PresentationMasahiro MinamiGroup CEO, President, Representative Executive Officer & Director Hello, everyone. I am Minami of Resona Holdings. Thank you very much for joining our IR session today despite your busy schedules. So let us start. Let me go through today's points. I would like to talk about how Resona Group evolves and grows towards next generation. Specifically, there are 3 points to mention. First is to revive our earnings capability. In a world with interest rates, we are leveraging our stren ...

AI在工业领域的应用 - 工业领域拥有全球 70% 的劳动力，但生成式AI在工业领域的应用却被忽视[2][3] - IFS 认为 AI 在工业领域的应用比在企业办公室更具影响力，能够推动工业进步和经济发展[2][4] - 通过 Boston Dynamics 的 Spot 机器人与 Eversource Energy 和 Anthropic 合作，对 5 公里的地下管道进行检测，AI 能够快速发现问题并触发工作指令，提高效率和准确性[7][8][9] - LLM 需要经过专门的训练和调整才能在特定工业环境中发挥作用，结合 IFS 的工作流和数据，可以显著提高 ROI[13][14] - IFS 扮演着连接模型、基础设施、数据、机器人和合作伙伴的角色，为工业领域的运营变革提供支持[15][16][18] - LLM 为技术人员引入了全新的互动方式，他们可以使用语音、视频和摄影等方式与平台上的智能信息进行互动，从而更好地完成工作[24] Anthropic 的合作 - IFS 选择 Anthropic 作为合作伙伴，因为 Anthropic 专注于企业应用，并重视风险与可能性的平衡，这对于需要高可靠性的工业领域至关重要[27][28][29] - IFS 对 Anthropic 抱有高度信任，但同时会进行严格的压力测试，并保持人机协作，以确保决策的准确性和安全性[30][32][33] AI 对劳动力市场的影响 - 预计 AI 将推动经济增长，未来几年全球 GDP 增长将提高 1 个百分点[42] - 世界经济论坛预测，到 2030 年，AI 将创造 1.7 亿个新工作岗位，抵消 9200 万个现有岗位的流失，净增 7800 万个工作岗位[42] - AI 和机器人技术是解决劳动力短缺问题的有效途径，特别是在老龄化劳动力和西方经济再工业化的背景下[44][46] 能源消耗与优化 - 解决能源危机的方法包括增加发电量和提高现有基础设施的效率[55] - 美国每年因电力中断损失 1500 亿美元的产出，通过减少停机时间，可以提高现有基础设施的吞吐量[55][56]

AI Impact & Challenges - Arc Investment predicts AI will have the biggest impact on the economy, comparable to the steam engine, electricity, and the internet combined [3] - MIT study reveals that 95% of enterprise AI solutions are failing, resulting in millions of dollars in AI project investments with zero return [3] - MIT study indicates brain activity systematically decreased with increased use of external AI support, with large language models like GPT showing the weakest overall engagement [5][6] - 83% of ChatGPT users couldn't recall essays they wrote minutes earlier, suggesting disconnection rather than distraction [6] Human Superpowers - Humans possess contextual intelligence, enabling them to experience emotional, social, and cultural nuances that AI struggles with [13][14] - Humans demonstrate adaptive resilience, excelling in pattern recognition with incomplete information and adapting in real-time using past experiences and intuition [15][16] - Humans exhibit creative problem-solving abilities, with studies showing stronger brain connectivity linked to creativity and memory processing in individuals who start writing independently [16][17] AI Utilization & Future - The industry emphasizes the importance of using AI to amplify human intelligence rather than replacing it [12] - The industry believes individuals, organizations, and countries that embrace AI will shape and dominate the coming decades [18] - The industry challenges individuals to develop human skills that AI cannot replicate and contribute to a future where AI amplifies humanity [19]

Core Insights - Proactive provides fast, accessible, and informative business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - Adobe Inc. is focusing on enhancing its marketing tools through the acquisition of Semrush, a brand visibility platform, to adapt to the AI-driven market [1][4] - Piper Sandler has reiterated an Overweight rating on Adobe with a price target of $470.00 following the acquisition announcement [1] Acquisition Details - Adobe will acquire Semrush in an all-cash transaction valued at $12.00 per share, totaling approximately $1.9 billion [2] - The acquisition is expected to close in the first half of 2026 [2] Strategic Implications - The integration of Semrush's generative engine optimization (GEO) and search engine optimization (SEO) capabilities will enhance Adobe's existing marketing solutions, including Adobe Experience Manager and Analytics [3] - Adobe's president of Digital Experience Business emphasized the importance of embracing generative AI for brand visibility and customer engagement [4]

Core Insights - Proactive provides fast, accessible, and actionable business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, mining, oil and gas, and emerging technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - ICARO Media Group, Inc. has expanded its Multiscreen Monetization Network through the acquisition of European Digital Out-of-Home (DOOH) firm Liftmedia, which includes a multiyear contract with Otis Mobility S.A. [1][4] - The partnership aims to create a fully connected multiscreen ecosystem, enhancing Out-of-Home experiences alongside existing OTT, mobile, and digital platforms [1][4]. Company Expansion - ICARO will deliver hyperlocal news and AI-personalized content via Generative AI media services on screens in elevators across Spain, Portugal, and parts of Africa [2][3]. - The expansion includes 50,000 screens, reaching over 2.4 million people daily and generating approximately 60 million weekly views [3]. Strategic Partnerships - The collaboration with Otis Worldwide Corporation is expected to enhance ICARO's digital network and monetization strategies, focusing on full funnel monetization for partners [4]. - Elevator screens are identified as a high-value digital advertising channel, providing unique segmentation opportunities for brands [4][6]. Technological Innovation - ICARO is developing AI-based solutions to capture and distribute hyperlocal news and personalized content, tailored to specific building contexts [4][5]. - The integration of elevator screens with AI-driven content management ensures relevant messaging in distraction-free environments, enhancing communication effectiveness [5][6]. Market Positioning - ICARO operates across Latin America, Brazil, the United States, and Europe, integrating technology, content, and advertising services to create high-performance media ecosystems [7]. - The company's platform transforms fragmented audiences into connected, revenue-generating experiences, orchestrating the full digital funnel through proprietary multiscreen engagement solutions [7].

Investment Thesis - Michael Burry is betting against AI, shorting Nvidia and Palantir, despite their current profitability [1] - Scion sees parallels between the AI boom and the telecom boom of the early 2000s, suggesting overinvestment in infrastructure [4] - Scion questions whether customers investing in Nvidia's GPUs will generate sufficient revenue to justify their spending [5] Financial Analysis - OpenAI is expected to generate a little over $20 billion in revenue this year [2] - Big tech companies have quadrupled their AI investment to nearly $400 billion per year [3] Technological Concerns - The rapid release of new Nvidia chips annually may render older chips obsolete before companies can recoup their investment [6][7] - Big tech companies currently depreciate their servers over six years, which Scion argues is too long given the pace of technological advancement [6] Company Stance - Nvidia maintains that its hardware remains productive and valuable for longer than critics suggest [7] - Nvidia claims its newest chips are superior in performance and efficiency, while also assuring customers that older chips will remain useful [8]

Group 1 - Adobe Inc. is recognized as a highly profitable large-cap stock, particularly following a recent partnership with HUMAIN to develop personalized generative AI models tailored to Middle Eastern culture [1][3] - The partnership is unique, involving collaboration on models, applications, agents, and infrastructure, integrating HUMAIN's Arabic-first LLM 'ALLAM' with Adobe's suite of products [2][3] - The initiative aims to empower over 400 million Arabic speakers globally by creating culturally relevant generative AI content that will be distributed through popular Adobe applications [3][4] Group 2 - Adobe is a global leader in creative, document, and digital experience software, offering a wide range of tools for content creation, design, marketing, analytics, and customer engagement [4]

Core Viewpoint - Nvidia's CEO Jensen Huang argues against the existence of an AI bubble, citing significant technological transformations in computing and AI that justify current valuations [2][3]. Group 1: Major Platform Shifts - The first major shift is from CPUs to GPUs, with GPUs capable of processing multiple tasks simultaneously, representing a significant advancement in computing power [4][5]. - The second shift is from classical machine learning to generative AI, which utilizes large datasets to create new content, impacting various sectors such as search ranking and ad targeting [6]. - The third shift involves agentic AI systems that can make independent decisions based on data, seen as the next frontier in computing, with applications in self-driving technology and legal assistance [9]. Group 2: Market Dynamics and Future Outlook - Nvidia reported strong earnings that exceeded Wall Street estimates, indicating robust demand for AI-related technologies [2]. - The transition to accelerated computing and generative AI is deemed foundational and transformational, respectively, with significant implications for infrastructure growth in the coming years [9]. - Investors are advised to maintain a long-term perspective and consider dollar-cost averaging, especially for companies with high valuations, as the AI market may continue to grow before any potential pullback [10][11].