[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news:softbank-arm-2025":3},{"meta":4,"markdown":59},{"type":5,"articleId":6,"slug":7,"title":8,"titleEn":9,"category":10,"summary":11,"publishedAt":12,"image":13,"tags":14,"vocabulary":16},"news","news-softbank-arm-2025","softbank-arm-2025","ソフトバンクとArmの2025年 — AIチップ覇権をめぐる戦略","SoftBank and Arm in 2025: Strategy in the AI-Chip Race","tech-business","SoftBank Group's pivot into the AI-chip era — the Vision Fund setbacks, Arm's blockbuster 2023 Nasdaq relisting, Arm's reported 2024 valuation, dependence by NVIDIA, Apple, and Qualcomm on Arm IP, Masayoshi Son's AI declarations, SBG's 2025 in-house AI-chip plans, the Stargate infrastructure project with OpenAI and Microsoft, governance disputes around Arm China, and the reported 100-billion-dollar semiconductor fund concept.\n","2026-04-15T00:00:00Z","https:\u002F\u002Fimages.yamiyomi.com\u002Fnews-softbank-arm-2025.png",[15],"softbank",[17,22,27,31,35,39,43,47,51,55],{"word":18,"reading":19,"meaning":20,"level":21},"投資","とうし","investment","N2",{"word":23,"reading":24,"meaning":25,"level":26},"戦略","せんりゃく","strategy","N1",{"word":28,"reading":29,"meaning":30,"level":26},"覇権","はけん","hegemony",{"word":32,"reading":33,"meaning":34,"level":26},"上場","じょうじょう","listing (on a stock exchange)",{"word":36,"reading":37,"meaning":38,"level":26},"時価総額","じかそうがく","market capitalization",{"word":40,"reading":41,"meaning":42,"level":26},"提携","ていけい","partnership",{"word":44,"reading":45,"meaning":46,"level":26},"構想","こうそう","concept",{"word":48,"reading":49,"meaning":50,"level":26},"依存","いぞん","dependence",{"word":52,"reading":53,"meaning":54,"level":26},"半導体","はんどうたい","semiconductor",{"word":56,"reading":57,"meaning":58,"level":26},"統制","とうせい","control","\n::para\n[ソフトバンク]{そふとばんく:SoftBank}[グループ]{ぐるーぷ:Group}（SBG）は、[孫]{そん:Son:N2}[正義]{まさよし:Masayoshi:N1}[氏]{し:Mr.:N1}が[率いる]{ひきいる:leading:N1}[投資]{とうし:investment:N3}[会社]{がいしゃ:company:N4}として、[世界]{せかい:world:N4}の[テクノロジー]{てくのろじー:technology}[業界]{ぎょうかい:industry:N4}に[大きな]{おおきな:large:N5}[影響]{えいきょう:influence:N1}を[与えて]{あたえて:exerting:N3}きました。[本記事]{ほんきじ:this article:N3}では、[公開]{こうかい:publicly disclosed:N4}[情報]{じょうほう:information:N3}を[基に]{もとに:based on:N1}、SBGとArmを[めぐる]{めぐる:surrounding}[近年]{きんねん:recent years:N4}の[動向]{どうこう:developments:N3}を[整理]{せいり:organize:N1}します。\n\n#en\nSoftBank Group (SBG), as an investment company led by Mr. Masayoshi Son, has exerted large influence on the global technology industry. Based on publicly disclosed information, this article organizes recent developments surrounding SBG and Arm.\n::\n\n::heading\nSBGの[投資]{とうし:investment:N3}[戦略]{せんりゃく:strategy:N2}[軸]{じく:axis:N1}の[変化]{へんか:shift:N3}\n\n#en\nThe Shift in SBG's Investment Strategy Axis\n::\n\n::para\nSBGはかつて[通信]{つうしん:telecom:N3}[事業]{じぎょう:business:N4}を[中核]{ちゅうかく:core:N1}としていましたが、2010[年代]{ねんだい:decade:N4}[後半]{こうはん:latter half:N5}[以降]{いこう:onward:N3}は[投資]{とうし:investment:N3}[会社]{がいしゃ:company:N4}としての[性格]{せいかく:character:N3}を[強めて]{つよめて:strengthening:N4}きました。[特に]{とくに:especially:N4}、[ビジョン]{びじょん:Vision}・[ファンド]{ふぁんど:Fund}を[通じて]{つうじて:through:N4}[世界]{せかい:world:N4}[各地]{かくち:various places:N2}の[スタートアップ]{すたーとあっぷ:startup}に[巨額]{きょがく:huge:N2}の[資金]{しきん:capital:N3}を[投じる]{とうじる:injecting:N3}[戦略]{せんりゃく:strategy:N2}を[展開]{てんかい:developed:N1}しました。\n\n#en\nSBG was once centered on its telecom business, but from the latter half of the 2010s onward, it has strengthened its character as an investment company. In particular, through the Vision Fund, it developed a strategy of injecting huge capital into startups in various places around the world.\n::\n\n::heading\nVision Fundの[失敗]{しっぱい:failures:N3}と[教訓]{きょうくん:lessons:N2}\n\n#en\nVision Fund Failures and Lessons\n::\n\n::para\n[ビジョン]{びじょん:Vision}・[ファンド]{ふぁんど:Fund}は[一部]{いちぶ:some:N3}[投資]{とうし:investment:N3}[先]{さき:targets:N5}で[大きな]{おおきな:large:N5}[損失]{そんしつ:losses:N2}を[計上]{けいじょう:recording:N4}しました。[特に]{とくに:especially:N4}、[シェア]{しぇあ:share}[オフィス]{おふぃす:office}[大手]{おおて:major:N4}WeWorkや[一部]{いちぶ:some:N3}[中国]{ちゅうごく:China:N5}[テック]{てっく:tech}[企業]{きぎょう:company:N1}への[投資]{とうし:investment:N3}は[評価]{ひょうか:valuation:N1}[損]{そん:loss:N2}が[拡大]{かくだい:expanding:N1}し、SBG[全体]{ぜんたい:overall:N3}の[業績]{ぎょうせき:performance:N2}に[影響]{えいきょう:impact:N1}を[与えた]{あたえた:gave:N3}と[報じられて]{ほうじられて:reported:N3}います。これを[受けて]{うけて:in response:N3}、[孫]{そん:Son:N2}[氏]{し:Mr.:N1}は[一時]{いちじ:temporarily:N5}「[守り]{まもり:defensive:N3}の[姿勢]{しせい:stance:N1}」に[転じる]{てんじる:shifting:N4}と[公言]{こうげん:publicly stating:N4}した[時期]{じき:period:N3}もありました。\n\n#en\nThe Vision Fund recorded large losses on some investment targets. In particular, investments in major shared-office firm WeWork and some Chinese tech companies reportedly saw expanding valuation losses and impacted SBG's overall performance. In response, there was reportedly a period when Mr. Son publicly stated that he was temporarily shifting to a \"defensive stance.\"\n::\n\n::heading\nArmの[再]{さい:re-:N2}[上場]{じょうじょう:listing:N4}（2023[年]{ねん:year:N5}9[月]{がつ:September:N5}・Nasdaq）\n\n#en\nArm's Relisting (September 2023, Nasdaq)\n::\n\n::para\n2023[年]{ねん:year:N5}9[月]{がつ:September:N5}、SBG[傘下]{さんか:under:N1}の[英国]{えいこく:UK:N4}[半導体]{はんどうたい:semiconductor:N2}[設計]{せっけい:design:N2}[企業]{きぎょう:company:N1}Armが[米国]{べいこく:United States:N3}Nasdaqに[再]{さい:re-:N2}[上場]{じょうじょう:listed:N4}しました。[公開]{こうかい:disclosed:N4}[価格]{かかく:price:N1}は[当初]{とうしょ:initial:N3}[想定]{そうてい:expected:N3}[範囲]{はんい:range:N1}の[上限]{じょうげん:upper limit:N3}に[設定]{せってい:set:N2}され、[初値]{はつね:opening price:N3}は[公開]{こうかい:offering:N4}[価格]{かかく:price:N1}を[大きく]{おおきく:significantly:N5}[上回る]{うわまわる:exceeding:N3}[結果]{けっか:result:N1}となったと[報じられて]{ほうじられて:reported:N3}います。これによりSBGは[長年]{ながねん:long-held:N5}[抱えて]{かかえて:held:N3}きたArm[株]{かぶ:shares:N1}の[一部]{いちぶ:portion:N3}を[資金]{しきん:capital:N3}[化]{か:into:N3}する[ことができ]{ことができ:was able to}、[投資]{とうし:investment:N3}[戦略]{せんりゃく:strategy:N2}の[軸]{じく:axis:N1}を[再構築]{さいこうちく:rebuild:N2}する[原資]{げんし:source funds:N3}を[得た]{えた:obtained:N3}とされます。\n\n#en\nIn September 2023, Arm — the UK semiconductor design company under SBG — was relisted on the US Nasdaq. The offering price was reportedly set at the upper limit of the initial expected range, and the opening price reportedly significantly exceeded the offering price. As a result, SBG was able to convert a portion of its long-held Arm shares into capital, reportedly obtaining source funds to rebuild the axis of its investment strategy.\n::\n\n::callout\nArmの[時価総額]{じかそうがく:market capitalization:N1}は2024[年]{ねん:year:N5}には1500[億]{おく:hundred million:N2}[ドル]{どる:dollars}を[超える]{こえる:exceeded:N2}[水準]{すいじゅん:level:N2}に[達した]{たっした:reached:N3}と[報じられた]{ほうじられた:reported:N3}[時期]{じき:periods:N3}があります。ただし、[株価]{かぶか:stock price:N1}は[市場]{しじょう:market:N3}[環境]{かんきょう:conditions:N1}により[変動]{へんどう:fluctuating:N3}するため、[最新]{さいしん:latest:N3}[数値]{すうち:figures:N3}は[公式]{こうしき:official:N3}[資料]{しりょう:materials:N3}での[確認]{かくにん:confirmation:N3}が[必要]{ひつよう:necessary:N3}です。\n\n#en\nThere were reportedly periods in 2024 when Arm's market capitalization reached a level exceeding 150 billion dollars. However, since stock prices fluctuate with market conditions, the latest figures need confirmation in official materials.\n::\n\n::heading\nNVIDIA・Apple・QualcommのArm IP[依存]{いぞん:dependence:N2}\n\n#en\nNVIDIA, Apple, and Qualcomm's Dependence on Arm IP\n::\n\n::para\nArmは[半導体]{はんどうたい:semiconductor:N2}そのものを[製造]{せいぞう:manufacture:N1}せず、[命令]{めいれい:instruction:N2}[セット]{せっと:set}[アーキテクチャ]{あーきてくちゃ:architecture}（ISA）や[コア]{こあ:core}[設計]{せっけい:designs:N2}などの[知的]{ちてき:intellectual:N4}[財産]{ざいさん:property:N3}（IP）を[ライセンス]{らいせんす:license}する[ビジネス]{びじねす:business}[モデル]{もでる:model}です。NVIDIAの[一部]{いちぶ:some:N3}AI[向け]{むけ:targeted:N3}[製品]{せいひん:products:N1}、AppleのMシリーズ[チップ]{ちっぷ:chip}、Qualcommの[スマートフォン]{すまーとふぉん:smartphone}[向け]{むけ:targeted:N3}SoCなどは、いずれもArm[アーキテクチャ]{あーきてくちゃ:architecture}を[基盤]{きばん:foundation:N1}としていると[されて]{されて:said to be}います。\n\n#en\nArm does not manufacture semiconductors itself; its business model is to license intellectual property (IP) such as instruction set architectures (ISA) and core designs. Some of NVIDIA's AI-targeted products, Apple's M-series chips, and Qualcomm's smartphone-targeted SoCs are all said to be founded on the Arm architecture.\n::\n\n::heading\n[孫]{そん:Son:N2}[氏]{し:Mr.:N1}のAI[時代]{じだい:era:N4}[宣言]{せんげん:declaration:N1}\n\n#en\nMr. Son's Declaration of the AI Era\n::\n\n::para\n[孫]{そん:Son:N2}[氏]{し:Mr.:N1}は[株主]{かぶぬし:shareholder:N1}[総会]{そうかい:meeting:N2}や[決算]{けっさん:earnings:N2}[説明]{せつめい:briefing:N3}の[場]{ば:venues:N4}で、[人工]{じんこう:artificial:N4}[知能]{ちのう:intelligence:N3}（AGIを[含む]{ふくむ:including:N2}）が[今後]{こんご:going forward:N5}[数十年]{すうじゅうねん:several decades:N3}の[産業]{さんぎょう:industrial:N3}[構造]{こうぞう:structure:N2}を[根本]{こんぽん:fundamentally:N2}から[変える]{かえる:will change:N3}という[趣旨]{しゅし:gist:N1}の[発言]{はつげん:statements:N4}を[繰り返して]{くりかえして:repeatedly making:N1}いると[報じられて]{ほうじられて:reported:N3}います。SBGの[次]{つぎ:next:N3}の[投資]{とうし:investment:N3}[軸]{じく:axis:N1}はAIにあると[位置付けて]{いちづけて:positioning:N3}いるとされます。\n\n#en\nMr. Son is reportedly repeatedly making statements at shareholder meetings and earnings briefings to the gist that artificial intelligence (including AGI) will fundamentally change the industrial structure over the coming several decades. He reportedly positions SBG's next investment axis as being in AI.\n::\n\n::heading\nSBG[自社]{じしゃ:in-house:N4}AIチップ[計画]{けいかく:plans:N4}（2025[年]{ねん:year:N5}[発表]{はっぴょう:announced:N3}）\n\n#en\nSBG In-House AI Chip Plans (Announced 2025)\n::\n\n::para\n2025[年]{ねん:year:N5}には、SBGがArmの[技術]{ぎじゅつ:technology:N2}を[活用]{かつよう:leveraging:N3}した[自社]{じしゃ:in-house:N4}AI[チップ]{ちっぷ:chip}の[開発]{かいはつ:development:N4}を[検討]{けんとう:considering:N1}しているとの[報道]{ほうどう:reports:N3}が[相次ぎ]{あいつぎ:following one after another:N3}ました。[製造]{せいぞう:manufacturing:N1}は[外部]{がいぶ:external:N3}[ファウンドリ]{ふぁうんどり:foundry}に[委託]{いたく:outsourcing:N1}する[形]{かたち:form:N3}が[想定]{そうてい:assumed:N3}されているとされ、TSMCなどの[名]{な:name:N5}が[挙げられた]{あげられた:cited:N1}[時期]{じき:periods:N3}もあります。ただし、[詳細]{しょうさい:detailed:N1}な[製品]{せいひん:product:N1}[仕様]{しよう:specifications:N3}や[時期]{じき:timing:N3}は[公式]{こうしき:officially:N3}に[確定]{かくてい:finalized:N3}していない[部分]{ぶぶん:portions:N3}が[多い]{おおい:many:N4}と[見られます]{みられます:appears:N5}。\n\n#en\nIn 2025, reports followed one after another that SBG is considering the development of an in-house AI chip leveraging Arm's technology. The form assumed is reportedly to outsource manufacturing to external foundries, and there were periods when names such as TSMC were cited. However, many portions of detailed product specifications and timing appear not to have been officially finalized.\n::\n\n::heading\n[スターゲート]{すたーげーと:Stargate}[プロジェクト]{ぷろじぇくと:project}\n\n#en\nThe Stargate Project\n::\n\n::para\n2025[年]{ねん:year:N5}[初頭]{しょとう:beginning:N3}には、SBGがOpenAI、[マイクロソフト]{まいくろそふと:Microsoft}などと[組んで]{くんで:teaming up:N3}、[最大]{さいだい:up to:N3}5000[億]{おく:hundred million:N2}[ドル]{どる:dollars}[規模]{きぼ:scale:N1}とされるAI[インフラ]{いんふら:infrastructure}[構想]{こうそう:concept:N3}「[スターゲート]{すたーげーと:Stargate}」を[発表]{はっぴょう:announced:N3}したと[報じられて]{ほうじられて:reported:N3}います。[米国]{べいこく:United States:N3}[国内]{こくない:domestic:N3}での[データ]{でーた:data}[センター]{せんたー:center}[建設]{けんせつ:construction:N2}や[電力]{でんりょく:power:N4}[インフラ]{いんふら:infrastructure}[整備]{せいび:development:N1}などが[含まれる]{ふくまれる:included:N2}とされますが、[資金]{しきん:capital:N3}[調達]{ちょうたつ:procurement:N3}や[実行]{じっこう:execution:N3}[体制]{たいせい:structure:N3}の[詳細]{しょうさい:details:N1}は[継続]{けいぞく:continuously:N1}[公表]{こうひょう:disclosed:N3}[途上]{とじょう:in process:N3}と[見られます]{みられます:appears:N5}。\n\n#en\nAt the beginning of 2025, SBG reportedly announced — together with OpenAI, Microsoft, and others — an AI infrastructure concept called \"Stargate\" said to be on a scale of up to 500 billion dollars. It reportedly includes construction of data centers within the United States and the development of power infrastructure, but details of capital procurement and execution structure appear to be continuously in the process of being disclosed.\n::\n\n::callout\n5000[億]{おく:hundred million:N2}[ドル]{どる:dollars}という[数字]{すうじ:figure:N3}は[計画]{けいかく:plan:N4}[全体]{ぜんたい:overall:N3}の[上限]{じょうげん:upper limit:N3}として[示された]{しめされた:indicated:N3}もので、[実際]{じっさい:actual:N3}に[投じられる]{とうじられる:to be injected:N3}[金額]{きんがく:amount:N2}や[時期]{じき:timing:N3}は[今後]{こんご:going forward:N5}[条件]{じょうけん:conditions:N1}により[変動]{へんどう:may vary:N3}する[可能性]{かのうせい:possibility:N3}があります。\n\n#en\nThe figure of 500 billion dollars was indicated as the upper limit of the overall plan, and the actual amount to be injected and the timing may vary going forward depending on conditions.\n::\n\n::heading\n[中国]{ちゅうごく:China:N5}[市場]{しじょう:market:N3}とArm China[統制]{とうせい:governance:N1}[問題]{もんだい:issue:N4}\n\n#en\nThe China Market and the Arm China Governance Issue\n::\n\n::para\nArmはArm China（[安謀]{あんぼう:Anmou:N1}[科技]{かぎ:Technology:N2}）という[現地]{げんち:local:N3}[合弁]{ごうべん:joint venture:N1}を[通じて]{つうじて:through:N4}[中国]{ちゅうごく:China:N5}[市場]{しじょう:market:N3}に[IP]{あいぴー:IP}を[供給]{きょうきゅう:supplying:N3}してきました。[過去]{かこ:past:N3}には、Arm China[側]{がわ:side:N3}の[経営]{けいえい:management:N2}[陣]{じん:team:N1}と[本社]{ほんしゃ:head office:N4}との[間]{あいだ:between:N5}で[統制]{とうせい:governance:N1}をめぐる[長期間]{ちょうきかん:prolonged:N3}の[紛争]{ふんそう:dispute:N1}が[報じられた]{ほうじられた:reported:N3}[経緯]{けいい:history:N1}があります。[米中]{べいちゅう:US-China:N3}[半導体]{はんどうたい:semiconductor:N2}[摩擦]{まさつ:friction:N1}の[なか]{なか:amid}で、Arm IPの[中国]{ちゅうごく:China:N5}[企業]{きぎょう:companies:N1}への[提供]{ていきょう:provision:N1}[範囲]{はんい:scope:N1}にも[一定]{いってい:certain:N3}の[制約]{せいやく:restrictions:N3}が[加わっている]{くわわっている:being added:N3}とされます。\n\n#en\nArm has been supplying IP to the China market through a local joint venture called Arm China (Anmou Technology). In the past, there has been a history reported of a prolonged dispute over governance between the Arm China-side management team and the head office. Amid US-China semiconductor friction, certain restrictions are reportedly also being added to the scope of provision of Arm IP to Chinese companies.\n::\n\n::heading\n[半導体]{はんどうたい:semiconductor:N2}[ファンド]{ふぁんど:fund}1000[億]{おく:hundred million:N2}[ドル]{どる:dollar}[構想]{こうそう:concept:N3}\n\n#en\nThe 100-Billion-Dollar Semiconductor Fund Concept\n::\n\n::para\n[一部]{いちぶ:some:N3}[報道]{ほうどう:reports:N3}では、SBGが[半導体]{はんどうたい:semiconductor:N2}と[関連]{かんれん:related:N3}[インフラ]{いんふら:infrastructure}に[特化]{とっか:specialized:N3}した1000[億]{おく:hundred million:N2}[ドル]{どる:dollar}[規模]{きぼ:scale:N1}の[投資]{とうし:investment:N3}[ファンド]{ふぁんど:fund}[構想]{こうそう:concept:N3}を[検討]{けんとう:considering:N1}している、と[伝えられた]{つたえられた:reported:N3}[時期]{じき:periods:N3}があります。これは[既存]{きそん:existing:N1}の[ビジョン]{びじょん:Vision}・[ファンド]{ふぁんど:Fund}とは[別]{べつ:separate:N4}の[枠組み]{わくぐみ:framework:N1}とされ、[出資]{しゅっし:investment:N3}[者]{しゃ:participants:N4}の[構成]{こうせい:composition:N3}や[投資]{とうし:investment:N3}[対象]{たいしょう:targets:N2}は[公式]{こうしき:officially:N3}に[確定]{かくてい:finalized:N3}されていない[部分]{ぶぶん:portions:N3}が[多い]{おおい:many:N4}と[見られます]{みられます:appears:N5}。\n\n#en\nThere were reportedly periods when, according to some reports, SBG is considering an investment fund concept on a 100-billion-dollar scale specialized in semiconductors and related infrastructure. This is reportedly a framework separate from the existing Vision Fund, and many portions of the composition of investment participants and investment targets appear not to have been officially finalized.\n::\n\n::heading\n[今後]{こんご:going forward:N5}の[論点]{ろんてん:points of discussion:N3}\n\n#en\nPoints of Discussion Going Forward\n::\n\n::para\nSBGとArmの[戦略]{せんりゃく:strategy:N2}は、AI[向け]{むけ:targeted:N3}[半導体]{はんどうたい:semiconductor:N2}[需要]{じゅよう:demand:N1}の[拡大]{かくだい:expansion:N1}、[電力]{でんりょく:power:N4}[インフラ]{いんふら:infrastructure}や[データ]{でーた:data}[センター]{せんたー:center}[建設]{けんせつ:construction:N2}の[コスト]{こすと:cost}、[米中]{べいちゅう:US-China:N3}[関係]{かんけい:relations:N3}など[複数]{ふくすう:multiple:N2}の[外部]{がいぶ:external:N3}[要因]{よういん:factors:N3}に[左右]{さゆう:influenced by:N5}されます。「[覇権]{はけん:supremacy:N1}」という[言葉]{ことば:word:N3}が[使われる]{つかわれる:used:N4}ことの[多い]{おおい:often:N4}AI[チップ]{ちっぷ:chip}[領域]{りょういき:area:N2}で、SBG[グループ]{ぐるーぷ:Group}が[掲げる]{かかげる:put forth:N1}[構想]{こうそう:concepts:N3}の[どこまで]{どこまで:how far}が[実現]{じつげん:realized:N3}し、[どこまで]{どこまで:how far}が[計画]{けいかく:plans:N4}に[留まる]{とどまる:remain:N3}かは、[今後]{こんご:going forward:N5}の[公式]{こうしき:official:N3}[発表]{はっぴょう:announcements:N3}を[継続]{けいぞく:continuously:N1}[確認]{かくにん:confirming:N3}する[必要]{ひつよう:necessary:N3}があります。\n\n#en\nThe strategies of SBG and Arm are influenced by multiple external factors including the expansion of AI-targeted semiconductor demand, the cost of power infrastructure and data center construction, and US-China relations. In the AI-chip area where the word \"supremacy\" is often used, how far the concepts put forth by the SBG Group will be realized and how far they will remain only as plans needs to be confirmed continuously through future official announcements.\n::\n"]