{"id":31175,"date":"2026-07-22T08:52:04","date_gmt":"2026-07-22T08:52:04","guid":{"rendered":"https:\/\/www.algebris.com\/?p=31175"},"modified":"2026-08-03T12:44:57","modified_gmt":"2026-08-03T12:44:57","slug":"%e3%83%9e%e3%83%bc%e3%82%b1%e3%83%83%e3%83%88%e3%83%93%e3%83%a5%e3%83%bc-%e3%82%b0%e3%83%ad%e3%83%bc%e3%83%90%e3%83%ab%e3%82%a8%e3%82%af%e3%82%a4%e3%83%86%e3%82%a3","status":"publish","type":"post","link":"https:\/\/www.algebris.com\/ja\/marketviews-ja\/%e3%83%9e%e3%83%bc%e3%82%b1%e3%83%83%e3%83%88%e3%83%93%e3%83%a5%e3%83%bc-%e3%82%b0%e3%83%ad%e3%83%bc%e3%83%90%e3%83%ab%e3%82%a8%e3%82%af%e3%82%a4%e3%83%86%e3%82%a3\/","title":{"rendered":"Global Equity Bullets | 2026\u5e747\u670822\u65e5\uff08\u6c34\uff09"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><strong><strong><strong>\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30bb\u30af\u30bf\u30fc\u306e\u4e0d\u78ba\u5b9f\u6027\u3078\u306e\u5bfe\u5fdc<\/strong><\/strong><\/strong><\/strong><\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u3053\u306e\u8abf\u6574\u306e\u4e3b\u306a\u8981\u56e0\u306f\u3001AI\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u306e\u62e1\u5927\u30da\u30fc\u30b9\u3084\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5bfe\u52b9\u679c\u306b\u5bfe\u3059\u308b\u61d0\u7591\u7684\u306a\u898b\u65b9\u304c\u5f37\u307e\u3063\u305f\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u5730\u57df\u5168\u4f53\u3067\u904e\u5bc6\u72b6\u614b\u306b\u3042\u3063\u305f\u534a\u5c0e\u4f53\u95a2\u9023\u9298\u67c4\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u89e3\u6d88\u304c\u5e83\u304c\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u7c73\u56fd\u5e02\u5834\u306f\u6bd4\u8f03\u7684\u5e95\u5805\u304f\u63a8\u79fb\u3057\u307e\u3057\u305f\u3002\u30a4\u30f3\u30d5\u30ec\u6307\u6a19\u306e\u920d\u5316\u306b\u52a0\u3048\u3001\u9280\u884c\u30bb\u30af\u30bf\u30fc\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u597d\u8abf\u306a\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u304c\u652f\u63f4\u6750\u6599\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u4e3b\u8981\u682a\u4fa1\u6307\u6570\u306f\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u3082\u306e\u306e\u3001\u534a\u5c0e\u4f53\u682a\u306e\u4e0b\u843d\u306b\u3088\u308a\u4e0a\u6607\u5e45\u306f\u7e2e\u5c0f\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FRB\uff08\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff09\u306f\u5f15\u304d\u7d9a\u304d\u30bf\u30ab\u6d3e\u59ff\u52e2\u3092\u7dad\u6301\u3057\u3066\u304a\u308a\u3001\u91d1\u878d\u653f\u7b56\u3092\u5de1\u308b\u4e0d\u900f\u660e\u6027\u306f\u4f9d\u7136\u3068\u3057\u3066\u6b8b\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u539f\u6cb9\u4fa1\u683c\u306e\u4e0a\u6607\u306b\u3088\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u3078\u306e\u8b66\u6212\u611f\u304c\u518d\u3073\u9ad8\u307e\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b27\u5dde\u5e02\u5834\u306f\u3001\u666f\u6c17\u654f\u611f\u3001\u8cc7\u672c\u8ca1\u30fb\u7523\u696d\u3001\u91d1\u878d\u3001\u9632\u885b\u95a2\u9023\u9298\u67c4\u3078\u306e\u8cc7\u91d1\u30b7\u30d5\u30c8\u3092\u80cc\u666f\u306b\u4e0a\u6607\u3057\u3001\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u9298\u67c4\u306e\u69cb\u6210\u6bd4\u7387\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u3044\u3053\u3068\u3082\u3001\u534a\u5c0e\u4f53\u95a2\u9023\u9298\u67c4\u4e0b\u843d\u306e\u5f71\u97ff\u3092\u548c\u3089\u3052\u308b\u8981\u56e0\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e74\u521d\u6765\u3067\u306f\u4f9d\u7136\u3068\u3057\u3066\u30a2\u30b8\u30a2\u5e02\u5834\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u4ed6\u5730\u57df\u3092\u30ea\u30fc\u30c9\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u7c73\u56fd\u304a\u3088\u3073\u6b27\u5dde\u5e02\u5834\u3082\u30d7\u30e9\u30b9\u570f\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u3002\u4f01\u696d\u5229\u76ca\u306e\u62e1\u5927\u304c\u3001\u5404\u5e02\u5834\u306b\u304a\u3051\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u5727\u7e2e\u3092\u5341\u5206\u306b\u76f8\u6bba\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"846\" height=\"484\" src=\"https:\/\/media.algebris.com\/content\/2026-07-22-GEB-Drivers-of-2026-YTD-equity-returns-local-currency.png\" alt=\"\" class=\"wp-image-30984\" style=\"width:641px;height:auto\" srcset=\"https:\/\/media.algebris.com\/content\/2026-07-22-GEB-Drivers-of-2026-YTD-equity-returns-local-currency.png 846w, https:\/\/media.algebris.com\/content\/2026-07-22-GEB-Drivers-of-2026-YTD-equity-returns-local-currency-500x286.png 500w, https:\/\/media.algebris.com\/content\/2026-07-22-GEB-Drivers-of-2026-YTD-equity-returns-local-currency-768x439.png 768w\" sizes=\"auto, (max-width: 846px) 100vw, 846px\" \/><figcaption class=\"wp-element-caption\"><strong>Drivers&nbsp;of 2026 YTD equity returns (local currency)&nbsp;<\/strong><br>&nbsp;Source: Algebris Investments, Bloomberg Finance L.P, data as 17\/07\/2026. Performances in local currencies\u202f&nbsp;<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><br><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong>\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u9298\u67c4\u304b\u3089\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u9298\u67c4\u3078\u306e\u30ed\u30fc\u30c6\u30fc\u30b7\u30e7\u30f3<\/strong><\/strong><\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">\u904e\u53bb1\u304b\u6708\u9593\u3001\u30bb\u30af\u30bf\u30fc\u30ed\u30fc\u30c6\u30fc\u30b7\u30e7\u30f3\u304c\u5e02\u5834\u306e\u4e3b\u8981\u30c6\u30fc\u30de\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u30022026\u5e74\u521d\u6765\u3067\u6700\u3082\u597d\u8abf\u3060\u3063\u305f\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30bb\u30af\u30bf\u30fc\u3078\u306e\u5e02\u5834\u5fc3\u7406\u306f\u60aa\u5316\u3059\u308b\u4e00\u65b9\u3001\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u9298\u67c4\u304c\u76f8\u5bfe\u7684\u306b\u512a\u4f4d\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AI\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u306e\u62e1\u5927\u3092\u8ffd\u3044\u98a8\u306b\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30bb\u30af\u30bf\u30fc\u306f2025\u5e7412\u6708\u304b\u30892026\u5e746\u6708\u306b\u304b\u3051\u3066\u3001S&amp;P500\u3067+67%\u3001Euro Stoxx 600\u3067+48%\u3068\u3001\u4ed6\u3092\u5727\u5012\u3059\u308b\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u30016\u6708\u672b\u4ee5\u964d\u306f\u72b6\u6cc1\u304c\u4e00\u5909\u3057\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306f\u4e21\u6307\u6570\u306e\u4e2d\u3067\u6700\u3082\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u60aa\u30bb\u30af\u30bf\u30fc\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6295\u8cc7\u8cc7\u91d1\u306fAI\u95a2\u9023\u9298\u67c4\u304b\u3089\u6025\u901f\u306b\u6d41\u51fa\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3001AI\u30a4\u30f3\u30d5\u30e9\u306e\u904e\u5270\u6295\u8cc7\u3078\u306e\u61f8\u5ff5\u3001\u5de8\u984d\u6295\u8cc7\u306b\u5bfe\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u4e0d\u900f\u660e\u611f\u3001\u5272\u9ad8\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3001\u3055\u3089\u306b\u306f\u9700\u8981\u306e\u920d\u5316\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002OpenAI\u306eIPO\u5ef6\u671f\u3084\u4e2d\u56fd\u7cfbAI\u30e2\u30c7\u30eb\u3068\u306e\u7af6\u4e89\u6fc0\u5316\u3082\u3001\u5e02\u5834\u306e\u4e0d\u5b89\u6750\u6599\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002 \u3082\u3063\u3068\u3082\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306f\u4f9d\u7136\u3068\u3057\u3066\u5805\u8abf\u3067\u3059\u3002AI\u6295\u8cc7\u306e\u6301\u7d9a\u6027\u3092\u6e2c\u308b\u91cd\u8981\u306a\u6307\u6a19\u3067\u3042\u308b\u30cf\u30a4\u30d1\u30fc\u30b9\u30b1\u30fc\u30e9\u30fc\u5404\u793e\u306e\u8a2d\u5099\u6295\u8cc7\uff08Capex\uff09\u306b\u3064\u3044\u3066\u306f\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u4e88\u60f3\u3092\u5f15\u304d\u7d9a\u304d\u4e0a\u65b9\u4fee\u6b63\u3057\u3066\u304a\u308a\u3001\u5c11\u306a\u304f\u3068\u3082\u73fe\u6642\u70b9\u3067\u306f\u4f01\u696d\u304c\u6295\u8cc7\u3092\u7e2e\u5c0f\u3057\u3066\u3044\u308b\u5146\u5019\u306f\u898b\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c2\u56db\u534a\u671f\u6c7a\u7b97\u30b7\u30fc\u30ba\u30f3\u304c\u59cb\u307e\u308a\u3001ASML\u3068TSMC\u306f\u5e02\u5834\u4e88\u60f3\u3092\u4e0a\u56de\u308b\u696d\u7e3e\u3092\u793a\u3057\u3001\u5c06\u6765\u898b\u901a\u3057\u3082\u5f15\u304d\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u5e02\u5834\u306e\u53cd\u5fdc\u306f\u3080\u3057\u308d\u30cd\u30ac\u30c6\u30a3\u30d6\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u5f8c\u6570\u9031\u9593\u3067\u3001\u591a\u304f\u306e\u5927\u624b\u30cf\u30a4\u30d1\u30fc\u30b9\u30b1\u30fc\u30e9\u30fc\u3084AI\u30a4\u30f3\u30d5\u30e9\u95a2\u9023\u4f01\u696d\u306e\u6c7a\u7b97\u767a\u8868\u304c\u76f8\u6b21\u304e\u307e\u3059\u3002\u4eca\u56de\u306e\u6c7a\u7b97\u30b7\u30fc\u30ba\u30f3\u306f\u3001AI\u6295\u8cc7\u3092\u652f\u3048\u308b\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u5f37\u3055\u304c\u7dad\u6301\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3059\u308b\u91cd\u8981\u306a\u5c40\u9762\u3067\u3042\u308a\u3001\u5e02\u5834\u304c\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u898b\u65b9\u3092\u898b\u76f4\u3059\u5951\u6a5f\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"252\" src=\"https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-2-1024x252.png\" alt=\"\" class=\"wp-image-30986\" srcset=\"https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-2-1024x252.png 1024w, https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-2-500x123.png 500w, https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-2-768x189.png 768w, https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-2.png 1518w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Bloomberg Finance L.P.<\/figcaption><\/figure>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"989\" height=\"682\" src=\"https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-3.png\" alt=\"\" class=\"wp-image-30987\" style=\"width:600px\" srcset=\"https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-3.png 989w, https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-3-500x345.png 500w, https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-3-768x530.png 768w\" sizes=\"auto, (max-width: 989px) 100vw, 989px\" \/><figcaption class=\"wp-element-caption\">Source: Goldman Sach\u2019s<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\"><strong><strong><strong><u><strong><span style=\"text-decoration: underline;\">3310\u304b\u3089Pro\u3078 \u2015 \u534a\u5c0e\u4f53\u696d\u754c\u306e\u751f\u5b58\u7af6\u4e89<\/span><\/strong><\/u><\/strong><\/strong><\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">\u534a\u5c0e\u4f53\u6280\u8853\u306e\u9032\u5316\u306e\u901f\u3055\u3092\u793a\u3059\u4e0a\u3067\u3001Nokia 3310\u3068iPhone 17 Pro\u3092\u4e26\u3079\u3066\u6bd4\u8f03\u3059\u308b\u307b\u3069\u5206\u304b\u308a\u3084\u3059\u3044\u4f8b\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u4e16\u4ee3\u3092\u9694\u3066\u3066\u767b\u5834\u3057\u305f\u3053\u306e2\u3064\u306e\u7aef\u672b\u306f\u3001\u904e\u53bb25\u5e74\u9593\u3067\u534a\u5c0e\u4f53\u7523\u696d\u304c\u3069\u308c\u307b\u3069\u5927\u304d\u304f\u767a\u5c55\u3057\u3066\u304d\u305f\u304b\u3001\u305d\u3057\u3066\u534a\u5c0e\u4f53\u95a2\u9023\u4f01\u696d\u306b\u3068\u3063\u3066\u300c\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u300d\u304c\u5358\u306a\u308b\u6280\u8853\u9769\u65b0\u3067\u306f\u306a\u304f\u300c\u751f\u304d\u6b8b\u308a\u306e\u6761\u4ef6\u300d\u3067\u3042\u308b\u3053\u3068\u3092\u7269\u8a9e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u6642\u306e\u30d9\u30b9\u30c8\u30bb\u30e9\u30fc\u643a\u5e2f\u96fb\u8a71\u3067\u3042\u3063\u305fNokia 3310\u306f\u3001\u9a5a\u304f\u307b\u3069\u30b7\u30f3\u30d7\u30eb\u306a\u88fd\u54c1\u3067\u3057\u305f\u3002\u305d\u306e\u57fa\u677f\u306b\u306f\u3001\u30c6\u30ad\u30b5\u30b9\u30fb\u30a4\u30f3\u30b9\u30c4\u30eb\u30e1\u30f3\u30c4\u3084ST\u30de\u30a4\u30af\u30ed\u30a8\u30ec\u30af\u30c8\u30ed\u30cb\u30af\u30b9\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u9650\u3089\u308c\u305f\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u304c\u4f9b\u7d66\u3059\u308b\u6570\u7a2e\u985e\u306e\u534a\u5c0e\u4f53\u30c1\u30c3\u30d7\u304c\u642d\u8f09\u3055\u308c\u3001\u305d\u308c\u3089\u304c\u97f3\u58f0\u51e6\u7406\u3001\u30e1\u30e2\u30ea\u7ba1\u7406\u3001\u96fb\u6e90\u5236\u5fa1\u3068\u3044\u3063\u305f\u3042\u3089\u3086\u308b\u6a5f\u80fd\u3092\u62c5\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u4e00\u65b9\u3001iPhone 17 Pro\u306f\u307e\u3063\u305f\u304f\u7570\u306a\u308b\u4e16\u754c\u3067\u3059\u3002\u642d\u8f09\u3055\u308c\u3066\u3044\u308b\u534a\u5c0e\u4f53\u306f\u306f\u308b\u304b\u306b\u9ad8\u5ea6\u304b\u3064\u8907\u96d1\u3067\u30015G\u901a\u4fe1\u3001AI\u51e6\u7406\u3001\u9ad8\u5ea6\u306a\u6f14\u7b97\u80fd\u529b\u306a\u3069\u3001\u305d\u308c\u305e\u308c\u306e\u7279\u5b9a\u306e\u5f79\u5272\u3092\u62c5\u3046\u30c1\u30c3\u30d7\u3092\u5341\u6570\u793e\u306b\u53ca\u3076\u5c02\u9580\u4f01\u696d\u304c\u4f9b\u7d66\u3055\u308c\u30011\u53f0\u306e\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3092\u652f\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5909\u5316\u306f\u3001\u534a\u5c0e\u4f53\u7523\u696d\u305d\u306e\u3082\u306e\u306e\u69cb\u9020\u5909\u5316\u3092\u6620\u3057\u51fa\u3057\u3066\u3044\u307e\u3059\u300225\u5e74\u524d\u3067\u3042\u308c\u3070\u3001\u5782\u76f4\u7d71\u5408\u578b\u306e\u5c11\u6570\u306e\u534a\u5c0e\u4f53\u30e1\u30fc\u30ab\u30fc\u304c\u96fb\u5b50\u6a5f\u5668\u306e\u4e3b\u8981\u6a5f\u80fd\u3092\u5e45\u5e83\u304f\u30ab\u30d0\u30fc\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u73fe\u5728\u3067\u306f\u30011\u793e\u3060\u3051\u3067\u534a\u5c0e\u4f53\u306e\u30d0\u30ea\u30e5\u30fc\u30c1\u30a7\u30fc\u30f3\u5168\u4f53\u3092\u62c5\u3046\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u3067\u3042\u308a\u3001\u30c1\u30c3\u30d7\u8a2d\u8a08\u3084\u88fd\u9020\u306f\u6975\u3081\u3066\u5c02\u9580\u6027\u306e\u9ad8\u3044\u30cb\u30c3\u30c1\u5206\u91ce\u3078\u3068\u7d30\u5206\u5316\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ST\u30de\u30a4\u30af\u30ed\u30a8\u30ec\u30af\u30c8\u30ed\u30cb\u30af\u30b9\u306f\u3001\u3053\u306e\u5909\u5316\u3092\u8c61\u5fb4\u3059\u308b\u597d\u4f8b\u3067\u3059\u3002\u304b\u3064\u3066Nokia 3310\u306e\u57fa\u677f\u306b\u534a\u5c0e\u4f53\u3092\u4f9b\u7d66\u3057\u3066\u3044\u305f\u540c\u793e\u306f\u3001\u305d\u306e\u5f8c\u306e\u6280\u8853\u9032\u6b69\u3084\u65b0\u898f\u53c2\u5165\u4f01\u696d\u3068\u306e\u7af6\u4e89\u6fc0\u5316\u306e\u4e2d\u3067\u3001\u81ea\u52d5\u8eca\u306e\u96fb\u52d5\u5316\u3001\u7523\u696d\u30aa\u30fc\u30c8\u30e1\u30fc\u30b7\u30e7\u30f3\u3001\u3055\u3089\u306b\u306f\u73fe\u5728\u306eAI\u4e3b\u5c0e\u306e\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u9700\u8981\u3068\u3044\u3063\u305f\u696d\u754c\u306e\u6ce2\u306b\u9069\u5fdc\u3057\u3001\u81ea\u793e\u306e\u7acb\u3061\u4f4d\u7f6e\u3092\u7d76\u3048\u305a\u518d\u69cb\u7bc9\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u3053\u305d\u304c\u534a\u5c0e\u4f53\u696d\u754c\u306e\u672c\u8cea\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u306e\u696d\u754c\u3067\u306f\u3001\u7d76\u3048\u9593\u306a\u3044\u81ea\u5df1\u5909\u9769\u306f\u5831\u308f\u308c\u308b\u4e00\u65b9\u3067\u3001\u73fe\u72b6\u306b\u7518\u3093\u3058\u308b\u4f01\u696d\u306b\u306f\u4ee3\u511f\u304c\u4f34\u3044\u307e\u3059\u3002\u3053\u306e\u696d\u754c\u3067\u306f\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306f\u5358\u306a\u308b\u6280\u8853\u9032\u6b69\u3067\u306f\u306a\u304f\u3001\u751f\u304d\u6b8b\u308b\u305f\u3081\u306e\u624b\u6bb5\u305d\u306e\u3082\u306e\u306a\u306e\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"737\" height=\"869\" src=\"https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-4.png\" alt=\"\" class=\"wp-image-30985\" srcset=\"https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-4.png 737w, https:\/\/media.algebris.com\/content\/GEB-22-06-2027-chart-4-424x500.png 424w\" sizes=\"auto, (max-width: 737px) 100vw, 737px\" \/><figcaption class=\"wp-element-caption\">Source: Substack, Behind the Chip &#8211; A Quarter\u2011Century Etched in Silicon.&nbsp;<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f5c\u6210\uff1aAlgebris Investments&#8217; <em>Global Equity Team<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30bb\u30af\u30bf\u30fc\u306e\u4e0d\u78ba\u5b9f\u6027\u3078\u306e\u5bfe\u5fdc \u3053\u3053\u6570\u304b\u6708\u3067\u5927\u304d\u304f\u4e0a\u6607\u3057\u3066\u3044\u305f\u682a\u5f0f\u5e02\u5834\u306f\u4e0a\u6607\u5206\u306e\u4e00\u90e8\u3092\u5931\u3044\u307e\u3057\u305f\u3002\u5e74\u521d\u6765\u306e\u76f8\u5834\u4e0a\u6607\u3092\u727d\u5f15\u3057\u3066\u304d\u305fAI\u30fb\u534a\u5c0e\u4f53\u95a2\u9023\u9298\u67c4\u304c\u4e0b\u843d\u3092\u4e3b\u5c0e\u3057\u305f\u307b\u304b\u3001\u4e2d\u6771\u60c5\u52e2\u306e\u7dca\u5f35\u518d\u71c3\u3092\u53d7\u3051\u3066\u539f\u6cb9\u4fa1\u683c\u304c\u518d\u3073\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002 \u3053\u308c\u307e\u3067\u306e\u4e0a\u6607\u5c40\u9762\u3092\u4e3b\u5c0e\u3057\u3066\u304d\u305f\u30a2\u30b8\u30a2\u5e02\u5834\u306f\u3001\u4e0b\u843d\u5c40\u9762\u3067\u3082\u4e3b\u5c0e\u3057\u307e\u3057\u305f\u3002\u65e5\u672c\u3068\u97d3\u56fd\u306e\u682a\u4fa1\u6307\u6570\u306f\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u5f8c\u3001\u8abf\u6574\u5c40\u9762\u5165\u308a\u3057\u307e\u3057\u305f\u304c\u3001\u97d3\u56fd\u3068\u53f0\u6e7e\u306f\u4f9d\u7136\u3068\u3057\u3066\u5e74\u521d\u6765\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3067\u4ed6\u5730\u57df\u3092\u5927\u304d\u304f\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002 \u3053\u306e\u8abf\u6574\u306e\u4e3b\u306a\u8981\u56e0\u306f\u3001AI\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u306e\u62e1\u5927\u30da\u30fc\u30b9\u3084\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5bfe\u52b9\u679c\u306b\u5bfe\u3059\u308b\u61d0\u7591\u7684\u306a\u898b\u65b9\u304c\u5f37\u307e\u3063\u305f\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u5730\u57df\u5168\u4f53\u3067\u904e\u5bc6\u72b6\u614b\u306b\u3042\u3063\u305f\u534a\u5c0e\u4f53\u95a2\u9023\u9298\u67c4\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u89e3\u6d88\u304c\u5e83\u304c\u308a\u307e\u3057\u305f\u3002 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