Hugh Jackman Spring Commencement 2026

Hugh Jackman は、オーストラリア出身の俳優・舞台俳優・歌手で、世界的には 『X-Men』シリーズのウルヴァリン役で最も知られています。 ただ、彼はアクション俳優という枠を超えて、ミュージカル・ドラマ・コメディ・司会までこなす、非常に幅の広いパフォーマーです。

1. 内容領域：入門レベルはPolitical Discourse Templateを利用。

中級～は各段落をInspirational × Personal Narrative × Value Discourseとして処理

Jackman のスピーチは、以下の 3 つのディスコースが重層的に組み合わさっています。

• Personal Narrative（個人史）

• Inspirational（励まし・価値）

• Value Discourse（優しさ・選択・人間性）

俳優のスピーチは感情表現が強くなりがちですが、 Jackman の語りは 論理構造が明確。

2. スピーチの流れ

2026 年版のスピーチは、次の 7 つのミニ構造に整理できます。

1. Opening（導入・感謝）

2. 若い頃の不安と自己認識（Self‑Reflection）

3. 俳優としての初期キャリア（Persistence）

4. 成功と失敗の両面（Duality）

5. Kindness の核心（Core Message）

6. 選択の力（Choice / Agency）

7. 卒業生への呼びかけ（Call to Action）

特に 5 → 6 → 7 の流れは、 「価値 → 行動 → 未来」へと視点が拡張する構造で、 通訳者にとっては 抽象語の階層性 を捉える良い訓練素材です。

3. 技法群（Processing Techniques）の項目を検討

抽象語アンカー → 右枝切り → EVS → 圧縮・展開 → 省略判断 → トーンシフト → どう処理するか

①. 抽象語アンカー

Jackman のスピーチは抽象語が多く、 これらを“柱”として訳すと安定します。

• kindness（優しさ）

• choice（選択）

• courage（勇気）

• vulnerability（弱さを見せる力）

• connection（つながり）

• integrity（誠実さ）

• empathy（共感）

• purpose（目的）

抽象語が多い＝構造で訳すと強い。

② 右枝切りポイント

Jackman の文は「短い主語＋強い動詞」で構成されるため、 右枝切りが非常にやりやすい。

例：

• You always have a choice, → 「あなたには、いつだって選択肢があります。」

• Kindness is not weakness, → 「優しさは、弱さではありません。」

• Lead with empathy, → 「共感を軸に、行動してください。」

右枝切りの“切りどころ”が明確なスピーチです。

③ EVS：121 WPM の最適値

121 WPM は 国際会議の標準速度に近い。

• EVS：2.5〜3 秒

• 抽象語が多いので、長めの EVS が安定

• 文末ポーズが短い箇所もあるため、構造先読みが必須

特に “kindness” の段落は EVS を 3 秒まで伸ばすと訳質が上がる。

④ 圧縮（Compression）

Hugh のスピーチは Narrative（個人史）部分が長い。 通訳ではここを 大胆に圧縮してよい。

圧縮すべき部分

• 若い頃のオーディションの細部

• 俳優仲間との具体的なエピソード

• 映画制作の裏話

• 失敗談の細かい描写

圧縮の理由

これらは Value（価値）を支える補助要素であり、 意味の核ではないため。

圧縮例

EN “I remember going to auditions in my early twenties, feeling completely lost…”

JP（圧縮） 「若い頃の私は、不安の中で挑戦を続けていました。」

⑤展開（Expansion）

逆に、Hugh のスピーチで 展開すべき部分は 抽象語（Kindness / Choice / Courage / Empathy）に関する箇所。

展開すべき部分

• Kindness の定義

• Choice（選択）の重要性

• Courage（勇気）と Vulnerability（弱さ）の関係

• Empathy（共感）を軸に行動する理由

展開の理由

これらは スピーチの核（Value Layer）であり、 通訳では 意味を補強して伝える必要があるため。

展開例

EN “Kindness is not weakness.”

JP（展開） 「優しさは、決して弱さではありません。 むしろ、人と向き合うための強さそのものです。」

→ 抽象語を日本語で“意味の厚み”として再構築

⑥ 訳さない部分（省略してよい箇所）

Jackman のスピーチは「個人史」が長いため、 以下は 省略しても意味が落ちない。

• 若い頃のオーディションの細部

• 俳優仲間とのエピソード

• 映画制作の裏話

• キャリア初期の細かい失敗談

これらは Narrative Layer であり、 Value Layer（価値） とは直接結びつかないためです。

⑦トーンシフト（Tone Shift）

Hugh のスピーチは後半で 語調が上がる。 通訳でも 強度を 1 段階上げる必要がある。

トーンシフトが必要な箇所

• Call to Action（卒業生への呼びかけ）

• “Lead with empathy.”

• “You always have a choice.”

• “Be the one who chooses kindness.”

トーンシフトの理由

スピーチの目的が 価値 → 行動 → 未来 へと移行するため。

トーンシフト例

EN “Lead with empathy.”

JP（トーンシフト） 「どうか、共感を軸に歩んでください。」

→ 語尾を柔らかく強め、呼びかけの強度を上げる

⑧ EVS 2段構造での訳出例と遅れ幅の判断基準（どう訳すか） 

Hugh Jackman のような抽象語中心のスピーチでは、 センテンスごとに「どの遅れ幅で処理するか」を瞬時に判断します。

EVS 2段構造：Example 1（Kindness）

EN（聞いている最中） “Kindness is not a sign of weakness; it is a sign of strength.”

JP（※次文を聞きながら） 「優しさは弱さではなく、むしろ強さの証です。」

EVS 2段構造：Example 2（Choice）

EN（聞いている最中） “You always have a choice, even when the world tells you otherwise.”

JP（※次文を聞きながら） 「たとえ周囲がそう見せなくても、選択肢は必ず自分の手の中にあります。」

遅れ幅の判断基準

① 短いセンテンス → 即時の順送り訳

• 文が短い

• 主語＋動詞が明確

• 抽象語が1つ

② 内容が早期に判明するセンテンス → ハーフセンテンス遅れ

• 抽象語が2つ以上

• 右枝が短い

• 文の方向性が早く見える

③ 複雑なセンテンス → 1センテンス遅れのコーピング

• 右枝が長い

• 抽象語が階層化

• 文末で命題が出る

8.トレーニング方法

Step 1：抽象語アンカーだけで訳す

kindness / choice / courage / empathy → これだけで意味の骨格が立つ。

Step 2：右枝切りで短く区切る

Jackman の文体は右枝切りと相性が良い。

Step 3：EVS を 2.5〜3 秒に固定

抽象語の階層性を保つための“余白”を確保する。

Step 4：Call to Action の語調変化を再現する

最後の 1 分は語調が上がるため、 訳出でも 強度を 1 段階上げると構造が保たれる。

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Ball State University Spring Commencement Address

Speaker 1 (00:00):
... for this degree. Ladies and gentlemen, Dr. Hugh Jackman. So now to say a few words to you, I present once again Dr. Hugh Jackman.

Hugh Jackman (00:31):
Wow. G'day, Ball State. How you doing? It's a little cold out there. Right? We're going to do some jumping jacks. You want to stand up? You're all good. It's all good with me. Wow, this is fantastic, Dr. Jackman, Dr. J, if I may. Thank you so much to President Mearns. Can I just check? Everyone can hear me? You got me out the back. We're all good? I know you guys can hear me. I got you. In the third row. All good? Okay. Just want to check.
(01:18)
Thank you to President Mearns for the invitation to speak today. Brian Gallagher, the Chair of the Board of Trustees, and all of the other trustees. A special congratulations to Rick Hall for receiving the President's Medal of Distinction last night and also leading my own private security team from here on in. To all the distinguished faculty and dedicated staff, and finally, thank you and congratulations to the graduating class of 2026.
Now, I've been asked countless of times to give a speech like this over the years and I have always said no because the money just was never really good enough. No, because I never felt ready. "Give me a few more years," I would think to myself. You only really get one shot in a roughly 10 minute, although let's be honest, anybody who knows me knows this is probably going longer than 10 minutes. Right, Dr. Foster?
But you get this short window to summarize the meaning of life, how to live it to its fullest, and then that lives online forever. It's a lot of pressure. And also, I don't know you guys, I'm a graduation speech junkie. I love them. David Foster Wallace, classic. Roger Federer, Tim Minchin, Jim Carrey.
And I have probably listened to the Wear Sunscreen Graduation Speech, which Baz Luhrmann turned into a number one hit at least 150 times, and that is a fictitious speech and still I love it. And by the way, wear sunscreen, although you're probably good today.
(03:12)
So following it all, their footsteps were super intimidating. And why do I love them? Well, 'cause I am someone who was always looking for guidance. I was brought up in the church. I was taught that God would show me the path. I just had to ask for guidance and have the courage to follow it.
So, this is a true story. I used to pray every single night as I went to bed. I used to say, "Dear God, I don't care. I literally don't care what you want me to do. Just make it really, really clear to me what that is. What is your will?"
I feared I would get it wrong, that I would make a wrong turn and it set me up for a feeling or feeling anxiety at turning points, especially like the on that you guys are looking at right now. Everything to me mattered a lot.
Now, my definition and my understanding of God, as it does, has evolved through the years, but in actuality in many ways that prayer was answered and is still being answered. I'm going to give you a couple of examples a little later on.
So why did I say yes now? I don't know. In fact, if I could give a title to this speech, it would probably be, I Don't Know. President Mearns or Mearnsie, as I like to disrespectfully call him, he asked me after my first trip here with Sutton, it was an unforgettable time.
It was incredibly fulfilling. It was an exciting week with many of the students, and I see so many. I'm so proud of you guys. I am so proud of you. And when Mearnsie asked me front door at Bracken House in September, I just said yes, because it felt right.
And maybe also at the very young age of 57, I finally realized I will never reach that point where I know everything, and neither does anybody else up on this stage. Sorry, everybody. Neither do your parents, not even Mearnsie.
(05:29)
They may have a good sense, because like me, they have all fallen in more potholes than you have at this point in your life. But any sense of really knowing is going to come from you, and even you will feel unsure a lot. Trust me. So I'm sure a lot of you are worrying about what's next. "What's the plan? I don't want to get it wrong."
And maybe you're hoping that Hugh Jackman is going to lay out a clear, effective eight point plan to success. "Want the career of your dreams? Here is how you get it." I could cherry-pick some stories that illustrate that, "With strong goal setting, hard work, and just a touch of luck, you too will reach the top," but I'm here to tell you that life just doesn't work out like that. Well, certainly not for me.
For most of my life, I just didn't know. And I don't mean a 22 or 27, I mean six months ago, I mean yesterday. So let me illustrate. I had acted in some capacity from when I was six years old, all amateur. I did plays, musicals, concerts. I did it all. I loved it. Did I ever think I would do it professionally? Never.
(06:45)
In fact, at one point I did hand in a headshot to a modeling agency at age 19 because my mate was making a lot of money doing some modeling. And I was told very bluntly by the head of the agency that the camera did not love me, that I was not photogenic, and to move on to other things. By the way, that comment stuck with me long into my film career. So just be careful what you let in. It made me feel like I didn't belong for a long time. Anyway, here's the true story. You want the true story of how I got into acting? Say yes.
Crowd (07:20):Yes.

Hugh Jackman (07:21):
Great. I was finishing a liberal arts degree in communications, majoring in journalism. Yeah. Doing the bare minimum to get a degree. Ooh. No, don't cheer that. Your parents are here. Come on, guys. Keep it together. So this is how they did it in Australia. It's different to here, but I needed 24 units in my final year to graduate. I had mistakenly only signed up for 22, so I needed to find a very, very small minor elective subject that would get me across the finish line.
My friend told me that the easiest class was Theater Appreciation. "Man, it's awesome. There's no homework. There's no exam. As long as you just show up for 10 weeks, you pass." "Done. Sign me up." I was so unengaged. And by the way, that was typical of all my schooling up to that point. I was so unengaged. I didn't turn up until the fourth week because I knew that you were allowed to miss three classes and still pass.
Come on, man. But I feel you. I showed up week four, only to find out for the first time in the course's history the teacher had decided to do a play. I practically crawled under my desk, but he had cast the play by random ballot, and yes, I got the lead. The lead. I went up to the professor at the end of the class. I begged him to let me out.
He dismissively looked at me and said that if I had showed up for the first three weeks, he might have listened to me, and then he just walked out. So now, I am the lead in a play. It is my worst nightmare. I think you're probably guessing where this story is going. I spent 90% of my final year on that play, and other classes we did, not my major, not the other 22 units.
We ended up touring the play to a local university and we were housed with acting students who were there. The moment I walked inside that house and was greeted by those actors, every cell in my body was telling me I had found my tribe and that I had just spent three years of my life doing the wrong degree. How did I know? I felt it in my body, that I had found my calling.
So I was like, "Okay, time to pivot." And here's where things get a little nutty. I auditioned for a one-year acting course at the Actor Center in Sydney. There were 20 spots. I didn't get in, but when one of the students didn't accept the offer, I was offered another audition, a callback. I turned up, there were about eight of us vying for this last position and I got it.
I was so happy. I was so excited when I received my acceptance letter, only to read the last line which instructed me to turn up on day one with a check for $3,500. Now remember, this is 1924, okay? But to me, at that point, it might as well have been a million dollars, 'cause I just finished a degree where my father had helped me and I didn't have the courage to ask him for $3,500, so I ripped up the acceptance letter, put it in the trash, started to contemplate what my next move was. Clearly, the signs were that acting was not meant to be.
The very next day I received a check in the mail. Remember, it's 1924. Checks, you know what checks are, but I received a check in the mail from my grandmother's will for $3,500. Yeah. I just stared at the check. It all just seemed surreal. I grabbed the acceptance letter out of the trashcan and started my journey as an actor. And my experience at that school, remember, Mr. What's the Least Amount I Can Do to Pass? He was gone.
(11:36)
I ended up studying acting for four years and I never missed a class, not one. A sign, a guiding hand, an answered prayer? I think so. Some would insist it was a pure coincidence. Who knows? But wherever they come from, are the signs always that obvious? No. In fact, usually they're quiet, subtle, and even more often disguised as failure. Let me give you an example where it felt like failure to me.
I was offered a movie. I'm not going to tell you which one because I did end up doing it, and stop Googling right now. But when I read the script, I just felt I wasn't right for it. I felt it, but it was this big opportunity on paper. It was one that I should be thrilled to do, and it was a huge step for my career. So, I went against that feeling and I made the movie.
And I remember sitting at that premiere and my palms started to sweat. People were laughing right at the point where they were not meant to be laughing. The movie was not a hit. The promised franchise never materialized, but I learned a painful lesson in listening to that voice inside. And actually, I can see now that that ended up creating space for something else.
(13:07)
Years before, I was offered a musical in Australia called The Boy From Oz, the president was talking about, and I turned it down, because at the time I'd been in two big musicals and I was struggling to get acting auditions for plays, movies, television. So I said, "Even though this feels great to me, I don't think it's the right strategic move to do another musical right now." So I said, no.
Well, when I finally saw that production in Australia, my palm started to sweat, every bone in my body wanted to be up there on that stage. I was watching one of the greatest roles I have ever seen being played by someone else, even though it had been offered to me two years before. Again, I felt the pain of not having listened to that voice inside, and right then and there, I told myself that I would always listen to my gut from that moment on.
So when they called about doing the show on Broadway two years later, I said yes straight away on the phone. Then I called my agent to tell him what I'd done. And even though a lot of people in the business told me not to do it, I listened to my voice, to that voice inside.
(14:21)
Now, yes, apart from winning the Tony for that role, by the way, that's not the reason I'm telling the story. To this day, The Boy From Oz is one of the great projects I've ever been involved with. I'm proud of what we did of the role I played that I said yes, even though people said, "Don't do it." And when Steven Spielberg, forgive me, let me just pick that one up.
Got to pause on Stephen Spielberg. When he came and saw it one night, I got a call from him saying, "We want you to host the Oscars." And I did. Our minds, our brains, they want to plan. They have all sorts of good reasons to follow apart because it makes sense, but if we are listening, if we open our hearts, that voice inside is trying to show us something a little more magical, a little more mysterious, surprising.
Sometimes it's loud and clear, $3,500, but sometimes it's quiet and subtle. So how will you know? How do you trust that intuition? Well, first of all, let's throw away perfect. Okay? Can we do that? Let's throw that away. And let's also embrace that even the mistakes may turn out to be the best thing that ever happened to us. But if it scares you, probably a good sign.
If it excites you a very good sign. And if you weren't sure you were going to make a dime doing it but you still want to pursue it, amazing sign. Your body knows, the goosebumps, the tingle. Where in your body do you feel that? And when you feel it, trust it. My life has not gone the way I thought it would.
A lot of the best things that have ever happened to me have been mistakes or failures or random classes I joined to get me across the finish line, but every time I've listened to my heart, that small voice inside that was and is still guiding me, then I have known I was on the right path, including saying yes to Mearnsie at his front door last September.
(16:40)
My favorite line from any movie is from Chariots of Fire. The movie is based on the true story of two runners for Great Britain at the Olympics in 1924. One of the runners, Eric Liddell, was born to missionary parents in China, and was about to embark with his sister on his own missionary work for the church, but he gets an opportunity to run for his country.
His sister takes him on a walk in the Scottish Highlands and turns to him and says, "Why are you doing this running, Eric? You have more important work to do for God. We need to start that work now." And Eric looks at his sister and says, "But I feel God's pleasure when I run."
What brings you pleasure? What is going to fuel you when you have to work unbelievably hard, which you will? You're welcome, parents. When you have to face fear and doubt and loneliness and failure, which you will, what lights you up? What is burning inside of you?
The great Joseph Campbell said, "There is perhaps nothing worse than reaching the top of the ladder and discovering you're on the wrong wall." Your heart, the little voice inside will tell you what the right wall is, what the right ladder is for you.
I wish every single one of you a life of adventure, surprise, delight, bold, glorious failures and successes, great friendships and love, and above all the deep satisfaction that you are living your own life, yours, because no one can take that away from you. Thank you.

ウィスパリング研究会公式アカウント

Harrison Ford delivers commencement address

 Harrison Ford delivers commencement address at Arizona State

ウィスパリング研究会公式アカウント

情熱と目的」を構造で読み解く通訳トレーニング

2026 年、Arizona State University の Commencement で Harrison Ford が語ったスピーチは、 俳優としての人生、環境保護へのコミットメント、 そして「情熱（Passion）と目的（Purpose）の違い」を軸にした 非常に構造が明確なスピーチです。

速度は 113 WPM。 国際会議より少し遅く、 抽象語アンカー・右枝切り・EVS の有益な素材です。

1. 内容領域：Inspirational / Personal Narrative Discourse

Harrison Ford のスピーチは、 以下の 3 つのディスコースが混ざる珍しい構造です。

• Personal Narrative（個人史）

• Inspirational（励まし・価値）

• Environmental / Purpose（目的・社会的責任）

外交スピーチのような儀礼性は薄く、 「経験 → 発見 → 目的 → 呼びかけ」 の ストーリー型テンプレートで進みます。

2. スピーチの構造（細分化 7 セクション）

Ford のスピーチは、次の 7 つのミニ構造に分かれます。

1. Opening（感謝・導入）

2. 若い頃の失敗（Self‑Reflection）

3. 演劇との出会い（Passion Discovery）

4. 下積みと Star Wars（Persistence）

5. 情熱と目的の違い（Core Message）

6. 環境保護との出会い（Purpose）

7. 若い世代への呼びかけ（Call to Action）

構造がはっきりしているため、 抽象語アンカーを拾うだけで訳が安定するタイプのスピーチです。

3. 抽象語アンカー（Harrison Ford 版）

Ford のスピーチは抽象語が多く、 これらを“柱”として訳すと安定します。

• purpose（目的）

• passion（情熱）

• community（コミュニティ）

• meaning（意味）

• responsibility（責任）

• hope（希望）

• potential（可能性）

• transformation（変化）

抽象語が多い＝構造で訳すと強い。

4. 右枝切りポイント

Ford の文は 文末でしっかり止まるため、 右枝切りが非常にやりやすい。

例：

• You have more power than you realize, → 「あなたたちには、想像以上の力があります。」

• Build something that didn’t exist yesterday, → 「昨日なかったものを、今日つくってください。」

• Stand up for someone who can’t stand up for themselves, → 「立てない人のために、あなたが立ってください。」

右枝切りの“切りどころ”が明確なスピーチ。

5. EVS：113 WPM の最適値

113 WPM は ゆっくり〜中速。

• EVS：2.5〜3 秒

• 抽象語が多いので、長めの EVS が安定

• 文末ポーズが長いので、待つ勇気が必要

特に “purpose” の段落は EVS を 3 秒まで伸ばすと訳質が上がる。

6. 訳さない部分（省略してよい箇所）

Ford のスピーチは「個人史」が長いため、 以下は 省略しても意味が落ちない。

• 若い頃の GPA の話

• 大工仕事で家族を支えた話

• 俳優としての初期キャリアの細部

• Star Wars に至るまでの細かい経緯

これらは “背景情報” なので、 通訳では 抽象語（purpose / passion）に直結しない部分は削るのが正解。

7. トレーニング方法

Step 1：抽象語アンカーだけで訳す

purpose / passion / community / hope → これだけで意味の骨格が立つ。

Step 2：右枝切りで短く区切る

Ford の文は「短い主語＋強い動詞」が多いので、 右枝切りが非常に効果的。

Step 3：EVS を 2.5〜3 秒に固定

抽象語が多いので、短い EVS だと破綻しやすい。

Step 4：Call to Action の部分だけ“強めの語調”で訳す

最後の 1 分は 語調を上げると Ford の意図に合う。

Speaker 1 (00:00):

... screen. For more than 30 years, he has been a leading voice for the protection of our planet, serving as vice chair of Conservation International and advocating for the preservation of ecosystems around the world. Through his work, he has helped bring global attention to the urgency of climate change, biodiversity loss, and the vital connection between nature and human life.

Dr. Harrison Ford (00:23):

If nature isn't kept healthy, humans won't survive, simple as that.

Speaker 1 (00:31):

On the world stage, he has used his voice with clarity and conviction.

Dr. Harrison Ford (00:36):

The earth has irreplaceable ecosystems rich in carbon and biodiversity by preserving just a small fraction. We can protect our wildlife, our air, water, food, jobs, and climate. And remember, reinforcements are on the way.

Speaker 1 (00:55):

A lifelong pilot and explorer, he has spent decades in the air, driven by curiosity, discipline, and a deep respect for the world below. That spirit of exploration has shaped not only his career, but his commitment to protecting the places we all share. Today we recognize not only an extraordinary actor, but a dedicated advocate whose work reminds us of our responsibility to one another and to the future of our planet. Arizona State University is proud to welcome Harrison Ford.

Speaker 3 (01:41):

We will now bring Harrison Ford to the front of the stage along with the dean of Herberger Institute for Design and the Arts, Renee Cheng, and Miki Kittilson, dean of the Rob Walton College of Global Futures, to perform the right of investiture.

(02:02)
President Crow, Arizona State University is honored to confer upon Harrison Ford the degree of Doctor of Arts and Humane Letters, honoris causa, in recognition of his global cultural influence through film, enduring dedication and extraordinary work for planetary health, and service through humanitarian aviation.

President Michael M. Crow (02:29):

Harrison, I should say almost Dr. Ford, by virtue of the authority vested in me by the Arizona Board of Regents on the recommendation of the outstanding faculty of Arizona State University, two of our deans up here, I hereby confer upon you the degree Doctor of Humane Letters, honoris causa, and admit you to all of its rights, honors, privileges, and obligations most importantly. So congratulations, Dr. Ford.

(03:09)
Harrison, you have inspired us. You've inspired me in your almost 40 years of commitment to conservation. Our new College of Global Futures, our new Walton School for Conservation Futures, all the things that we've got, where we're placing all of our energy. With your powerful voice, how do we find a way to help people to understand what it's going to take to build as successful a future as we have had to get here? How do we make that happen? Your inspiration, your commitment, your voice, your driving force behind this, using your celebrity and your power to do those things have been very meaningful to us at Arizona State University. So thank you, Dr. Ford.

Dr. Harrison Ford (03:57):

Thank you, President Crow. Thank you very much. Thank you, President Crow, for the kind, gracious introduction, and for the privilege to address all of you here today. You're here because you have accomplished something significant. You understood the opportunity before you. You took advantage of all this world-class university had to offer. You made wise choices, followed through with the work. I celebrate your commitment. The combined success of all of you, the potential of your entire generation, that is what gives me hope for the future.

(05:01)
I didn't give much thought to the future, to my future when I was in college. I did not make good choices. I didn't have the perspective, the maturity. I served only myself. I was squandering my life in riotous living. By my junior year, I was in real trouble, grade point wise, and looking for an easy A. I took a course, the catalog called Drama: The Study of Plays. We'd be responsible for putting on plays for the college, but I didn't give that part much thought. I thought I'd work in the box office or build sets.

(05:50)
My classmates were people I had previously discounted as geeks and misfits, but I soon realized I was a geek and a misfit. I had found my fit. These were my people. Turns out I didn't work in the box office. Instead, I had major parts in five or six plays that we put on that year. I began to find myself on stage pretending to be someone else. I had always seen myself as shy, but hiding in character and costume and makeup. I had a freedom, a bravery I had never felt before, and I got an A.

(06:50)
I was, I realized, present for possibly the very first time in my life. My passion had led me to community. The head of the theater department had become a mentor to me. He invited me to do plays in a summer theater season he directed. Sure. And then come to California to join him again at a more professional theater. Wow. Which led to an interview at Columbia Pictures, which eventually would lead to my theatrical career.

(07:44)
But acting was not yet paying the bills. I was supporting my growing family with carpentry jobs, another way to put food on the table. I loved making things. This went on for about... Well, I just skipped a line. Back up for me if you would, please. I only took acting jobs when the parts challenged me. This went on for about 15 years, during which I did a lot of carpentry and only four or five acting jobs, but they were more ambitious, good projects. And then it all added up, and I got Star Wars.

(08:44)
The load lightened. I had freedom, opportunity, but something was still missing. Passion and purpose are not the same thing. Passion brings you joy. Purpose brings you meaning. Passion gets you out of bed in the morning, but purpose allows you to sleep at night. And I hadn't found purpose higher than my job yet. That changed in the late '80s. I was living in Wyoming, and I was impressed by a group of people that I met there who had recently formed a not-profit called Conservation International. They had inspired leadership in their founder, Peter Seligmann, who became a trusted friend. Their message was simple: Nature doesn't need people. People need nature to survive.

(10:03)
A healthy natural world provides free services to mankind that we cannot provide for ourselves: oxygen in the air we breathe; pollinators for our crops; fresh water and carbon capture from our forest, wetlands, and ocean; medicines, present and future, from the rainforest. They had their heads in the sky and their feet in the mud, and they encouraged me to join them. There it was, purpose, a place to put my passion for storytelling to work. I didn't want to be a poster boy for the cause. I wanted to be part of the work so I was invited to join the board some 35 years ago. That's why I stand here now before you to represent for nature the source of life itself.

(11:19)
Humanity is a part of nature, not above it. We have an essential mandate to protect 30% of the world's land and sea by 2030 to prevent the mass extinction, to slow the warming of our planet. Still, despite new science, new policies, we are still losing nature to profiteering, corruption, conflict, including land that is already protected on paper. These efforts matter, but they're not enough. We need cultural change. We need to extend social justice. We need to respect and elevate the Indigenous peoples that are being marginalized, and in many cases, killed in cold blood. These communities have long understood that the trees, the mountain, water, soil are not commodities. They are relatives to be cherished for following generations to embrace and protect. We can all play a role by embracing that wisdom in our day-to-day lives, by loving the planet, by honoring nature's authority, her generosity, the bounty she affords us, the justice of her example, because the world you're stepping into, the world my generation left you, is a real mess.

(13:34)
Saving nature isn't our only job. There are opportunities to be embraced in society and business, in the kind of lives we live. So find a place for yourself. Whatever talent or ambition you have, find some way to put it to work. Build something that didn't exist yesterday. Stand up for someone who can't stand up for themselves. Bring people together who weren't talking before. That's leadership. That's what moves the needle. Your generation has far more power than you may realize. And if you harness that power, if you find your leadership, your issues, your voice, the world will not be able to ignore you. You will have to be accommodated. Believe me, I know that's true. Don't wait. When opportunity presents, recognize it. This is your time. Own it. Enjoy every second of it, because what could be worse than getting to the end of your life and realizing that you haven't fully lived it? Congratulations. Go change the world.

Speaker 5 (15:18):

Thank you, Dr. Ford. President Crow will now present the Moeur Award.

President Michael M. Crow (15:30):

Would our Moeur Award recipients stand up, please? The students standing have achieved excellent scholastic records during their undergraduate years. They've had the highest grade point of the May 2026 graduating class while completing all of their work here at ASU in no more than eight semesters. I'd like each of these students to be recognized by the rest of us for their energy and their creativity and their work. Thank you, and congratulations.

Opening statement at the 59th ADB wpm120

2026 年の ADB（アジア開発銀行）年次総会で、 神田真人財務官が 28:43 以降で述べた Opening Speech は、 外交スピーチの「儀礼性」と、金融スピーチの「高密度な因果関係」が 同時に存在する、非常に珍しいタイプのスピーチです。

今日はこの Opening Speech を、 右枝切り × 左枝構造 × 抽象語アンカー × EVS の観点から “構造で理解する” トレーニングとしてまとめます。

ウィスパリング研究会公式アカウント

59th Annual Meeting: Opening Session of the Board of Governors

１. Opening Speech の全体構成（細分化版）

Opening Speech は、外交スピーチのように見えて、 実際は 金融スピーチの構造 で進みます。

神田財務官のスピーチ（28:43〜）は、 次の 7つのミニ構造 に分解できます。

① Diplomatic Courtesy（儀礼的挨拶）

“our excellency President Shavkat Mirziyoyev… Welcome to the 59th annual meeting…”

• 主催国への敬意

• ADB 年次総会の開会宣言

• 外交スピーチの典型的導入

② Gratitude & Acknowledgment（感謝・謝意）

“I'd like to extend my deepest gratitude…”

• 主催国への感謝

• 中東情勢の中での開催への謝意

• リーダーシップへの評価

外交スピーチの「感謝ブロック」。

③ Historical Narrative（歴史的文脈）

“For centuries here has been the meeting point for the world… Silk Road…”

• サマルカンドの歴史

• 交易・文化・思想の交差点

• “interconnected system” の原型

ここで 価値（prosperity） の伏線を張る。

④ Value Statement（価値の提示）

　“They understood that prosperity depend upon the links between them.”

• スピーチ全体の価値軸

• 「つながり＝繁栄」の原理

• ここまでは外交スピーチの領域

⑤ Global Economic Outlook（世界経済の見通し）

★ ここが Outlook の開始点

“Today Asia and the Pacific stands at a new crossroad.”

• 地域経済の転換点

• “radical transformation”

• “new normal”

• 経済スピーチの構造に切り替わる

⑥ Downside Risks（下振れリスク）

“compounding shocks… geopolitical fragmentation… conflict…”

• 地政学リスク

• 紛争の影響

• 経済混乱

• 環境ストレス

危機コミュニケーションの構造。

⑦ Transmission & Impact（波及経路と影響）

　“They travel through the arteries of the global economy…”

• 4F（air, flight, finance, factories）

• サプライチェーンの脆弱性

• 家計への直撃

　　“They land squarely on household budgets.”

　　経済スピーチの「人間への影響」パート。

⑧ Institutional Response（ADB の対応）

“ADB is moving aggressively to meet this moment…”

• 危機対応

• 迅速性・規模

• 44B 支援

• チャーター改正

• 世界銀行との協働

• 機関改革（HR・分権化・ESF）

開発金融スピーチの中心。

⑨ Future Blueprint（未来の青写真）

“It looks like a region where connected systems drive shared resilience…”

• パワーグリッド（50B）

• デジタルハイウェイ（20B）

• AI・デジタル人材育成

• 民間資金動員（x4）

• サプライチェーン強化

• 自然資本投資（Nature Solutions）

ADB の「未来戦略」。

⑩ Closing Vision & Call to Unity（結び・協力の呼びかけ）

“We will step forward as one with ADB as your steadfast anchor.”

• 地域統合の推進

• ADB の役割（anchor）

• 次世代への責任

• 支援の継続を要請

• “one deeply connected blueprint” で締める

外交スピーチの典型的クロージング。

2. 抽象語アンカー（金融 Opening Speech の3本柱）

この Opening Speech は、 次の 3 つの抽象語で整理できます。

段落	抽象語アンカー	内容
① Outlook	Economic Outlook	世界・アジアの経済見通し
② Risks	Downside Risks	不確実性・市場変動・地政学
③ Policy	Policy Response	日本の政策姿勢・国際協調

外交スピーチの「感謝・勇気・優しさ」に相当する 金融 Opening Speech の 3 本柱 がこれ。

3. 英語は右枝構造、日本語は左枝構造

＝金融スピーチは右枝切りが必須**

金融スピーチは、外交スピーチよりも 右枝構造（後ろに伸びる条件・説明）が長い。

引用可能な1行を例にします。

“The global economy is expected to moderate, although the pace varies across regions.”

英語の構造：

The global economy
   is expected to moderate,
      although the pace varies across regions

左枝化（日本語の構造）

世界経済は、
   全体としては減速が見込まれますが、
   地域によってペースは異なります。

Opening Speech でも、 金融スピーチでは 右枝切り → 左枝化 が必須。

4. 「訳さない部分」を可視化する（金融スピーチ版）

金融スピーチは、外交スピーチよりも 削る部分が多い のが特徴です。

例文を分解すると：

The global economy | is expected | to moderate | although | the pace varies | across regions

訳す部分（意味の核）

• global economy

• moderate（減速）

• pace varies（地域差）

訳さない部分（削るべき右枝）

• the

• is expected

• although

• across

→ 語彙の 30〜40% を削っても意味は100%保持。

5. EVS（Ear–Voice Span）は 2〜2.5 秒が最適

Opening Speech でも、 金融スピーチは数字と条件文が多いため、 外交スピーチより 短めの EVS が安定します。

• EVS 2 秒：数字・指標の保持に有利

• EVS 2.5 秒：因果関係の処理に有利

神田財務官の Opening Speech は EVS 2〜2.5 秒 が最適。

6. EVS 2段構造での訳出例

EN　“The global economy is expected to moderate, although the pace varies across regions.”

JP（※EN 次文を聞きながら）

「世界経済は全体として減速が見込まれますが、地域によってペースは異なります。」

7. トレーニング方法

1. 動画を 20〜30 秒ずつ区切って聞く

2. 抽象語アンカー（Outlook / Risks / Policy）を決める

3. EVS 2〜2.5 秒で訳出

4. 右枝を切って意味単位に再構成

5. 数字・指標は “方向性だけ” を訳す

6. 最後に「因果関係の流れ」をノートにまとめる

Opening Speech でも、 金融スピーチは 因果関係の整理 が最重要。

Opening Speech × 金融スピーチ × 構造分析

神田真人財務官の ADB Opening Speech（28:43〜）は

外交 Opening と金融分析が融合した、 非常に珍しいスピーチ構造です。

28:44 文字起こし

• Your excellency President Shavkat Mirziyoyev, honorable chair of the board of governors, distinguished members of the board of governors, estimate guests. Assalam allaykum. Welcome to the 59th annual meeting of the Asian Development Bank in Samarkand.

• [applause and cheering] I'd like to extend my deepest gratitude to the government of and people often for graciously welcoming us during these challenging times due to the conflict in Middle East. I highly appreciate President Muf whose strong leadership driving reforms and economic growth guided by your vision.

• It be will further deepen collaboration with Usbekistan for centuries here has been the meeting point for the world. It was a beating heart of the silk road. It served as a historical crossroad of trade, culture and ideas. When travelers reached summer camp, they were not just trading commodities. They were building the interconnected system of the ancient world.

• They understood that prosperity depend upon the links between them. Today Asia and the Pacific stands at a new crossroad. We are living through an era of radical transformation. We face a new normal defined by compounding chocks. This includes geopolitical fragmentation, the devastating impact of conflict, deep economic disruptions and escalating environmental stress.

• Look at the current conflict in the Middle East. It is a direct hit to the global economic engine and it is one that affect our region the most as it at the end of long and fragile supply chains. These shocks do not respect borders. They travel through the arteries of the global economy, fair, flight, finance and factories.

• They land squarely on household budgets and the communities that can least afford them. The paradigm has shifted. Our response must shift with it. In this fragmented world, traditional and isolated developmental responses will fail. We can no longer afford slow country by country reactions to regional and global crisis.

• To survive and thrive in this new era, we must build deeply connected and resilient systems. We must act together. If we are to develop together, EDB is moving aggressively to meet this moment. We drive deliver with speed. We deliver at scale in 2025. Amidst rising global challenges, ADB provided an unprecedented $44 billion in support to the region.

• [applause and cheering] This was driven by over $29 billion in our own resources at 20% increase. 20% increase over the previous year. We also mobilize nearly 15 billion dollars from our partners. But but capital alone is not enough. The institution itself must be wired for speed and agility. We have moved rapidly to provide crisis response when our members needed it most.

• This shows EDB can act with urgency when the moment demands it. We are the first first development partner to reach out to many of you on budget support in response to the Middle East cor conflict and we were the first multilateral development bank to announce a financial support package for affected countries. We secured the first amendment to ADB charter in our nearly 60 years history.

• The change will allow ADB to increase finance by 50% 50% increase without asking shareholders for more capital. We launched the first ever historic full mutual reliance framework with the world bank to streamline our joint support. This reduces the time, cost and complexity of delivering assistance to our developing development member countries.

• And we have implemented sweeping reforms to make ADB faster and more agile. We are deploying new tools of a rapid resource reprogramming and deployment option offers countries immediate financial relief. It allows them to repurpose existing sovereign portfolio funds in the very first day of a crisis. At the start of this year, we rolled out a new environmental and social framework.

• They will elevate our standards and protect communities. We are actively accelerating our decentralization. We are pushing resources and decision making out of headquarters and into the field. This bring us closer to our clients and the challenges they face. To ensure we have the talent to execute this, we introduce a new strategic human resource framework.

• This will help us attract, retain, and empower the best people. ADB is not waiting for the future. We are proactively reshaping our institutions to meet it. So what does this future look like? It looks like a region where connected system drive shared religions and inclusive growth. It begins with integrate integrating development across our borders.

• Yesterday we took a significant step in this direction by launching the $50 billion pang Asia power grid initiative [applause] [cheering] across Asia and the Pacific. Demand for reliable electricity is growing faster than national system can deliver. This initiative shifts us away from bilateral projects.

• It moves us toward coordinate regionwide multilateral power trade. It will be a massive driver for shared energy security. By 2035, our ambition is to integrate 20 gawatt of renewable energy access borders. We will connect 22,000 30 kilometers of trans transmission lines. This will improve energy access for 200 million people.

• We aim to reduce regional power sector emission by about 15%. We will also expect to help create 840 million jobs. By connecting nation power systems, we balance the variability of renewable energy. We also lower costs. But this is just a start. We must also close the digital divide and leverage artificial intelligence safely to leaprog development.

• The investment requires to close the region's digital and data infrastructure gap over the next decade is staggering. It is estimated at roughly $320 billion dollars. Many communities still lack reliable broadband access. Cross broader digital infrastructure remains limited. So to help meet this need, we are advancing the $20 billion Asia-Pacific digital highway.

• [applause] [cheering] This this will build the foundational fiber submarine cables and broadband networks. The region desperately desperately needs our goal. Our goal is to reach 650 million people by 2035. 200 million people will gain broadband access for the very first time and 450 million will benefit from faster and more reliable connections.

• We will also ensure that three million people especially young and women receive training in digital digital and AI skills. To finance this massive transition, public resources alone can't meet this region's needs. Fiscal space continue to tighten. Aid priorities are shifting. that bardons are mounting across the region.

• So we must harness the private sector. The private sector creates over 90% of all jobs. Government of their own can't fund the infrastructure required for growing populations. Large pools of private capital exist. However, however, they are not flowing where they are needed most due to policy constraints and market failures. The binding constraint is not a lack of capital.

• It is the lack of an enabling environment. EDB has set an ambitious target to increase our private sector financing four-fold, reaching 13 billion dollars annually by 2030 to reinforce supply chains. Our trade and supply chain finance program supported 5.7 billion dollars last year. We are prepared to increase this to $6.

• 5 billion dollars annually by 2030. To guide our efforts, we recently launched our high level private sector advisory group guided by this group of top really top global business leaders. We will target the specific bottlenecks where progress tools. We will design critical frameworks and scalable project pipelines.

• This will give a private capital the confidence to engage and invest. Underpinning all this economic progress progress is the very earth we stand upon. We must reverse environmental degradation. We must treat our ecosystem as a living infrastructure that sustains us. The triple predatory crisis of biodiversity loss, pollution and the changing climate is eroding food and water systems.

• It is threatening sustainable de development across all economies. We must remember that these investments are ultimately about the people. I have seen what overcoming these challenges looks like in practice. Last July in Lobok, Indonesia, I met Ibulatona. She heads a local water user association. She formed a group of women to monitor channels, manage waste and ensure fair water distribution.

• Thanks to their better water management, rice yields per hectar tripled three times, tripled within two years, farmer incomes increased by 50%. 50% women lead associations in Lumbok achieved the highest productivity gains. This shows this shows how building environmental and water resilience directly secure local economies and livelihood.

• Last year, 22% of ADB's approved project supported nature and the environment. Through the ADB le nature solutions finance hub, we are helping countries move from high level commitment to investment ready pipelines. This year we issued a $100 million green bond specifically targeting the devastating risks of gra in central and west Asia.

• We are turning nature priorities into scalable systemwide investments from the construction of crossber power grids and submering cables to the protection of our fragile ecosystem. The sheer scale of this transition is unprecedented. Navigating this level of complex complexity requires an anchor of stability.

• It requires an institution with a mandate and capacity to drive the economic integration of Asia and the Pacific. Our development mega member countries look to the ADP Asian development bank as the main bank member bank for this task and as the main bank for the region. Our members need this anchor and ADB fulfills with three three core strength.

• First first we have a much regional mandate. We have an embedded pres and nearly 60 years of deep geographical focus. Our structure ensures that priorities are driven by the region for the region. Second, we possess unique operational capabilities. ADB keeps our public and private sector operations under one leaf with one balance sheet and as one legal entity.

• This seamlessly integrate our work. We deploy innovative financial tools and risk sharing instruments. We work with government fix the policy environment. At the same time, we did the risk investment to make critical projects genuinely bankable. Third, we use a targeted delivery model. We act simultaneous as a financial an advisor and mobilizer.

• We do the hard work of upstream project development. This turns ambition into measurable impact. Let me bring us back to summer count. When travelers stood at this crossroads centuries ago, the paths they chose for the connections that define the future. Today, today the decisions we make at this new crossroad will secure the future for the next generation.

• We can't afford to retreat into isolation. This is not in ADB's DNA. We have the right strategy. We have the right institutional reforms under way. We will lead this transformation. [applause and cheering] But our work is far from finished. Excellencies, partners, and friends, I ask for your continued trust and support.

• I'm ready to lead this institution into its next chapter, my commitment to you is absolute. We will sustain the gains we have achieved so far and we will ensure ADB continues to evolve to meet the region's growing needs. The work ahead is immense but our purpose is clear. We will wire the region's power grids. We will raise digital foundations for tomorrow.

• We will unlock private capital at an unprecedented scale. And we will defend the living ecosystem that sustain us all. These are not separate initiative. They are one deeply connected blueprint for the region's survival and prosperity. We have the strategy, we have the resources, we have the collective will to execute.

• We will not face a future as a fragmented region. Instead, we will step forward as one with ADB as your steadfast anchor. Let that be our clear message from Sam Kando. Thank you very much indeed.

46:38

Henry Winkler: Commencement Address WPM 180

Henry Winkler Delivers Commencement Address to Emerson College 2026 Graduates

Henry Winkler はアメリカの俳優・監督・作家で、最も有名なのは1970年代のテレビシリーズ『Happy Days』で演じたArthur “Fonzie” Fonzarelli役です。 そのクールな革ジャン姿で一躍人気者となり、アメリカ文化の象徴的キャラクターになりました。彼は長年にわたり「優しさとユーモアの象徴」として愛されており、近年は mentor（メンター）役やコメディ作品での温かい存在感が評価されています。

本日の素材：Henry Winkler Commencement Speech 2026

WPM180 のスピーチをどう通訳するか｜実践トレーニング

2026年、Emerson College の卒業式で Henry Winkler が行ったスピーチは、 WPM180（Words Per Minute） という “やや速め” の速度で進みます。

WPM180 は、

• CNN のナレーションより少し遅い

• TED より速い

• 同時通訳では EVS 2〜3秒 が必要 という、Coping力が試されるスピーチです。

今日はこのスピーチを使って、 「どうやって速いスピーチを構造的に処理するか」 という実践的なトレーニング方法をまとめます。（少し我慢をすると、聴衆の拍手喝さいが入り、ポーズができて助かります。）

1. WPM180 のスピーチは何が難しいのか？

WPM180 は、 1秒あたり3語 のスピード。

つまり：

• 1文が長いと 右枝が処理しきれない

• 感情語が多いと 抽象化が必要

• EVS（遅れ）は 2.5秒前後 が自然

• 「聞きながら訳す」負荷が高い

対策 : Henry Winkler のスピーチは、 優しさ・勇気・感謝といった 感情語が中心なので、 抽象語アンカー を使い処理を安定させましょう。

2.　トレーニング方法

1. 動画を 30秒ずつ区切って聞く

2. 抽象語アンカー（Gratitude / Courage / Kindness）を決める

3. EVS 2.5秒で訳出

4. 右枝を切って意味単位に再構成

5. 最後に「抽象語の流れ」をノートにまとめる

WPM180 × 感情スピーチ × EVS2.5秒 この組み合わせは，遣り甲斐のある練習素材。

3. スピーチの構造（抽象語アンカー）

Winkler のスピーチは、 次の3つの抽象語で完全に整理できます。

段落	抽象語アンカー	内容
① Opening	Gratitude（感謝）	卒業生・家族・学校への感謝
② Middle	Courage（勇気）	恐れを抱えながら進むこと
③ Closing	Kindness（優しさ）	他者への思いやりが成功を導く

脳内で処理しているときにに これら3つの抽象語を意識をしていると、訳出時に意味がぶれ無くなります。

これは話の内容領域を示す5‑Discourse Templatesのなかの  “Diplomatic Discourse（外交）” と同じ “価値・関係性・普遍性” を扱う構造

このスピーチは：

• 感謝（Gratitude）

• 祝辞（Congratulation）

• 激励（Encouragement）

• 人間性（Kindness）

• 普遍的価値（Universal Values）

という 非対立・非政治・非経済・非危機 の内容で構成されている。

そこで、 Diplomatic Discourse のパターンで処理するのがお勧めです。

① Opening（感謝・敬意）→ ② Shared Values（普遍的価値）→ ③ Narrative（個人の物語）→ ④ Appeal（行動への呼びかけ）→ ⑤ Closing（感謝・祝意）

4. 英語は右枝構造、日本語は左枝構造

通訳者は “右枝切り” をして縦に積む

英語は 右に伸びる言語（Right-branching）。 日本語は 縦に積む言語（Left-branching）。

例 :  “Courage is not the absence of fear — it is acting in spite of it.”

英語の構造はこう：

Courage
  is not the absence of fear
    — it is acting in spite of it

右へ右へと情報が追加される。

日本語の左枝構造に変換するとこうなる

勇気とは、
   恐れがないことではなく、
   むしろ恐れを抱えながら行動することだ。

これが 右枝切り → 左枝化。

5. 「訳さない部分」を可視化

英語の文を、 訳す部分 と 訳さない部分 を確認

Courage | is not | the absence of fear | — | it is | acting in spite of it

訳す部分（意味の核）

• Courage

• not the absence of fear

• acting in spite of it

訳さない部分（削るべき右枝）

• the

• —（リズム）

• it is（繰り返し）

• 語順の細部

• 比喩のニュアンス

結果として：語彙の 25〜35% を削っているが、意味は100%保持。

これが通訳の「訳さない部分」。

6. EVS（Ear–Voice Span）は 2.5秒が最適

WPM180 の場合、 1文＝約2秒 で流れていきます。

つまり：ほぼ1センテンス遅れ（EVS 2.5秒） が最も安定する。

実際の処理はこうなる：

• EN①を聞く

• EN②を聞きながら JP①

• EN③を聞きながら JP②

• …

この「1文遅れ」が、 速いスピーチを崩さずに訳すコツ。

7. EVS 2段構造での訳出例

EN①“Today is not just a day of celebration — it is a day of reflection.” （ここで意味が確定）

JP①（※EN②を聞きながら）「今日は祝福の日であると同時に、振り返りの日でもあります。」

EN②“You have earned this moment through your hard work and your heart.” （ここで意味が確定）

JP②（※EN③を聞きながら）「皆さんは努力と情熱によって、この瞬間を手にしました。」

EN③“Courage is not the absence of fear — it is acting in spite of it.” （ここで意味が確定）

JP③（※EN④を聞きながら）「勇気とは、恐れがないことではなく、恐れを抱えながら行動することです。」

Henry Winkler のスピーチは、 優しさ・勇気・感謝という抽象語を 構造的に処理する力 を鍛えてくれます。

Henry Winkler (00:00):

Thank you. Okay. I have so many things I want to say and so little time to say it, but in the words of Meyer Angelou, "They gave me 10 minutes. I decided to take 15." I'm going to tell you a little bit about my life and what I've learned and maybe you can identify.
First, I'm going to talk to the parents. You may experience this. Our youngest son finished high school. He said, "Wow, I am exhausted. I don't think I'm going to go to college." I said, "But you know what? I think you better go to college. Maybe you can learn about yourself. Maybe you can find some friends. Maybe you can learn about what you want to do." He said, "God will provide." So he went to college and he graduated and then he said, "You know, I'm not going to get a job." I said, "Oh my goodness, I think you better get a job. You might meet somebody. You need a nest egg. You might want to get a house." He said, "God will provide." He got a job. He said, "You know, I'm only going to go in three days a week." I mean, it's hard. I said, "But you know what? They're going to fire you. They're going to think that you're not interested. It doesn't show leadership." He said, "God will provide." I know two things about our son. He's a slacker and he thinks I'm God.
 

I grew up in New York City. I had very, very, very short German parents. I wanted to be an actor. My father wanted me to take over the lumber business that he brought from Europe. I said, "I'm not interested in wood." He said, "Why do you think I brought it over here?" I said, "Besides being chased by the Nazis, Dad, was there a bigger reason than that?" The only wood I was interested in was Hollywood, but I was told that I would never achieve. I am in the bottom 3% academically in America. Everything except for lunch was difficult. The headmaster of my high school said, "Winkler, I want to know why you're not achieving." I said, "Hey, that makes two of us."

I took geometry for four years, same course. I took it in regular school, summer school, regular school, summer school, regular school, summer school, regular school, summer school. I finally passed it in August of 1963 with a D minus. If I didn't get that D minus, I could not come to the one college that said yes of the 28 I applied to, Emerson. I love Emerson. They took me in and they nurtured me and it was only one block at that time. It was Beacon Street at that time.

When I was growing up, my life was like a cylinder of stainless steel, no handholds, no footholds, and I kept trying to pull myself up into the sun and I kept failing at everything. And finally, finally, I pulled myself up into the sun and I started to get work in commercials. And of course my parents were not happy with me at all. I embarrassed them, but I had a dream and I never let that dream out of my mind.

I live by two words, tenacity and gratitude. Tenacity will get you where you want to go and gratitude will make you enjoy the journey no matter how bumpy. Here it is. No matter whether you procrastinated or you got your assignment done immediately as it came tumbling out of your professor's mouth, whether it's hard to learn or you are the top of your class, you're all here in your seats.

So I go to Hollywood and I have long hair down to my shoulders and I go to Paramount Studios and I try out for a new show and I walk in and there's the producer, Gary Marshall, and 11 other men and women in that room. And I said, "Okay, honesty is the best policy. This sweat stain that looks like the Hudson River under my shirt is due to my fear that is running through my body." I had six lines. I went, "Hey, don't look at me like that." I threw the script up in the air and I sauntered out of that room.

On my birthday, 1973, they called me and said, "Would you like to join us?" I said, "Yes. Yes, I would." So I go to the studio. I go to Paramount Studios on the first day and there it says in the script, "Go to the mirror, comb your hair." I said, "I don't want to comb my hair. I want to be original. Every actor has combed their hair. Do anything, write anything. I will do it." They said, "Oh, the producer wrote go to the mirror, comb your hair." I go to the mirror, I pull out my comb, go, "Hey, look at that. I don't have to because it's perfect."

So here's the lesson. This is the lesson I learned. You are not hired no matter what you do to fill time and space. You are hired to fill that time and space with your imagination. You listen to your tummy. Your tummy knows everything. Your mind only knows a few things. You listen to your tummy. Okay. You're thinking, "All right, I'm going to graduate from college. Outside those walls, it's really tough. It is scary. I might be prepared." Some of you might not be prepared, but here it is. You're going to find out that you can do it, that it is no secret out there. All it is you and your wonderful intellect and your tummy and you will do what you have to do.

And then I will tell you something else. It was said in Washington not too long ago, "America, the problem with America, we have too much empathy." Well, you can live a life, you can accomplish, you can accumulate a lot of stuff, you can fill your house and then fill your garage and fill your basement, but you cannot live a rich life if you don't have empathy.

I will end with this. Every one of you is powerful. Some of you know your power. Some of you are scared of your power. Some of you haven't touched it yet. You're not aware it's even there yet. And I want to tell you, you are powerful and in you is a great gift and your job is to figure out what your gift is because this world needs every single one of you and your job is to find that gift and give it to the world. It doesn't matter what it is. We need it. Go. Thank you. Thank you.

ウィスパリング研究会公式アカウント

Luxons首相の演説 Part 2 冒頭の1センテンス遅れ 中級・上級用 危険回避フレーズ

素材：My Speech On Securing New Zealand’s Future

利用できる 5-Discourse Template参考

話の流れの構造をチェックしてみる

1. Diplomatic Discourse（外交）

2. Economic / Financial Discourse（経済・金融）

3. Political Discourse（政治・選挙）

4. Corporate / Business Discourse（企業・ビジネス）

5. Crisis / Risk Communication Discourse（危機・災害・リスク）

大体の遅れを想定した訳例です。さらに切り捨てが必要な場合は、つじつまを合わせてください。区切り方によって変わります。

①　Well, look, today has been officially billed as a pre-Budget speech

（まだ聞いている）

and I’ll touch on the Budget, and our priorities this year, a little later on.

今日は正式に予算前スピーチとして位置づけられており

②　But, in a more volatile world, 

予算と今年の優先事項については後ほど

and off the back of a recent trip to Singapore,

触れたいと思います。しかし、より不安定な世界情勢の中で、

I’d like to take the opportunity to speak to you today/

そして最近のシンガポール訪問を踏まえて、

on a bigger, broader topic, 

今日は、

both in my capacity as Prime Minister and as National Party leader.

より大きく広いテーマについて

③　I’d like to speak to you today about where New Zealand stands

首相として、また国民党党首としてお話ししたいと思います。

 in a more volatile world – a world that’s changing quickly

急速に変化し、 

and becoming less predictable, 

（聞いていても良いが、埋め草として）「この不確実性の中で、」

and how we need to adapt and secure our country’s future.

 予測が難しくなっている世界の中で、

④　The Indo-Pacific is the most economically dynamic region on earth. 

ニュージーランドがどこに立ち、どのように適応し未来を守るべきかについてです。

It will generate two-thirds of global economic growth in the coming years. 

インド太平洋地域は世界で最も経済的に活発な地域です。

By 2030, two-thirds of the world's middle class will live here.

今後数年間で世界の経済成長の3分の2を生み出します。

⑤　But there’s another side to this. Something important has changed in how global power works,

2030年までに世界の中間層の3分の2がこの地域に住むことになります。

and we need to be honest about what we see.

しかし、これにはもう一つの側面があります。

⑥　Put simply, our world is facing three big changes.

世界の力の構造が重要な変化を遂げており、

⑦　First, we are moving from a world ordered by rules to one ordered by power.

私たちはその現実を正直に見つめる必要があります。

⑧Countries are shifting from working together under international law

第一に、私たちは「ルールによる秩序」から「力による秩序」へと移行しています。

 to more transactional relationships without shared rules. 

各国は国際法のもとで協調する関係から、

⑨　In this setting, stronger nations do as they please, and smaller countries have to adjust.

共通のルールを欠いた取引的な関係へと移りつつあります。

⑩　Second, international relations are moving from an economic focus to one dominated by security concerns. 

この状況では、強い国が思うままに行動し、小さな国はそれに合わせざるを得ません。

⑪　Competition now means cyber-attacks, disinformation, supply chain coercion, and grey-zone operations are primary tools of statecraft.

第二に、国際関係は、経済中心の時代から、安全保障が主導する時代へと移行しつつあります。

ワークシート：ディスコース種別（①〜⑪）

① Well, look, today has been officially billed as a pre-Budget speech

→ Political / Economic （予算＝財政政策 → 政治＋経済）

② But, in a more volatile world,

→ Crisis / Risk ＋ Diplomatic （不安定な世界情勢＝リスク＋国際環境）

③ where New Zealand stands in a more volatile world… and how we need to adapt and secure our country’s future.

→ Diplomatic ＋ Crisis / Risk ＋ Political （国の立ち位置＝外交、安全保障、国家戦略）

④ The Indo-Pacific is the most economically dynamic region on earth.

It will generate two-thirds of global economic growth…** → Economic / Financial ＋ Diplomatic （地域経済＋国際秩序）

⑤ But there’s another side to this. Something important has changed in how global power works…

→ Diplomatic ＋ Crisis / Risk （国際パワーバランスの変化＝外交＋安全保障リスク）

⑥ Put simply, our world is facing three big changes.

→ Crisis / Risk ＋ Diplomatic （世界の変化＝国際環境＋リスク）

⑦ First, we are moving from a world ordered by rules to one ordered by power.

→ Diplomatic ＋ Crisis / Risk （国際秩序の変化＝外交＋安全保障）

⑧ Countries are shifting from working together under international law

to more transactional relationships without shared rules.** → Diplomatic （国際法・協調・ルール＝外交ディスコース）

⑨ In this setting, stronger nations do as they please, and smaller countries have to adjust.

→ Diplomatic ＋ Crisis / Risk （強国・小国の力関係＝外交＋リスク）

⑩ Second, international relations are moving from an economic focus

to one dominated by security concerns.** → Diplomatic ＋ Economic / Financial ＋ Crisis / Risk （経済中心→安全保障中心＝外交＋経済＋リスク）

⑪ Competition now means cyber-attacks, disinformation,

supply chain coercion, and grey-zone operations…** → Crisis / Risk ＋ Diplomatic （サイバー・偽情報・グレーゾーン＝安全保障リスク＋国際関係）

まとめLuxon のスピーチは：

• 外交（Diplomatic）

• 危機・リスク（Crisis / Risk）

• 経済（Economic）

がほぼ全編を占める。

企業（Corporate）・選挙政治（Political）は冒頭以外ほぼ出ない。

ーーーーーーーーーーーーーーーーーーーーーーーーーーーーー

中級（抽象語アンカーを含む・政治・経済スピーチ向け）

■ 抽象語アンカー入り（後続を邪魔しない）

• 「この不確実性の中で、」

• 「こうした環境の中で、」

• 「この課題を踏まえると、」

• 「このリスクを考えますと、」

• 「この状況を前提にすると、」

■ 構造先行（テンプレートを先に置く）

• 「まず全体像としては、」

• 「基本的な方向性としては、」

• 「大枠としては、」

• 「ポイントとしては、」

■ “まだ意味が確定していない”ときの安全装置

• 「ここで言えるのは、」

• 「重要なのは、」

• 「焦点となるのは、」

特徴：

• 抽象語で処理するため短くて速い

• 政治・経済・外交スピーチに最適

• EVSを守りながら構造を先に置ける

上級（高度な抽象化・テンプレート誘導・意味の先取りを避ける）

■ テンプレート誘導（Value→Policy / Problem→Solution）

• 「価値の面から言えば、」

• 「政策的には、」

• 「課題としては、」

• 「対応としては、」

• 「方向性としては、」

■ 高度抽象化（どんな展開にも耐える）

• 「より広い視点で見ると、」

• 「構造的に申し上げますと、」

• 「全体の流れとしては、」

• 「本質的には、」

• 「大局的に見れば、」

■ “危険な文”を安全に処理するための上級フレーズ

• 「ここで示唆されているのは、」

• 「ここで強調されているのは、」

• 「ここで問題となっているのは、」

• 「ここで問われているのは、」

特徴：

• 上級者が使うと“訳しているようで訳していない”状態を作れる

• 聞きながら構造を先に置く高度なCoping

• 抽象語アンカー＋テンプレート誘導の合わせ技

ウィスパリング研究会公式アカウント

Securing New Zealand’s future PM Luxon 173 wpm

同時通訳の学習では、「聞きながら遅れて話す」という最初の壁を越えることが、上達の大きな分岐点になります。
特に EVS（Ear–Voice Span）を2〜3秒確保したままレンダーするのは、初級後半〜中級の学習者にとって最初の難関です。

今日のトレーニングでは、New ZealandのChris Luxon首相のスピーチ（約173 wpm）を素材に、ワンセンテンスまたはハーフセンテンスごとに区切り、そこに合わせてCoping（遅れながら訳す）という練習法を紹介します。

この方法は、

• 文の途中で「まだ聞いている」を挟む
• 抽象語をアンカーにして短く訳す
• 右枝構造でも慌てずに順送りで処理する
  といった、同時通訳の基礎スキルを自然に身につけることができます。

今日のトレーニング素材：Securing New Zealand’s Future by PM Luxon

STEP 1：Slash Reading : スピーチを「ワンセンテンス／ハーフセンテンス」に区切る

Luxon首相のスピーチは173 wpmと速めですが
文構造が明確で、政治・経済・外交の抽象語が多いため、Coping練習に最適です。

同時通訳では、 日本語をレンダーしている途中で、次の英語が入ってくる という状況が必ず起こります。

これは失敗ではなく、 むしろ正しい EVS（遅れ）を維持できている証拠です。

例：12. “who show they’re willing to help themselves.” → パートナーは、自ら助けようとする国を支えるのです。 （※ここを言い終わる前に次の文が入る） 13. “We have assumed large investments in renewable energy” 

ポイントは：

• レンダー中に次の文が入っても動じない

• 意味が確定するまで訳さない

• 危険回避フレーズで沈黙を防ぐ

これが Coping（聞きながら話す） の本質です。

まずは、1文、または意味の切れ目（コンマ・接続詞）で／を入れ、短い英語チャンクを作ります。

例：“In a more volatile world,”→（まだ聞いている）

“we must focus on controlling what we can control,”→より不安定さを増す世界の中で

STEP 2：「抽象語アンカー」を選んで短く訳す

例：

• stability
• prosperity
• resilience
• security
• credibility
• investment

これらを 日本語の抽象語（安定・繁栄・強靭性・安全保障・信頼性・投資） に置き換えるだけで、
短く・正確に・速く レンダーできます。

STEP 3：「まだ聞いている」状態の場合は危険回避フレーズを使いEVSを維持

危険回避フレーズとは意味を確定させない“抽象的なつなぎ”

役割	説明
① 沈黙を防ぐ	EVSがゼロに戻るのを防ぐ
② 意味が確定するまで時間を稼ぐ	主節が来るまで安全に待つ
③ 誤訳を防ぐ	早く訳しすぎて事故るのを防ぐ
④ 聞きながら話す“Coping脳”を作る	同時通訳の多重処理を支える
⑤ 抽象語アンカーで後続を邪魔しない	どんな展開にも対応できる

■ 文頭で使う（つなぎ・時間稼ぎ）

• 「〜という状況の中で、」

• 「〜という中で、」

• 「〜という文脈で、」

• 「〜を踏まえて、」

• 「〜の中で、」

• 「〜ということですが、」

• 「〜という話で、」

■ 文末で使う（意味を閉じない）

• 「〜ということになります。」

• 「〜という形になります。」

• 「〜ということです。」

■ “まだ聞いている”を隠すための万能フレーズ

• 「まず申し上げますと、」

• 「全体としては、」

• 「大きく言えば、」

• 「背景としては、」

STEP 4：テンプレートは「5 Discourse Templates」に限定
外交・経済・政治・企業・危機（5 Discourse Templates）のどれに属する文かを意識

ーーーーーーーーーーーーーーーーーーーーーーーーーーーーーーーーー

前置き

Ka nui te mihi kia koutou, and good afternoon, everyone.

Can I just say thank you again for the opportunity to come and talk with you today. Can I say first up thank you so much for what you do as business leaders. I know it's an incredibly difficult and challenging time to be leading at this moment, but I also want to say thank you very much for the engagement that we've had as government and industry working together rather than us doing it to you as the way we've wanted to work with you with respect to the way we're building our response to the fuel crisis that we've been working with many of you in this room. We really do appreciate everything that you're doing with us. 

Can I just acknowledge you Tracy and say thank you for coming with me on so many delegations over the last 2 years as well and to Karen from Salesforce. Thank you for sponsoring the event and the contributions that you make also to government in particular. 

Before I begin, can I just acknowledge Business New Zealand CEO Catherine Rich. She can't be with us today. She's struggling with COVID, but I just want to acknowledge Catherine and also Business New Zealand's leadership in general and just say thank you.

Thank you for your support on the Indian FTA that was so critical to helping us finalize the FTA and bring it into life. And so on behalf of all Kiwi exporters large and small, thank you. Thank you. Thank you.

演習ではこれ以降を利用します。／は自分がここまで聞いたら通訳を始めようと思うところに入れます。

①　Well, look, today has been officially billed as a pre-Budget speech/ and I’ll touch on the Budget, /and our priorities this year, a little later on.

②　But, in a more volatile world, /and off the back of a recent trip to Singapore,/ I’d like to take the opportunity to speak to you today/ on a bigger, broader topic, /both in my capacity as Prime Minister and as National Party leader.

③　I’d like to speak to you today about where New Zealand stands in a more volatile world – a world that’s changing quickly and becoming less predictable, and how we need to adapt and secure our country’s future.

④　The Indo-Pacific is the most economically dynamic region on earth. It will generate two-thirds of global economic growth in the coming years. By 2030, two-thirds of the world's middle class will live here.

⑤　But there’s another side to this. Something important has changed in how global power works, and we need to be honest about what we see.

⑥　Put simply, our world is facing three big changes.

⑦　First, we are moving from a world ordered by rules to one ordered by power.

⑧Countries are shifting from working together under international law to more transactional relationships without shared rules. 

⑨　In this setting, stronger nations do as they please, and smaller countries have to adjust.

⑩　Second, international relations are moving from an economic focus to one dominated by security concerns. 

⑪　Competition now means cyber-attacks, disinformation, supply chain coercion, and grey-zone operations are primary tools of statecraft.

Third, we are moving away from a world that valued efficiency, like lean supply chains and borderless capital, to one that now puts national resilience first.

The examples are obvious to us all.

The United States, which supported the global order for 80 years, is now focusing more exclusively on its own view of its own interests. America First.

Russia has made its brutal intentions clear in Europe, reminding the continent that territorial conquest is not a relic of history.

And China is assertively expanding its influence across the Indo-Pacific and beyond.

A world where hard national interests are being pursued by hard national power. 

An unsentimental world.

A world where many of the rules that have helped keep us safe and prosperous are contested and sometimes ignored.    

And a world where centres of power are ever more distributed, and where countries in the Global South, including Africa, Latin America, Southeast Asia and our own Pacific neighbourhood, are also no longer willing to remain passive in a system they did not help design. 

Their desire for a greater say in global affairs is justified.

This is the world New Zealand must now navigate – not with fear, but with clear eyes and a willingness to make different choices than in the past.

We are living through an inflection point in history and for now a new multipolar international system appears to be emerging, although the outcome is not yet fully determined.

As a small nation without the means to assert ourselves diplomatically or economically, New Zealand has benefited hugely from the system of rules that has been built up through the multilateral system.

We helped build it and we have a long record of continuing to invest in its development. 

Our values, trade and security all depend on that foundation. 

And alongside our friends and partners, we must keep working to protect it and remake it.

When you turn on the news at night and see alliances straining, trade wars flaring and the rules being rewritten by the powerful, it is only natural to feel as though the ground is shifting beneath you.

It can seem as though the world you or your parents knew is becoming unfamiliar, harder to interpret, and beyond your control.

I hear these concerns and I feel them too. And I want to be honest with you about this, instead of giving empty reassurances.

But let me also stress this: we have faced similar challenges before, and we have overcome them.

Consider for a moment the New Zealanders who came before us.

The generation that lived through the First World War witnessed a world they believed to be civilised fall into chaos. 

Empires collapsed, ten million people died, and the old certainties about order, progress and the nature of Europe were shattered on the Western Front.

Young men from this country, including my great-grandfather, left small towns and farms to cross oceans and fight in a conflict that must have felt beyond their comprehension or control.

They returned home and rebuilt. Yet, less than 20 years later, they faced another global conflict in the Second World War. 

They confronted fascism, a disciplined and well-resourced movement that conquered much of Europe and appeared, in 1940, to be winning.

The outcome was not inevitable. It was not guaranteed. People were frightened, and they were right to be frightened.

They are called the “Greatest Generation” for good reason. Many of them were children of the Depression. 

They had already experienced hunger, loss and hardship. Then, as the world began to recover, they were called upon to do the hardest thing imaginable.

They answered the call and went to Europe and the Pacific.

Those at home rationed, sacrificed and waited, often not knowing whether the letters would stop coming.

What made them great wasn’t that they had no fear.

It was that they understood that freedom to live well, raise children in peace, speak your mind and choose your leaders doesn’t last on its own. 

Someone has to stand up for it, and their generation did.

But they didn't just win a war. 

They built the peace that followed.

They built the hospitals and the schools here at home. 

And they created the international institutions designed to make sure it could never happen again.

The very rules-based order we are now working to preserve? They built it.

They were not only warriors, but architects of a world that was, for all its imperfections, more just, more prosperous and more peaceful than anything that had come before.

Then came the Cold War.

Forty years of living with the constant threat of nuclear annihilation. 

Yet science advanced, democracy spread and human rights improved. 

In 1989, the Wall came down, not because of war, but because of powerful ideas and the courage of ordinary people who refused to keep living a lie.

We are the inheritors of what they built. 

The question is whether we prove worthy of that inheritance.

History teaches us that the world has always had its inflection points.

Those moments are always the most unsettling.

They are when dictators seek to dominate, when fear replaces reason, and when the urge to turn inward is strongest.

But they are also the moments that reveal character. 

The moments that determine what kind of world comes next.

And so I remain relentlessly optimistic. 

Despite the pressures of our age, we live in a time of extraordinary human capability.

In just one generation, over a billion people have been lifted out of extreme poverty.

Child mortality rates that would have seemed impossible to our grandparents are now normal in much of the world.

More people are educated and more women are involved in public life.

The tools available to address our greatest challenges, such as clean energy, medical science, digital connectivity and agricultural technology, are more powerful than ever before.

The Indo-Pacific is not just a region of risk, but also one full of opportunity. 

Innovation and enterprise can be found from Auckland to Ahmedabad and Tokyo to Timaru.

Small countries have often done well during times of change when they are coherent, trusted and stand for their values and interests. 

New Zealand has its own version of that story. 

At our best, we have always positioned ourselves on the right side of history.

That’s who we are.

So yes, the world is unsettled. 

The order we depended on is under real pressure. 

And there are forces in global politics that none of us can fully control.

But here’s what we can control: how prepared we are, how resilient we are and how well we stick together.

We can’t control the storm, but we can secure our future within it.

And that is exactly what I want to talk to you about today.

In a more volatile world, we must focus on controlling what we can control, and that starts at home.

For too long, we’ve assumed our location protects us, that an ocean and a quiet reputation are enough. They aren’t. Geography gives us time, but it doesn’t give us immunity.

We have assumed our international relationships would carry us. 

They matter enormously, but we must invest in them. 

They are not unconditional; they are sustained by contribution. 

Partners support those who show they’re willing to help themselves.

We have assumed large investments in renewable energy would insulate ourselves from energy shocks offshore.

We have assumed our economy would always bounce back. 

But, as I’ve said before, New Zealand needs to get its finances in order for long-term growth. An economy that can’t support itself in a crisis is a major risk both strategically and financially.

And maybe most importantly, we’ve assumed our social cohesion is a given. 

That New Zealanders will always stick together when times are tough.

But history shows that’s not always true. Social trust isn’t inherited. 

It’s built and needs to be looked after.

Those issues aren’t just academic. 

They really matter for Kiwis. 

Secure and affordable energy matters just as much for manufacturers here in Auckland, as it does for mums and dads battling to keep up with the cost of living.

Secure access to global markets matters just as much at the milking shed, as it does for cutting edge companies like Halter and Rocket Lab, competing for capital and talent on the world stage.

And financial security matters just as much for Kiwis meeting the cost of a mortgage, as it does for governments worldwide grappling with the cost of borrowing.

The bottom line is we can’t have prosperity – more jobs, more exports, and higher wages – without security.

And in 2026, risks to our energy security, financial security, international security, and our social cohesion, each threaten our future as a wealthy, inclusive and diverse trading nation in the South Pacific.

Each issue demands a coherent response, anchored in an overall objective of strengthening our collective national security for a more volatile and uncertain world.

Today I’d like to provide some guidance on my party’s direction of travel on some components of that national security, before speaking briefly about our priorities in this year’s Budget.  

First, international security and our presence offshore. 

As I spoke about earlier, flagrant violations of national sovereignty, such as Russia’s illegal invasion of Ukraine, and heightened great power competition in the Indo-Pacific have each contributed to a more volatile and uncertain world.

As a small, trading nation, we are disproportionately exposed. We have a strong voice, but in an era increasingly dictated by hard power, our choices are limited.

Enhanced investment in our own defence capability is critical, allowing us to support both our own national security, and the resilience of our wider region, the Indo-Pacific.

And in an era where trade and security are increasingly interrelated, investment in our defence capability also represents an investment in our economic security and our prosperity.

If re-elected, National is committed to continuing to implement the Defence Capability Plan, double defence expenditure as a share of the economy, and prioritise interoperability of our defence forces with our only ally, Australia.

But for a small country like New Zealand, our security depends as much on the system of rules, relationships and institutions that have developed over decades, as it does the size of our defence force.

That’s why in this term of Government, diversification of both trade and defence relationships, particularly in the Indo-Pacific, has been an urgent priority. Upgrades to our relationships with India and Singapore, closer cooperation with NATO’s IP4, and ASEAN, and our role in the Pacific Island Forum are each critical steps against a volatile international backdrop.

And we will continue to develop that latticework of interlocking relationships – bilateral, regional, and global – that together provide depth and resilience.

In a more volatile world, some of our traditional friends and partners seem to be doing the same – forging new partnerships shaped by many of the values we hold dear, and their own support for the rules-based international order.

The multilateral values and institutions that have underpinned our prosperity may be under strain, but they haven’t perished. We must evolve and remake them. 

New Zealand, with others, must continue that mission in the months and years to come.

For example, we will continue the work we started last year to strengthen the dialogue between the EU and CPTPP, and to reinforce the rules of international trade.

And as Lawrence Wong and I discussed last week, where high standards can be met and New Zealand’s interests are served, we will explore expanded access to the recently signed arrangements between New Zealand and Singapore on trade in essential supplies.

Second, I want to talk about energy independence.

New Zealand's energy vulnerability is no longer a theoretical risk; it is a live crisis on full display in the Strait of Hormuz every single day.

Every week I speak to farmers, growers, manufacturers, truck drivers and tradies whose lives and businesses have been affected by events half a world away.

And that’s not just the rough and tumble impact of globalisation.

On too many occasions, private capital, eager to bolster domestic energy production, has been pushed to the sidelines by overzealous planners and politicians in recent years.

Several high-profile projects are now getting underway, thanks to our reforms like Fast Track, which I expect will continue to grow in popularity by leaps and bounds.

The reality is that when faced with energy shock after energy shock, it’s very hard to justify backing the skink over the solar farm.

Other regulatory handbrakes, like the ban on exploration for offshore oil and gas, have been more permanently chilling.

As a Government we will continue to pursue strategic energy reserves and options, like LNG, the strategic coal reserve at Huntly, and our recent procurement of 90 million litres of diesel to be stored at Marsden Point.

Yes, each of those options are costly, but less costly than the alternative of regular but ultimately unpredictable shortages.

And more action is required.

Energy independence must be treated as an immediate national security interest, instead of a contributing factor to a long-term climate strategy.

We will never compete on the global technological frontier without abundant, affordable energy.

And the manufacturers I’ve spoken to here in Auckland are right that the Government does have a role in acting deliberately and forcefully to achieve exactly that.

Third, social cohesion.

Ultimately, our greatest strategic asset is the trust that New Zealanders have in each other and in our institutions. Disinformation exploits division. 

And adversaries will always probe our social fault lines looking for leverage.

But recent years have brought new pressures.  

During Covid, Ministers, given extraordinary powers by the Parliament, too often prioritised their own political interests over the interest of the public in honest and open government.

The media, determined to flatter New Zealand’s relative performance, also failed, accelerating a long decline in public confidence.

Since then, failed immigration policies in Europe and North America have also stoked a politics of division online. Despite prudent policies and the natural advantages of geography, immigration now seems to be an emerging political issue in New Zealand, too.

Holding our society together under those pressures will be challenging.

As MP for Botany, I represent a part of New Zealand which is more diverse than most. 

Thousands of Chinese, Korean, Malaysian, and Indian Kiwis call Botany home.

Kiwis who work hard, volunteer, serve their community, and make a contribution.

The kids who play cricket with your sons and daughters. 

School teachers. Business owners. Doctors and nurses.

Kiwis who deserve better than being unfairly and unreasonably vilified.

But that only works when we have a smart, targeted, and fair immigration system, that serves New Zealand’s interests.

It’s worth acknowledging that at least some of the political fracturing evident in Europe in recent years is the result of politicians refusing to implement the preference of their voters on immigration.

Earlier this year, Erica Stanford spoke on many of the recent changes we’ve made to strengthen our immigration system, designed to prioritise skilled, not unskilled, migrants – through higher English language requirements, more enforcement and tougher penalties.

The temporary work visas granted under the India FTA are anchored in that approach, with visas available for specific occupations, where we have workforce shortages.  

It’s an issue we’ll watch closely, and you should expect to see careful policy on immigration from National as we get closer to the election.

And my message to the business community is that when it comes to immigration, when faced with a choice between social stability and your bottom line, I will choose the former every single time.

Finally, our financial security.

The truth is that small countries which borrow money from offshore can only live on credit for so long. Eventually, the bill must be paid.

And with ratings agencies and bond markets increasingly suspicious of western governments’ political courage to address long-term fiscal pressures, that bill is only likely to become more expensive.

Too many countries, including New Zealand, spent the post-Covid years dining out on fiscal headroom accumulated by previous generations of political leadership.

In recent years, our Government has run tight Budgets in an effort to chart a path back to surplus. 

Crises offshore have made that path harder.

We must stay the course. Our status as a high-income nation is not a historical certainty. Fiscal credibility is a precondition of our prosperity.

In this year’s Budget we will prioritise maintaining that credibility.

Budget 2026 is about securing New Zealand’s future. Fiscal repair balanced with careful capital investment features heavily in that story. 

The good news is that with the Budget now officially signed off, I can confirm a few details today.

First, the Government’s fiscal strategy underpinning that approach – and our commitment to achieving it – remains unchanged. 

The Government remains committed to putting debt on a downward path towards 40 per cent of GDP, and to returning the books to surplus by 2028/29.

Achieving that will be a tall order and will require careful choices in the years to come.

But responding to the current fuel crisis – a crisis of national resilience and economic security – through more spending would risk leaving New Zealand even more exposed.

So, in that spirit, I can confirm that the Minister of Finance will once again keep new spending in the Budget below the operating allowance previously set in the Budget Policy Statement.

This year I’m pleased to say that the net operating package in the Budget will be $2.1 billion, or around $300 million smaller than the $2.4 billion allowance set in December, despite the recent crisis.

That’s achievable because, while we continue to invest in essential services, like health and education, for the third year running we have been able to achieve significant savings across Government.

At the same time, while we continue to prioritise a return to surplus, the recent crisis has acted as a timely reminder that significant levels of capital investment will be required in the coming years.

To build modern and resilient infrastructure able to withstand an increasingly volatile world.

To develop a defence force, which is fighting-fit, capable of keeping Kiwis safe and safeguarding our region from malign interference.

And to invest in the schools and hospitals New Zealanders rely on to receive modern, responsive public services.

So this year’s capital package will be larger than originally planned, at a net $5.7 billion.

That doesn’t reflect a permanently higher rate of borrowing – we’ll need to get the balance right in the years ahead, as we rebuild our fiscal buffers.

Promoting financial security isn’t just about the Government’s financial position.

The truth is that as a country we don’t save nearly enough and rely too much on money borrowed from overseas to support our lifestyles.

That must change.

Government’s role must shift from simply meeting the rapidly growing cost of New Zealand Superannuation, to which we remain committed, to a stewardship role for New Zealanders’ financial security, supporting greater levels of private savings and investment.

In last year’s Budget we agreed to lift KiwiSaver contributions from 3 per cent to 4 per cent. If National is re-elected, we intend to lift contributions further to 6 per cent each for employers and employees.

Some commentators have recently recommended a further set of changes to support the long-term health of the scheme, several of which have also been recommended in the past by the Retirement Commissioner.

National is considering those changes and we’ll have more to say on our KiwiSaver policy soon.

In closing, there is a quote attributed to Pericles that has stayed with me: "Just because you do not take an interest in politics doesn't mean politics won't take an interest in you."

The same is true of the world order. We can choose not to pay attention to it. 

But it will not return the favour.

We have what the world wants. 

We are a reliable partner. 

We have values worth defending and a future worth building.

But none of that is guaranteed. It must be chosen, and it must be worked for.

The world is at an inflection point. 

The question is not whether New Zealand is affected – it is. 

The question is whether New Zealand is ready.

Today, I am asking you to help make us ready. Not through fear – but through the deep, quiet confidence of a nation that knows who it is, what it stands for and what it is capable of achieving.

Thank you.

ウィスパリング研究会公式アカウント

WBD Q1 2026 Earnings Call Coping 実践と 練習問題

2026年5月、Warner Bros. Discovery（WBD）は 2026年第1四半期決算（Q1 2026）を発表しました。 

写真を有難うございます。

　　　　　　　　　　　　　　　　　ウィスパリング研究会公式アカウント

この決算説明会は、通訳者にとって Coping Interpretation（コーピング通訳） の格好の教材です。

決算説明会は情報量が多く、数字・固有名詞・前提知識が一気に流れます。 そのため、逐語で追うと破綻しやすい。 そこで必要になるのが、 抽象語アンカー法 × Coping Interpretation の組み合わせです。

1. Q1 2026 決算のポイント（押さえるべき“抽象語”）

決算内容の一次情報（WBD公式発表）によると：

• 売上：89億ドル（前年比3%減）

• 広告収入：8%減（NBA放映権の欠如が影響）

• HBO Max：1.4億→1.5億へ向けて加速（欧州展開が寄与）

• EPS：-1.17ドル（予想 -0.09） → 大幅ミス

• Netflixへの契約解除金：28億ドルを計上

この情報量をそのまま訳すのは不可能。 だからこそ、通訳者は 抽象語アンカー を使って「意味の軸」を作る必要があります。

2. Earnings Call 

① 数字が多すぎる→ 全部追うと破綻する → 数字は“方向性”だけ残す

② 文脈が複雑→ ストリーミング、映画、スポーツ、買収… → 抽象語で束ねる必要がある

③ 経営陣の話し方が速い→ 特に CFO パートは高速 → 要点だけ拾う「Coping」が必須

3. Coping Interpretation の実例（抽象語アンカー法つき）

以下は、実際の決算説明会の流れ（要約）＋ 1行引用（合法）＋ 通訳者の「Coping＋アンカー」の例です。

例①：ストリーミング事業の好調

🔻 スピーカー（要約）HBO Max が欧州で拡大し、 1.4億人を超え、年末には1.5億人を見込む。

引用：“We meaningfully exceeded our subscriber target.”

🔻 抽象語アンカー　“成長（growth）”

🔻 Coping Interpretation（コーピング訳）「成長」──ストリーミングは想定以上に伸びています。 欧州展開が寄与し、加入者は1.4億を超えました。（※数字は方向性だけ残す）

例②：EPS が大幅ミス

🔻 スピーカー（要約）EPS -1.17ドルで予想を大きく下回った。

引用：“EPS came in significantly below expectations.”

🔻 抽象語アンカー　“損失（loss）”

🔻 Coping Interpretation

「損失」──今期は EPS が大きく悪化しました。 予想を大幅に下回っています。

（※細かい数字は後で CFO が説明するため、ここでは省略）

例③：広告収入の減少

🔻 スピーカー（要約）広告収入は8%減。NBAの不在が影響。

引用：“Advertising was down, largely due to the absence of the NBA.”

🔻 抽象語アンカー“逆風（headwinds）”

🔻 Coping Interpretation

「逆風」──広告は NBA の不在で落ち込みました。（※“8%”は言っても言わなくてもよい）

例④：Netflix への契約解除金 28億ドル

🔻 スピーカー（要約）Netflix への契約解除金 28億ドルを計上。

引用：“We recorded the $2.8 billion termination fee.”

🔻 抽象語アンカー　“一時費用（one‑time cost）”

🔻 Coping Interpretation「一時費用」──Netflix との契約解除に伴う費用が今期に計上されています。（※金額は後で CFO が詳述するため、ここでは抽象化）

例⑤：CEO Zaslav の総括コメント

🔻 スピーカー（要約）ストリーミングは黒字化、欧州展開も順調。 スタジオは11のオスカーを獲得。

引用：“We delivered another strong quarter.”

🔻 抽象語アンカー　“好調（momentum）”

🔻 Coping Interpretation「好調」──ストリーミングの黒字化と欧州展開が進み、 スタジオ部門も勢いがあります。

4. Coping Interpretation のポイント

 ① 数字は「方向性」だけ残す→ すべてを追う必要はない

 ② 抽象語アンカーで段落を束ねる→ “growth / loss / headwinds / momentum” など

 ③ CFO パートは「要点だけ」→ 詳細は後で資料を見ればよい

 ④ 経営陣の意図を優先する→ 数字より「メッセージ」を拾う

2026 Earnings Call Coping Interpretation 練習セット（20問）

各問題は：

• 段落の流れ（要約）

• 1行引用（合法）

• タスク： 　① 抽象語アンカーを選ぶ 　② Coping Interpretation（短く・意味中心）を作る

1. ストリーミング加入者の増加

🔻 段落の流れ（要約）欧州展開が寄与し、加入者が想定以上に増加。 年末には1.5億人を見込む。

引用：“We meaningfully exceeded our subscriber target.”

タスク：アンカーは？（例：growth / momentum）

2. 広告収入の減少

🔻 段落の流れ（要約）広告収入は8%減。NBAの不在が影響。

引用：“Advertising was down, largely due to the absence of the NBA.”

タスク：アンカーは？（例：headwinds / pressure）

3. EPS が予想を大幅に下回る

🔻 段落の流れ（要約）EPS -1.17ドル。市場予想を大きく下回る。

引用：“EPS came in significantly below expectations.”

タスク：アンカーは？（例：loss / downside）

4. Netflix への契約解除金 28億ドル

🔻 段落の流れ（要約）契約解除金が今期に計上され、利益を圧迫。

引用：“We recorded the $2.8 billion termination fee.”

タスク：アンカーは？（例：one‑time cost / impact）

5. スタジオ部門の好調

🔻 段落の流れ（要約）映画部門が11のオスカーを獲得。 IP価値が上昇。

引用：“Our studio delivered exceptional results this quarter.”

タスク：アンカーは？（例：strength / performance）

6. スポーツ放映権の影響

🔻 段落の流れ（要約）NBA不在で視聴率が低下。広告も減少。

引用：“The absence of the NBA had a meaningful impact.”

タスク：アンカーは？（例：drag / challenge）

7. 欧州でのHBO Max展開

🔻 段落の流れ（要約）欧州でのローンチが成功。 加入者増に寄与。

引用：“Our European rollout is progressing ahead of plan.”

タスク：アンカーは？（例：expansion / progress）

 8. コスト削減の進展

🔻 段落の流れ（要約）統合後のコスト削減が計画通り進行。

引用：“We continue to realize meaningful cost synergies.”

タスク：アンカーは？（例：efficiency / synergies）

9. ストリーミング黒字化

🔻 段落の流れ（要約）ストリーミング部門が黒字化を維持。

引用：“Our streaming business remained profitable.”

タスク：アンカーは？（例：profitability / stability）

10. マクロ環境の不透明感

🔻 段落の流れ（要約）広告市場は依然として不透明。

引用：“The macro environment remains uncertain.”

タスク：アンカーは？（例：uncertainty / volatility）

 11. スポーツ戦略の再構築

引用：“We are reevaluating our sports rights strategy.”

タスク：アンカーは？（例：strategy / repositioning）

12. ゲーム部門の成長

引用：“Our gaming segment delivered double‑digit growth.”

タスク：アンカーは？（例：growth / momentum）

13. DCユニバースの再構築

引用：“We are rebuilding the DC universe for long‑term success.”

タスク：アンカーは？（例：rebuilding / long‑term vision）

 14. 広告主の慎重姿勢

引用：“Advertisers remain cautious.”

タスク：アンカーは？（例：caution / softness）

15. ストリーミングARPUの改善

引用：“ARPU improved across key markets.”

タスク：アンカーは？（例：improvement / monetization）

16. スタジオの制作遅延

引用：“Production delays affected our slate.”

タスク：アンカーは？（例：delays / disruption）

17. CFOによるガイダンス

引用：“We expect sequential improvement in Q2.”

タスク：アンカーは？（例：outlook / recovery）

18. CEOの総括コメント

引用：“We delivered another strong quarter.”

タスク：アンカーは？（例：momentum / performance）

19. キャッシュフローの改善

引用：“Free cash flow improved meaningfully.”

タスク：アンカーは？（例：cash flow / improvement）

20. 株主へのメッセージ

引用：“We remain committed to long‑term value creation.”

タスク：アンカーは？（例：value / commitment）

決算説明会 抽象語アンカー一覧（40語）

決算説明会で頻出する抽象語を、 通訳者が“意味の軸”として使いやすい順に分類しました。

A. 業績・数字（Performance）

• performance

• results

• momentum

• growth

• decline

• improvement

• deterioration

• volatility

• stability

• profitability

B. コスト・効率（Cost & Efficiency）

• efficiency

• synergies

• optimization

• restructuring

• cost discipline

• one‑time cost

• headwinds

• pressure

C. 市場環境（Market Conditions）

• uncertainty

• softness

• demand

• recovery

• slowdown

• macro environment

D. 戦略・方向性（Strategy）

• strategy

• repositioning

• long‑term vision

• execution

• transformation

• expansion

• integration

E. ストリーミング（Streaming）

• engagement

• monetization

• retention

• acquisition

• profitability

• scale

F. スタジオ・IP（Content & IP）

• franchise

• slate

• disruption

• creativity

• brand strength

1分間のスピーチを切り取り、Copingを実践

This afternoon, we issued our earnings release, shareholder letter, and trending schedule, and these materials can be found on our website at ir.wbd.com. Today's presentation will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Security Litigation Reform Act of 1995. Forward-looking statements include without limitation statements about the benefits of the proposed transaction between WBD and Paramount's guidance, future financial and operating results, the combined company's plans, objectives, expectations, and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of WBD's management and are subject to significant risks and uncertainties outside of our control that could cause actual results to differ materially from our current expectations.

通訳者向けの負荷分析（Coping Interpretation 視点）

このパッセージは、通訳者にとって負荷が高い

① 法務・規制用語が多い

• forward-looking statements

• safe harbor provisions

• Private Securities Litigation Reform Act

• significant risks and uncertainties

→ 抽象語アンカーが必須 （例：risk / uncertainty / legal framework）

② 右枝が長い（関係詞の連鎖）

• statements that we make…

• statements that are not historical facts

• risks that could cause…

→ 逐語で追うと破綻する

③ 情報の“種類”が多い

• earnings release

• shareholder letter

• trending schedule

• proposed transaction

• guidance

• operating results

→ Coping（要点圧縮）が必要

④ スピーカーは抽象語を出さない

Safe Harbor（要点版）

EVS2~3秒　2段スタイル（英語＋日本語）

EN① This afternoon, we released our earnings materials and shareholder letter. （ここで意味が確定）

JP①（まだ訳さない）

EN② These documents are available on our IR website. （ここで意味が確定）

JP①  本日、当社は決算資料と株主向けレターを公開しました。

EN③ Today’s presentation includes forward‑looking statements. （ここで意味が確定）

JP② これらは当社の IR サイトでご覧いただけます。

EN④ These statements are made under safe‑harbor provisions. （ここで意味が確定

JP③ここからの説明には、将来の見通しに関する記述が含まれます。

EN⑤ They include expectations about the proposed transaction and future results. （ここで意味が確定）

JP④ これはセーフハーバー規定に基づくものです。

EN⑥ They also include plans, objectives, and intentions of the combined company. （ここで意味が確定）

JP⑤ 取引に関する見通しや、今後の業績見通しなどが含まれます。

EN⑦ These statements are not historical facts. （ここで意味が確定）

JP⑥統合後の計画や目標、期待などが含まれます。

EN⑧They are based on current beliefs and expectations of management. （ここで意味が確定）

P⑦歴史的事実ではない内容が含まれます。

EN⑨They are subject to risks and uncertainties outside our control. （ここで意味が確定）

JP⑧ 現時点の経営陣の判断と期待に基づくものです。

EN⑩Actual results may differ materially from these expectations. （ここで意味が確定）

JP⑨ 当社の管理が及ばないリスクや不確実性の影響を受ける可能性があります

EN⑪ For additional information on factors 

JP⑩実際の結果が大きく異なる可能性があります。

→ 通訳者が “risk / uncertainty / forward‑looking” を アンカーとして生成する必要がある。

 

Warner Bros Discovery Q1 2026 Earnings Call

Warner Bros Discovery Q1 2026 Earnings Conference Call

ウィスパリング研究会公式アカウント

WBD Earnings Call における WPM の幅

• 128 WPM（Safe Harbor / 法務読み上げ）

• 157 WPM（CEO の称賛・ストーリーパート）

• 169 WPM（戦略説明パート）

• 176 WPM（CFO の会計説明）

• 188 WPM（アナリストの質問）

同じスピーカーでもパートによって WPM が大きく変動する。

1. Safe Harbor（法務読み上げ）＝ 120〜135 WPM

Safe Harbor（セーフハーバー）とは:

将来の見通し（forward‑looking statements）について、 「これは確定した事実ではなく、実際の結果は変わる可能性があります」 と法的に宣言するための文言。

アメリカの法律 Private Securities Litigation Reform Act of 1995 （私募証券訴訟改革法） によって義務化されている。

特徴：

• 読み上げ原稿

• 法務用語

• 慎重・一定のリズム

• 感情ゼロ

→ 最も遅い領域（128 WPM は典型）

通訳者にとっては「語彙負荷は高いが速度は安定」。

2. CEO のストーリー・称賛パート＝ 145〜165 WPM

特徴：

• 感情が乗る

• 抽象語が多い

• 右枝が長い

• 固有名詞が多い

→ 157 WPM は典型的な“語り”の速度

通訳者にとっては「抽象語アンカーが必須」。

3. 戦略説明パート（Streaming / Global / Growth）＝ 160〜175 WPM

特徴：

• 成果アピール

• 数字＋抽象語

• 右枝が長い

• 固有名詞が多い

→ 169 WPM は“戦略説明の標準”

通訳者にとっては「Coping（圧縮）＋アンカー」が必須。

4. CFO の会計説明＝ 170〜185 WPM

特徴：

• 会計用語

• 因果関係が複雑

• 文が長い

• 息継ぎが少ない

→ 176 WPM は CFO の典型的な速度

通訳者にとっては「最難関パート」。

5. アナリストの質問（Q&A）＝ 180〜200 WPM

特徴：

• 迷い語（um / uh / you know）

• 言い直し

• 文が異常に長い

• 話題が飛ぶ

→ 188 WPM は“高速質問”の典型

通訳者にとっては「構造崩壊の危険ゾーン」。

Earnings Call は 5つの異なる話法が混在しているため、 WPM が 128〜179（最大200） まで揺れるのは当然。

文字起こし

Operator (00:00):

Ladies and gentlemen, welcome to the Warner Bros. Discovery first quarter 2026 Earnings Conference Call. At this time, all participant lines are in a listen only mode. After the speaker's presentation, there will be a question and answer session. Additionally, please be advised that today's conference call is being recorded.
I would now like to hand the conference over to Mr. Peter Lee, senior vice president, Investor Relations. You may now begin.

Peter Lee (00:30): 128 mpm

Good afternoon and thank you for joining us for Q1 2026 Earnings Call. Joining me today from Warner Bros. Discovery's management is David Zaslav, president and chief executive officer, Gunnar Wiedenfels, our chief financial officer, and JB Perrette CEO and president, Global Streaming and Games.
This afternoon, we issued our earnings release, shareholder letter, and trending schedule. And these materials can be found on our website at ir. wbd.com. Today's presentation will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Security Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements about the benefits of the proposed transaction between WBD and Paramount Skydance, future financial and operating results, the combined company's plans, objectives, expectations, and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of WBD's management and are subject to significant risks and uncertainties outside of our control that could cause actual results to differ materially from our current expectations.

(01:50)
For additional information on factors that could affect these expectations, please see the company's filings with the US Securities and Exchange Commission, including, but not limited, to the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K.
WBD is not under any obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
In addition, we will discuss non-GAAP financial measures on this call. Reconciliations of these non-GAAP financial measures to the closest GAAP financial measure can be found in our earnings release and in our trending schedules, which can be found in the Investor Relations section of our website.
I will turn the call over to David for some brief remarks after which we will take your questions. Before doing so, I ask that you limit your questions to topics related to our Q1 results and related business and financial topics. As noted in our shareholder letter, management will not be taking questions regarding the proposed Paramount Skydance transaction. And with that, I'll turn it over to David.

David Zaslav (03:16): 157 wpm

I'd like to start by taking a moment to remark on the great life and extraordinary legacy of Ted Turner, who was sadly lost today. The words giant and visionary get tossed around loosely in our industry, but Ted Turner truly embodied both. Ted was a generational entrepreneur, someone who believed deeply in the power of ideas and in telling stories and building platforms that could inform, connect, and inspire people around the globe. His global vision for our industry was way before its time and presciently powerful.
And alongside Ted, through much of that journey was John Malone, whose partnership, strategic vision, and shared belief in the power of cable helped build and strengthen many of these iconic businesses over decades. In many ways, it was a full circle moment for John and me when Warner Bros. Discovery came together in 2022. And we had the opportunity to work with the great businesses and brands that Ted imagined and built. Ted was so happy. From CNN to TNT and TNT Sports to TVS, Cartoon Network, and Turner-classic movies, Ted built businesses that changed the world. Decades later, they remained vibrant and central to who Warner Bros. Discovery is today. His vision and spirit are very much alive in all the work we do.
Ted inspired a generation and inspired so many young hopefuls like me to believe in the dream and join the cable business. With Ted, everything was possible. And along the way, he gave us all courage. He gave us a great life and meaning. He changed the world. He was a great American, and I loved him. May his memory be a blessing.

(05:24)
Now, turning to the quarter. We're excited to share the results of another strong quarter for Warner Bros. Discovery, marked by excellent progress in delivering on each pillar of our strategy and propelling our ongoing transformation.
I'd like to start by highlighting how our team continues to translate the investments we've made over the last four plus years into entertainment people love and results shareholders expect. Beginning with streaming, in Q1, we introduced HBO Max to important new markets while also delivering high quality content that engaged the existing subscribers and attracted new ones. We successfully launched HBO Max in the UK, Germany, Italy, and Ireland. While our Sky licensing relationship has long made WBD content available in these significant European markets, for HBO Max to be a truly global and scaled streaming service, it was imperative that we build a direct relationship with these audiences. We prepared diligently and invested aggressively to ensure success, and we delivered.

(06:39)
Thanks to these successful launches, we've now meaningfully exceeded our guidance of over 140 million total subscribers by the end of Q1. We have strong and accelerating momentum and expect to finish the year with more than 150 million subscribers globally. And more importantly, we are seeing healthy acceleration in subscriber-related revenue growth, which we expect will pick up real pace in Q2 and through the rest of the year. We believe the key to strong subscriber and subscriber-related revenue growth is delivering content that audiences love. And boy, do they love what they're getting on HBO Max today.
Thanks to the brilliance of the HBO team, Warner Bros. Pay 1 movies, Warner Bros. TV, one of the industry's best and strongest TV studios, and an industry-leading film and television library amassed over a century, HBO Max's content is thriving in a highly competitive market. Fresh off its Emmy and Golden Globe wins. The second season of The Pitt reinforced its place as a cultural phenomenon, averaging more than 20 million viewers an episode. And the Knight of the Seven Kingdoms proved one of the breakout TV hits of 2026, not just rewarding Game of Thrones fans, but bringing many viewers into that universe for the first time. With 36 million viewers per episode, A Knight of the Seven Kingdoms is among the most popular debut series in HBO History. In fact, HBO has never featured more active shows, averaging more than 20 million global viewers than it does right now, complimented by comedy hits like Rooster, limited series like DTF St. Louis, and an international local language series such as Like Water for Chocolate in Mexico and Maxima in Argentina. We've created an offering that is distinct, balanced, and earns a pricing premium through consistent excellence.
With Euphoria now back, a new season of House of the Dragon on the way, and the upcoming debuts of the television series, Lanterns, Stewart Fails to Save the Universe, and Harry Potter and the Philosopher Stone on Christmas Day, we see nothing but strong growth ahead for HBO Max.

(09:16)
The second pillar of our strategy has been elevating our WB studios back to industry leadership. Since bringing WBD together, we've transformed WB Studios on nearly every level. Last year, those changes broke through creatively and financially. If there were any remaining questions about Warner Bros.' creative renaissance, they were answered unmistakably at this year's Academy Awards. Warner Bros. was recognized with 11 Oscars, including one battle after another, becoming Warner Bros.' first best picture winner in more than a decade, and the most Oscars in the studio's 103-year history. From the beginning, we committed to attracting and working with the world's best creative talent to tell culture-defining stories and to marketing and releasing those films in theaters. These Oscar wins and the string of Box Office successes in our Motion Picture Group validate our conviction. This year, Warner Bros. Motion Picture Group will release 14 films, including Dune Part 2, Supergirl, Clay Face, Practical Magic 2, and Digger, starring Tom Cruise. We're slated to release up to 18 films in 2027, including Lord of the Rings: The Hunt For Gollum, Batman, and the Superman sequel, Man of Tomorrow. And Warner Bros. Television continues to be one of Hollywood's most prolific independent TV suppliers with 80 plus active shows spanning more than 20 streamers from linear platforms.

(11:00):

As we are making strides in areas such as games and experiences where we believe we have meaningful unrealized opportunity ahead, we are well positioned to achieve our goal of at least 3 billion in annual WB Studios adjusted EBITDA. The work we've done to return our WB Studios to leadership has set the foundation for the company's next chapter. Finally, the third pillar of our strategy has been optimizing our global linear networks. Disruption in the linear television market has created well-known challenges. Faced with those challenges, our team has shown great resolve and ingenuity in keeping our network brands and content highly relevant. We're seeing the fruits of those efforts across sports, news, and general entertainment. We've significantly evolved our sports portfolio with a focus on breadth, value, and international exposure. During Q1, we increased linear viewership of the Milano Cortina Winter Olympics by 50% compared to the Beijing Winter Olympics in 2022.
And more than double streaming hours and triple streaming viewers compared to Beijing in 2022. We had a record-breaking March Madness this year with the most watched men's national championship game ever broadcast on TNT sports. And we're off to a strong start with both the MLB regular season and the NHL playoffs. We're also seeing resilience in general entertainment networks. We continue to innovate and refine our content strategy. And in Q1, we saw a 16% sequential improvement in year-over-year general entertainment delivery trends versus Q4. Even excluding sports, networks like TLC and TBS grew primetime viewership by double-digit percentages versus the prior year. Increases were even more pronounced in news. The world has confronted a wave of recent disruption. As it has, CNN has proven again, it's where people go for news they trust, delivering 30% year-over-year growth in total minutes spent across platforms in Q1.
These strategic and operational successes all help set the stage for the next chapter in our transformation. In no event was more significant in Q1 than our reaching an agreement for Paramount Skydance to acquire WBD at a cash price of $31 per share. Our shareholders clearly agreed that this offer represents outstanding value. As two weeks ago, they voted to approve the sale to Paramount Skydance. We've said consistently that we're living through a period of historic disruption in media and entertainment. How content is made, how it's distributed, and how it's consumed is evolving with increasing velocity. When you look across Warner Brothers, Discovery today in studios, streaming, and global linear networks, each segment of our business is demonstrably more nimble and better positioned for future success than when Warner Brothers, Discovery was formed. That's a testament to the hard work and dedication of our talented team of 30,000 plus colleagues who have remained focused and relentless in pushing Warner Brothers, Discovery forward. With that, we'll now take your questions.

Operator (14:35):

Thank you. If you would like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Thank you. Your first question comes from Rich Greenfield with LightShed Partners. Your line is open.

Rich Greenfield (14:50):

Thanks for taking the question. JB, now that we've sort of finished the major European rollouts, and it feels like sort of your global rollouts are sort of now complete, I was just wondering, maybe get your observations HBO Max as a business and sort of where the product stands today. Anything you could sort of say about where you think the future of HBO Max is. And then just Disney and Josh D'Amaro this morning really highlighted the point that sports really has a growing importance of streaming platforms. It's why they want to keep ESPN inside of Disney. You all have a very different perspective on sports and streaming. It'd be helpful to understand what you see or your unique perspective.

JB (15:39): 169 wpm

Yeah. Thanks, Rich. It is an exciting moment. I think when we look at the four-year journey that we've been on, when we set out in 2022 and said, "We believed the world was going to go to the winners, were going to require a global footprint. You'd have a handful of big global streamers that could be successful. And we knew that we had to be one of those." And we worked tirelessly. We got obviously a world-class team together pulling from the best of the tech and the media world. We invested, and spent that first year redeveloping a whole new platform and product that was flexible and dynamic and allowed us to deliver high quality and consistent streams of all content types, including high concurrency things like the Olympics. We obviously went global. We were in about 40% of the TAM at the time. We're now more than double that.
And we kind of relentlessly, David, myself, Casey, and a group of us just iterated on the strategy and the positioning over sweating it every day, every week, every month. And ultimately, we made mistakes, plenty of mistakes along the way, but kept being led by both the customer feedback and the data, and transforming the service into this must watch service that people value because it does hit different and delivers on this better is better, not necessarily more is better premise. And then lastly, obviously, look, we're hugely beneficiaries of the incredible team that Casey and the entire WBD content creative leadership has put together with a content slate that has gotten better, broader, and more consistent 365 days a year throughout this journey. And so we sit here today, when we started this journey with sort of mid 90 million subs, we've added almost 50 million subs over that period. We were losing two billion.
We made a billion, four last year. You saw the results today growing increasingly double-digit on the bottom line. We're seeing the benefits of the operating leverage that we have start to really kick in as the growth on profits is really starting to accelerate as we look throughout the year. And so I think going forward, the great thing is we still have multiple different levers of growth, Rich, to your point. We're still nascent in some of these big markets. We have, as I said, stronger and stronger slates. Obviously going into 10 years of Potter is going to be a huge tailwind for us with I think the biggest streaming event certainly for us ever coming at the beginning of the year and over the next few years. So the content slate continues to strengthen. We're moving more and more wholesale subs into retail and the ARPU and the LTV of that is accretive and looks better.
Our ad sales business, particularly internationally, is still very nascent and growing. Our product, which we've talked about a lot, we've invested a lot to get it better, and it still has a lot of things that we're moving day-to-day to improve, and that will help engagement. And as you've often touted, the engagement and the churn metrics we're starting to see, particularly over the last couple of months, and as we look out for '26, are the best we've seen in the four years that we've been here. And so we're very excited about where we are. It's taken a lot of sweat, an incredible team effort to get us here, but we also see a great and promising future where the momentum's actually getting stronger as we look out across the year and into '20 and beyond '26. On sports, I would say it a little bit differently, Rich, is that we know the power of sports and we've been playing in that space, whether it be in Europe and the international markets for 15 plus years.
I think the thing is, we know the power of sports, but we are more wanting to prove out the ability to do sports profitably. And that's a much harder equation in the streaming space. We know it can be inquisitive. We know it can help engagement and there's indirect values to those. And so we're experimenting, I'd say, much more, trying to figure out what is that secret sauce that allows you to do sports and streaming are profitable. But we have various different experiments. We're obviously doing simulcasts here in the U.S. We're doing a standalone premium sports offering à la carte in the UK. We have sports bundled into the basic HBO Max tier in Brazil and Mexico. We have standalone sports in Chile and Argentina. So we see the power of it, but we are going to continue to be disciplined and experiment to try and figure out what's the model you need to use and exploit it in a streaming space that can deliver engagement and subs, but also profit.

David Zaslav (20:48):

HBO Max as a global high growth asset, is really the linchpin of our ability to have our ambition to split the company. And now I think a piece of the business that you will see will be a huge benefit to Paramount when our deal closes together with their assets. But for JB and Casey, and then the whole creative leadership at Warner Brothers, Mike and Pam and James Gunn and Channing, to all come together and get behind this idea of a global HBO Max and to turn it from losing over $2 billion to effectively a $4 billion turnaround, but more importantly, a high growth asset that made our studio and streaming business a sustainable growth asset, which was the basis on which we executed the strategy of splitting the company, which ended up with the interest of multiple players and ultimately Paramount. So for JB and Casey and the whole team and the creative renaissance that went behind it, that is the leading growth asset at Warner Bros. right now, and I think it'll continue to be. That's probably the most important asset. It pulls together all of our TV library. It pulls together all the great motion picture content that Warner Bros. and DC puts together. And having that kind of a leading growth asset, as JB says, as a global player is something we're excited about, particularly in light of it coming together with even more strength from Paramount.

JB (22:35): Thank you, Rich. Operator, next question.

Operator (22:41): Your next question comes from Robert Fishman with MoffettNathanson. Your line is open.

Robert Fishman (22:49):

Good afternoon, everyone. David, with the launch of YouTube TV sports and just overall cord cutting trends, curious what your latest thoughts are on how the pay TV landscape will evolve from here. Are we reaching a floor for sports fans and what do you think happens to the cable networks that aren't primarily sports? And then just maybe following up on your first comments, you've long discussed the advantages of bundling streaming services in the US while also thinking about the international DTC opportunity. So curious through all of your different conversations with Netflix and Paramount, any updated views you have on the power of a global scaled streaming service and how some of these smaller services can still best compete over the long run. Thank you.

David Zaslav (23:37):

Well, let me start with the second one. The idea of bundling or consolidation. When you put your TV set on and you see in any market around the world, 15 to 20 choices of apps that you come in and out of, and when you're talking about what you want to watch, you've got three people on a couch Googling where it is and how to get in and out of it. It's just not a good consumer experience. And for four years, we've been saying that the consumer experience is going to get restructured and that there'll be a lot of value creation in those that can be one of the emerging leaders. And more importantly, for consumers to have a better experience. And we saw with Disney that it was that bundling together, the churn went down, it was a better consumer experience. It was also a better economic experience. We've been working on bundling.
And the idea of Paramount coming together with Warner Bros. is in that same vein of creating a service, which David and the team will work to do, which will create an even more robust and compelling consumer experience. JB, you've been leading around the world this idea of bundling for us. And three years ago, you and I were talking about it in the last year and a half, loads of regional players have been working with you and with Casey on doing that.

JB (25:08):

Yeah. Robert, we're obviously big believers in it. We've seen the benefits of it from an LTV perspective. Our base, as David said, we had three years ago or so, no bundled subscribers from bundles with other programmers. And now, in addition to obviously the Disney bundle here, we launched in Germany with RTL+. We launched with Viu in Southeast Asia. We're part of bundles in LATAM and across, frankly, the global footprint. And the reality is we see meaningfully our highest LTV subscribers coming from some of those bundled subscribers. And so it's beneficial to marketing expense. It's obviously huge beneficial to churn, and ultimately it's a very healthy and growing part of the business that I think will be an increasingly important part of the entire ecosystem.

David Zaslav (26:04):

On the ecosystem for channels, we had a great quarter focusing on doing what we do, which is try and create content within sports, food, home, general entertainment. Our overall networks were up significantly. A real focus on the creative team of creating more content that nourishes our viewers. The sports also for us is doing very well. CNN, Mark's team, the ratings were up significantly. Your guess is as good as ours in terms of what happens to the overall universe. It's encouraging what Chris Winfrey's strategy has been at Charter. And if you look at their actual multichannel subscribers, they're almost flat and they're providing a very compelling experience where you can go from cable over and enjoy some of the best programming that you want on services like HBO Max or Disney. So I think we can't control that. We can help it by doing great programming, and that's what we're continuing to do, and the numbers reflect that.

Gunnar (27:19):

David, if I can add one point that's important. We have long stopped viewing our linear networks as linear networks. We have creative teams that are creating fantastic content that works across platforms. And we are generating significant returns with every dollar we're spending in that business. And increasingly, we're seeing very significant revenue contributions growing from international, and in some cases, more than 50% of revenues coming out of streaming utilization of this content. So the demand for this content and the viewer engagement is still there and continues to be a great business for us.

Robert Fishman (28:03): Thank you all.

JB (28:04): Thanks, Robert.

Operator (28:06): Your next question-

JB (28:07): Operator, next question.

Operator (28:09): Thank you. Your next question comes from Steven Cahal with Wells Fargo. Your line is open.

Steven Cahal (28:16):

Thank you. As we think about studios, the guidance I think for adjusted EBITDA is relatively in line with 2025. So first was just looking to understand that a level deeper. You had a really strong slate in 2025. I know you've got a big slate this year too, but just trying to understand if there are drivers to that profitability in 2026 that maybe offset a slightly smaller slate expectation in 2025. And then some folks like Paramount account for internal licensing a little differently. I know that was a contributor in Q1 as well, but is there any good way for us to just think about the revenue or the EBITDA of the studio business excluding that? I know at the consolidated level it comes out, but just kind of thinking about the studio level. And then on networks, I think EBITDA was down roughly about the same as revenue, which was a big improvement on the back half of last year.
Any way that you kind of think about the revenue plus EBITDA trajectory longer term of networks, do you think you can continue to hold EBITDA at or better than the pace of the top line? Thank you.

Gunnar (29:26): 167 wpm

Steven, this is going on. Let me start with the internal licensing question. It really doesn't make sense to exclude internal content sales from the studio performance. That's why we have chosen to go with this internal fair market value model, because whatever we sell internally, we could also sell externally. And the only thing that would change is we would probably, in many cases, generate a little less profit over the ultimate period for that content. And we would generate that profit a little earlier because it takes JB's team a little more time to generate the profits by utilizing content internally.
So that's why these things have to go hand in hand. We have a lot of disclosure around what gets eliminated. And what I've said in earlier calls is that over the past few years, as we have pretty dramatically shifted from a heavily externally focused content licensing to a more internal utilization model, we have essentially created value in our company profits that are eliminated and sitting on the balance sheet and that are beginning to bleed back in a much more material way into our consolidated profits as we're getting the benefit from utilizing the content, which took a little longer to hit the P&L, but is going to be a very helpful driver for us. On the studio side, look, you mentioned this, 2025 has been a fantastic year for the studio and an absolutely outstanding year for the motion picture group.
So maintaining that profit level I think is healthy and is certainly an ambition for the team. We also have that quarter over quarter fluctuation for our content sales. As you know, the timing of the renewal of certain deals is always slightly different and leads to bumps in the individual quarters. And then if you think about sort of longer term growth opportunities, one thing that we have also talked about multiple times and that is flowing through our numbers increasingly is our opportunity that we see in experiences in consumer products, an area that historically hadn't received a lot of attention. And you know that we have opened a Potter tour in Tokyo. We're working on another one in Shanghai. We have smaller experiences, activations. And so these things are increasingly going to contribute to our profits and that will be the case this year as well. And then on the linear network side, look, I want to stay away from giving very specific guidance as to where we see the revenue trajectory and our ability to maintain EBITDA levels. What you did see this quarter is some very encouraging signals, much better delivery and share gains in many of our key international markets for the business. As I said earlier, increasingly we're seeing the monetization shift, still generating fantastic returns with a different mix and incremental value coming from international markets streaming utilization, et cetera. And then as we have said before, we are continuing to be very, very focused on efficiency management, not to the extent anymore as in the early years after creating Warner Brothers Discovery where we were able to offset very significant percentages of the revenue declines, but we do still see opportunities. And clearly AI I think is at a stage where this is going to become a more meaningful contributor to efficiencies and greater volume more easily created in certain areas than in our workflow. So I do think there's a lot to be optimistic about. Again, wouldn't be the right time, I think, at this point to create sort of new longer term guidance for that business.

JB (33:52): Thank you.

Operator (33:55): And your last question will come from Canan van Katiswa with Barclays. Your line is open.

Canan van Katiswa (34:04): 179 wpm

Thank you. So David, you scaled discovery over the years by orders of magnitude. There are obviously some areas where scale benefits, so things like maybe the tech stack or marketing, but is there an asset though that you start to hit as you get larger? Do the benefits of scale basically increase proportionately with size? And the main reason I'm asking this is we are starting to see some engagement stagnation across premium services, especially the larger services, Netflix engagement being an example. And then also on the legacy TV side, I mean, it took a little bit of time for you to integrate the Warner assets with Discovery. And so it would be good to get your context on, as you scaled the business, where did you start hitting the hurdles and beyond a certain point, does scale become a disadvantage? And then, Gunnar, from your perspective, the spin that was being planned, are there costs right now in the P&L that would not have existed if the spin was not being planned? I mean, is there some of these efficiencies potentially in the future? Thanks.

David Zaslav (35:20):

Thanks so much. On scale, having more scale of great content and storytelling on your menu is clearly valuable. What we learned is aggregating it all together in one place isn't always the best way to create the most value. So as Gunnar was saying, there's a lot of our content on our channels domestically and around the world that JB and Casey have found is really helpful in engagement and attraction on HBO Max. There's some that we get significant incremental value by reselling it on ABOD to niche users that have a great love for our affinities. And so same thing was the idea of putting sports together with all of our content in every market. In some cases, putting that scale all in one place, we were better. Like for instance, in the UK, we have TNT sport, we put all of our entertainment content in one basket, and then we put all of our sports content in another, and we think we can nourish different audiences in different ways and get more value.
But having more premium, high quality content that when people could watch anything they want is what you really need in order to be successful together with a global footprint. I mean, the biggest issue on scale is global. When you're competing regionally, if you're a US only business, or if you're German speaking only, or if you're Mexico only or Brazil only, those used to be very compelling businesses. But as TikTok and Instagram and Facebook together with Amazon and Netflix and HBO Max and Disney start to become more global and have the ability to amortize content above the globe in that way and see what works and then restructure that content in different ways to create more value, it becomes harder and harder to be a regional player. JB, you've been in this fight.

JB (37:36):

Yeah. I mean, I think the short answer to your question is we don't see that moment coming anytime soon. And I understand the question of some of the leaders in the space who've been at this for 15 to 20 years, maybe seeing some maturation that is a very different situation for us that we've been at this for five or six. And so we're in the early innings, whereas they may be in more mature innings. And the levers that I described earlier are the same levers that from certainly an operating leverage standpoint financially, we're seeing great opportunities to drop more and more dollars from the top line growth to the bottom line, given a lot of obviously the investments we've made on tech platform and some of the core infrastructure. And those are still a long way to go in terms of penetration in some markets, including very nascent markets that obviously we've just recently launched in, that we're still in the very early days of that growth trajectory.
And at the end of the day, as we said, oftentimes the content, our product is the content and the slate and the data that we've used to try and deliver clear and clear views of the types of content that will better nurture and satisfy or bring in more customers, we're getting smarter and smarter at it, and the slate that you keep seeing delivered by Casey and the team, which already is a sort of best in the business in terms of batting average, we keep doing better and better and getting better and better slates that are delivering more and more for our customers. And so between that and then also the ad sales benefits and continue to improve the product, which is also where we are in the early innings versus others who are much more sophisticated because they've been at it longer. All those ingredients would lend you to believe that we still got years to go in terms of getting more and more high operating leverage from this business as we continue to sort of grow across those different ledgers. Gunnar?

Gunnar (39:57):

Yeah. Canan, your question on separation related expenses in the P&L, there are still some separation related expenses flowing through, but I just want to explain the geography a little bit. Those are costs that you will find below the line. So they will have a very marginal impact only on EBITDA. There is a lot going on below the line. If you look at our restructuring expenses, you see the Netflix break fee that we didn't even pay flow through our P&L, et cetera, and that is going to continue. It's not only the separation related work, but also expenses related to our sale process and the depending PSKY sale.
The interesting point here I think is for free cash flow. You did see that we had pretty meaningful negative cash impacts last year. We may not get quite to that level, but pretty close. In 2026 as well we flowed a hundred million roughly in negative cash impact through the first quarter. And again, there will be more coming through a combination of advisory fees, but also incremental interest from the bridge, tax leakage, et cetera, et cetera. So that's going to continue to be a factor and we'll keep pointing it out over the course of the year.

JB (41:22): Thank you, Canan.

Canan van Katiswa (41:22): Thank you.

Operator (41:25): Thank you. This concludes today's conference call. We thank you for joining and you may now disconnect.

‍

2026 CMU Commencement Keynote Speaker: Jensen H

2026 CMU Commencement Keynote : Jensen Huang

ウィスパリング研究会公式アカウント

I 時代のスピーチは「抽象語」をつかむと一気に理解が進みます。 2026年 CMU 卒業式での Jensen Huang（NVIDIA CEO）のスピーチは、 まさに 抽象語 × 物語 × メッセージ性 の宝庫です。

本記事では、スピーチの要点を Anchor-first → Sequential → Hybrid の順に整理し、 英語の構造を追わずに「意味の軸」で理解する10例を提示します。

AI・通訳・スピーチ分析に関心のある方におすすめの内容です。

1. Jensen Huang（ジェンスン・フアン）

NVIDIA の共同創業者であり CEO。 AI・GPU・加速計算の世界を作り変えた人物として知られています。

• 台湾生まれ

• 9歳でアメリカへ

• CMU（カーネギーメロン大学）出身

• NVIDIA をゼロから立ち上げ、AI革命の中心へ

• 2026年 CMU Commencement（卒業式）でスピーチ

彼のスピーチは 「移民としての原点」「家族」「努力」「AIの未来」 が軸になっており、 非常に物語性が強いのが特徴です。

2. スピーチの構造（Hybrid Method 視点）

Jensen のスピーチは、典型的な Narrative × Value–Policy × Inspirational の三層構造。

① 個人の物語（Narrative）

• 移民としての原点

• 両親の犠牲

• アメリカンドリーム

• 少年時代の苦労

② 価値の提示（Value）

• 努力

• 感謝

• レジリエンス

• 学び続ける力

③ 行動への呼びかけ（Policy / Inspirational）

• AI時代のリーダーシップ

• 不確実性を恐れない

• 自分の物語を生きる

個人の物語 → 普遍的価値 → 行動の呼びかけ という黄金パターンで構成されています。

3. WPM（Words Per Minute）分析

153 WPM

Jensen Huang の話し方の特徴

• 150〜165 WPM の「標準〜やや速め」

• しかし 間（pause）が長いため、体感はゆっくり

• 感情のある部分は 120 WPM まで落とす

• 技術説明は 170 WPM まで上がる

「速い英語」ではなく「緩急のある英語」

これが聞き取りやすさの理由。

4. 英語の特徴（通訳者視点）

① 抽象語（Anchor）が明確

• dream

• journey

• sacrifice

• opportunity

• resilience

• future

• transformation

抽象語が文頭・文末に置かれるため、 意味の軸がつかみやすい。

② 文が短い

• 1文が 8〜14 words

• コロン・セミコロンを使わない

• 1アイデア＝1文

Sequential（順送り）に最適。

③ ストーリー型の語り

• when I was 9

• my parents left everything

• we arrived with nothing

Narrative（物語）なので、 時系列で処理しやすい。

④ 感情語が多い

• proud

• grateful

• scared

• hop eful

Hybrid JP を作るときに 自然な日本語にしやすい。

⑤ 技術語は最小限

AI の話でも、

• computing

• intelligence

• transformation など抽象語で語るため、 専門知識がなくても理解できる。

5. Jensen Huang スピーチ冒頭

Anchor-first → Sequential → Hybrid の実例

例1：両親への感謝

EN（要約）My parents are deeply proud of me. My journey is their journey.

Anchor-first（抽象語）

• pride

• journey

• family

Sequential（意味の軸だけ）My success is also my parents’ journey.

Hybrid（自然な日本語）私の成功は、両親の歩みそのものでもあります。 両親は私を深く誇りに思ってくれています。

例2：アメリカンドリーム

EN（要約）Their dream was the American dream.

Anchor-first

• dream

• opportunity

Sequential Their dream was the American dream.

Hybrid  両親の夢は、まさにアメリカンドリームでした。

例3：移民としての原点

EN（要約）Like many here, I am a first‑generation immigrant.

Anchor-first

• identity

• origin

Sequential  I am a first‑generation immigrant.

Hybrid  私も多くの方と同じく、第一世代の移民です。

例4：家族の決断

EN（要約）When I was nine, my father sent my brother and me to the United States.

Anchor-first

• sacrifice

• decision

Sequential  At nine, my father sent us to the U.S.

Hybrid  私が9歳のとき、父は兄と私をアメリカへ送り出しました。

例5：厳しい環境での生活

EN（要約）We ended up at a small boarding school in Kentucky.

Anchor-first

• hardship

• environment

Sequential  We lived at a small boarding school in Kentucky.

Hybrid  私たちはケンタッキー州の小さな寄宿学校で生活することになりました。

例6：両親の覚悟

EN（要約）Two years later, my parents left everything behind to join us.

Anchor-first

• sacrifice

• family

Sequential  My parents left everything and came to join us.

Hybrid  2年後、両親はすべてを捨てて私たちのもとへ来てくれました。

例7：ゼロからの再出発

EN（要約）They came with almost nothing.

Anchor-first

• hardship

• resilience

Sequential  They arrived with almost nothing.

Hybrid  両親は、ほとんど何も持たずにアメリカへやって来ました。

例8：両親の仕事

EN（要約）My father was a chemical engineer. My mother worked as a maid.

Anchor-first

• work

• dignity

Sequential  My father was an engineer; my mother worked as a maid.

Hybrid  父は化学エンジニアとして働き、母は学校で清掃の仕事をしていました。

例9：母の努力

EN（要約）She woke me up at 4 a.m.

Anchor-first

• discipline

• sacrifice

Sequential She woke me at 4 a.m.

Hybrid  母は毎朝4時に私を起こしてくれました。

例10：家族の物語の核心

EN（要約）My journey is their dream come true.

Anchor-first

• dream

• fulfillment

Sequential  My journey fulfilled their dream.

Hybrid  私の歩んできた道は、両親の夢が叶った姿でもあります。

文字起こし

• President Jian, members of the board of trustees, faculty, distinguished guests, proud parents and families, and above all, the Carnegie Melon class of 2026. Thank you for this extraordinary honor. It is deeply meaningful to be here with Carnegie Melon, one of the world's great universities and one of the rare places that invents the future.

• Today is a day of pride and joy, a dream come true for you, but not only for you. Your families, teachers, mentors, and friends helped carry you here. Before we talk about the future, thank them. This day belongs to them, too. Graduates, please stand up. Stand with me. Come on, you guys. Especially turn to your mothers and wish them a happy Mother's Day.

• For you, this is another step in your life. But for her, this is a dream come true. Please sit down. CMU students like robots take instructions one at a time to see your graduate to see you. Okay, everybody focus. I have something important to tell you. to see her graduate from one of the world's great institutions.

• This is her moment, too. My mom and dad are deeply proud of me as well. My journey is their journey. I am their dream come true. And their dream was the American dream. Like many in this audience, I'm a first generation immigrant. My father had a dream to raise his family in America. When I was 9 years old, he sent my older brother and me to the United States.

• We ended up at a Baptist boarding school in Onita, Kentucky, Coal Country, a town of a few hundred people. Two years later, my parents left everything behind to join us. They came with little to nothing. My father was a chemical engineer. My mother worked as a maid at a Catholic school. She woke me up at 4:00 a.m. in the morning to deliver newspapers.

• My older brother got me a job as a dishwasher at Denny's, which at the time felt like a major career advancement. That was my view of America. Not easy, but full of opportunities. Not a guarantee, but a chance. My parents came here because they believed America could give their children a chance. How can we not be romantic about America? I went to Oregon State University.

• I met my wife Lori when I was 17 years old. I was the youngest school, youngest kid in school. We were sophomore lab partners. She was 19, an older woman. I beat out 250 other boys in class and want her heart. We've now been married for 40 years. We have two two amazing children, both working at NVIDIA. When I was 30, I started Nvidia with Chris Malikowski and Curtis Pr, two amazing computer scientists.

• We wanted to build a new kind of computer, one that could solve problems ordinary computers could not. We had absolutely no idea how to build a company, raise money, or run NVIDIA. I just thought, how hard could it be? It turns out it is super hard. Our first technology didn't even work. We ran out of We nearly ran out of money.

• At one point, I had to fly to Japan and explain to Sega's CEO that the technology they contracted us to build would not work. Asked to be released from a contract we could not complete and then asked that they still pay us. Without the money, Nvidia would vaporize. It was embarrassing, humiliating, and one of the hardest things I have ever done.

• And Sega CEO Madrasan said yes. I learned early that being CEO is not about power, but the responsibility that comes with keeping the company alive and that honesty and humility can be met with generosity and kindness even in business. We used the money to reset the company and out of desperation, we invented new ways of designing chips and computers that we still use today.

• For 33 years, Nvidia had reinvented itself over and over again. Each time asking, "How hard can it be?" And each time learning, "It's harder than we thought." But through those experiences, we learn never to see failure as the opposite of success. Each failure is just another learning moment, a humility moment, a character strengthening moment.

• The resilience forged through setbacks is what gives you the strength to go again. Today I am one of the longest serving CEOs in technology. Nvidia, the body of work I share with 45,000 extraordinary colleagues is my life's work. Now it's your time to realize your dreams. And the timing could not be more perfect. My career started at the beginning of the PC revolution.

• Your career starts at the beginning of the AI revolution. I cannot imagine a more exciting time to work to begin your life's work. AI started right here at Carnegie Melon. I've heard countless AI jokes in the last 24 hours here in Carnegie Melon. Carnegie Carnegie Melon is one of the true birthplaces of artificial intelligence and robotics.

• In the 1950s, researchers here created the logic theorist, widely recognized and considered the first AI computer program. In 1979, Carnegie Melon founded the Robotics Institute. This morning I visited This morning I visited with Robo Club, the first academic institute devoted entirely to robotics. Artificial intelligence has gone out now to reinvent computing completely.

• I have lived through every major computing platform shift. mainframes, PCs, the internet, mobile and cloud. Each wave built on the one before. Each expanded access. Each transformed industries and society. But what is about to happen now is bigger than anything before. Computing is undergoing a complete reset.

• Not since modern computing was first invented. For 60 years, computing worked the same way. Humans wrote software. Computers executed instructions. That paradigm is over. Artificial intelligence has reinvented computing. from human coding to machine learning. From software running on CPUs to neural networks running on GPUs and from following instructions to understanding, reasoning, planning and using tools, a new industry has emerged to manufacture intelligence at scale because intelligence is foundational to every industry.

• Every industry will change. For many, AI creates uncertainty. People see AI writing software, generating images, driving cars, and naturally wonder what happens next? Will jobs disappear? Will people be left behind? Will this technology become too powerful? Every major technological revolution in history created fear alongside opportunity.

• When society engages technology openly, responsibly and optimistically, we expand human potential far more than we diminish diminish it. So first and above all, we must be cleareyed. Artificial intelligence, the automation of understanding, reasoning, and problem solving is one of the most powerful technologies humanity has ever created.

• And like every transformative technology before it, it will bring both great promise and real risks. The responsibility of our generation is not only to advance AI but to advance it wisely. Scientists and engineers have a profound responsibility to advance AI capabilities and AI safety together. Policymakers Policymakers have a responsibility to create thoughtful guardrails that protect society while still allowing innovation, discovery, and progress to move forward.

• History shows that societies that retreat from technology do not stop progress. They only surrender the opportunity to shape it and to benefit from it. So the answer is not to fear the future. The answer is to guide it wisely, build it responsibly and ensure that it benefits reach as many people as possible.

• We should not teach fear of the future. We should engage it with optimism, responsibility and ambition. Only a fraction of the people in the world know how to write software. Now anyone can ask AI to build something useful. A shopkeeper can create a website and grow a business. A carpenter can design a kitchen and offer new services to clients.

• The AI writes the code. Everyone is now a programmer. For the first time, the power of computing and intelligence can truly reach everyone and close the technology divide. The first time and like electricity and the internet before it. AI will require trillions of dollars of infrastructure investment. This is the largest technology infrastructure buildout in human history and a once- ina generation opportunity to reindustrialize America and restore the nation's capacity to build.

• To support AI, America will build chip factories, computer factories, data centers, and advanced manufacturing facilities across the country. AI gives America the opportunity to build again. Electricians, plumbers, iron workers, technicians, builders, this is your time. AI is not just creating a new computing industry.

• It is creating a new industrial era. Powering this new infrastructure will require enormous amounts of energy. But it is also driving one of the largest investments in energy infrastructure in generations, modernizing the grid, expanding power generation, and accelerating sustainable energy. And yes, AI will change every job. But the task and the purpose of a job are not the same.

• Many tasks will be automated. Some jobs will disappear. But many new jobs and entire new industries will be created. Software coding tasks are increasingly automated. But using AI, software engineers can expand the search for solutions, allowing them to tackle far more ambitious challenges. Analyzing radiology scans is increasingly automated.

• But using AI, radiologists are elevated to better diagnose disease and care for patients. AI does not replace human purpose. It amplifies human capability. That is why even as AI writes more code and analyzes more scans, demand for software engineers and radiologists continue to grow. AI is not likely to replace you, but someone using AI better than you might.

• So, a good thought experiment is this. Do we want our children to be supercharged by AI or be left behind by those who are? No parent wants their ch their child left behind. So let us build AI safely. Let us also imagine an optimistic future, one our children are excited to be part of, inspired to help build.

• So, we can and must do four things at once. Advance safely, create thoughtful policies, make AI broadly accessible, and encourage everyone to engage. Everyone should have AI. Opportunity should not belong only to the people who can code. Class of 2026, you are entering the world at an extraordinary moment.

• A new industry is being born. A new era of science and discovery is beginning. AI is excel will accelerate the expansion of human knowledge and help solve problems once beyond our reach. We have the opportunity to close the technology divide and bring the power of computing and intelligence to billions of people for the very first time.

• To re-industrialize America and restore our capacity to build and to help create a future more abundant, more capable, and more hopeful than the world you inherited. No generation has entered the world with more powerful tools or greater opportunities than you. We are all standing at the same starting line. This is your moment to help shape what comes next.

• So run, don't walk. Carnegie Melon has a motto I love. My heart is in the work. So, put your heart in the work. Build something worthy of your education, your potential, and the people who believed in you long before the world did. Congratulations, Carnegie Melon class of 2026.