{"id":343080,"date":"2026-02-06T03:02:34","date_gmt":"2026-02-06T03:02:34","guid":{"rendered":"https:\/\/www.wacoca.com\/life\/343080\/"},"modified":"2026-02-06T03:02:34","modified_gmt":"2026-02-06T03:02:34","slug":"%e3%82%b3%e3%83%a9%e3%83%a0%ef%bc%9a%e3%82%a2%e3%83%9e%e3%82%be%e3%83%b3%e3%80%81%ef%bd%81%ef%bd%89%e3%82%82%e5%b0%8f%e5%a3%b2%e3%82%8a%e3%82%82%e3%80%8c%e3%81%a9%e3%81%a3%e3%81%a1%e3%81%a4%e3%81%8b","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/life\/343080\/","title":{"rendered":"\u30b3\u30e9\u30e0\uff1a\u30a2\u30de\u30be\u30f3\u3001\uff21\uff29\u3082\u5c0f\u58f2\u308a\u3082\u300c\u3069\u3063\u3061\u3064\u304b\u305a\u300d\u3068\u5e02\u5834\u306f\u8a55\u4fa1\u304b | \u30ed\u30a4\u30bf\u30fc"},"content":{"rendered":"
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\"コラム：アマゾン、ＡＩも小売りも「どっちつかず」と市場は評価か\"\/<\/div>\n<\/div>\n

\u4ecf\u30dc\u30d9\u30b9\u5e02\u306b\u3042\u308b\u30a2\u30de\u30be\u30f3\u306e\u7269\u6d41\u30bb\u30f3\u30bf\u30fc\u30022022\u5e742\u6708\u64ae\u5f71\u3002REUTERS\/Pascal Rossignol<\/p>\n<\/div>\n

\n
\uff3b\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u3000\uff15\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\u3000BREAKINGVIEWS\uff3d – \u30a2\u30de\u30be\u30f3\u30fb\u30c9\u30c3\u30c8\u30fb\u30b3\u30e0(AMZN.O), opens new tab<\/a>\u306f\u30aa\u30f3\u30e9\u30a4\u30f3\u66f8\u5e97\u3068\u3057\u3066\u59cb\u307e\u308a\u3001\u3084\u304c\u3066\u307b\u307c\u5168\u3066\u306e\u5206\u91ce\u306b\u62e1\u5927\u3057\u305f\u3002\u554f\u984c\u306f\u3001\u540c\u793e\u306e\u682a\u304c\u30b9\u30fc\u30d1\u30fc\u4e26\u307f\u306b\u5024\u5f15\u304d\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3060\u3002\u4eba\u5de5\u77e5\u80fd\uff08\uff21\uff29\uff09\u304c\uff29\uff34\u5927\u624b\u3092\u300c\u52dd\u8005\u7dcf\u53d6\u308a\u300d\u306e\u5730\u7344\u306b\u5909\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u4eca\u3001\u30a2\u30de\u30be\u30f3\u306e\u30a2\u30f3\u30c7\u30a3\u30fb\u30b8\u30e3\u30b7\u30fc\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08\uff23\uff25\uff2f\uff09\u306f\u30af\u30e9\u30a6\u30c9\u5206\u91ce\u3067\u3082\u5c0f\u58f2\u308a\u5206\u91ce\u3067\u3082\u6295\u8cc7\u5bb6\u304b\u3089\u8a55\u4fa1\u3055\u308c\u3066\u3044\u306a\u3044\u3002\u5168\u3066\u306e\u30e9\u30a4\u30d0\u30eb\u4f01\u696d\u3092\u4e0a\u56de\u308b\u8a2d\u5099\u6295\u8cc7\u3092\u7d04\u675f\u3057\u305f\u3070\u304b\u308a\u306e\u540c\u793e\u306b\u3068\u3063\u3066\u3001\u3053\u308c\u306f\u60aa\u3044\u7acb\u3061\u4f4d\u7f6e\u3060\u3002<\/div>\n
\u30a2\u30de\u30be\u30f3\u306f\uff15\u65e5\u3001\u6628\u5e74\u7b2c\uff14\u30fb\u56db\u534a\u671f\u306b\u5c0f\u58f2\u4e8b\u696d\u304c\u6025\u6210\u9577\u3057\u3001\u5317\u7c73\u306e\u58f2\u4e0a\u9ad8\u304c\uff11\uff10\uff05\u3082\u4f38\u3073\u305f\u3068\u767a\u8868\u3057\u305f\u3002\u3053\u306e\u4f38\u3073\u7387\u306f\u30a6\u30a9\u30eb\u30de\u30fc\u30c8(WMT.O), opens new tab<\/a>\u306e\u7d04\uff12\u500d\u3060\u3002\u55b6\u696d\u5229\u76ca\u7387\u3082\u9ad8\u304f\u3001\u6d77\u5916\u3067\u3082\u58f2\u4e0a\u9ad8\u3068\u5229\u76ca\u7387\u304c\u56fd\u5185\u540c\u69d8\u306b\u4f38\u3073\u3066\u3044\u308b\u3002\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30a2\u30de\u30be\u30f3\u306e\u4f01\u696d\u4fa1\u5024\uff08\uff25\uff36\uff09\u3092\u4e88\u60f3\u5229\u6255\u3044\u30fb\u7a0e\u30fb\u511f\u5374\u524d\u5229\u76ca\uff08\uff25\uff22\uff29\uff34\uff24\uff21\uff09\u3067\u5272\u3063\u305f\u500d\u7387\u306f\u904e\u53bb\uff15\u5e74\u9593\u3001\u7740\u5b9f\u306b\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u6307\u6a19\u3067\u898b\u308b\u3068\u30a2\u30de\u30be\u30f3\u682a\u306f\u73fe\u5728\u3001\u30a6\u30a9\u30eb\u30de\u30fc\u30c8\u3088\u308a\uff13\uff13\uff05\u5272\u5b89\u3060\u3002\uff29\uff34\u4f01\u696d\u304c\uff21\uff29\u6295\u8cc7\u7af6\u4e89\u3092\u7e70\u308a\u5e83\u3052\u308b\u4e2d\u3001\u30a6\u30a9\u30eb\u30de\u30fc\u30c8\u306f\u5b89\u5b9a\u306a\u907f\u96e3\u6240\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u4eab\u53d7\u3057\u3066\u3044\u308b\u306e\u3060\u3002<\/div>\n
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\"Line<\/div>\n<\/div>\n

Line chart showing multiple of enterprise value to estimated EBITDA over next 12 months for Note: Multiple of enterprise value to estimated EBITDA over next 12 months Amazon, Microsoft, Walmart<\/p>\n

\u30a2\u30de\u30be\u30f3\u306f\u3080\u3057\u308d\u30d3\u30c3\u30b0\u30c6\u30c3\u30af\u4f01\u696d\u3068\u3072\u3068\u304f\u304f\u308a\u306b\u3057\u3066\u898b\u3089\u308c\u308b\u3002\u4f55\u3057\u308d\u30af\u30e9\u30a6\u30c9\u30b5\u30fc\u30d3\u30b9\u4e8b\u696d\u306e\uff21\uff37\uff33\u304c\u55b6\u696d\u5229\u76ca\u306e\u534a\u5206\u4ee5\u4e0a\u3092\u5360\u3081\u3066\u3044\u308b\u304b\u3089\u3060\u3002\u7af6\u4e89\u304c\u6fc0\u5316\u3059\u308b\u4e2d\u3001\u540c\u90e8\u9580\u306f\u7af6\u5408\u4ed6\u793e\u306b\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u596a\u308f\u308c\u3066\u3044\u308b\u3002\u78ba\u304b\u306b\u9996\u4f4d\u306f\u7dad\u6301\u3057\u3066\u304a\u308a\u3001\u7b2c\uff14\u30fb\u56db\u534a\u671f\u306e\u58f2\u4e0a\u9ad8\u306f\u524d\u5e74\u540c\u671f\u6bd4\uff12\uff14\uff05\u5897\u3048\u305f\u3002\u3057\u304b\u3057\u7af6\u5408\u3059\u308b\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8(MSFT.O), opens new tab<\/a>(MSFT.O), opens new tab<\/a>\u306e\u300c\u30a2\u30b8\u30e5\u30fc\u30eb\u300d\u306f\uff13\uff19\uff05\u5897\u3001\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c8(GOOGL.O), opens new tab<\/a>\u306e\u30b0\u30fc\u30b0\u30eb\u30fb\u30af\u30e9\u30a6\u30c9\uff14\uff18\uff05\u5897\u3092\u8a18\u9332\u3002\u30e9\u30a4\u30d0\u30eb\u5404\u793e\u304c\uff21\uff29\u6295\u8cc7\u3092\u5897\u3084\u3059\u306b\u3064\u308c\u3001\u3053\u306e\u50be\u5411\u306f\u52a0\u901f\u3057\u3066\u3044\u308b\u3088\u3046\u3060\u3002<\/div>\n

\u653b\u52e2\u304b\u3089\u8eab\u3092\u5b88\u308b\u306b\u306f\u4fe1\u3058\u3089\u308c\u306a\u3044\u307b\u3069\u306e\u8cc7\u672c\u6295\u5165\u304c\u5fc5\u8981\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u6295\u8cc7\u5bb6\u3082\u3053\u308c\u3092\u6ce8\u8996\u3057\u3066\u3044\u308b\u3002\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8\u306f\u5148\u9031\u3001\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306a\u3069\u306e\u30b3\u30f3\u30d4\u30e5\u30fc\u30c6\u30a3\u30f3\u30b0\u30a4\u30f3\u30d5\u30e9\u69cb\u7bc9\u306b\u30a2\u30ca\u30ea\u30b9\u30c8\u4e88\u60f3\u3092\u5927\u5e45\u306b\u8d85\u3048\u308b\u6295\u8cc7\u3092\u884c\u3046\u3068\u767a\u8868\u3057\u3001\u682a\u4fa1\u304c\uff11\uff10\uff05\u4e0b\u843d\u3057\u305f\u3002\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c8\u3067\u3055\u3048\u3001\u4eca\u5e74\u5ea6\u306e\u6295\u8cc7\u984d\u500d\u5897\u3092\u767a\u8868\u3057\u305f\uff15\u65e5\u306b\u682a\u4fa1\u304c\u5c0f\u5e45\u4e0b\u843d\u3057\u305f\u3002\u56db\u534a\u671f\u6c7a\u7b97\u306f\u5805\u8abf\u3060\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3060\u3002<\/p>\n

\u30a2\u30de\u30be\u30f3\u306f\u4e21\u793e\u3092\u4e0a\u56de\u308b\u30da\u30fc\u30b9\u3067\u8a2d\u5099\u6295\u8cc7\u3092\u5897\u3084\u3057\u3066\u3044\u308b\u3002\u306a\u3093\u3068\u4eca\u5e74\u5ea6\u306e\u8a2d\u5099\u6295\u8cc7\u984d\u306f\u524d\u5e74\u6bd4\u7d04\uff15\uff10\uff05\u5897\u306e\uff12\uff10\uff10\uff10\u5104\u30c9\u30eb\u3092\u4e88\u5b9a\u3057\u3001\u30d3\u30b8\u30d6\u30eb\u30fb\u30a2\u30eb\u30d5\u30a1\u304c\u307e\u3068\u3081\u305f\u30a2\u30ca\u30ea\u30b9\u30c8\u4e88\u60f3\u3092\uff15\uff10\uff10\u5104\u30c9\u30eb\u4f59\u308a\u4e0a\u56de\u3063\u305f\u3002\u3053\u306e\u767a\u8868\u3092\u53d7\u3051\u3066\u30a2\u30de\u30be\u30f3\u682a\u306f\u6642\u9593\u5916\u53d6\u5f15\u3067\uff18\uff05\u6025\u843d\u3002\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8\u6bd4\u3067\u7d04\uff12\uff10\uff05\u306e\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3001\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c8\u6bd4\u3067\u306f\u3055\u3089\u306b\u5272\u5b89\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n

\u300c\uff29\uff34\u4e8b\u696d\u3082\u5c0f\u58f2\u308a\u4e8b\u696d\u3082\u3069\u3063\u3061\u3064\u304b\u305a\u300d\u3068\u3044\u3063\u305f\u5272\u5b89\u611f\u306f\u6642\u9593\u3068\u3068\u3082\u306b\u89e3\u6d88\u3055\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u30a6\u30a9\u30eb\u30de\u30fc\u30c8\u306e\u6642\u4fa1\u7dcf\u984d\u306f\u3042\u307e\u308a\u306b\u5897\u52a0\u3057\u3001\u697d\u89b3\u7684\u904e\u304e\u308b\u3088\u3046\u306b\u898b\u3048\u59cb\u3081\u305f\u3002\u305d\u3057\u3066\u3001\u3069\u306e\u4f01\u696d\u304cAI\u3092\u30ea\u30fc\u30c9\u3057\u3066\u3044\u308b\u304b\u3001\uff21\uff29\u4e8b\u696d\u306e\u4fa1\u5024\u306f\u3069\u3046\u304b\u3001\u3068\u3044\u3063\u305f\u5e02\u5834\u306e\u8a8d\u8b58\u306f\u76ee\u307e\u3050\u308b\u3057\u304f\u5909\u308f\u308b\u3002\u3057\u304b\u3057\u4e0d\u5b89\u611f\u304c\u9ad8\u307e\u308a\u7d9a\u3051\u308b\u306a\u3089\u3001\u300c\u4e00\u3064\u8cb7\u3048\u3070\u3082\u3046\u4e00\u3064\u304a\u307e\u3051\u304c\u3064\u3044\u3066\u304f\u308b\u300d\u3068\u3070\u304b\u308a\u306b\u30af\u30e9\u30a6\u30c9\u30b3\u30f3\u30d4\u30e5\u30fc\u30c6\u30a3\u30f3\u30b0\u3068\u5c0f\u58f2\u696d\u3092\u4e00\u3064\u306e\u5098\u4e0b\u306b\u7f6e\u304f\u30a2\u30de\u30be\u30f3\u306b\u3064\u3044\u3066\u3001\u682a\u4e3b\u306f\u8a71\u304c\u3046\u307e\u3059\u304e\u308b\u3068\u8b66\u6212\u3057\u59cb\u3081\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n

\u25cf\u80cc\u666f\u3068\u306a\u308b\u30cb\u30e5\u30fc\u30b9<\/p>\n

\uff0a\u30a2\u30de\u30be\u30f3\u306e26\u5e74\u8a2d\u5099\u6295\u8cc750\uff05\u5897\u3078\u3001\uff21\uff29\u6295\u8cc7\u7d99\u7d9a\u3000\u682a\u4fa111\uff05\u8d85\u6025\u843d \u3082\u3063\u3068\u898b\u308b <\/a><\/div>\n

\uff08\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n

\u30ed\u30a4\u30bf\u30fcBreakingviews\u306f\u3001\u91cd\u8981\u306a\u4e89\u70b9\u3068\u306a\u308b\u3079\u304d\u91d1\u878d\u306b\u95a2\u3059\u308b\u77e5\u898b\u3092\u63d0\u4f9b\u3059\u308b\u4e16\u754c\u6709\u6570\u306e\u60c5\u5831\u6e90\u3067\u3059\u3002\uff11\uff19\uff19\uff19\u5e74\u306bBreakingviews.com\u3068\u3057\u3066\u8a2d\u7acb\u3002\uff12\uff10\uff10\uff19\u5e74\u306b\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u304c\u8cb7\u53ce\u3001\u91d1\u878d\u30b3\u30e1\u30f3\u30bf\u30ea\u2015\u90e8\u9580\u3068\u3057\u3066\u30ed\u30a4\u30bf\u30fc\u30d6\u30e9\u30f3\u30c9\u306e\u4e00\u54e1\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u65e5\u3005\u306e\u4e3b\u8981\u91d1\u878d\u30cb\u30e5\u30fc\u30b9\u306b\u3064\u3044\u3066\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u3001\u30ef\u30b7\u30f3\u30c8\u30f3\u3001\u30b7\u30ab\u30b4\u3001\u30ed\u30f3\u30c9\u30f3\u3001\u30d1\u30ea\u3001\u30de\u30c9\u30ea\u30fc\u30c9\u3001\u9999\u6e2f\u3001\u5317\u4eac\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u306b\u99d0\u5728\u3059\u308b\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u304c\u3001\u5c02\u9580\u7684\u306a\u5206\u6790\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u82f1\u6587\u3067\u306e\u6700\u65b0\u30b3\u30e9\u30e0\u3092\u63b2\u8f09\u3057\u305f\u96fb\u5b50\u30e1\u30fc\u30eb\u306e\u5b9a\u671f\u8cfc\u8aad\u3092\u542b\u3081\u3001breakingviews.com\u306e\u89e3\u8aac\u3084\u5206\u6790\uff08\u82f1\u8a9e\uff09\u3092\u3059\u3079\u3066\u3054\u89a7\u306b\u306a\u308a\u305f\u3044\u65b9\u306f\u3001sales@breakingviews.com\u307e\u3067\u3054\u9023\u7d61\u304f\u3060\u3055\u3044<\/p>\n

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<\/p>\n
\"Robert<\/div>\n

<\/a><\/div>\n

Robert Cyran, U.S. tech columnist, joined Breakingviews in London in 2003 and moved four years later to New York, where he continues to cover global technology, pharmaceuticals and special situations. Robert began his career at Forbes magazine, where he assisted in the startup of the international version of the magazine. Before working at Breakingviews he worked as a market researcher and reporter covering the pharmaceutical industry. Robert has a Masters degree in economics from Birmingham University and an undergraduate degree from George Washington University.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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