{"id":853,"date":"2026-06-25T06:47:10","date_gmt":"2026-06-24T21:47:10","guid":{"rendered":"https:\/\/www.kabutec.jp\/blog\/?p=853"},"modified":"2026-06-25T06:47:11","modified_gmt":"2026-06-24T21:47:11","slug":"%e3%83%9e%e3%82%a4%e3%82%af%e3%83%ad%e3%83%b3%e3%80%81%e5%8f%b2%e4%b8%8a%e6%9c%80%e9%ab%98%e3%81%ae%e6%b1%ba%e7%ae%97%e3%81%af%e6%9c%80%e9%ab%98%e3%81%ae%e8%b2%b7%e3%81%84%e5%a0%b4%e3%82%92","status":"publish","type":"post","link":"https:\/\/www.kabutec.jp\/blog\/?p=853","title":{"rendered":"\u30de\u30a4\u30af\u30ed\u30f3\u3001\u53f2\u4e0a\u6700\u9ad8\u306e\u6c7a\u7b97\u306f&#8221;\u6700\u9ad8\u306e\u8cb7\u3044\u5834&#8221;\u3092\u610f\u5473\u3057\u306a\u3044"},"content":{"rendered":"\n<style>\n  @import url('https:\/\/fonts.googleapis.com\/css2?family=Shippori+Mincho+B1:wght@500;600;700;800&family=Noto+Sans+JP:wght@400;500;700&display=swap');\n  #kt-mu{\n    --paper:#f7f5ef;\n    --card:#fffefb;\n    --ink:#16191e;\n    --navy:#1c3251;\n    --crimson:#b02a2f;\n    --crimson-d:#8e2125;\n    --brass:#937029;\n    --line:#ddd6c7;\n    --line-strong:#c7bfac;\n    --mute:#6b6e74;\n    --green:#3f6b4c;\n    --mincho:\"Shippori Mincho B1\",\"\u6e38\u660e\u671d\",\"YuMincho\",\"Hiragino Mincho ProN\",serif;\n    --gothic:\"Noto Sans JP\",\"Hiragino Kaku Gothic ProN\",\"Yu Gothic\",\"Meiryo\",sans-serif;\n  }\n  #kt-mu *{box-sizing:border-box;margin:0;padding:0}\n  #kt-mu{\n    font-family:var(--gothic);color:var(--ink);background:var(--paper);\n    line-height:1.95;font-size:16.5px;letter-spacing:.01em;\n    max-width:760px;margin:0 auto;padding:0 20px 72px;-webkit-font-smoothing:antialiased;\n  }\n\n  #kt-mu .kt-eyebrow{\n    display:flex;align-items:center;gap:10px;\n    font-family:var(--gothic);font-weight:700;font-size:12.5px;letter-spacing:.14em;\n    color:var(--crimson);padding-top:46px;margin-bottom:20px;\n  }\n  #kt-mu .kt-eyebrow .tick{flex:1;height:1px;background:var(--line-strong)}\n  #kt-mu .kt-code{\n    font-family:var(--gothic);font-weight:700;font-size:12.5px;letter-spacing:.08em;\n    color:var(--navy);border:1px solid var(--navy);border-radius:3px;padding:2px 8px;\n  }\n  #kt-mu h1.kt-title{\n    font-family:var(--mincho);font-weight:800;font-size:clamp(27px,5.4vw,40px);\n    line-height:1.4;letter-spacing:.005em;color:var(--ink);margin-bottom:18px;\n  }\n  #kt-mu h1.kt-title .em{color:var(--crimson)}\n  #kt-mu .kt-sub{\n    font-family:var(--mincho);font-size:clamp(15px,2.7vw,18px);color:var(--navy);\n    line-height:1.7;font-weight:600;padding-left:16px;border-left:3px solid var(--brass);margin-bottom:26px;\n  }\n  #kt-mu .kt-meta{\n    display:flex;flex-wrap:wrap;gap:8px 18px;font-size:12.5px;color:var(--mute);\n    padding-bottom:26px;border-bottom:2px solid var(--ink);margin-bottom:6px;\n  }\n  #kt-mu .kt-meta b{color:var(--navy);font-weight:700}\n\n  #kt-mu .kt-verdict{\n    background:var(--navy);color:#f4f1ea;border-radius:6px;overflow:hidden;\n    margin:34px 0 40px;box-shadow:0 18px 40px -22px rgba(28,50,81,.7);\n  }\n  #kt-mu .kt-verdict .vhead{\n    display:flex;align-items:baseline;gap:12px;flex-wrap:wrap;\n    padding:18px 26px 14px;border-bottom:1px solid rgba(244,241,234,.18);\n  }\n  #kt-mu .kt-verdict .vlabel{font-family:var(--gothic);font-weight:700;font-size:12px;letter-spacing:.2em;color:#cdbf9a}\n  #kt-mu .kt-verdict .vtag{font-family:var(--mincho);font-weight:800;font-size:clamp(18px,3.6vw,24px);color:#fff;line-height:1.35}\n  #kt-mu .kt-verdict .vtag .hot{color:#ffb4a0}\n  #kt-mu .kt-verdict ol{list-style:none;counter-reset:v;padding:20px 26px 24px}\n  #kt-mu .kt-verdict ol li{counter-increment:v;position:relative;padding-left:40px;margin-bottom:16px;font-size:15px;line-height:1.85;color:#ece8df}\n  #kt-mu .kt-verdict ol li:last-child{margin-bottom:0}\n  #kt-mu .kt-verdict ol li::before{\n    content:counter(v);position:absolute;left:0;top:1px;width:25px;height:25px;border-radius:50%;\n    border:1.5px solid #cdbf9a;color:#cdbf9a;font-family:var(--mincho);font-weight:700;font-size:14px;\n    display:flex;align-items:center;justify-content:center;\n  }\n  #kt-mu .kt-verdict ol li b{color:#fff;font-weight:700}\n  #kt-mu .kt-verdict ol li .crit{color:#ffb4a0;font-weight:700}\n\n  #kt-mu h2{font-family:var(--mincho);font-weight:800;font-size:clamp(21px,4vw,27px);line-height:1.45;color:var(--navy);margin:52px 0 8px;padding-top:8px}\n  #kt-mu h2 .num{font-family:var(--mincho);font-size:.62em;color:var(--crimson);font-weight:700;margin-right:10px;letter-spacing:.05em}\n  #kt-mu .h2rule{height:2px;background:linear-gradient(90deg,var(--crimson),var(--line-strong) 60%,transparent);margin-bottom:24px}\n  #kt-mu h3{font-family:var(--gothic);font-weight:700;font-size:17.5px;color:var(--ink);margin:30px 0 10px;padding-left:13px;border-left:4px solid var(--navy)}\n\n  #kt-mu p{margin-bottom:18px}\n  #kt-mu strong{font-weight:700;color:var(--ink);background:linear-gradient(transparent 62%,rgba(147,112,41,.22) 62%)}\n  #kt-mu .crimson{color:var(--crimson);font-weight:700;background:none}\n  #kt-mu em{font-style:normal;font-weight:700;color:var(--navy);background:none}\n  #kt-mu a{color:var(--crimson);text-underline-offset:3px}\n\n  #kt-mu .kt-table{width:100%;border-collapse:collapse;font-size:14.5px;margin:8px 0 26px;background:var(--card);border:1px solid var(--line)}\n  #kt-mu .kt-table caption{text-align:left;font-family:var(--gothic);font-weight:700;font-size:13px;color:var(--mute);padding:0 0 9px;letter-spacing:.04em}\n  #kt-mu .kt-table th,#kt-mu .kt-table td{padding:11px 14px;border-bottom:1px solid var(--line);text-align:left}\n  #kt-mu .kt-table thead th{background:var(--navy);color:#f4f1ea;font-weight:700;font-size:13px;letter-spacing:.05em;border-bottom:none}\n  #kt-mu .kt-table td.num,#kt-mu .kt-table th.num{text-align:right;font-variant-numeric:tabular-nums;font-family:var(--gothic);white-space:nowrap}\n  #kt-mu .kt-table tbody tr:last-child td{border-bottom:none}\n  #kt-mu .kt-table .pos{color:var(--green);font-weight:700}\n  #kt-mu .kt-table .row-emph td{background:#fbf6ee;font-weight:700}\n\n  \/* \u7c97\u5229\u7387\u306e\u5faa\u74b0\u30d3\u30b8\u30e5\u30a2\u30eb\uff08\u672c\u8a18\u4e8b\u306e\u30b7\u30b0\u30cd\u30c1\u30e3\uff09 *\/\n  #kt-mu .kt-cycle{background:var(--card);border:1px solid var(--line-strong);border-radius:6px;padding:24px 22px 22px;margin:28px 0 30px}\n  #kt-mu .kt-cycle .ctitle{font-family:var(--mincho);font-weight:800;font-size:18px;color:var(--navy);margin-bottom:4px}\n  #kt-mu .kt-cycle .cnote{font-size:12.5px;color:var(--mute);margin-bottom:20px}\n  #kt-mu .kt-cbar{margin-bottom:13px}\n  #kt-mu .kt-cbar .cl{display:flex;justify-content:space-between;align-items:baseline;font-size:13px;margin-bottom:5px}\n  #kt-mu .kt-cbar .cl .lab{font-weight:700;color:var(--ink)}\n  #kt-mu .kt-cbar .cl .lab .sm{font-weight:400;color:var(--mute);font-size:11.5px;margin-left:6px}\n  #kt-mu .kt-cbar .cl .val{font-variant-numeric:tabular-nums;font-weight:800;font-family:var(--mincho)}\n  #kt-mu .kt-ctrack{height:16px;background:#ece7da;border-radius:4px;overflow:hidden}\n  #kt-mu .kt-cfill{height:100%;border-radius:4px;background:linear-gradient(90deg,#3f6b4c,#5a8a64)}\n  #kt-mu .kt-cfill.now{background:repeating-linear-gradient(45deg,var(--crimson),var(--crimson) 5px,#c64a4f 5px,#c64a4f 10px)}\n  #kt-mu .kt-cfill.guide{background:repeating-linear-gradient(45deg,#9a4a4e,#9a4a4e 5px,#b56468 5px,#b56468 10px);opacity:.85}\n  #kt-mu .kt-trough{display:flex;align-items:center;gap:9px;font-size:12.5px;color:var(--crimson-d);font-weight:700;background:#fbf2f1;border:1px dashed #e0bdbb;border-radius:4px;padding:9px 12px;margin-top:6px}\n  #kt-mu .kt-trough .arr{font-size:15px}\n\n  #kt-mu .kt-pull{font-family:var(--mincho);font-weight:600;font-size:clamp(17px,3.2vw,21px);line-height:1.7;color:var(--navy);border-top:2px solid var(--crimson);border-bottom:2px solid var(--crimson);padding:20px 4px;margin:34px 0;text-align:center}\n  #kt-mu .kt-note{background:#f0eee6;border-left:4px solid var(--brass);padding:16px 20px;margin:24px 0;font-size:14.5px;border-radius:0 4px 4px 0}\n  #kt-mu .kt-note .nh{font-weight:700;color:var(--brass);font-size:13px;letter-spacing:.06em;margin-bottom:5px}\n\n  #kt-mu .kt-bull{background:linear-gradient(180deg,#f3f7f3,#eef3ee);border:1px solid #cfdcd2;border-radius:6px;padding:22px 22px 20px;margin:28px 0}\n  #kt-mu .kt-bull .bh{font-family:var(--mincho);font-weight:800;font-size:18px;color:var(--green);margin-bottom:10px}\n  #kt-mu .kt-bull ul{list-style:none;margin:0}\n  #kt-mu .kt-bull li{position:relative;padding-left:24px;margin-bottom:11px;font-size:14.5px;line-height:1.8}\n  #kt-mu .kt-bull li:last-child{margin-bottom:0}\n  #kt-mu .kt-bull li::before{content:\"\u25b6\";position:absolute;left:0;top:1px;color:var(--green);font-size:11px}\n  #kt-mu .kt-bull li b{color:var(--green)}\n\n  #kt-mu .kt-trig{list-style:none;counter-reset:t;margin:18px 0 8px}\n  #kt-mu .kt-trig li{counter-increment:t;position:relative;padding:14px 16px 14px 52px;border:1px solid var(--line);border-left:3px solid var(--navy);background:var(--card);margin-bottom:11px;border-radius:0 4px 4px 0;font-size:14.5px;line-height:1.7}\n  #kt-mu .kt-trig li::before{content:\"T\"counter(t);position:absolute;left:14px;top:13px;font-family:var(--mincho);font-weight:800;font-size:14px;color:var(--crimson)}\n  #kt-mu .kt-trig li b{color:var(--navy)}\n\n  #kt-mu .kt-disc{margin-top:46px;padding:18px 20px;background:#eceae2;border-radius:5px;font-size:12px;color:var(--mute);line-height:1.75}\n  #kt-mu .kt-disc b{color:var(--ink)}\n  #kt-mu .kt-sign{margin-top:30px;padding-top:20px;border-top:1px solid var(--line-strong);font-family:var(--mincho);font-size:13px;color:var(--mute);text-align:right}\n\n  @media(max-width:560px){\n    #kt-mu{font-size:16px;padding:0 16px 56px}\n    #kt-mu .kt-verdict ol li{padding-left:36px}\n  }\n<\/style>\n\n<article id=\"kt-mu\">\n\n  <div class=\"kt-eyebrow\">\n    <span>\u500b\u5225\u682a\u5206\u6790<\/span><span class=\"tick\"><\/span><span class=\"kt-code\">NASDAQ : MU<\/span>\n  <\/div>\n\n  <p class=\"kt-sub\">\u58f2\u4e0a\u306f\u524d\u5e74\u6bd44.5\u500d\u3001\u7c97\u5229\u738784.6%\u3001\u7d14\u5229\u76ca2.8\u5146\u5186\u898f\u6a21\u2015\u2015\u6570\u5b57\u306f\u6587\u53e5\u306a\u3057\u306b\u6b74\u53f2\u7684\u3060\u3002<br>\u305d\u3057\u3066\u6642\u9593\u5916\u3067\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u3002\u554f\u984c\u306f\u300c\u3053\u306e\u7d76\u597d\u8abf\u3092\u3001\u3044\u304f\u3089\u3067\u30fb\u3069\u306e\u5c40\u9762\u3067\u8cb7\u3046\u304b\u300d\u3002\u5f37\u6c17\u3068\u5f31\u6c17\u3001\u53cc\u65b9\u306e\u8a00\u3044\u5206\u306b\u672c\u7269\u306e\u6839\u62e0\u304c\u3042\u308b\u3002<\/p>\n\n  <div class=\"kt-meta\">\n    <span><b>\u682a\u4fa1(6\/24\u7d42\u5024)<\/b> \u7d04$1,058<\/span>\n    <span><b>\u6642\u9593\u5916<\/b> +16%\u524d\u5f8c\u3067\u6700\u9ad8\u5024\u66f4\u65b0<\/span>\n    <span><b>\u6642\u4fa1\u7dcf\u984d<\/b> \u7d04$1.2\u5146<\/span>\n    <span><b>\u4e88\u60f3\u914d\u5f53\u5229\u56de\u308a<\/b> \u7d040.06%<\/span>\n    <span>\u203b2026\u5e746\u670824\u65e5(\u7c73\u56fd\u6642\u9593)<\/span>\n  <\/div>\n\n  <!-- ============ \u7d50\u8ad6\u30dc\u30c3\u30af\u30b9 ============ -->\n  <div class=\"kt-verdict\">\n    <div class=\"vhead\">\n      <span class=\"vlabel\">\u7d50 \u8ad6<\/span>\n      <span class=\"vtag\">\u7b54\u3048\u306f\u5272\u308c\u308b\u2015\u2015<span class=\"hot\">\u300c\u69cb\u9020\u5909\u5316\u306b\u8ced\u3051\u308b\u300d\u304b\u300c\u5faa\u74b0\u306e\u898f\u5f8b\u3067\u5f85\u3064\u300d\u304b<\/span><\/span>\n    <\/div>\n    <ol>\n      <li>\u6c7a\u7b97\u306f\u672c\u7269\u3067\u3001\u6b74\u53f2\u7684\u3060\u3002\u58f2\u4e0a\u306f\u524d\u5e74\u540c\u671f\u6bd44.5\u500d\u3001\u7c97\u5229\u738784.6%\u3001\u7d14\u5229\u76ca\u306f\u56db\u534a\u671f\u30672.8\u5146\u5186\u898f\u6a21\u3002AI\u00d7HBM\u9700\u8981\u306f\u7d1b\u308c\u3082\u306a\u304f\u672c\u7269\u3067\u3042\u308b\u3002\u540c\u6642\u306b\u3001\u682a\u4fa1\u306f1\u5e74\u3067\u7d047.5\u500d\u306b\u99c6\u3051\u4e0a\u304c\u308a\u3001\u6642\u9593\u5916\u3067\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u3002<b>\u300c\u9700\u8981\u306f\u672c\u7269\u300d\u3068\u300c\u682a\u4fa1\u306f\u7d76\u9802\u300d\u306f\u4e21\u7acb\u3059\u308b<\/b>\u2015\u2015\u3060\u304b\u3089\u3053\u305d\u3001\u8cb7\u3046\u304b\u5f85\u3064\u304b\u306e\u5224\u65ad\u306f\u5272\u308c\u308b\u3002<\/li>\n      <li><b>\u5f31\u6c17\u306e\u6838\u306f\u300c\u5faa\u74b0\u306e\u7d76\u9802\u300d\u3060\u3002<\/b>\u7c97\u5229\u738784.6%\u306f\u30e1\u30e2\u30ea\u53f2\u4e0a\u307b\u307c\u524d\u4f8b\u306e\u306a\u3044\u9ad8\u3055\u3067\u30011\u5e74\u524d\u306f37.7%\u3001\u305d\u306e\u524d\u306e\u8c37\u3067\u306f\u8d64\u5b57\u3060\u3063\u305f\u3002\u4f4ePER\u306f\u30d4\u30fc\u30af\u76ca\u306e\u88cf\u8fd4\u3057\u304b\u3082\u3057\u308c\u305a\u3001\u30e1\u30e2\u30ea\u3092\u6700\u9ad8\u76ca\u3067\u8cb7\u3046\u306e\u306f\u6b74\u53f2\u7684\u306b\u96e3\u3057\u3044\u30bf\u30a4\u30df\u30f3\u30b0\u3060\u3063\u305f\u3002<span class=\"crit\">\u3053\u308c\u306f\u7121\u8996\u3067\u304d\u306a\u3044\u4e8b\u5b9f\u3060\u3002<\/span><\/li>\n      <li><b>\u5f37\u6c17\u306e\u6838\u306f\u300c\u4eca\u56de\u306f\u9055\u3046\u300d\u3060\u3002<\/b>HBM\u306e\u69cb\u9020\u7684\u903c\u8feb\u3068\u3001\u8907\u6570\u5e74\u306e\u6226\u7565\u7684\u9867\u5ba2\u5951\u7d04\uff08NVIDIA\u3001\u30cf\u30a4\u30d1\u30fc\u30b9\u30b1\u30fc\u30e9\u30fc\u7b49\uff09\u304c\u3001\u30e1\u30e2\u30ea\u306e\u5faa\u74b0\u305d\u306e\u3082\u306e\u3092\u5909\u3048\u3046\u308b\u3002\u3053\u308c\u3082\u672c\u7269\u306e\u8ad6\u70b9\u3060\u3002<b>\u7d50\u8ad6\uff1a\u6b63\u3057\u3044\u7b54\u3048\u306f\u6642\u9593\u8ef8\u3067\u5909\u308f\u308b\u3002<\/b>\u4e2d\u6838\u3067\u306f\u306a\u304f\u30b5\u30c6\u30e9\u30a4\u30c8\u3068\u3057\u3066\u3001\u81ea\u5206\u306e\u76f8\u5834\u89b3\u306b\u5fdc\u3058\u305f\u898f\u5f8b\u3042\u308b\u30b5\u30a4\u30b8\u30f3\u30b0\u3092\u3002<\/li>\n    <\/ol>\n  <\/div>\n\n  <!-- ============ 1 ============ -->\n  <h2><span class=\"num\">01<\/span>\u6570\u5b57\u3067\u898b\u308b\u3001\u30de\u30a4\u30af\u30ed\u30f3\u306e\u300c\u6b74\u53f2\u7684\u6c7a\u7b97\u300d<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <p>2026\u5e746\u670824\u65e5\uff08\u7c73\u56fd\u6642\u9593\uff09\u306e\u5f15\u3051\u5f8c\u3001\u30de\u30a4\u30af\u30ed\u30f3\u306f2026\u4f1a\u8a08\u5e74\u5ea6\u7b2c3\u56db\u534a\u671f\uff08FQ3\u30012026\u5e745\u670828\u65e5\u7de0\u3081\uff09\u306e\u6c7a\u7b97\u3092\u767a\u8868\u3057\u305f\u3002\u4e00\u8a00\u3067\u3044\u3048\u3070\u3001<strong>\u540c\u793e\u53f2\u4e0a\u6700\u5f37\u306e\u56db\u534a\u671f<\/strong>\u3067\u3042\u308b\u3002\u5e02\u5834\u4e88\u60f3\uff08\u58f2\u4e0a$35.8B\u3001EPS$20\u524d\u5f8c\uff09\u3092\u5168\u65b9\u4f4d\u3067\u53e9\u304d\u3001\u682a\u4fa1\u306f\u6642\u9593\u5916\u3067\u7d0416%\u6025\u9a30\u3001\u5f93\u6765\u306e\u4e0a\u5834\u6765\u9ad8\u5024$1,213.56\u3092\u4e0a\u629c\u304f\u5834\u9762\u304c\u3042\u3063\u305f\u3002<\/p>\n\n  <table class=\"kt-table\">\n    <caption>\u88681\uff1a\u30de\u30a4\u30af\u30ed\u30f3 FQ3-26 \u6c7a\u7b97\u30b5\u30de\u30ea\u30fc\uff08GAAP\u3001\u5bfe\u524d\u5e74\u540c\u671f\uff09<\/caption>\n    <thead>\n      <tr><th>\u9805\u76ee<\/th><th class=\"num\">FQ3-26<br>(\u4eca\u56de)<\/th><th class=\"num\">FQ3-25<br>(1\u5e74\u524d)<\/th><th class=\"num\">\u5909\u5316<\/th><\/tr>\n    <\/thead>\n    <tbody>\n      <tr class=\"row-emph\"><td>\u58f2\u4e0a\u53ce\u76ca<\/td><td class=\"num\">$41.46B<\/td><td class=\"num\">$9.30B<\/td><td class=\"num pos\">+346%<\/td><\/tr>\n      <tr><td>\u7c97\u5229\u7387<\/td><td class=\"num\">84.6%<\/td><td class=\"num\">37.7%<\/td><td class=\"num pos\">+46.9pt<\/td><\/tr>\n      <tr><td>\u55b6\u696d\u5229\u76ca<\/td><td class=\"num\">$33.3B<\/td><td class=\"num\">$2.17B<\/td><td class=\"num pos\">\u7d0415\u500d<\/td><\/tr>\n      <tr class=\"row-emph\"><td>\u7d14\u5229\u76ca<\/td><td class=\"num\">$28.24B<\/td><td class=\"num\">$1.89B<\/td><td class=\"num pos\">\u7d0415\u500d<\/td><\/tr>\n      <tr><td>\u5e0c\u8584\u5316\u5f8cEPS<\/td><td class=\"num\">$24.67<\/td><td class=\"num\">$1.68<\/td><td class=\"num pos\">\u7d0415\u500d<\/td><\/tr>\n      <tr><td>\u55b6\u696dCF<\/td><td class=\"num\">$25.39B<\/td><td class=\"num\">$4.61B<\/td><td class=\"num pos\">+451%<\/td><\/tr>\n      <tr><td>\u8abf\u6574\u5f8cFCF<\/td><td class=\"num\">$18.3B<\/td><td class=\"num\">$1.95B<\/td><td class=\"num\">\u2015<\/td><\/tr>\n    <\/tbody>\n  <\/table>\n\n  <p>\u975eGAAP\u3067\u306f\u7c97\u5229\u738784.9%\u3001EPS$25.11\u3002\u524d\u56db\u534a\u671f\uff08FQ2\uff09\u306e\u58f2\u4e0a$23.86B\u304b\u3089\u3055\u3089\u306b+74%\u3067\u3001\u56db\u534a\u671f\u30d9\u30fc\u30b9\u306e\u5897\u53ce\u5e45\u306f\u540c\u793e\u53f2\u4e0a\u6700\u5927\u3060\u3002\u3055\u3089\u306b\u4f1a\u793e\u304c\u793a\u3057\u305f<strong>FQ4\u30ac\u30a4\u30c0\u30f3\u30b9\u306f\u58f2\u4e0a$50B\uff08\u00b1$1B\uff09\u3001\u7c97\u5229\u7387\u7d0486%\u3001EPS\u7d04$31<\/strong>\u2015\u2015\u6e1b\u901f\u306e\u6c17\u914d\u3059\u3089\u306a\u3044\u3002\u671f\u672b\u306e\u73fe\u91d1\u7b49\u306f$30.2B\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u306f\u524d\u671f\u306e$14B\u304b\u3089$5.1B\u3078\u5727\u7e2e\u3002\u624b\u5143\u306f\u6f64\u6ca2\u3067\u3001\u8ca1\u52d9\u306f\u9244\u58c1\u3060\u3002\u6587\u53e5\u306e\u3064\u3051\u3088\u3046\u304c\u306a\u3044\u3002<\/p>\n\n  <p><em>\u3067\u306f\u3001\u306a\u305c\u3053\u308c\u3092\u300c\u8af8\u624b\u3092\u6319\u3052\u3066\u306e\u8cb7\u3044\u300d\u3068\u5373\u65ad\u3067\u304d\u306a\u3044\u306e\u304b\u3002<\/em>\u305d\u306e\u7b54\u3048\u306f\u3001\u3053\u306e\u6c7a\u7b97\u306e\u300c\u5f37\u3055\u306e\u6b63\u4f53\u300d\u3068\u3001\u30e1\u30e2\u30ea\u3068\u3044\u3046\u7523\u696d\u306e\u300c\u5bbf\u547d\u300d\u306e\u4e21\u65b9\u306b\u3042\u308b\u3002\u9806\u306b\u898b\u3066\u3044\u3053\u3046\u3002<\/p>\n\n  <!-- ============ 2 ============ -->\n  <h2><span class=\"num\">02<\/span>\u306a\u305c\u3053\u308c\u307b\u3069\u5132\u304b\u308b\u306e\u304b\u2015\u2015AI\u30e1\u30e2\u30ea&#8221;\u30b9\u30fc\u30d1\u30fc\u30b5\u30a4\u30af\u30eb&#8221;\u306e\u6b63\u4f53<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <p>\u30de\u30a4\u30af\u30ed\u30f3\u306e\u5229\u76ca\u7206\u767a\u306f\u3001\u88fd\u54c1\u304c\u300c\u305f\u304f\u3055\u3093\u58f2\u308c\u305f\u300d\u3060\u3051\u3067\u306f\u306a\u3044\u3002<strong>\u4fa1\u683c\u304c\u66b4\u9a30\u3057\u305f<\/strong>\u306e\u3060\u3002\u6c7a\u7b97\u66f8\u3092\u898b\u308b\u3068\u3001\u58f2\u4e0a\u304c\u524d\u5e74\u6bd44.5\u500d\u306b\u5897\u3048\u308b\u4e00\u65b9\u3067\u3001\u58f2\u4e0a\u539f\u4fa1\u306f\u307b\u307c\u6a2a\u3070\u3044\uff08$5.79B\u2192$6.40B\uff09\u3002\u3053\u306e\u51c4\u307e\u3058\u3044\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u3001\u7c97\u5229\u7387\u309237.7%\u304b\u308984.6%\u3078\u62bc\u3057\u4e0a\u3052\u305f\u3002\u9700\u8981\u304c\u4f9b\u7d66\u3092\u5727\u5012\u3057\u3001\u30e1\u30e2\u30ea\u4fa1\u683c\u304c\u540a\u308a\u4e0a\u304c\u3063\u3066\u3044\u308b\u2015\u2015\u305d\u306e\u5178\u578b\u7684\u306a\u59ff\u3067\u3042\u308b\u3002<\/p>\n\n  <p>\u727d\u5f15\u5f79\u306f\u660e\u767d\u3067\u3001AI\u5411\u3051\u306e<strong>HBM\uff08\u5e83\u5e2f\u57df\u30e1\u30e2\u30ea\uff09\u3068\u9ad8\u6027\u80fdDRAM<\/strong>\u3060\u3002\u4e8b\u696d\u5225\u3067\u306f\u3001\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u95a2\u9023\uff08Cloud Memory\uff0bCore Data Center\uff09\u306e\u58f2\u4e0a\u304c\u5408\u8a08\u7d04$25.3B\u3068\u5168\u4f53\u306e6\u5272\u8d85\u3092\u5360\u3081\u3001\u305d\u306e\u7c97\u5229\u7387\u306f83\u301c87%\u306b\u9054\u3059\u308b\u3002\u30de\u30a4\u30af\u30ed\u30f3\u306eHBM4\u306f\u3001\u3059\u3067\u306bNVIDIA\u306e\u6b21\u4e16\u4ee3AI\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u300cVera Rubin\u300d\u5411\u3051\u306b\u91cf\u7523\u51fa\u8377\u304c\u59cb\u307e\u3063\u3066\u3044\u308b\u3002AI\u30a2\u30af\u30bb\u30e9\u30ec\u30fc\u30bf1\u57fa\u3042\u305f\u308a\u306e\u30e1\u30e2\u30ea\u642d\u8f09\u91cf\u306f\u4e16\u4ee3\u3054\u3068\u306b\u6fc0\u5897\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u9700\u8981\u304c\u540c\u793e\u306e\u4fa1\u683c\u6c7a\u5b9a\u529b\u3092\u652f\u3048\u3066\u3044\u308b\u3002<\/p>\n\n  <p>\u3053\u3053\u307e\u3067\u306f\u5f37\u6c17\u6750\u6599\u3060\u3002AI\u9700\u8981\u306f\u672c\u7269\u3067\u3001HBM\u306f&#8221;\u7279\u5225\u306aDRAM&#8221;\u3068\u3057\u3066\u9ad8\u5024\u3067\u58f2\u308c\u3066\u3044\u308b\u3002\u554f\u984c\u306f\u2014\u2014<em>\u3053\u306e\u7d76\u597d\u8abf\u3092\u3001\u3044\u304f\u3089\u3067\u8cb7\u3046\u306e\u304b<\/em>\u3067\u3042\u308b\u3002<\/p>\n\n  <!-- ============ 3 ============ -->\n  <h2><span class=\"num\">03<\/span>\u300c\u4e88\u60f3PER10\u500d\u306f\u5272\u5b89\u300d\u306e\u7f60\u2015\u2015\u5faa\u74b0\u682a\u3092\u7d76\u9802\u3067\u8cb7\u3046\u3068\u3044\u3046\u3053\u3068<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <p>\u5f37\u6c17\u6d3e\u306e\u6c7a\u3081\u53f0\u8a5e\u306f\u3053\u3046\u3060\u3002\u300cFQ4\u306eEPS\u30da\u30fc\u30b9\uff08\u5e74\u7387$124\u524d\u5f8c\uff09\u3067\u898b\u308c\u3070\u3001\u682a\u4fa1$1,058\u306e\u4e88\u60f3PER\u306f\u308f\u305a\u304b10\u500d\u3002\u3053\u308c\u3060\u3051\u6210\u9577\u3057\u3066\u3044\u306610\u500d\u306f\u5272\u5b89\u3060\u300d\u3002\u4e00\u898b\u3001\u53cd\u8ad6\u3057\u304c\u305f\u3044\u3002\u3060\u304c\u3001\u3053\u3053\u306b\u5faa\u74b0\u682a\uff08\u30b7\u30af\u30ea\u30ab\u30eb\uff09\u7279\u6709\u306e\u843d\u3068\u3057\u7a74\u304c\u3042\u308b\u3002<\/p>\n\n  <div class=\"kt-pull\">\u4f4ePER\u306f\u300c\u5272\u5b89\u300d\u306e\u30b5\u30a4\u30f3\u3067\u306f\u306a\u3044\u3002<br>\u5faa\u74b0\u682a\u3067\u306f\u3001\u305d\u308c\u306f\u300c\u30d4\u30fc\u30af\u76ca\u300d\u306e\u30b5\u30a4\u30f3\u3060\u3002<\/div>\n\n  <p>\u30e1\u30e2\u30ea\u306f\u3001\u5730\u4e0a\u3067\u6700\u3082\u5faa\u74b0\u306e\u6fc0\u3057\u3044\u7523\u696d\u306e\u3072\u3068\u3064\u3060\u3002\u4f9b\u7d66\u304c\u9700\u8981\u306b\u8ffd\u3044\u3064\u3051\u3070\u4fa1\u683c\u306f\u5d29\u308c\u3001\u30de\u30fc\u30b8\u30f3\u306f\u4e00\u77ac\u3067\u6eb6\u3051\u308b\u3002\u4e0b\u306e\u30b0\u30e9\u30d5\u306f\u3001\u30de\u30a4\u30af\u30ed\u30f3\u306e\u7c97\u5229\u7387\u304c\u3053\u306e\u5faa\u74b0\u306e\u4e2d\u3067\u3069\u3046\u632f\u308c\u3066\u304d\u305f\u304b\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n  <div class=\"kt-cycle\">\n    <div class=\"ctitle\">\u30e1\u30e2\u30ea\u7c97\u5229\u7387\u306e\u5faa\u74b0\u2015\u2015\u3044\u307e\u3001\u3053\u306e\u66f2\u7dda\u306e\u3069\u3053\u306b\u3044\u308b\u304b<\/div>\n    <div class=\"cnote\">\u540c\u3058\u4f1a\u793e\u306e\u7c97\u5229\u7387\u3002\u5730\u4e0a\u3067\u6700\u3082\u6fc0\u3057\u304f\u632f\u308c\u308b\u6570\u5b57\u306e\u3072\u3068\u3064\u3060\uff08GAAP\uff09<\/div>\n\n    <div class=\"kt-cbar\">\n      <div class=\"cl\"><span class=\"lab\">FQ3-25 <span class=\"sm\">1\u5e74\u524d<\/span><\/span><span class=\"val\" style=\"color:#3f6b4c\">37.7%<\/span><\/div>\n      <div class=\"kt-ctrack\"><div class=\"kt-cfill\" style=\"width:43.8%\"><\/div><\/div>\n    <\/div>\n    <div class=\"kt-cbar\">\n      <div class=\"cl\"><span class=\"lab\">FQ2-26 <span class=\"sm\">\u524d\u56db\u534a\u671f<\/span><\/span><span class=\"val\" style=\"color:#3f6b4c\">74.9%<\/span><\/div>\n      <div class=\"kt-ctrack\"><div class=\"kt-cfill\" style=\"width:87.1%\"><\/div><\/div>\n    <\/div>\n    <div class=\"kt-cbar\">\n      <div class=\"cl\"><span class=\"lab\">FQ3-26 <span class=\"sm\">\u4eca\u56de\u30fb\u7d76\u9802<\/span><\/span><span class=\"val\" style=\"color:#b02a2f\">84.6%<\/span><\/div>\n      <div class=\"kt-ctrack\"><div class=\"kt-cfill now\" style=\"width:98.4%\"><\/div><\/div>\n    <\/div>\n    <div class=\"kt-cbar\">\n      <div class=\"cl\"><span class=\"lab\">FQ4-26 <span class=\"sm\">\u4f1a\u793e\u4e88\u60f3<\/span><\/span><span class=\"val\" style=\"color:#9a4a4e\">\u7d0486%<\/span><\/div>\n      <div class=\"kt-ctrack\"><div class=\"kt-cfill guide\" style=\"width:100%\"><\/div><\/div>\n    <\/div>\n    <div class=\"kt-trough\"><span class=\"arr\">\u2190<\/span><span>\u305d\u3057\u3066\u76f4\u8fd1\u306e\u8c37\uff082023\u5e74\uff09\u3067\u306f\u3001\u30de\u30a4\u30af\u30ed\u30f3\u306e\u7c97\u5229\u7387\u306f<u>\u8d64\u5b57\uff08\u30de\u30a4\u30ca\u30b9\u570f\uff09<\/u>\u3060\u3063\u305f\u3002\u3053\u306e\u66f2\u7dda\u306f\u3001\u4e0a\u306b\u3082\u4e0b\u306b\u3082\u632f\u308c\u308b\u3002<\/span><\/div>\n  <\/div>\n\n  <p>\u6b74\u53f2\u304c\u6559\u3048\u308b\u306e\u306f\u6b8b\u9177\u306a\u4e8b\u5b9f\u3060\u3002<strong>\u30e1\u30e2\u30ea\u682a\u3092\u300c\u6700\u9ad8\u76ca\u30fb\u6700\u9ad8\u30de\u30fc\u30b8\u30f3\u300d\u306e\u3068\u304d\u306b\u8cb7\u3046\u306e\u306f\u3001\u4f1d\u7d71\u7684\u306b\u6700\u60aa\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3060\u3063\u305f<\/strong>\u3002\u306a\u305c\u306a\u3089\u3001\u4f4ePER\u3092\u751f\u3080\u300c\u30d4\u30fc\u30af\u76ca\u300d\u306f\u6301\u7d9a\u305b\u305a\u3001\u4fa1\u683c\u304c\u53cd\u8ee2\u3057\u305f\u77ac\u9593\u306b\u5229\u76ca\u304c\u5d29\u308c\u3001&#8221;\u5272\u5b89\u3060\u3063\u305f\u306f\u305a\u306ePER&#8221;\u304c\u4e00\u6c17\u306b\u8df3\u306d\u4e0a\u304c\u308b\u304b\u3089\u3060\u3002\u9006\u306b\u3001\u672c\u5f53\u306e\u8cb7\u3044\u5834\u306f\u3044\u3064\u3082\u3001\u30de\u30fc\u30b8\u30f3\u304c\u8d64\u5b57\u306b\u6c88\u307f\u3001\u8ab0\u3082\u30e1\u30e2\u30ea\u682a\u3092\u898b\u305f\u304f\u306a\u3044\u5faa\u74b0\u306e\u300c\u8c37\u300d\u306b\u3042\u3063\u305f\u3002<\/p>\n\n  <p>\u6c7a\u7b97\u66f8\u306e\u7d30\u90e8\u306b\u3082\u3001\u904e\u71b1\u306e\u8db3\u8de1\u304c\u3042\u308b\u3002\u58f2\u639b\u91d1\uff08receivables\uff09\u306f1\u5e74\u524d\u306e$9.3B\u304b\u3089<strong>$31B\u3078\u6025\u81a8\u5f35<\/strong>\u3057\u305f\u3002\u9700\u8981\u306e\u5f37\u3055\u306e\u88cf\u8fd4\u3057\u3067\u306f\u3042\u308b\u304c\u3001\u8a08\u4e0a\u3057\u305f\u58f2\u4e0a\u306e\u73fe\u91d1\u56de\u53ce\u304c\u305d\u308c\u3060\u3051\u5148\u9001\u308a\u3055\u308c\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u898b\u65b9\u3082\u3067\u304d\u308b\u3002\u7d76\u9802\u671f\u306e\u6570\u5b57\u306f\u3001\u5f80\u3005\u306b\u3057\u3066\u6700\u3082\u300c\u826f\u304f\u898b\u3048\u308b\u300d\u3002<\/p>\n\n  <p>\u305d\u3057\u3066\u3053\u306e\u30d6\u30ed\u30b0\u304c\u5927\u5207\u306b\u3057\u3066\u304d\u305f\u8996\u70b9\u2015\u2015<em>\u300c\u914d\u5f53\u306f\u5f85\u3064\u3053\u3068\u3078\u306e\u5831\u916c\u300d<\/em>\u2015\u2015\u3082\u3001\u3053\u3053\u3067\u306f\u52b9\u304b\u306a\u3044\u3002\u30de\u30a4\u30af\u30ed\u30f3\u306e\u914d\u5f53\u306f\u56db\u534a\u671f$0.15\u3001\u5e74\u7387\u3067\u3082\u5229\u56de\u308a\u7d040.06%\u3002\u5b9f\u8cea\u30bc\u30ed\u3060\u3002\u5f85\u3063\u3066\u3044\u308b\u9593\u306b\u53d7\u3051\u53d6\u308c\u308b\u5831\u916c\u306f\u306a\u304f\u3001<strong>\u3059\u3079\u3066\u306f\u682a\u4fa1\u306e\u5024\u4e0a\u304c\u308a\u306b\u8ced\u3051\u308b\u3057\u304b\u306a\u3044<\/strong>\u3002\u4e0b\u843d\u5c40\u9762\u3067\u30af\u30c3\u30b7\u30e7\u30f3\u306b\u306a\u308b\u914d\u5f53\u306f\u3001\u5b58\u5728\u3057\u306a\u3044\u3002<\/p>\n\n  <!-- ============ 4 ============ -->\n  <h2><span class=\"num\">04<\/span>\u300c\u4eca\u56de\u306f\u9055\u3046\u300d\u306f\u672c\u7269\u304b\u2015\u2015HBM\u306e\u69cb\u9020\u7684\u903c\u8feb\u3068\u6226\u7565\u7684\u9867\u5ba2\u5951\u7d04<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <p>\u3068\u306f\u3044\u3048\u3001\u300c\u30e1\u30e2\u30ea\u306f\u5faa\u74b0\u682a\u3060\u304b\u3089\u7d76\u9802\u3067\u8cb7\u3046\u306a\u300d\u3067\u8a71\u3092\u7d42\u3048\u308b\u306e\u306f\u3001\u77e5\u7684\u306b\u4e0d\u8aa0\u5b9f\u3060\u3002\u6295\u8cc7\u306e\u4e16\u754c\u3067\u6700\u3082\u9ad8\u304f\u3064\u304f\u8a00\u8449\u306f\u300c\u4eca\u56de\u306f\u9055\u3046\uff08This time is different\uff09\u300d\u3060\u304c\u3001<strong>\u672c\u5f53\u306b\u9055\u3046\u3053\u3068\u3082\u3001\u305f\u307e\u306b\u3042\u308b<\/strong>\u3002\u30de\u30a4\u30af\u30ed\u30f3\u306e\u5f37\u6c17\u8ad6\u306b\u306f\u3001\u7121\u8996\u3067\u304d\u306a\u3044\u69cb\u9020\u7684\u306a\u6839\u62e0\u304c\u3042\u308b\u3002<\/p>\n\n  <div class=\"kt-bull\">\n    <div class=\"bh\">\u5f37\u6c17\u306e\u6838\u2015\u2015\u5faa\u74b0\u6027\u304c\u300c\u5909\u308f\u308b\u300d\u304b\u3082\u3057\u308c\u306a\u3044\u7406\u7531<\/div>\n    <ul>\n      <li><b>HBM\u306f&#8221;\u305f\u3060\u306eDRAM&#8221;\u3067\u306f\u306a\u3044\u3002<\/b>\u88fd\u9020\u96e3\u5ea6\u304c\u9ad8\u304f\u3001\u4f9b\u7d66\u304c\u69cb\u9020\u7684\u306b\u903c\u8feb\u3057\u3084\u3059\u3044\u3002\u3057\u304b\u3082\u9700\u8981\u306f\u3001AI\u30a2\u30af\u30bb\u30e9\u30ec\u30fc\u30bf\u3068\u3044\u3046\u9577\u671f\u6210\u9577\u30c6\u30fc\u30de\u306b\u76f4\u7d50\u3057\u3066\u3044\u308b\u3002\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3DRAM\u306e\u9700\u7d66\u3068\u306f\u3001\u5faa\u74b0\u306e\u8cea\u304c\u7570\u306a\u308b\u3002<\/li>\n      <li><b>3\u793e\u306b\u3088\u308b\u5be1\u5360\u3002<\/b>HBM\u3092\u4f9b\u7d66\u3067\u304d\u308b\u306e\u306f\u5b9f\u8cea\u30de\u30a4\u30af\u30ed\u30f3\u30fb\u30b5\u30e0\u30b9\u30f3\u30fbSK\u30cf\u30a4\u30cb\u30c3\u30af\u30b9\u306e3\u793e\u306e\u307f\u3002\u5404\u793e\u304c\u5897\u7523\u898f\u5f8b\u3092\u4fdd\u3066\u3070\u3001\u904e\u53bb\u306e\u3088\u3046\u306a\u7121\u79e9\u5e8f\u306a\u4f9b\u7d66\u904e\u5270\u306f\u8d77\u304d\u306b\u304f\u3044\u3002<\/li>\n      <li><b>\u8907\u6570\u5e74\u306e\u6226\u7565\u7684\u9867\u5ba2\u5951\u7d04\u3002<\/b>\u4eca\u56deCEO\u304c\u6700\u3082\u5f37\u8abf\u3057\u305f\u306e\u304c\u3053\u308c\u3060\u3002NVIDIA\u3001\u30cf\u30a4\u30d1\u30fc\u30b9\u30b1\u30fc\u30e9\u30fc\u3001\u305d\u3057\u3066\u751f\u6210AI\u4f01\u696dAnthropic\u306a\u3069\u3068\u8907\u6570\u5e74\u306e\u4f9b\u7d66\u5951\u7d04\u3092\u7d50\u3073\u3001\u6570\u91cf\u3068\u4fa1\u683c\u306e\u898b\u901a\u3057\u3092\u56fa\u5b9a\u3057\u306b\u3044\u304f\u3002\u72d9\u3044\u306f\u300c\u696d\u7e3e\u306edurability\uff08\u6301\u7d9a\u6027\uff09\u3068predictability\uff08\u4e88\u898b\u6027\uff09\u306e\u5411\u4e0a\u300d\u2015\u2015\u3064\u307e\u308a<b>\u5faa\u74b0\u6027\u305d\u306e\u3082\u306e\u3092\u6f70\u3059<\/b>\u3053\u3068\u3002<\/li>\n      <li><b>\u7d76\u5bfe\u5024\u3068\u3057\u3066\u306e\u5b89\u3055\u3002<\/b>\u4eee\u306b\u6765\u671f\u4ee5\u964d\u306e\u5229\u76ca\u304c\u3053\u306e\u6c34\u6e96\u3092\u7dad\u6301\u3067\u304d\u308b\u306a\u3089\u3001\u4e88\u60f3PER10\u500d\u524d\u5f8c\u30fbFCF\u6f64\u6ca2\u30fb\u7121\u501f\u91d1\u306b\u8fd1\u3044\u8ca1\u52d9\u3068\u3044\u3046\u7d44\u307f\u5408\u308f\u305b\u306f\u3001\u30e1\u30ac\u30ad\u30e3\u30c3\u30d7\u3068\u3057\u3066\u78ba\u304b\u306b\u5b89\u3044\u3002<\/li>\n    <\/ul>\n  <\/div>\n\n  <p>\u3082\u3057\u3053\u306e\u300c\u6226\u7565\u7684\u9867\u5ba2\u5951\u7d04\u300d\u304c\u6a5f\u80fd\u3057\u3001HBM\u306e\u9700\u7d66\u304c\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u7de0\u307e\u308a\u7d9a\u3051\u308b\u306a\u3089\u3001\u300c\u30d4\u30fc\u30af\u30de\u30fc\u30b8\u30f3\u3067\u58f2\u308a\u300d\u3068\u3044\u3046\u65e7\u6765\u306e\u9244\u5247\u306f\u3001\u305d\u306e\u307e\u307e\u3067\u306f\u5f53\u3066\u306f\u307e\u3089\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3053\u308c\u306f\u7a7a\u58f2\u308a\u3092\u6b63\u5f53\u5316\u3057\u306a\u3044\u3001\u672c\u7269\u306e\u8ad6\u70b9\u3060\u3002<em>\u5224\u5b9a\u304c\u300c\u7a7a\u58f2\u308a\u300d\u3067\u306f\u306a\u304f\u300c\u898f\u5f8b\u3042\u308b\u5f85\u3061\u300d\u306a\u306e\u306f\u3001\u3053\u306e\u53ef\u80fd\u6027\u3092\u5426\u5b9a\u3067\u304d\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002<\/em><\/p>\n\n  <!-- ============ 5 ============ -->\n  <h2><span class=\"num\">05<\/span>\u6b7b\u89d2\u2015\u2015&#8221;AI\u30d0\u30d6\u30eb&#8221;\u8b66\u6212\u30fb\u30d1\u30e9\u30dc\u30ea\u30c3\u30af\u30fb\u4f9b\u7d66\u306e\u9006\u8972<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <p>\u5f37\u6c17\u8ad6\u304c\u672c\u7269\u3067\u3042\u308b\u4e00\u65b9\u3001\u30ea\u30b9\u30af\u3082\u307e\u305f\u672c\u7269\u3060\u3002\u305d\u3057\u3066\u4eca\u56de\u3001\u305d\u306e\u30ea\u30b9\u30af\u306f\u6c7a\u7b97\u306e\u6570\u65e5\u524d\u306b\u3001\u751f\u3005\u3057\u304f\u53ef\u8996\u5316\u3055\u308c\u3066\u3044\u305f\u3002<\/p>\n\n  <h3>\u2460 \u6c7a\u7b97\u76f4\u524d\u306b\u8d77\u304d\u305f\u300c\u30e1\u30e2\u30ea\u30fb\u30b7\u30e7\u30c3\u30af\u300d<\/h3>\n  <p>\u3053\u306e\u7d76\u597d\u6c7a\u7b97\u306e\u76f4\u524d\u30016\u670823\u65e5\uff08\u706b\uff09\u306b\u30e1\u30e2\u30ea\u682a\u306f\u6025\u843d\u3057\u305f\u3002\u30de\u30a4\u30af\u30ed\u30f3\u3001\u30b5\u30f3\u30c7\u30a3\u30b9\u30af\u3001\u30a6\u30a8\u30b9\u30bf\u30f3\u30c7\u30b8\u30bf\u30eb\u3001\u30b7\u30fc\u30b2\u30a4\u30c8\u3001\u305d\u3057\u3066\u30b5\u30e0\u30b9\u30f3\u30fbSK\u30cf\u30a4\u30cb\u30c3\u30af\u30b9\u304c\u8ed2\u4e26\u307f\u58f2\u3089\u308c\u3001\u97d3\u56fd\u7dcf\u5408\u682a\u4fa1\u6307\u6570\uff08KOSPI\uff09\u306f10%\u4e0b\u843d\u3002\u304d\u3063\u304b\u3051\u306f\u97d3\u56fd\u306e\u91d1\u878d\u76e3\u7763\u5f53\u5c40\u304c\u30e1\u30e2\u30ea\u95a2\u9023ETF\u306e\u30ea\u30b9\u30af\u306b\u8b66\u9418\u3092\u9cf4\u3089\u3057\u305f\u3053\u3068\u3068\u3001\u518d\u71c3\u3057\u305f<strong>\u300cAI\u30d0\u30d6\u30eb\u300d\u61f8\u5ff5<\/strong>\u3060\u3063\u305f\u3002\u30de\u30a4\u30af\u30ed\u30f3\u682a\u81ea\u4f53\u3082\u30016\u670822\u65e5\u306e\u6700\u9ad8\u5024$1,213\u304b\u3089\u6c7a\u7b97\u524d\u306b\u306f$1,058\u307e\u3067\u3001\u7d0413%\u5024\u3092\u6d88\u3057\u3066\u3044\u305f\u3002<em>\u5e02\u5834\u306f\u3001\u7d76\u9802\u306e\u3055\u306a\u304b\u306b\u300c\u5229\u76ca\u78ba\u5b9a\u300d\u3092\u59cb\u3081\u3066\u3044\u305f<\/em>\u306e\u3060\u3002\u4eca\u56de\u306e\u597d\u6c7a\u7b97\u306f\u3001\u305d\u306e\u4e0d\u5b89\u3092\u4e00\u65e6\u304b\u304d\u6d88\u3057\u305f\u306b\u904e\u304e\u306a\u3044\u3002<\/p>\n\n  <h3>\u2461 \u30d1\u30e9\u30dc\u30ea\u30c3\u30af\u306a\u682a\u4fa1\u3068\u7570\u5e38\u306a\u904e\u71b1<\/h3>\n  <p>\u682a\u4fa1\u306f1\u5e74\u3067\u7d047.5\u500d\uff08$103\u2192$1,213\uff09\u3068\u3044\u3046\u3001\u6587\u5b57\u3069\u304a\u308a\u653e\u7269\u7dda\uff08\u30d1\u30e9\u30dc\u30ea\u30c3\u30af\uff09\u3092\u63cf\u3044\u305f\u3002\u9031\u8db3RSI\u306f99\u3092\u8d85\u3048\u3001\u03b2\uff08\u5e02\u5834\u611f\u5fdc\u5ea6\uff09\u306f3.04\u3002\u3053\u308c\u306f\u3001\u308f\u305a\u304b\u306a\u5730\u5408\u3044\u306e\u5909\u5316\u3067\u4e0a\u4e0b\u306b\u6fc0\u3057\u304f\u632f\u308c\u308b\u3001\u6975\u3081\u3066\u8352\u3044\u9298\u67c4\u3067\u3042\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002\u30c6\u30af\u30cb\u30ab\u30eb\u7684\u306b\u306f\u300c\u3044\u3064\u5927\u578b\u8abf\u6574\u304c\u6765\u3066\u3082\u304a\u304b\u3057\u304f\u306a\u3044\u300d\u6c34\u6e96\u306b\u3042\u308b\u3002<\/p>\n\n  <h3>\u2462 \u4f9b\u7d66\u306e\u9006\u8972\u2015\u2015\u597d\u6c7a\u7b97\u304c\u6b21\u306e\u4e0b\u843d\u3092\u4ed5\u8fbc\u3080<\/h3>\n  <p>\u3053\u308c\u304c\u6700\u3082\u672c\u8cea\u7684\u306a\u30ea\u30b9\u30af\u3060\u3002\u30de\u30a4\u30af\u30ed\u30f3\u306f\u4eca\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u30fb\u30d0\u30fc\u30b8\u30cb\u30a2\u30fb\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u30fb\u30a4\u30f3\u30c9\u30fb\u53f0\u6e7e\u3067\u5de8\u984d\u306e\u751f\u7523\u80fd\u529b\u5897\u5f37\u3092\u9032\u3081\u3066\u3044\u308b\u3002FY2026\u306e\u8a2d\u5099\u6295\u8cc7\u306f$25B\u8d85\u3001FY2027\u306f\u300c\u5927\u5e45\u306b\u7a4d\u307f\u5897\u3059\u300d\u3068\u3044\u3046\u3002<strong>\u7d76\u9802\u306e\u4fa1\u683c\u3092\u898b\u3066\u5168\u793e\u304c\u5897\u7523\u306b\u8d70\u308b\u3068\u304d\u3001\u305d\u306e\u4f9b\u7d66\u306f\u3084\u304c\u3066\u5e02\u5834\u306b\u6ea2\u308c\u3001\u4fa1\u683c\u3092\u5d29\u3059<\/strong>\u2015\u2015\u3053\u308c\u304c\u30e1\u30e2\u30ea\u5faa\u74b0\u3092\u7d42\u308f\u3089\u305b\u3066\u304d\u305f\u53e4\u5178\u7684\u306a\u30e1\u30ab\u30cb\u30ba\u30e0\u3060\u3002\u4eca\u306e\u597d\u696d\u7e3e\u3092\u751f\u3080\u8a2d\u5099\u6295\u8cc7\u304c\u3001\u76ae\u8089\u306b\u3082\u6b21\u306e\u8c37\u306e\u7a2e\u3092\u8494\u3044\u3066\u3044\u308b\u3002HBM\u306e\u5be1\u5360\u304c\u3053\u306e\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u3069\u3053\u307e\u3067\u6291\u3048\u3089\u308c\u308b\u304b\u306f\u3001\u307e\u3060\u8a3c\u660e\u3055\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n\n  <!-- ============ 6 ============ -->\n  <h2><span class=\"num\">06<\/span>\u6295\u8cc7\u5224\u65ad\u2015\u2015\u5f37\u6c17\u3068\u5f31\u6c17\u3001\u3069\u3061\u3089\u306e\u6905\u5b50\u306b\u5ea7\u308b\u304b<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <p>\u8ad6\u70b9\u3092\u6574\u7406\u3057\u3088\u3046\u3002<\/p>\n\n  <p>\u5f37\u6c17\u306e\u6838\u306f\u672c\u7269\u3060\u3002<strong>AI\u00d7HBM\u306e\u9700\u8981\u306f\u5b9f\u5728\u3057\u30013\u793e\u5be1\u5360\u3068\u8907\u6570\u5e74\u306e\u6226\u7565\u7684\u5951\u7d04\u304c\u3001\u30e1\u30e2\u30ea\u306e\u5faa\u74b0\u6027\u3092\u69cb\u9020\u7684\u306b\u5909\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/strong>\u7d76\u5bfe\u5024\u306e\u4e88\u60f3PER\u3082\u3001\u5229\u76ca\u304c\u7d9a\u304f\u306a\u3089\u5b89\u3044\u3002\u3053\u308c\u3089\u3092\u8efd\u8996\u3057\u3066\u306f\u306a\u3089\u306a\u3044\u3002<\/p>\n\n  <p>\u3060\u304c\u5f31\u6c17\u306e\u6838\u3082\u3001\u540c\u3058\u304f\u3089\u3044\u660e\u5feb\u3060\u3002<span class=\"crimson\">\u7c97\u5229\u738784.6%\u306f\u30e1\u30e2\u30ea\u53f2\u4e0a\u307b\u307c\u524d\u4f8b\u306e\u306a\u3044\u7d76\u9802\u3067\u3042\u308a\u3001\u682a\u4fa1\u306f1\u5e74\u30677.5\u500d\u306e\u30d1\u30e9\u30dc\u30ea\u30c3\u30af\u3002\u914d\u5f53\u306f\u30bc\u30ed\u306b\u7b49\u3057\u304f\u3001\u4e0b\u843d\u6642\u306e\u30af\u30c3\u30b7\u30e7\u30f3\u306f\u306a\u3044\u3002\u305d\u3057\u3066\u5168\u793e\u304c\u7d76\u9802\u4fa1\u683c\u3067\u5897\u7523\u306b\u8d70\u3063\u3066\u3044\u308b\u3002<\/span>\u300c\u4e88\u60f3PER10\u500d\u300d\u306f\u3001\u30d4\u30fc\u30af\u76ca\u3092\u5e74\u7387\u63db\u7b97\u3057\u305f\u5faa\u74b0\u682a\u306e\u932f\u899a\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n\n  <p>\u91cd\u8981\u306a\u306e\u306f\u3001<em>\u3053\u306e\u4e8c\u3064\u306f\u300c\u3069\u3061\u3089\u304b\u304c\u5618\u300d\u306a\u306e\u3067\u306f\u306a\u304f\u3001\u4e21\u65b9\u3068\u3082\u672c\u5f53\u3060<\/em>\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u9700\u8981\u306f\u672c\u7269\u3067\u3001\u304b\u3064\u682a\u4fa1\u306f\u7d76\u9802\u306b\u3042\u308b\u3002HBM\u306e\u69cb\u9020\u5909\u5316\u304c\u5faa\u74b0\u6027\u3092\u672c\u5f53\u306b\u5909\u3048\u308b\u306a\u3089\u5f37\u6c17\u304c\u6b63\u3057\u304f\u3001\u305d\u308c\u3067\u3082\u30e1\u30e2\u30ea\u306e\u5bbf\u547d\u304c\u52dd\u3064\u306a\u3089\u5f31\u6c17\u304c\u6b63\u3057\u3044\u3002<strong>\u3069\u3061\u3089\u306b\u8ee2\u3076\u304b\u306f\u3001\u307e\u3060\u8ab0\u306b\u3082\u65ad\u5b9a\u3067\u304d\u306a\u3044\u3002<\/strong>\u3060\u304b\u3089\u3001\u8cb7\u3046\u3079\u304d\u304b\u5f85\u3064\u3079\u304d\u304b\u306e\u7b54\u3048\u306f\u3001\u9298\u67c4\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u2015\u2015<strong>\u3042\u306a\u305f\u306e\u6642\u9593\u8ef8\u30fb\u76f8\u5834\u89b3\u30fb\u65e2\u5b58\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u3088\u3063\u3066\u5909\u308f\u308b\u3002<\/strong><\/p>\n\n  <div class=\"kt-note\">\n    <div class=\"nh\">\u7acb\u5834\u5225\u306e\u8003\u3048\u65b9\uff08\u4e2d\u7acb\u30e1\u30e2\uff09<\/div>\n    <strong>\u25a0 \u65b0\u898f\u3067\u5f37\u6c17\u306b\u8ced\u3051\u305f\u3044\u4eba\u3078\uff1a<\/strong>\u300c\u30e1\u30e2\u30ea\u306e\u5faa\u74b0\u6027\u304c\u69cb\u9020\u7684\u306b\u5909\u308f\u308b\u300d\u306b\u8ced\u3051\u308b\u306a\u3089\u3001\u5408\u7406\u6027\u306f\u3042\u308b\u3002\u305f\u3060\u3057\u5faa\u74b0\u306e\u7d76\u9802\u30fb\u30d1\u30e9\u30dc\u30ea\u30c3\u30af\u30fb\u914d\u5f53\u30bc\u30ed\uff08\u03b23.04\uff09\u3068\u3044\u3046\u8352\u3055\u3092\u524d\u63d0\u306b\u3001\u4e2d\u6838\u3067\u306f\u306a\u304f<strong>\u30b5\u30c6\u30e9\u30a4\u30c8\u3068\u3057\u3066\u5c0f\u3055\u304f<\/strong>\u3002\u4e00\u5ea6\u306b\u5f35\u3089\u305a\u3001\u6642\u9593\u5206\u6563\u3082\u6709\u52b9\u3060\u3002<br>\n    <strong>\u25a0 \u614e\u91cd\u306b\u5165\u308a\u305f\u3044\u4eba\u3078\uff1a<\/strong>\u5faa\u74b0\u682a\u306f\u300c\u8c37\u300d\u3067\u4ed5\u8fbc\u3080\u306e\u304c\u738b\u9053\u3002\u3044\u307e\u5168\u529b\u3067\u8ffd\u3046\u5fc5\u8981\u306f\u306a\u304f\u3001<strong>\u5927\u578b\u8abf\u6574\u3092\u5f85\u3063\u3066\u304b\u3089\u691c\u8a0e<\/strong>\u3059\u308b\u9078\u629e\u3082\u5341\u5206\u306b\u5408\u7406\u7684\u3060\u3002\u5f85\u3064\u3053\u3068\u81ea\u4f53\u304c\u30ea\u30b9\u30af\u7ba1\u7406\u306b\u306a\u308b\u3002<br>\n    <strong>\u25a0 \u3059\u3067\u306b\u4fdd\u6709\u3057\u3066\u3044\u308b\u4eba\u3078\uff1a<\/strong>\u542b\u307f\u76ca\u306f\u5927\u304d\u3044\u306f\u305a\u3002<strong>\u5229\u78ba\u306e\u898f\u5f8b\uff08\u4e00\u90e8\u5229\u78ba\u30fb\u30c8\u30ec\u30fc\u30ea\u30f3\u30b0\u30b9\u30c8\u30c3\u30d7\uff09<\/strong>\u3092\u6301\u3064\u304b\u3001\u5faa\u74b0\u306e\u8c37\u307e\u3067\u5f80\u5fa9\u3059\u308b\u899a\u609f\u3067\u30ac\u30c1\u30db\u3059\u308b\u304b\u2015\u2015\u81ea\u5206\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u5148\u306b\u6c7a\u3081\u3066\u304a\u304f\u3053\u3068\u3002\n  <\/div>\n\n  <p>\u7d50\u5c40\u306e\u3068\u3053\u308d\u2015\u2015<strong>\u300c\u6700\u9ad8\u76ca\u3060\u304b\u3089\u8cb7\u3044\u300d\u3082\u300c\u30d0\u30d6\u30eb\u3060\u304b\u3089\u58f2\u308a\u300d\u3082\u3001\u3069\u3061\u3089\u3082\u96d1\u3060\u3002<\/strong>\u3053\u308c\u306f\u3001AI\u306b\u3088\u3063\u3066\u5faa\u74b0\u6027\u304c\u5909\u308f\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u512a\u826f\u4f01\u696d\u3092\u3001\u5faa\u74b0\u306e\u7d76\u9802\u3067\u30fb\u914d\u5f53\u30bc\u30ed\u3067\u8cb7\u3046\u304b\u3069\u3046\u304b\u3001\u3068\u3044\u3046\u672c\u8cea\u7684\u306b\u4e8c\u8005\u3067\u5272\u308c\u308b\u554f\u3044\u3060\u3002\u672c\u7a3f\u304c\u793a\u3057\u305f\u306e\u306f\u300c\u7b54\u3048\u300d\u3067\u306f\u306a\u304f\u300c\u5224\u65ad\u306e\u5730\u56f3\u300d\u3067\u3042\u308b\u3002\u5f37\u6c17\u30fb\u5f31\u6c17\u3069\u3061\u3089\u306e\u6905\u5b50\u306b\u5ea7\u308b\u306b\u305b\u3088\u3001<strong>\u30b5\u30a4\u30b8\u30f3\u30b0\u3068\u30b7\u30ca\u30ea\u30aa\u306e\u898f\u5f8b\u3060\u3051\u306f\u624b\u653e\u3055\u306a\u3044\u3053\u3068<\/strong>\u2015\u2015\u305d\u308c\u304c\u3001\u3053\u306e\u8352\u3044\u9298\u67c4\u3068\u4ed8\u304d\u5408\u3046\u552f\u4e00\u306e\u4f5c\u6cd5\u3060\u3002<\/p>\n\n  <!-- ============ \u30c8\u30ea\u30ac\u30fc ============ -->\n  <h2><span class=\"num\">07<\/span>\u518d\u8a55\u4fa1\u306e\u30c8\u30ea\u30ac\u30fc\uff08\u4f55\u3092\u898b\u305f\u3089\u5224\u65ad\u3092\u5909\u3048\u308b\u304b\uff09<\/h2>\n  <div class=\"h2rule\"><\/div>\n\n  <ul class=\"kt-trig\">\n    <li><b>HBM\u30fbDRAM\u4fa1\u683c\u306e\u8ee2\u63db\u70b9\u3002<\/b>\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\u3084\u5404\u793e\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3067\u3001\u4fa1\u683c\u4e0a\u6607\u306e\u920d\u5316\u30fb\u53cd\u8ee2\u304c\u898b\u3048\u308b\u304b\u3002\u7c97\u5229\u7387\u304c\u30d4\u30fc\u30af\u3092\u6253\u3063\u3066\u4e0b\u3092\u5411\u304d\u59cb\u3081\u305f\u3089\u3001\u5faa\u74b0\u306e\u5929\u4e95\u30b5\u30a4\u30f3\u3060\u3002<\/li>\n    <li><b>\u300c\u6226\u7565\u7684\u9867\u5ba2\u5951\u7d04\u300d\u306e\u5b9f\u52b9\u6027\u3002<\/b>\u8907\u6570\u5e74\u5951\u7d04\u304c\u672c\u5f53\u306b\u6570\u91cf\u30fb\u4fa1\u683c\u3092\u56fa\u5b9a\u3057\u3001\u4e0b\u843d\u5c40\u9762\u3067\u30de\u30fc\u30b8\u30f3\u3092\u652f\u3048\u308b\u306e\u304b\u3002\u6b21\u306e\u4e0b\u3052\u5c40\u9762\u304c\u3001\u305d\u306e\u6700\u521d\u306e\u672c\u7269\u306e\u8a66\u9a13\u306b\u306a\u308b\u3002&#8221;\u5faa\u74b0\u6027\u304c\u5909\u308f\u3063\u305f&#8221;\u8a3c\u660e\u306f\u3001\u597d\u6cc1\u3067\u306f\u306a\u304f\u4e0d\u6cc1\u3067\u51fa\u308b\u3002<\/li>\n    <li><b>\u4f9b\u7d66\u306e\u6d88\u5316\u3002<\/b>\u30de\u30a4\u30af\u30ed\u30f3\u30fb\u30b5\u30e0\u30b9\u30f3\u30fbSK\u30cf\u30a4\u30cb\u30c3\u30af\u30b9\u306e\u5897\u7523\u304c\u3044\u3064\u4f9b\u7d66\u904e\u5270\u306b\u8ee2\u3058\u308b\u304b\u30023\u793e\u306e\u8a2d\u5099\u6295\u8cc7\u7dcf\u984d\u3068\u3001AI\u9700\u8981\u306e\u4f38\u3073\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u76e3\u8996\u3059\u308b\u3002<\/li>\n    <li><b>\u5927\u578b\u8abf\u6574\uff1d\u6b21\u306e\u300c\u521d\u52d5\u300d\u5019\u88dc\u3002<\/b>\u30d1\u30e9\u30dc\u30ea\u30c3\u30af\u304c\u5d29\u308c\u3001\u682a\u4fa1\u304c\u5927\u304d\u304f\u8abf\u6574\u3057\u3066\u5faa\u74b0\u306e\u8c37\u306b\u8fd1\u3065\u3044\u305f\u3068\u304d\u3002\u5f53\u30d6\u30ed\u30b0\u306e\u898f\u5f8b\u3067\u306f\u3001\u305d\u3053\u304c\u672c\u5f53\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u691c\u8a0e\u5730\u70b9\u306b\u306a\u308b\u3002<\/li>\n    <li><b>AI\u30ad\u30e3\u30da\u30c3\u30af\u30b9\u306e\u6301\u7d9a\u6027\u3002<\/b>\u30cf\u30a4\u30d1\u30fc\u30b9\u30b1\u30fc\u30e9\u30fc\u306eAI\u8a2d\u5099\u6295\u8cc7\u304c\u920d\u5316\u3059\u308c\u3070\u3001HBM\u9700\u8981\u306e\u524d\u63d0\u304c\u63fa\u3089\u3050\u3002AI\u30d0\u30d6\u30eb\u8ad6\u306e\u884c\u65b9\u306f\u3001\u3053\u306e\u9298\u67c4\u306e\u751f\u547d\u7dda\u3060\u3002<\/li>\n    <li><b>NVIDIA\u6b21\u4e16\u4ee3\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306e\u7acb\u3061\u4e0a\u304c\u308a\u3002<\/b>Vera Rubin\u4e16\u4ee3\u306eHBM4\u63a1\u7528\u3068\u6570\u91cf\u304c\u8a08\u753b\u901a\u308a\u4f38\u3073\u308b\u304b\u3002AI\u30e1\u30e2\u30ea\u9700\u8981\u306e\u5b9f\u9700\u3092\u6e2c\u308b\u6700\u91cd\u8981\u6307\u6a19\u3002<\/li>\n  <\/ul>\n\n  <!-- ============ \u514d\u8cac ============ -->\n  <div class=\"kt-disc\">\n    <b>\u514d\u8cac\u4e8b\u9805\uff1a<\/b>\u672c\u8a18\u4e8b\u306f\u3001Micron Technology, Inc.\uff08Nasdaq: MU\uff09\u304c2026\u5e746\u670824\u65e5\u306b\u516c\u8868\u3057\u305fFQ3-26\u6c7a\u7b97\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\uff08SEC\u63d0\u51fa\uff09\u304a\u3088\u3073\u5404\u7a2e\u5831\u9053\u306b\u57fa\u3065\u304f\u7b46\u8005\u500b\u4eba\u306e\u5206\u6790\u3067\u3042\u308a\u3001\u7279\u5b9a\u9298\u67c4\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u30fb\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8a18\u8f09\u306e\u6570\u5024\u30fb\u682a\u4fa1\u30fb\u5229\u56de\u308a\u306f\u57f7\u7b46\u6642\u70b9\uff082026\u5e746\u670824\u65e5 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