d7\u3068\u30bf\u30fc\u30b2\u30c3\u30c8\u5c64\u306e\u9055\u3044<\/h3>\n<p data-path-to-node=\"29\"><span>\u4e21\u793e\u304c\u63d0\u4f9b\u3059\u308b\u88fd\u54c1\u7fa4\u306f\u4e00\u898b\u4f3c\u3066\u3044\u307e\u3059\u304c\u3001<\/span><span class=\"\">\u30e6\u30fc\u30b6\u30fc\u5c64\u3068\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u306e\u4e3b\u6226\u5834\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"30\">\n<thead>\n<tr>\n<td><strong>\u30b5\u30fc\u30d3\u30b9\u533a\u5206<\/strong><\/td>\n<td><strong>Anthropic\uff08Claude\uff09<\/strong><\/td>\n<td><strong>OpenAI\uff08ChatGPT\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"30,1,0,0\"><b data-path-to-node=\"30,1,0,0\" data-index-in-node=\"0\">\u500b\u4eba\u30fb\u30d7\u30ed\u5411\u3051<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"30,1,1,0\"><b data-path-to-node=\"30,1,1,0\" data-index-in-node=\"0\">Claude Pro<\/b>\uff08$20\/\u6708\uff09<\/p>\n<p><br data-path-to-node=\"30,1,1,1\" \/><\/p>\n<p data-path-to-node=\"30,1,1,2\"><b data-path-to-node=\"30,1,1,2\" data-index-in-node=\"0\">Claude Team<\/b>\uff08$25\u301c30\/\u5e2d\/\u6708\uff09<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"30,1,2,0\"><b data-path-to-node=\"30,1,2,0\" data-index-in-node=\"0\">ChatGPT Plus<\/b>\uff08$20\/\u6708\uff09<\/p>\n<p><br data-path-to-node=\"30,1,2,1\" \/><\/p>\n<p data-path-to-node=\"30,1,2,2\"><b data-path-to-node=\"30,1,2,2\" data-index-in-node=\"0\">ChatGPT Pro<\/b>\uff08$200\/\u6708\u30fb\u9ad8\u8ca0\u8377\u63a8\u8ad6\u7528\uff09<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,2,0,0\"><b data-path-to-node=\"30,2,0,0\" data-index-in-node=\"0\">\u5168\u793e\u5c0e\u5165\uff08\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\uff09<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"30,2,1,0\"><b data-path-to-node=\"30,2,1,0\" data-index-in-node=\"0\">Claude Enterprise<\/b><\/p>\n<p><br data-path-to-node=\"30,2,1,1\" \/><\/p>\n<p data-path-to-node=\"30,2,1,2\">\u30fb500k\u30c8\u30fc\u30af\u30f3\u306e\u8d85\u9577\u6587\u30b3\u30f3\u30c6\u30ad\u30b9\u30c8<\/p>\n<p><br data-path-to-node=\"30,2,1,3\" \/><\/p>\n<p data-path-to-node=\"30,2,1,4\">\u30fbGitHub\u76f4\u63a5\u9023\u643a\u306b\u3088\u308b\u30b3\u30fc\u30c9\u30d9\u30fc\u30b9\u8aad\u89e3<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"30,2,2,0\"><b data-path-to-node=\"30,2,2,0\" data-index-in-node=\"0\">ChatGPT Enterprise<\/b><\/p>\n<p><br data-path-to-node=\"30,2,2,1\" \/><\/p>\n<p data-path-to-node=\"30,2,2,2\">\u30fb\u7121\u5236\u9650\u306e\u9ad8\u901f\u63a8\u8ad6\u30a2\u30af\u30bb\u30b9<\/p>\n<p><br data-path-to-node=\"30,2,2,3\" \/><\/p>\n<p data-path-to-node=\"30,2,2,4\">\u30fbAdvanced Data Analysis\uff08\u9ad8\u5ea6\u30c7\u30fc\u30bf\u5206\u6790\uff09<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,3,0,0\"><b data-path-to-node=\"30,3,0,0\" data-index-in-node=\"0\">\u958b\u767a\u8005\u30fb\u57fa\u76e4\u9023\u643a\uff08API\uff09<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"30,3,1,0\"><b data-path-to-node=\"30,3,1,0\" data-index-in-node=\"0\">Claude API<\/b>\uff08\u5f93\u91cf\u8ab2\u91d1\uff09<\/p>\n<p><br data-path-to-node=\"30,3,1,1\" \/><\/p>\n<p data-path-to-node=\"30,3,1,2\">\u30fbAWS Bedrock \/ GCP Vertex AI\u7d4c\u7531\u304c\u4e3b\u529b<\/p>\n<p><br data-path-to-node=\"30,3,1,3\" \/><\/p>\n<p data-path-to-node=\"30,3,1,4\">\u30fbPrompt Caching\u3084Batch API\u306e\u5272\u5f15\u67a0<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"30,3,2,0\"><b data-path-to-node=\"30,3,2,0\" data-index-in-node=\"0\">OpenAI API<\/b>\uff08\u5f93\u91cf\u8ab2\u91d1\uff09<\/p>\n<p><br data-path-to-node=\"30,3,2,1\" \/><\/p>\n<p data-path-to-node=\"30,3,2,2\">\u30fbAzure OpenAI Service\u304a\u3088\u3073\u76f4\u63a5\u63d0\u4f9b<\/p>\n<p><br data-path-to-node=\"30,3,2,3\" \/><\/p>\n<p data-path-to-node=\"30,3,2,4\">\u30fb\u30d5\u30a1\u30a4\u30f3\u30c1\u30e5\u30fc\u30cb\u30f3\u30b0\u3084\u30a2\u30b7\u30b9\u30bf\u30f3\u30c8\u6a5f\u80fd<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"30,4,0,0\"><b data-path-to-node=\"30,4,0,0\" data-index-in-node=\"0\">\u4e3b\u306a\u5f97\u610f\u9818\u57df<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,4,1,0\"><b data-path-to-node=\"30,4,1,0\" data-index-in-node=\"0\">\u30b3\u30fc\u30c7\u30a3\u30f3\u30b0\u3001\u9577\u6587\u8aad\u89e3\u3001\u8ad6\u7406\u69cb\u9020\u306e\u6574\u5408\u6027<\/b><\/span><\/td>\n<td><span data-path-to-node=\"30,4,2,0\"><b data-path-to-node=\"30,4,2,0\" data-index-in-node=\"0\">\u5bfe\u8a71\u306e\u81ea\u7136\u3055\u3001\u691c\u7d22\u9023\u643a\u3001\u753b\u50cf\u30fb\u97f3\u58f0\u306e\u8907\u5408\u51e6\u7406<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul data-path-to-node=\"31\">\n<li>\n<p data-path-to-node=\"31,0,0\"><b data-path-to-node=\"31,0,0\" data-index-in-node=\"0\">Anthropic\u304c\u9078\u3070\u308c\u308b\u7406\u7531\uff1a<\/b><\/p>\n<p data-path-to-node=\"31,0,1\"><span class=\"\">Claude\u306e\u6700\u5927\u306e\u6b66\u5668\u306f\u300c\u8d85\u9577\u6587\u30b3\u30f3\u30c6\u30ad\u30b9\u30c8\uff08\u6570\u5341\u4e07\u5b57\u301c\u6570\u767e\u4e07\u5b57\u306e\u6587\u8108\u628a\u63e1\uff09\u300d\u3068\u300c\u7dfb\u5bc6\u306a\u63a8\u8ad6\u529b\u300d\u3067\u3059\u3002<\/span><span class=\"\">\u6570\u5341\u4e07\u884c\u306b\u53ca\u3076\u30d7\u30ed\u30b0\u30e9\u30df\u30f3\u30b0\u306e\u30b3\u30fc\u30c9\u30d9\u30fc\u30b9\u5168\u4f53\u3092\u8aad\u307f\u8fbc\u307e\u305b\u3066\u6539\u4fee\u3092\u884c\u308f\u305b\u305f\u308a\u3001<\/span><span class=\"\">\u6570\u767e\u30da\u30fc\u30b8\u306b\u53ca\u3076\u91d1\u878d\u8af8\u8868\u3084\u6cd5\u5f8b\u6587\u66f8\u3001<\/span><span class=\"\">\u85ac\u4e8b\u7533\u8acb\u8cc7\u6599\u306e\u6574\u5408\u6027\u3092\u691c\u8a3c\u3055\u305b\u305f\u308a\u3059\u308b\u9818\u57df\u306b\u304a\u3044\u3066\u3001<\/span><span>\u5727\u5012\u7684\u306a\u4fe1\u983c\u3092\u5f97\u3066\u3044\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>AWS\u3084Google Cloud\u306e\u65e2\u5b58\u30a4\u30f3\u30d5\u30e9\u5951\u7d04\u306e\u67a0\u5185\u3067\u5c0e\u5165\u3067\u304d\u308b\u70b9\u3082\u3001<\/span><span>\u4f01\u696d\u306eIT\u90e8\u9580\u306b\u3068\u3063\u3066\u5f37\u529b\u306a\u8ffd\u3044\u98a8\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"31,1,0\"><b data-path-to-node=\"31,1,0\" data-index-in-node=\"0\">OpenAI\u304c\u9078\u3070\u308c\u308b\u7406\u7531\uff1a<\/b><\/p>\n<p data-path-to-node=\"31,1,1\"><span>ChatGPT\u306f\u4e00\u822c\u540d\u8a5e\u5316\u3059\u308b\u307b\u3069\u306e\u5727\u5012\u7684\u306a\u77e5\u540d\u5ea6\u3068\u30d6\u30e9\u30f3\u30c9\u3092\u8a87\u308a\u307e\u3059\u3002<\/span><span class=\"\">\u975e\u30a8\u30f3\u30b8\u30cb\u30a2\u3067\u3082\u76f4\u611f\u7684\u306b\u4f7f\u3048\u308bUI\u3001<\/span><span>\u30a6\u30a7\u30d6\u691c\u7d22\u3068\u306e\u30b7\u30fc\u30e0\u30ec\u30b9\u306a\u7d71\u5408\u3001<\/span><span>\u97f3\u58f0\u306b\u3088\u308b\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u5bfe\u8a71\u3001<\/span><span>\u753b\u50cf\u751f\u6210\u306a\u3069\u3001<\/span><span class=\"\">\u7dcf\u5408\u7684\u306a\u30a2\u30b7\u30b9\u30bf\u30f3\u30c8\u6a5f\u80fd\u304c\u5145\u5b9f\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span>\u305d\u306e\u305f\u3081\u3001<\/span><span>\u55b6\u696d\u30fb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u30fb\u4eba\u4e8b\u30fb\u30ab\u30b9\u30bf\u30de\u30fc\u30b5\u30dd\u30fc\u30c8\u306a\u3069\u3001<\/span><span>\u5168\u793e\u4e00\u5f8b\u3067\u30aa\u30d5\u30a3\u30b9\u30ef\u30fc\u30ab\u30fc\u306e\u65e5\u5e38\u696d\u52d9\u3092\u5e95\u4e0a\u3052\u3057\u305f\u3044\u5927\u4f01\u696d\u306e\u5c0e\u5165\u306b\u304a\u3044\u3066\u5f37\u529b\u306a\u30b7\u30a7\u30a2\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"33\">\u7b2c4\u7ae0\uff1a\u8cc7\u672c\u306e\u7db1\u6e21\u308a\u2015\u2015Amazon\u30fbGoogle\u3068\u306e\u8907\u96d1\u306a\u51fa\u8cc7\u95a2\u4fc2\u3068\u30ed\u30c3\u30af\u30a2\u30c3\u30d7<\/h2>\n<p data-path-to-node=\"34\"><span>\u6700\u5148\u7aef\u306e\u57fa\u76e4\u30e2\u30c7\u30eb\u3092\u958b\u767a\u30fb\u904b\u7528\u3059\u308b\u305f\u3081\u306b\u306f\u3001<\/span><span>\u6570\u4e07\u53f0\u304b\u3089\u6570\u5341\u4e07\u53f0\u898f\u6a21\u306e\u6700\u5148\u7aefGPU\/TPU\u3068\u3001<\/span><span class=\"\">\u305d\u308c\u3092\u7a3c\u50cd\u3055\u305b\u308b\u81a8\u5927\u306a\u96fb\u529b\u3092\u78ba\u4fdd\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/span><span>\u3053\u306e\u8a08\u7b97\u30a4\u30f3\u30d5\u30e9\u3092\u81ea\u524d\u3060\u3051\u3067\u8cc4\u3046\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u306a\u305f\u3081\u3001<\/span><span>Anthropic\u306fAmazon\uff08AWS\uff09\u304a\u3088\u3073Alphabet\uff08Google\uff09\u3068\u3044\u30462\u5927\u30c6\u30c3\u30af\u30b8\u30e3\u30a4\u30a2\u30f3\u30c8\u3068\u8cc7\u672c\u30fb\u696d\u52d9\u63d0\u643a\u3092\u7d50\u3073\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"35\"><span>\u3057\u304b\u3057\u3001<\/span><span class=\"\">\u3053\u3053\u306b\u306f\u6975\u3081\u3066\u9ad8\u5ea6\u3067\u6226\u7565\u7684\u306a\u8cc7\u672c\u653f\u7b56\u304c\u96a0\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"36\">1. \u300c\u51fa\u8cc7\u306f\u53d7\u3051\u308b\u304c\u3001\u652f\u914d\u306f\u3055\u305b\u306a\u3044\u300d\u8cc7\u672c\u306e\u9632\u58c1<\/h3>\n<p data-path-to-node=\"37\"><span class=\"\">\u901a\u5e38\u3001<\/span><span>\u5de8\u5927\u30c6\u30c3\u30af\u4f01\u696d\u304b\u3089\u6570\u5146\u5186\u3082\u306e\u51fa\u8cc7\u3092\u53d7\u3051\u308c\u3070\u3001<\/span><span class=\"\">\u53d6\u7de0\u5f79\u306e\u5e2d\u3092\u8981\u6c42\u3055\u308c\u3001<\/span><span class=\"\">\u5b9f\u8cea\u7684\u306a\u5b50\u4f1a\u793e\u3084\u5098\u4e0b\u4f01\u696d\u3068\u3057\u3066\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3057\u307e\u3046\u306e\u304c\u8cc7\u672c\u4e3b\u7fa9\u306e\u539f\u5247\u3067\u3059\u3002<\/span><span class=\"\">\u3057\u304b\u3057Anthropic\u306f\u3001<\/span><span class=\"\">\u72ec\u5360\u7981\u6b62\u6cd5\u4e0a\u306e\u898f\u5236\u30ea\u30b9\u30af\u3092\u56de\u907f\u3057\u3001<\/span><span class=\"\">\u81ea\u793e\u306e\u72ec\u7acb\u6027\u3092\u5b88\u308b\u305f\u3081\u306b\u5fb9\u5e95\u3057\u305f\u69cb\u9020\u8a2d\u8a08\u3092\u884c\u3044\u307e\u3057\u305f\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-189 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3372278408=\"\" class=\"code-block ng-tns-c3372278408-189 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl82ODA1NzFiZjg5NzAxMWVkIiwiY19mMTc0NWJhMTAzZGYyZjMyIixudWxsLCJyY19kZDc3NWIxMzFiMGU4YWY2IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"formatted-code-block-internal-container ng-tns-c3372278408-189\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"animated-opacity ng-tns-c3372278408-189\">\n<pre _ngcontent-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-189\"><code _ngcontent-ng-c3372278408=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3372278408-189 no-decoration-radius\">\u3010Anthropic\u306e\u591a\u91cd\u8cc7\u672c\u69cb\u9020\u3011\r\n\r\n  [ Amazon (AWS) ]              [ Alphabet (Google) ]\r\n  \u30fb\u7d2f\u8a08130\u5104\u30c9\u30eb\u8d85\u51fa\u8cc7          \u30fb\u7d2f\u8a08\u6570\u767e\u5104\u30c9\u30eb\u898f\u6a21\u62e0\u51fa\r\n  \u30fb\u4fdd\u6709\u4e0a\u9650: 12%\u30ad\u30e3\u30c3\u30d7        \u30fb\u4fdd\u6709\u4e0a\u9650: 14.99%\u30ad\u30e3\u30c3\u30d7\r\n          \u2502                              \u2502\r\n          \u25bc                              \u25bc\r\n  \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n  \u2502         \u7121\u8b70\u6c7a\u6a29\u682a\u5f0f\uff08Class N\u682a \u7b49\uff09          \u2502\r\n  \u2502   \u30fb\u8b70\u6c7a\u6a29\uff1a\u306a\u3057                              \u2502\r\n  \u2502   \u30fb\u53d6\u7de0\u5f79\u5e2d\uff1a\u306a\u3057                            \u2502\r\n  \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                         \u2502\r\n                         \u25bc\r\n  \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n  \u2502              Anthropic PBC                   \u2502\r\n  \u2502   \u30fb\u8b70\u6c7a\u6a29\u306e\u904e\u534a\u6570\uff0850.1%\uff09\uff1a\u5275\u696d\u8005\u30b0\u30eb\u30fc\u30d7   \u2502\r\n  \u2502   \u30fb\u53d6\u7de0\u5f79\u904e\u534a\u6570\u306e\u9078\u4efb\u6a29\uff1aLTBT\uff08\u72ec\u7acb\u4fe1\u8a17\uff09    \u2502\r\n  \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ul data-path-to-node=\"39\">\n<li>\n<p data-path-to-node=\"39,0,0\"><b data-path-to-node=\"39,0,0\" data-index-in-node=\"0\">\u7121\u8b70\u6c7a\u6a29\u682a\uff08Non-voting Shares\uff09\u306e\u5fb9\u5e95\uff1a<\/b><\/p>\n<p data-path-to-node=\"39,0,1\"><span class=\"\">Amazon\u3084Google\u304c\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u306f\u300cClass N\u7121\u8b70\u6c7a\u6a29\u682a\u300d\u306a\u3069\u3068\u3057\u3066\u8a2d\u8a08\u3055\u308c\u3066\u304a\u308a\u3001<\/span><span class=\"\">\u682a\u4e3b\u7dcf\u4f1a\u306b\u304a\u3051\u308b\u8b70\u6c7a\u6a29\u3092\u6301\u305f\u305a\u3001<\/span><span class=\"\">\u53d6\u7de0\u5f79\u4f1a\u306e\u8b70\u5e2d\u3082\u4ed8\u4e0e\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"39,1,0\"><b data-path-to-node=\"39,1,0\" data-index-in-node=\"0\">\u4fdd\u6709\u6bd4\u7387\u306e\u4e0a\u9650\uff08\u30ad\u30e3\u30c3\u30d7\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"39,1,1\"><span>\u5c06\u6765\u7684\u306b\u8ee2\u63db\u793e\u50b5\u306a\u3069\u3092\u682a\u5f0f\u306b\u8ee2\u63db\u3057\u305f\u5834\u5408\u3067\u3082\u3001<\/span><span>Amazon\u306e\u4fdd\u6709\u6bd4\u7387\u306f12%\u4ee5\u4e0b\u3001<\/span><span>Google\u306f14.<\/span><span>99%\u4ee5\u4e0b\u306b\u5236\u9650\u3055\u308c\u308b\u5951\u7d04\u304c\u7d50\u3070\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"39,2,0\"><b data-path-to-node=\"39,2,0\" data-index-in-node=\"0\">\u30de\u30eb\u30c1\u30af\u30e9\u30a6\u30c9\u306b\u3088\u308b\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\uff1a<\/b><\/p>\n<p data-path-to-node=\"39,2,1\"><span class=\"\">Microsoft\u306b\u6df1\u304f\u4f9d\u5b58\u3057\u305fOpenAI\u3068\u306f\u5bfe\u7167\u7684\u306b\u3001<\/span><span class=\"\">Anthropic\u306fAWS\u3068Google Cloud\u306e\u4e21\u9663\u55b6\u3092\u7af6\u308f\u305b\u308b\u30de\u30eb\u30c1\u30af\u30e9\u30a6\u30c9\u4f53\u5236\u3092\u6577\u3044\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u3053\u308c\u306b\u3088\u308a\u3001<\/span><span>\u30a4\u30f3\u30d5\u30e9\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u4ea4\u6e09\u529b\u3092\u4fdd\u3061\u3001<\/span><span class=\"\">\u7279\u5b9a\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30de\u30fc\u306b\u9996\u6839\u3063\u3053\u3092\u63b4\u307e\u308c\u308b\u4e8b\u614b\u3092\u56de\u907f\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"40\">2. \u682a\u5f0f\u306e\u58f2\u5374\u5236\u9650\uff08\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\uff09\u3068\u5927\u682a\u4e3b\u306e\u30b9\u30bf\u30f3\u30b9<\/h3>\n<p data-path-to-node=\"41\"><span>\u682a\u5f0f\u4e0a\u5834\u306b\u4f34\u3044\u3001<\/span><span>\u521d\u671f\u6295\u8cc7\u5bb6\u3084\u5275\u696d\u8005\u304c\u4e00\u6589\u306b\u6301\u3061\u682a\u3092\u58f2\u5374\u3059\u308b\u3068\u3001<\/span><span>\u5e02\u5834\u306b\u904e\u5270\u306a\u58f2\u308a\u5727\u529b\uff08\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\uff09\u304c\u304b\u304b\u308a\u3001<\/span><span>\u682a\u4fa1\u304c\u66b4\u843d\u3059\u308b\u6050\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/span><span>\u3053\u308c\u3092\u9632\u3050\u305f\u3081\u306b\u8a2d\u5b9a\u3055\u308c\u308b\u306e\u304c\u300c\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\uff08\u58f2\u5374\u5236\u9650\uff09\u300d\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"42\"><span>S-1\u306e\u958b\u793a\u306b\u3088\u308b\u3068\u3001<\/span><span>Anthropic\u306f\u300c\u6bb5\u968e\u7684\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\uff08Staggered Lock-up\uff09\u300d\u3092\u63a1\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span>\u4e0a\u5834\u5f8c180\u65e5\u76ee\u306b\u5168\u682a\u5f0f\u304c\u4e00\u6589\u306b\u58f2\u5374\u89e3\u7981\u3055\u308c\u308b\u65e7\u6765\u306e\u624b\u6cd5\u3067\u306f\u306a\u304f\u3001<\/span><span>\u6c7a\u7b97\u767a\u8868\u3084\u682a\u4fa1\u306e\u4e00\u5b9a\u57fa\u6e96\u9054\u6210\u3092\u30c8\u30ea\u30ac\u30fc\u3068\u3057\u3066\u3001<\/span><span>30\u65e5\u5f8c\u3001<\/span><span>90\u65e5\u5f8c\u3001<\/span><span>180\u65e5\u5f8c\u3068\u3044\u3063\u305f\u5f62\u3067\u6bb5\u968e\u7684\u306b\u58f2\u5374\u67a0\u3092\u5e02\u5834\u306b\u4f9b\u7d66\u3059\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"43\"><span>\u3055\u3089\u306b\u91cd\u8981\u306a\u306e\u306f\u3001<\/span><b class=\"\" data-path-to-node=\"43\" data-index-in-node=\"9\">Amazon\u3084Google\u306a\u3069\u306e\u6226\u7565\u7684\u30d1\u30fc\u30c8\u30ca\u30fc\u306f\u3001\u3053\u306eIPO\u3067\u682a\u5f0f\u3092\u58f2\u5374\u3057\u3066\u8cc7\u91d1\u56de\u53ce\uff08\u30a8\u30b0\u30b8\u30c3\u30c8\uff09\u3059\u308b\u610f\u5411\u3092\u793a\u3057\u3066\u3044\u306a\u3044\u70b9<\/b><span class=\"\">\u3067\u3059\u3002<\/span><span class=\"\">\u3080\u3057\u308dGoogle\u306b\u306f\u300cIPO\u516c\u52df\u4fa1\u683c\u3067\u6700\u5927100\u5104\u30c9\u30eb\u76f8\u5f53\u306e\u8ffd\u52a0\u682a\u5f0f\u3092\u8cfc\u5165\u3067\u304d\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u300d\u304c\u4ed8\u4e0e\u3055\u308c\u3066\u304a\u308a\u3001<\/span><span>\u4e21\u793e\u306fAnthropic\u306e\u682a\u4e3b\u306b\u3068\u3069\u307e\u308a\u7d9a\u3051\u308b\u3053\u3068\u3067\u3001<\/span><span>\u81ea\u793e\u306e\u30af\u30e9\u30a6\u30c9\u30a4\u30f3\u30d5\u30e9\uff08AWS Bedrock\u3084Vertex AI\uff09\u306e\u5229\u7528\u62e1\u5927\u3092\u78ba\u5b9f\u306a\u3082\u306e\u306b\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<h2 data-path-to-node=\"45\">\u7b2c5\u7ae0\uff1a\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u9769\u65b0\u2015\u2015PBC\u3068\u9577\u671f\u5229\u76ca\u4fe1\u8a17\uff08LTBT\uff09<\/h2>\n<p data-path-to-node=\"46\"><span>Anthropic\u306eIPO\u306b\u304a\u3044\u3066\u3001<\/span><span class=\"\">\u7c73\u56fd\u306e\u91d1\u878d\u754c\u3068\u6cd5\u5f8b\u5bb6\u304c\u6700\u3082\u6ce8\u76ee\u3057\u3066\u3044\u308b\u306e\u304c\u300c\u4f01\u696d\u7d71\u6cbb\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\uff09\u306e\u7279\u6b8a\u306a\u69cb\u9020\u300d\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"47\"><span class=\"\">\u4e00\u822c\u306e\u4e0a\u5834\u4f01\u696d\u306f\u3001<\/span><span class=\"\">\u6cd5\u5f8b\u4e0a\u300c\u682a\u4e3b\u5229\u76ca\u306e\u6700\u5927\u5316\uff08Fiduciary Duty\uff09\u300d\u3092\u6700\u512a\u5148\u3059\u308b\u3053\u3068\u304c\u7fa9\u52d9\u4ed8\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u3082\u3057\u7d4c\u55b6\u9663\u304c\u300c\u5b89\u5168\u306e\u305f\u3081\u306b\u5229\u76ca\u306e\u51fa\u308bAI\u30e2\u30c7\u30eb\u306e\u516c\u958b\u3092\u53d6\u308a\u3084\u3081\u305f\u300d\u5834\u5408\u3001<\/span><span>\u4e00\u822c\u4f01\u696d\u3067\u3042\u308c\u3070\u682a\u4e3b\u304b\u3089\u300c\u5229\u76ca\u3092\u640d\u306a\u3063\u305f\u300d\u3068\u3057\u3066\u640d\u5bb3\u8ce0\u511f\u8acb\u6c42\u8a34\u8a1f\u3092\u8d77\u3053\u3055\u308c\u304b\u306d\u307e\u305b\u3093\u3002<\/span><span>Anthropic\u306f\u3053\u306e\u30b8\u30ec\u30f3\u30de\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u3001<\/span><span class=\"\">\u8a2d\u7acb\u5f53\u521d\u304b\u30892\u3064\u306e\u6cd5\u7684\u306a\u9632\u58c1\u3092\u7528\u610f\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<h3 data-path-to-node=\"48\">1. \u30d1\u30d6\u30ea\u30c3\u30af\u30fb\u30d9\u30cd\u30d5\u30a3\u30c3\u30c8\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3\uff08PBC\uff09\u3068\u3057\u3066\u306e\u8a2d\u7acb<\/h3>\n<p data-path-to-node=\"49\"><span>Anthropic\u306f\u3001<\/span><span class=\"\">\u30c7\u30e9\u30a6\u30a7\u30a2\u5dde\u6cd5\u306b\u57fa\u3065\u304f\u300c\u516c\u5171\u5229\u76ca\u6cd5\u4eba\uff08Public Benefit Corporation:<\/span><span> PBC\uff09\u300d\u3068\u3057\u3066\u767b\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"50\"><span>PBC\u3068\u306f\u3001<\/span><span class=\"\">\u4f01\u696d\u306e\u5b9a\u6b3e\uff08\u61b2\u7ae0\uff09\u306e\u4e2d\u306b\u300c\u682a\u4e3b\u306e\u91d1\u92ad\u7684\u5229\u76ca\u300d\u3060\u3051\u3067\u306a\u304f\u300c\u793e\u4f1a\u306b\u5bfe\u3059\u308b\u7279\u5b9a\u306e\u516c\u5171\u7684\u5229\u76ca\uff08Specific Public Benefit\uff09\u300d\u3092\u540c\u7b49\u306b\u8ffd\u6c42\u3059\u308b\u3053\u3068\u3092\u6cd5\u7684\u306b\u660e\u8a18\u3057\u305f\u6cd5\u4eba\u5f62\u614b\u3067\u3059\u3002<\/span><span>Anthropic\u306e\u5834\u5408\u3001<\/span><span>\u300c\u9ad8\u5ea6\u306aAI\u306e\u5b89\u5168\u304b\u3064\u502b\u7406\u7684\u306a\u958b\u767a\u3068\u666e\u53ca\u300d\u304c\u516c\u5171\u5229\u76ca\u3068\u3057\u3066\u63b2\u3052\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u3053\u308c\u306b\u3088\u308a\u3001<\/span><span>\u7d4c\u55b6\u9663\u304cAI\u306e\u7834\u6ec5\u7684\u30ea\u30b9\u30af\u3092\u9632\u3050\u305f\u3081\u306b\u30e2\u30c7\u30eb\u306e\u516c\u958b\u3092\u5ef6\u671f\u3057\u305f\u308a\u3001<\/span><span>\u83ab\u5927\u306a\u5b89\u5168\u691c\u8a3c\u30b3\u30b9\u30c8\u3092\u6295\u3058\u305f\u308a\u3057\u3066\u3082\u3001<\/span><span>\u53d7\u8a17\u8005\u8cac\u4efb\u9055\u53cd\u3067\u8a34\u3048\u3089\u308c\u308b\u6cd5\u7684\u30ea\u30b9\u30af\u3092\u906e\u65ad\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"51\">2. \u9577\u671f\u5229\u76ca\u4fe1\u8a17\uff08LTBT \/ Long-Term Benefit Trust\uff09\u3068\u3044\u3046\u7d71\u6cbb\u6a5f\u95a2<\/h3>\n<p data-path-to-node=\"52\"><span>PBC\u3068\u3044\u3046\u6cd5\u4eba\u683c\u306b\u52a0\u3048\u3001<\/span><span class=\"\">Anthropic\u306f\u3055\u3089\u306b\u4e00\u6b69\u9032\u3093\u3060\u30ac\u30d0\u30ca\u30f3\u30b9\u6a5f\u95a2\u3092\u8a2d\u7acb\u3057\u307e\u3057\u305f\u3002<\/span><span class=\"\">\u305d\u308c\u304c\u300c\u9577\u671f\u5229\u76ca\u4fe1\u8a17\uff08Long-Term Benefit Trust:<\/span><span class=\"\"> LTBT\uff09\u300d\u3067\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-190 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3372278408=\"\" class=\"code-block ng-tns-c3372278408-190 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl82ODA1NzFiZjg5NzAxMWVkIiwiY19mMTc0NWJhMTAzZGYyZjMyIixudWxsLCJyY19kZDc3NWIxMzFiMGU4YWY2IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"formatted-code-block-internal-container ng-tns-c3372278408-190\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"animated-opacity ng-tns-c3372278408-190\">\n<pre _ngcontent-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-190\"><code _ngcontent-ng-c3372278408=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3372278408-190 no-decoration-radius\">\u3010Anthropic\u306e\u610f\u601d\u6c7a\u5b9a\u7d71\u6cbb\u30d4\u30e9\u30df\u30c3\u30c9\u3011\r\n\r\n        \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n        \u2502   Long-Term Benefit Trust    \u2502\r\n        \u2502           (LTBT)             \u2502\r\n        \u2502  \u30fb\u7d4c\u6e08\u7684\u5229\u76ca\uff1a\u30bc\u30ed\uff08\u7121\u5831\u916c\uff09 \u2502\r\n        \u2502  \u30fbClass T\u682a\u3092\u4fdd\u6709           \u2502\r\n        \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                       \u2502\r\n                       \u2502 \u53d6\u7de0\u5f79\u4f1a\u306e\u904e\u534a\u6570\uff084\/7\uff09\u3092\r\n                       \u2502 \u6307\u540d\u30fb\u89e3\u4efb\u3059\u308b\u7d76\u5bfe\u7684\u6a29\u9650\r\n                       \u25bc\r\n        \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n        \u2502      \u53d6\u7de0\u5f79\u4f1a (Board)        \u2502\r\n        \u2502   \u7d4c\u55b6\u306e\u91cd\u8981\u65b9\u91dd\u30fbCEO\u306e\u4efb\u514d  \u2502\r\n        \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                       \u2502\r\n       \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2534\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n       \u25bc                               \u25bc\r\n\u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510              \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n\u2502 \u5275\u696d\u8005\u30b0\u30eb\u30fc\u30d7 \u2502              \u2502   \u4e00\u822c\u516c\u958b\u682a\u4e3b   \u2502\r\n\u2502 (Class F\u682a)  \u2502              \u2502  (Class A\/B\u682a) \u2502\r\n\u2502 \u8b70\u6c7a\u6a29 50.1% \u2502              \u2502 \u914d\u5f53\u30fb\u58f2\u8cb7\u7b49\u306e  \u2502\r\n\u2502 \u65e5\u5e38\u4e8b\u9805\u306e\u6c7a\u8b70 \u2502              \u2502 \u7d4c\u6e08\u7684\u30ea\u30bf\u30fc\u30f3 \u2502\r\n\u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518              \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ul data-path-to-node=\"54\">\n<li>\n<p data-path-to-node=\"54,0,0\"><b data-path-to-node=\"54,0,0\" data-index-in-node=\"0\">Class T\u682a\u306e\u4fdd\u6709\uff1a<\/b><\/p>\n<p data-path-to-node=\"54,0,1\"><span>LTBT\u306f\u3001<\/span><span>\u914d\u5f53\u3084\u682a\u5f0f\u58f2\u5374\u76ca\u306a\u3069\u306e\u7d4c\u6e08\u7684\u6a29\u5229\u3092\u4e00\u5207\u6301\u305f\u306a\u3044\u300cClass T\u682a\u5f0f\u300d\u3092\u4fdd\u6709\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"54,1,0\"><b data-path-to-node=\"54,1,0\" data-index-in-node=\"0\">\u53d6\u7de0\u5f79\u306e\u904e\u534a\u6570\u9078\u4efb\u6a29\uff1a<\/b><\/p>\n<p data-path-to-node=\"54,1,1\"><span>LTBT\u306e\u30e1\u30f3\u30d0\u30fc\u306fAI\u5b89\u5168\u6027\u3001<\/span><span>\u56fd\u5bb6\u5b89\u5168\u4fdd\u969c\u3001<\/span><span>\u751f\u547d\u502b\u7406\u306a\u3069\u306e\u72ec\u7acb\u3057\u305f\u5c02\u9580\u5bb6\u3067\u69cb\u6210\u3055\u308c\u3001<\/span><b data-path-to-node=\"54,1,1\" data-index-in-node=\"43\">\u53d6\u7de0\u5f79\u4f1a\u306e\u904e\u534a\u6570\uff087\u540d\u4e2d4\u540d\u306a\u3069\uff09\u3092\u6307\u540d\u30fb\u89e3\u4efb\u3059\u308b\u7d76\u5bfe\u7684\u306a\u6a29\u9650<\/b><span>\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"54,2,0\"><b data-path-to-node=\"54,2,0\" data-index-in-node=\"0\">\u5275\u696d\u8005\u306e\u6a29\u529b\u96c6\u4e2d\u3082\u6392\u9664\uff1a<\/b><\/p>\n<p data-path-to-node=\"54,2,1\"><span>\u5275\u696d\u8005\u306e\u30c0\u30ea\u30aa\u30fb\u30a2\u30e2\u30c7\u30a4CEO\u30897\u540d\u306f\u300cClass F\u682a\u300d\u3092\u901a\u3058\u3066\u682a\u4e3b\u7dcf\u4f1a\u306b\u304a\u3051\u308b\u65e5\u5e38\u7684\u306a\u8b70\u6c7a\u6a29\u306e50.<\/span><span class=\"\">1%\u3092\u63e1\u3063\u3066\u3044\u307e\u3059\u304c\u3001<\/span><span class=\"\">LTBT\u304c\u9078\u4efb\u3057\u305f\u53d6\u7de0\u5f79\u3092\u89e3\u4efb\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"55\"><span class=\"\">\u3053\u308c\u306f\u3001<\/span><span class=\"\">\u304b\u3064\u3066OpenAI\u3067\u8d77\u304d\u305f\u300c\u975e\u55b6\u5229\u7406\u4e8b\u4f1a\u306b\u3088\u308b\u30b5\u30e0\u30fb\u30a2\u30eb\u30c8\u30de\u30f3\u89e3\u4efb\u5287\u3068\u3001<\/span><span class=\"\">\u5f93\u696d\u54e1\u30fb\u6295\u8cc7\u5bb6\u306e\u53cd\u767a\u306b\u3088\u308b\u5373\u5ea7\u306e\u5fa9\u5e30\u300d\u3068\u3044\u3046\u30ac\u30d0\u30ca\u30f3\u30b9\u5d29\u58ca\u306e\u6559\u8a13\u3092\u8e0f\u307e\u3048\u305f\u3082\u306e\u3067\u3059\u3002<\/span><span>OpenAI\u3067\u306f\u975e\u55b6\u5229\u6cd5\u4eba\u304c\u751f\u6bba\u4e0e\u596a\u306e\u6a29\u3092\u63e1\u308a\u306a\u304c\u3089\u3082\u3001<\/span><span>\u8cc7\u672c\u4e3b\u7fa9\u306e\u73fe\u5b9f\uff08\u6295\u8cc7\u5bb6\u306e\u5727\u529b\u3084\u5f93\u696d\u54e1\u306e\u9000\u8077\u30ea\u30b9\u30af\uff09\u306b\u8010\u3048\u304d\u308c\u305a\u306b\u6a5f\u80fd\u4e0d\u5168\u3092\u8d77\u3053\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"56\"><span>Anthropic\u306f\u3001<\/span><span class=\"\">\u300c\u8cc7\u672c\u4e3b\u7fa9\u306e\u30eb\u30fc\u30eb\uff08\u682a\u5f0f\u516c\u958b\u3001<\/span><span class=\"\">\u5de8\u984d\u8cc7\u91d1\u8abf\u9054\u3001<\/span><span>\u5f93\u696d\u54e1\u306eRSU\u5831\u916c\uff09\u300d\u3092\u5168\u9762\u7684\u306b\u53d7\u3051\u5165\u308c\u306a\u304c\u3089\u3082\u3001<\/span><span>\u300cAI\u306e\u7834\u6ec5\u7684\u66b4\u8d70\u3092\u9632\u3050\u7a76\u6975\u306e\u30d6\u30ec\u30fc\u30ad\u300d\u3060\u3051\u306f\u682a\u4e3b\u3084\u5275\u696d\u8005\u306e\u624b\u306e\u5c4a\u304b\u306a\u3044\u4fe1\u8a17\uff08LTBT\uff09\u306b\u9810\u3051\u308b\u3068\u3044\u3046\u3001<\/span><span>\u9ad8\u5ea6\u306a\u5236\u5ea6\u8a2d\u8a08\u3092\u5b8c\u6210\u3055\u305b\u3066\u4e0a\u5834\u306b\u6311\u3093\u3067\u3044\u308b\u306e\u3067\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"58\">\u7b2c6\u7ae0\uff1a\u5149\u3068\u5f71\u2015\u20156,370\u5104\u30c9\u30eb\u306b\u53ca\u3076\u9577\u671f\u8a08\u7b97\u5951\u7d04\u3068\u5c06\u6765\u306e\u30ea\u30b9\u30af<\/h2>\n<p data-path-to-node=\"59\"><span>\u3053\u3053\u307e\u3067\u898b\u3066\u304d\u305fAnthropic\u306e\u6210\u9577\u3068\u9769\u65b0\u7684\u306a\u30ac\u30d0\u30ca\u30f3\u30b9\u306f\u6975\u3081\u3066\u9b45\u529b\u7684\u3067\u3059\u304c\u3001<\/span><span>S-1\u76ee\u8ad6\u898b\u66f8\u3092\u7cbe\u8aad\u3059\u308b\u3068\u3001<\/span><span class=\"\">\u6295\u8cc7\u5bb6\u304c\u80cc\u8ca0\u3046\u3079\u304d\u6975\u3081\u3066\u91cd\u3044\u300c\u69cb\u9020\u7684\u30ea\u30b9\u30af\u300d\u3082\u6d6e\u304b\u3073\u4e0a\u304c\u3063\u3066\u304d\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"60\"><span class=\"\">\u305d\u306e\u6700\u5927\u306e\u30ea\u30b9\u30af\u304c\u3001<\/span><span class=\"\">\u7dcf\u984d\u7d046,<\/span><span>370\u5104\u30c9\u30eb\uff08\u7d0495\u5146\u301c100\u5146\u5186\u898f\u6a21\uff09\u306b\u9054\u3059\u308b\u300c\u9577\u671f\u8a08\u7b97\u30ea\u30bd\u30fc\u30b9\u8cfc\u5165\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\uff08Compute Commitments\uff09\u300d\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"61\" class=\"\">1. \u5de8\u5927\u306a\u56fa\u5b9a\u7fa9\u52d9\u3068\u3044\u3046\u30ec\u30d0\u30ec\u30c3\u30b8<\/h3>\n<p data-path-to-node=\"62\"><span>AI\u306e\u30e2\u30c7\u30eb\u958b\u767a\u7af6\u4e89\u304b\u3089\u8131\u843d\u3057\u306a\u3044\u305f\u3081\u306b\u306f\u3001<\/span><span>\u5411\u3053\u3046\u6570\u5e74\u304b\u3089\u5341\u6570\u5e74\u306b\u308f\u305f\u308a\u3001<\/span><span>\u6b21\u4e16\u4ee3\u534a\u5c0e\u4f53\u3084\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u306e\u30ad\u30e3\u30d1\u30b7\u30c6\u30a3\u3092\u4e8b\u524d\u306b\u4e88\u7d04\u30fb\u78ba\u4fdd\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/span><span>Anthropic\u304c\u958b\u793a\u3057\u305f\u7d046,<\/span><span>370\u5104\u30c9\u30eb\u306e\u5951\u7d04\u306b\u306f\u3001<\/span><span>\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u53b3\u3057\u3044\u6761\u4ef6\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"63\">\n<li>\n<p data-path-to-node=\"63,0,0\"><b data-path-to-node=\"63,0,0\" data-index-in-node=\"0\">\u6700\u4f4e\u4fdd\u8a3c\u7fa9\u52d9\uff08Take-or-Pay\u6761\u9805\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"63,0,1\"><span>AWS\u3001<\/span><span>Google Cloud\u3001<\/span><span>Broadcom\u7b49\u3068\u306e\u5951\u7d04\u306b\u306f\u3001<\/span><span>\u56fa\u5b9a\u307e\u305f\u306f\u6700\u4f4e\u5229\u7528\u4fdd\u8a3c\u7fa9\u52d9\uff08\u7d042,<\/span><span>656\u5104\u30c9\u30eb\u8d85\uff09\u304c\u8ab2\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span>\u3053\u308c\u306f\u3001<\/span><span>\u300c\u4eee\u306b\u5c06\u6765AI\u306e\u9700\u8981\u304c\u6e1b\u9000\u3057\u305f\u308a\u3001<\/span><span>\u4ed6\u793e\u3068\u306e\u7af6\u4e89\u306b\u6557\u308c\u3066\u5229\u7528\u8005\u304c\u6fc0\u6e1b\u3057\u305f\u308a\u3057\u3066\u3082\u3001<\/span><span>Anthropic\u306f\u6240\u5b9a\u306e\u30a4\u30f3\u30d5\u30e9\u4ee3\u91d1\u3092\u5951\u7d04\u671f\u9593\u4e2d\u652f\u6255\u3044\u7d9a\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u300d\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"63,1,0\"><b data-path-to-node=\"63,1,0\" data-index-in-node=\"0\">\u6280\u8853\u9673\u8150\u5316\u30ea\u30b9\u30af\uff1a<\/b><\/p>\n<p data-path-to-node=\"63,1,1\"><span>\u73fe\u5728\u5de8\u984d\u306e\u8cc7\u91d1\u3067\u9577\u671f\u5951\u7d04\u3092\u7d50\u3093\u3067\u3044\u308b\u30cf\u30fc\u30c9\u30a6\u30a7\u30a2\u3084\u30af\u30e9\u30b9\u30bf\u304c\u3001<\/span><span>\u6570\u5e74\u5f8c\u306b\u767b\u5834\u3059\u308b\u9769\u65b0\u7684\u306a\u65b0\u4e16\u4ee3\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\uff08\u5149\u534a\u5c0e\u4f53\u3084\u91cf\u5b50\u30b3\u30f3\u30d4\u30e5\u30fc\u30c6\u30a3\u30f3\u30b0\u3001<\/span><span>\u5168\u304f\u65b0\u3057\u3044\u63a8\u8ad6\u30c1\u30c3\u30d7\u306a\u3069\uff09\u306b\u3088\u3063\u3066\u4e00\u77ac\u3067\u9673\u8150\u5316\u3057\u305f\u5834\u5408\u3001<\/span><span>\u83ab\u5927\u306a\u56fa\u5b9a\u8ca0\u50b5\u3060\u3051\u304c\u53d6\u308a\u6b8b\u3055\u308c\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"63,2,0\"><b data-path-to-node=\"63,2,0\" data-index-in-node=\"0\">\u516c\u5171\u5229\u76ca\u3068\u682a\u4e3b\u5229\u76ca\u306e\u885d\u7a81\u30ea\u30b9\u30af\uff1a<\/b><\/p>\n<p data-path-to-node=\"63,2,1\"><span class=\"\">\u4e07\u304c\u4e00\u3001<\/span><span class=\"\">LTBT\u304c\u300c\u6b21\u4e16\u4ee3\u30e2\u30c7\u30ebClaude 6\u306f\u4eba\u985e\u306b\u3068\u3063\u3066\u5371\u967a\u3059\u304e\u308b\u305f\u3081\u3001<\/span><span class=\"\">\u5b89\u5168\u6027\u304c\u8a3c\u660e\u3055\u308c\u308b\u307e\u3067\u5546\u7528\u516c\u958b\u3092\u7121\u671f\u9650\u505c\u6b62\u3059\u308b\u300d\u3068\u6c7a\u65ad\u3057\u305f\u5834\u5408\u3001<\/span><span class=\"\">\u58f2\u4e0a\u9ad8\u306e\u6210\u9577\u306f\u6025\u505c\u6b62\u3057\u307e\u3059\u304c\u3001<\/span><span class=\"\">\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u306e\u652f\u6255\u3044\u7fa9\u52d9\u306f\u6d88\u3048\u307e\u305b\u3093\u3002<\/span><span class=\"\">\u516c\u958b\u5e02\u5834\u306e\u682a\u4e3b\u304c\u3053\u306e\u30ea\u30b9\u30af\u3092\u3069\u3053\u307e\u3067\u8a31\u5bb9\u3067\u304d\u308b\u304b\u306f\u3001<\/span><span class=\"\">\u4e0a\u5834\u5f8c\u306e\u682a\u4fa1\u5f62\u6210\u306b\u304a\u3044\u3066\u6700\u5927\u306e\u8a66\u91d1\u77f3\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"65\" class=\"\">\u7b2c7\u7ae0\uff1a\u5909\u5316\u306e\u6fc0\u3057\u3044\u6642\u4ee3\u3092\u751f\u304d\u629c\u304f\u300c\u91d1\u878d\u30fb\u6295\u8cc7\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\u306e\u672c\u8cea<\/h2>\n<p data-path-to-node=\"66\"><span class=\"\">Anthropic\u306e\u4e0a\u5834\u7533\u8acb\u3084OpenAI\u306e\u7d44\u7e54\u6539\u9769\u3092\u5358\u306a\u308b\u300c\u9060\u3044\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u30cb\u30e5\u30fc\u30b9\u300d\u3068\u3057\u3066\u773a\u3081\u308b\u3060\u3051\u3067\u306f\u4e0d\u5341\u5206\u3067\u3059\u3002<\/span><span class=\"\">\u3053\u306e\u58ee\u5927\u306a\u30c9\u30e9\u30de\u304b\u3089\u79c1\u305f\u3061\u304c\u5b66\u3076\u3079\u304d\u6700\u3082\u91cd\u8981\u306a\u6559\u8a13\u306f\u3001<\/span><span>\u300c\u3053\u308c\u304b\u3089\u306eAI\u6642\u4ee3\u306b\u304a\u3044\u3066\u3001<\/span><span>\u91d1\u878d\u30fb\u6295\u8cc7\u306e\u77e5\u8b58\u3092\u6301\u3064\u3053\u3068\u306e\u6c7a\u5b9a\u7684\u306a\u91cd\u8981\u6027\u300d\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"67\">1. \u306a\u305c\u300c\u52b4\u50cd\u300d\u3060\u3051\u3067\u306f\u8cc7\u7523\u3092\u5b88\u308c\u306a\u304f\u306a\u308b\u306e\u304b<\/h3>\n<p data-path-to-node=\"68\"><span>AI\u306f\u4eca\u5f8c\u3001<\/span><span>\u30db\u30ef\u30a4\u30c8\u30ab\u30e9\u30fc\u306e\u77e5\u7684\u52b4\u50cd\uff08\u30d7\u30ed\u30b0\u30e9\u30df\u30f3\u30b0\u3001<\/span><span class=\"\">\u6587\u7ae0\u4f5c\u6210\u3001<\/span><span class=\"\">\u5206\u6790\u3001<\/span><span>\u6cd5\u52d9\u30fb\u4f1a\u8a08\u306e\u4e00\u6b21\u51e6\u7406\u306a\u3069\uff09\u3092\u5727\u5012\u7684\u306a\u901f\u5ea6\u3068\u4f4e\u30b3\u30b9\u30c8\u3067\u4ee3\u66ff\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/span><span>\u3053\u308c\u306f\u52b4\u50cd\u5e02\u5834\u306b\u304a\u3044\u3066\u3001<\/span><span>\u300c\u4eba\u9593\u306e\u52b4\u50cd\u6642\u9593\u306b\u5bfe\u3057\u3066\u652f\u6255\u308f\u308c\u308b\u5bfe\u4fa1\uff08\u52b4\u50cd\u6240\u5f97\uff09\u306e\u4fa1\u5024\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u4e0b\u3059\u308b\u30ea\u30b9\u30af\u300d\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"69\"><span class=\"\">\u4e00\u65b9\u3067\u3001<\/span><span>\u77e5\u80fd\u3092\u751f\u307f\u51fa\u3059\u5074\u2015\u2015\u3059\u306a\u308f\u3061Anthropic\u3084OpenAI\u3001<\/span><span class=\"\">\u3042\u308b\u3044\u306f\u8a08\u7b97\u8cc7\u6e90\u3092\u63d0\u4f9b\u3059\u308bNVIDIA\u3001<\/span><span>\u30af\u30e9\u30a6\u30c9\u30a4\u30f3\u30d5\u30e9\u3092\u63e1\u308bAmazon\u3084Google\u3068\u3044\u3063\u305f\u300c\u8cc7\u672c\uff08\u77e5\u7684\u8ca1\u7523\u3068\u8a08\u7b97\u30a4\u30f3\u30d5\u30e9\uff09\u300d\u3092\u6301\u3064\u5074\u306b\u306f\u3001<\/span><span class=\"\">\u4eba\u985e\u53f2\u4e0a\u524d\u4f8b\u306e\u306a\u3044\u898f\u6a21\u306e\u5bcc\u304c\u96c6\u4e2d\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"70\"><span>\u7d4c\u6e08\u5b66\u8005\u30c8\u30de\u30fb\u30d4\u30b1\u30c6\u30a3\u304c\u793a\u3057\u305f\u6709\u540d\u306a\u4e0d\u7b49\u5f0f <\/span><b class=\"\" data-path-to-node=\"70\" data-index-in-node=\"22\"><span class=\"math-inline\" data-math=\"r &gt; g\" data-index-in-node=\"22\">$r &gt; g$<\/span>\uff08\u8cc7\u672c\u53ce\u76ca\u7387\u306f\u7d4c\u6e08\u6210\u9577\u7387\u30fb\u8cc3\u91d1\u4e0a\u6607\u7387\u3092\u4e0a\u56de\u308b\uff09<\/b><span class=\"\"> \u306f\u3001<\/span><span class=\"\">AI\u306e\u767b\u5834\u306b\u3088\u3063\u3066\u6975\u9650\u307e\u3067\u52a0\u901f\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u81ea\u5206\u306e\u52b4\u50cd\u529b\uff08\u4eba\u7684\u8cc7\u672c\uff09\u3060\u3051\u3092\u983c\u308a\u306b\u751f\u304d\u3066\u3044\u308b\u4eba\u306f\u3001<\/span><span>AI\u306b\u3088\u308b\u751f\u7523\u6027\u5411\u4e0a\u306b\u53d6\u308a\u6b8b\u3055\u308c\u308b\u30ea\u30b9\u30af\u306b\u6652\u3055\u308c\u307e\u3059\u304c\u3001<\/span><span>\u8cc7\u672c\u5e02\u5834\u3092\u901a\u3058\u3066\u300cAI\u306e\u679c\u5b9f\u3092\u53d7\u3051\u53d6\u308b\u5074\uff08\u6295\u8cc7\u5bb6\uff09\u300d\u306b\u56de\u3063\u3066\u3044\u308b\u4eba\u306f\u3001<\/span><span>\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u304c\u751f\u307f\u51fa\u3059\u5bcc\u306e\u5206\u3051\u524d\u3092\u4eab\u53d7\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"71\">2. \u521d\u5fc3\u8005\u304c\u77e5\u3063\u3066\u304a\u304f\u3079\u304d3\u3064\u306e\u6295\u8cc7\u306e\u57fa\u672c\u539f\u5247<\/h3>\n<p data-path-to-node=\"72\"><span>\u300c\u91d1\u878d\u77e5\u8b58\u304c\u5fc5\u8981\u3060\u300d\u3068\u8a00\u3063\u3066\u3082\u3001<\/span><span>\u8907\u96d1\u306a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u53d6\u5f15\u3084\u65e5\u3005\u306e\u30c7\u30a4\u30c8\u30ec\u30fc\u30c9\u3092\u884c\u3046\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u521d\u5fc3\u8005\u304c\u307e\u305a\u8eab\u306b\u3064\u3051\u308b\u3079\u304d\u306f\u3001<\/span><span>\u666e\u904d\u7684\u306a\u8cc7\u7523\u5f62\u6210\u306e\u539f\u5247\u3067\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"73\">\n<li>\n<p data-path-to-node=\"73,0,0\"><b data-path-to-node=\"73,0,0\" data-index-in-node=\"0\">\u30a4\u30f3\u30d5\u30ec\u3068\u5bcc\u306e\u504f\u5728\u306b\u5bfe\u3059\u308b\u9632\u885b\uff1a<\/b><\/p>\n<p data-path-to-node=\"73,0,1\"><span class=\"\">\u73fe\u91d1\u3092\u9280\u884c\u53e3\u5ea7\u306b\u653e\u7f6e\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u306f\u3001<\/span><span class=\"\">\u901a\u8ca8\u4fa1\u5024\u306e\u4e0b\u843d\uff08\u30a4\u30f3\u30d5\u30ec\uff09\u306b\u3088\u3063\u3066\u8cfc\u8cb7\u529b\u304c\u9759\u304b\u306b\u596a\u308f\u308c\u3066\u3044\u304d\u307e\u3059\u3002<\/span><span>\u4e16\u754c\u7d4c\u6e08\u5168\u4f53\u306e\u6210\u9577\u306b\u6295\u8cc7\u3059\u308b\u300c\u5168\u4e16\u754c\u682a\u5f0f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u300d\u3084\u300cS&amp;P500\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u300d\u306a\u3069\u3092\u6d3b\u7528\u3057\u3001<\/span><span>\u5bcc\u3092\u751f\u307f\u51fa\u3059\u4f01\u696d\u306e\u8cc7\u672c\u306e\u4e00\u90e8\u3092\u9577\u671f\u3067\u4fdd\u6709\u3059\u308b\u3053\u3068\u304c\u3001<\/span><span>\u8cc7\u7523\u9632\u885b\u306e\u57fa\u672c\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"73,1,0\"><b data-path-to-node=\"73,1,0\" data-index-in-node=\"0\">\u300c\u8907\u5229\uff08Compound Interest\uff09\u300d\u306e\u529b\u3092\u5473\u65b9\u306b\u3064\u3051\u308b\uff1a<\/b><\/p>\n<p data-path-to-node=\"73,1,1\"><span class=\"\">\u30a2\u30a4\u30f3\u30b7\u30e5\u30bf\u30a4\u30f3\u304c\u300c\u4eba\u985e\u6700\u5927\u306e\u767a\u660e\u300d\u3068\u547c\u3093\u3060\u8907\u5229\u306e\u529b\u306f\u3001<\/span><span class=\"\">\u6642\u9593\u306e\u7d4c\u904e\u3068\u3068\u3082\u306b\u5e7e\u4f55\u7d1a\u6570\u7684\u306a\u52b9\u679c\u3092\u767a\u63ee\u3057\u307e\u3059\u3002<\/span><span class=\"\">\u5c11\u984d\u3067\u3042\u3063\u3066\u3082\u3001<\/span><span>\u82e5\u3044\u3046\u3061\u304b\u3089\u7d99\u7d9a\u7684\u306b\u8cc7\u7523\u3092\u5e02\u5834\u306b\u6295\u3058\u3001<\/span><span>\u5f97\u3089\u308c\u305f\u30ea\u30bf\u30fc\u30f3\u3092\u518d\u6295\u8cc7\u306b\u56de\u3059\u3053\u3068\u3067\u3001<\/span><span>\u5c06\u6765\u306e\u8cc7\u7523\u5f62\u6210\u306e\u30ab\u30fc\u30d6\u306f\u5287\u7684\u306b\u7acb\u3061\u4e0a\u304c\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"73,2,0\"><b data-path-to-node=\"73,2,0\" data-index-in-node=\"0\">\u4e00\u6b21\u60c5\u5831\u3092\u8aad\u307f\u89e3\u304f\u300c\u8ca1\u52d9\u30fb\u69cb\u9020\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\uff1a<\/b><\/p>\n<p data-path-to-node=\"73,2,1\"><span class=\"\">SNS\u306e\u717d\u308a\u6587\u53e5\u3084\u682a\u4fa1\u306e\u77ed\u671f\u7684\u306a\u4e71\u9ad8\u4e0b\u306b\u60d1\u308f\u3055\u308c\u306a\u3044\u305f\u3081\u306b\u306f\u3001<\/span><span>\u4eca\u56de\u89e3\u8aac\u3057\u305f\u3088\u3046\u306a\u300c\u4f01\u696d\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u300d\u300c\u7c97\u5229\u76ca\u7387\u300d\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u300d\u306e\u69cb\u9020\u3092\u81ea\u5206\u306e\u982d\u3067\u7406\u89e3\u3059\u308b\u529b\u304c\u5fc5\u8981\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"73,2,2\">\n<li>\n<p data-path-to-node=\"73,2,2,0,0\"><span class=\"\">\u300c\u3053\u306e\u4f01\u696d\u306f\u306a\u305c\u58f2\u4e0a\u304c\u4f38\u3073\u3066\u3044\u308b\u306e\u304b\uff08\u5358\u306a\u308b\u5024\u4e0a\u3052\u304b\u3001<\/span><span class=\"\">\u5229\u7528\u8005\u306e\u7206\u767a\u7684\u62e1\u5927\u304b\uff09\u300d<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"73,2,2,1,0\"><span>\u300c\u7d14\u640d\u5931\u304c\u5de8\u984d\u3060\u304c\u3001<\/span><span>\u73fe\u91d1\u306e\u6d41\u51fa\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30a2\u30a6\u30c8\uff09\u3092\u4f34\u3046\u3082\u306e\u304b\u3001<\/span><span>\u4f1a\u8a08\u4e0a\u306e\u8a55\u4fa1\u640d\u304b\u300d<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"73,2,2,2,0\"><span>\u300c\u7d4c\u55b6\u9663\u3084\u5927\u682a\u4e3b\u306f\u8ab0\u3067\u3001<\/span><span class=\"\">\u3044\u304b\u306a\u308b\u529b\u5b66\u3067\u4f1a\u793e\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3055\u308c\u3066\u3044\u308b\u306e\u304b\u300d<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"74\"><span class=\"\">\u3053\u3046\u3057\u305f\u8996\u70b9\u3092\u6301\u3064\u3053\u3068\u306f\u3001<\/span><span class=\"\">\u682a\u5f0f\u6295\u8cc7\u3067\u306e\u9298\u67c4\u9078\u3073\u306b\u5f79\u7acb\u3064\u3060\u3051\u3067\u306a\u304f\u3001<\/span><span>\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30bd\u30f3\u3068\u3057\u3066\u300c\u3069\u306e\u7523\u696d\u3001<\/span><span>\u3069\u306e\u4f01\u696d\u3067\u50cd\u304f\u3079\u304d\u304b\u300d\u300c\u81ea\u793e\u306e\u4e8b\u696d\u8a08\u753b\u306f\u6301\u7d9a\u53ef\u80fd\u304b\u300d\u3092\u5224\u65ad\u3059\u308b\u4e0a\u3067\u3082\u6700\u5f37\u306e\u6b66\u5668\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"76\" class=\"\">\u307e\u3068\u3081\uff1a\u5de8\u5927\u77e5\u80fd\u306e\u6642\u4ee3\u3078\u8e0f\u307f\u51fa\u3059\u305f\u3081\u306b<\/h2>\n<p data-path-to-node=\"77\"><span>2026\u5e74\u3001<\/span><span>Anthropic\u306e\u4e0a\u5834\u7533\u8acb\u306f\u300cAI\u304c\u5358\u306a\u308b\u7814\u7a76\u958b\u767a\u306e\u6bb5\u968e\u3092\u7d42\u3048\u3001<\/span><span>\u4e16\u754c\u7d4c\u6e08\u306e\u57fa\u5e79\u30a4\u30f3\u30d5\u30e9\u3068\u3057\u3066\u5de8\u984d\u306e\u30de\u30cd\u30fc\u3092\u5faa\u74b0\u3055\u305b\u308b\u6210\u719f\u671f\u306b\u5165\u3063\u305f\u3053\u3068\u300d\u3092\u4e16\u754c\u306b\u5ba3\u8a00\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<ul data-path-to-node=\"78\">\n<li>\n<p data-path-to-node=\"78,0,0\"><b data-path-to-node=\"78,0,0\" data-index-in-node=\"0\">\u9a5a\u7570\u7684\u306a\u6210\u9577\u3068\u63a1\u7b97\u5316\uff1a<\/b><span> \u5e74\u9593\u63db\u7b97\u58f2\u4e0a600\u5104\u30c9\u30eb\u7a81\u7834\u3001<\/span><span>\u56db\u534a\u671f\u55b6\u696d\u9ed2\u5b57\u5316\u3068\u3044\u3046\u5b9f\u7e3e\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"78,1,0\"><b data-path-to-node=\"78,1,0\" data-index-in-node=\"0\">\u72e1\u733e\u304b\u3064\u5805\u7262\u306a\u8cc7\u672c\u6226\u7565\uff1a<\/b><span> Amazon\u30fbGoogle\u306e\u8cc7\u672c\u3092\u53d7\u3051\u5165\u308c\u3064\u3064\u3082\u7121\u8b70\u6c7a\u6a29\u5316\u30fb\u4fdd\u6709\u4e0a\u9650\u3067\u72ec\u7acb\u6027\u3092\u7dad\u6301\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"78,2,0\"><b data-path-to-node=\"78,2,0\" data-index-in-node=\"0\">\u65b0\u305f\u306a\u7d71\u6cbb\u30e2\u30c7\u30eb\uff1a<\/b><span> \u30d1\u30d6\u30ea\u30c3\u30af\u30fb\u30d9\u30cd\u30d5\u30a3\u30c3\u30c8\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3\uff08PBC\uff09\u3068\u9577\u671f\u5229\u76ca\u4fe1\u8a17\uff08LTBT\uff09\u306b\u3088\u308bAI\u5b89\u5168\u6027\u306e\u5236\u5ea6\u7684\u62c5\u4fdd\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"78,3,0\"><b data-path-to-node=\"78,3,0\" data-index-in-node=\"0\">\u80cc\u4e2d\u5408\u308f\u305b\u306e\u30ea\u30b9\u30af\uff1a<\/b><span> 6,<\/span><span>370\u5104\u30c9\u30eb\u306b\u4e0a\u308b\u5de8\u984d\u306e\u8a08\u7b97\u30ea\u30bd\u30fc\u30b9\u8cfc\u5165\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"79\"><span>AI\u3068\u3044\u3046\u300c\u4eba\u985e\u304c\u751f\u307f\u51fa\u3057\u305f\u6700\u3082\u5f37\u529b\u306a\u77e5\u80fd\u300d\u306f\u3001<\/span><span class=\"\">\u79c1\u305f\u3061\u306e\u793e\u4f1a\u69cb\u9020\u3001<\/span><span class=\"\">\u50cd\u304d\u65b9\u3001<\/span><span>\u305d\u3057\u3066\u8cc7\u672c\u306e\u3042\u308a\u65b9\u3092\u6839\u5e95\u304b\u3089\u4f5c\u308a\u5909\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u3053\u306e\u6fc0\u52d5\u306e\u5909\u9769\u671f\u306b\u304a\u3044\u3066\u6700\u3082\u4fa1\u5024\u3042\u308b\u81ea\u5df1\u6295\u8cc7\u3068\u306f\u3001<\/span><span class=\"\">\u65b0\u3057\u3044\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3092\u8caa\u6b32\u306b\u4f7f\u3044\u3053\u306a\u3059\u300c\u6280\u8853\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\u3068\u3001<\/span><span class=\"\">\u8cc7\u672c\u306e\u6d41\u308c\u3092\u6b63\u3057\u304f\u898b\u6975\u3081\u3066\u81ea\u3089\u306e\u8cc7\u7523\u3092\u5b88\u308a\u5897\u3084\u3059\u300c\u91d1\u878d\u30fb\u6295\u8cc7\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\u306e\u4e21\u8f2a\u3092\u935b\u3048\u7d9a\u3051\u308b\u3053\u3068\u306b\u4ed6\u306a\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<p data-path-to-node=\"80\"><span class=\"\">\u77e5\u8b58\u3092\u6301\u3064\u8005\u306f\u5909\u5316\u3092\u30c1\u30e3\u30f3\u30b9\u306b\u5909\u3048\u3001<\/span><span class=\"\">\u77e5\u8b58\u3092\u6301\u305f\u3056\u308b\u8005\u306f\u5909\u5316\u306b\u7ffb\u5f04\u3055\u308c\u307e\u3059\u3002<\/span><span class=\"\">Anthropic\u304c\u5207\u308a\u62d3\u3044\u305f\u3053\u306e\u6b74\u53f2\u7684\u306a\u7bc0\u76ee\u3092\u3001<\/span><span class=\"\">\u81ea\u3089\u306e\u672a\u6765\u306b\u5411\u3051\u305f\u91d1\u878d\u77e5\u8b58\u306e\u7b2c\u4e00\u6b69\u3068\u3057\u3066\u5f79\u7acb\u3066\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/span><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">GFS\u76e3\u4fee \u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u307e\u305a\u306f\u304a\u8a66\u3057\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/b><\/p>\n<p>\u6295\u8cc7\u306e\u9054\u4eba\u306b\u306a\u308b\u6295\u8cc7\u8b1b\u5ea7\u306f\u3001\u751f\u5f92\u657050,000\u4eba\u3092\u8d85\u3048\u8b1b\u7fa9\u6570\u65e5\u672c\u4e00\u306e\u6295\u8cc7\u30b9\u30af\u30fc\u30eb<a href=\"https:\/\/gfs.tokyo\/\">GFS<\/a>\u304c\u63d0\u4f9b\u3059\u308b\u7121\u6599\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u3067\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u8b1b\u5e2b\u304c\u3001\u672a\u7d4c\u9a13\u8005\u3084\u82e6\u624b\u610f\u8b58\u304c\u3042\u308b\u4eba\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u3084\u5168\u4f53\u50cf\u3001\u30eb\u30fc\u30eb\u3092\u57fa\u790e\u304b\u3089\u56f3\u89e3\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u306a\u308b\u3079\u304f\u52b9\u7387\u3088\u304f\u59cb\u3081\u305f\u3044\u4eba\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"cv-btn-wrap\">\n<div class=\"cv-copy\" style=\"text-align: center;\"><strong><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\uff3c1\u5206\u3067\u7c21\u5358\u7533\u8fbc\uff0f<\/a><\/strong><\/div>\n<div class=\"cv-btn\" style=\"text-align: center;\"><strong><span class=\"cv-em\">\u7121\u6599<\/span><\/strong><br \/>\n<strong><span class=\"cv-text\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 data-path-to-node=\"4\">\u3010\u91cd\u8981\u3011\u514d\u8cac\u4e8b\u9805<\/h3>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5224\u65ad\u306e\u6700\u7d42\u8cac\u4efb\uff1a<\/b> \u672c\u8a18\u4e8b\u3067\u7d39\u4ecb\u3057\u3066\u3044\u308b\u9298\u67c4\u3084\u30bb\u30af\u30bf\u30fc\u3001\u5206\u6790\u5185\u5bb9\u306f\u3001\u60c5\u5831\u63d0\u4f9b\u304a\u3088\u3073\u5b66\u7fd2\u306e\u5553\u767a\u306e\u307f\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u9298\u67c4\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6700\u7d42\u6c7a\u5b9a\u306f\u3001\u5fc5\u305a\u3054\u81ea\u8eab\u306e\u5224\u65ad\u3068\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,1,0\"><b data-path-to-node=\"5,1,0\" data-index-in-node=\"0\">\u6210\u679c\u306e\u975e\u4fdd\u8a3c\uff1a<\/b> \u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3084\u4e88\u6e2c\u306f\u3001\u5c06\u6765\u306e\u6295\u8cc7\u6210\u679c\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u308a\u3001\u8cc7\u7523\u304c\u6e1b\u5c11\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,2,0\"><b data-path-to-node=\"5,2,0\" data-index-in-node=\"0\">\u60c5\u5831\u306e\u6b63\u78ba\u6027\uff1a<\/b> 2026\u5e74\u6642\u70b9\u306e\u60c5\u5831\u306b\u57fa\u3065\u304d\u4f5c\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u6027\u3084\u5b8c\u5168\u6027\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6700\u65b0\u306e\u696d\u7e3e\u3084\u30cb\u30e5\u30fc\u30b9\u306f\u3001\u5fc5\u305a\u5404\u4f01\u696d\u306eIR\u30b5\u30a4\u30c8\u3084\u4e00\u6b21\u8cc7\u6599\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,3,0\"><b data-path-to-node=\"5,3,0\" data-index-in-node=\"0\">\u640d\u5931\u306e\u88dc\u511f\uff1a<\/b> \u672c\u8a18\u4e8b\u306e\u5185\u5bb9\u306b\u57fa\u3065\u3044\u3066\u88ab\u3063\u305f\u3044\u304b\u306a\u308b\u640d\u5bb3\uff08\u76f4\u63a5\u7684\u30fb\u9593\u63a5\u7684\u3092\u554f\u308f\u305a\uff09\u306b\u3064\u3044\u3066\u3082\u3001\u7b46\u8005\u306f\u4e00\u5207\u306e\u8cac\u4efb\u3092\u8ca0\u3044\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3010\u5b8c\u5168\u89e3\u8aac\u3011\u30a2\u30f3\u30bd\u30ed\u30d4\u30c3\u30af\u4e0a\u5834\u3068OpenAI\u306e\u6fc0\u52d5\u2015\u2015\u4eba\u985e\u53f2\u4e0a\u6700\u5927\u306eIPO\u304c\u7a81\u304d\u3064\u3051\u308b\u300c\u77e5\u80fd\u3068\u8cc7\u672c\u300d\u306e\u30ea\u30a2\u30eb \u3000\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000 GFS\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002\u65e5 [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":33364,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,12],"acf":[],"_links":{"self":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/33346"}],"collection":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/comments?post=33346"}],"version-history":[{"count":7,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/33346\/revisions"}],"predecessor-version":[{"id":33394,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/33346\/revisions\/33394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media\/33364"}],"wp:attachment":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media?parent=33346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/categories?post=33346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}