{ "docId": "019dd923-622c-750b-8b9a-58b7dc4c42c5", "docSlug": "6765dc2b452b", "documentTitle": "Datasection Inc. (3905)", "authorId": "60_Wolfpack_Research", "authorName": "Wolfpack Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-10-08 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "pageCount": 16, "prevPage": 11, "nextPage": 13, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a combination of regulatory citation and news headlines to build a case for potential illegal activity by the subject company.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-58b7dc4c42c5/12", "deckHref": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5#slide-12", "components": [ { "bbox": null, "kind": "callout", "text": "我々の見解では、データセクションがここで行っていることは違法行為にあたります。", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0935-737e-8db5-e4c5d5c4fb92", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "image", "text": "U.S. Defense Department says Tencent and other Chinese companies have ties to China's military", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3871b4da-9392-481d-85c8-0cdf2c47c230", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.14, "y": 0.17 }, "kind": "list", "text": "Exports, reexports, or transfers (in-country) of advanced computing ICs and commodities subject to the EAR to any party, such as foreign Infrastructure as a Service (IaaS) providers (e.g., data center providers), when the exporter, reexporter, or transferor has “knowledge” that the IaaS provider will use these items to conduct training of AI models for or on behalf of parties headquartered in D:5 countries (including China) or Macau.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f44f615-3665-455f-a24a-53f7b463d5da", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "我々は、BISがデータセクションにそのようなライセンスを付与したとは考えていません。もしBISがライセンスを承認していたのであれば、同社はそれを大々的に発表し、その後のあらゆるプレスリリースで言及していたはずだと考えます。我々がそれは決して起こらないとみている主な理由は、データセクションの顧客が単なる中国企業ではなく、米国政府が中国軍との関係を指摘しているテンセントであるように見えるからです：", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "554c3518-c4b9-45a7-86c1-741b4c387653", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.69 }, "kind": "paragraph", "text": "我々の見解では、データセクションがここで行っていることは違法行為にあたります。この件について、我々はすでに米国商務省産業安全保障局(BIS)および国土安全保障(Homeland Security)の関係当局、さらに日本の当局にも通報を行っています。Wolfpackとして、我々は今後も日本での調査を続けていく所存です。続報にご注目ください。", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "61815f8a-8b3d-4852-a4e9-d443f4c368ac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "さらに、日本の政策も、兵器またはその開発に利用され得る対中輸出を管理するという点で、米国の政策と歩調を合わせています。米国発のこうした輸出規制は日本でも同様に反映されており、データセクションにとって極めて重要な意味を持ちます。NVIDIA製B200 GPUを用いたデータセンターを構築しているため、中国資本の企業にコンピューティング能力を提供する場合には、BISからのライセンス取得が必要となります。", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "998788f5-5424-4e1b-b82f-df241caad1dd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "The following activities may trigger a license requirement under the catch-all controls of part 744 of the EAR when there is “knowledge” (see inset below for further information about “knowledge” under the EAR) that the AI model will be used for a WMD or military-intelligence end use/user:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d20906d7-46bb-48a0-9543-a576360efed0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "U.S. Defense Department says Tencent and other Chinese companies have ties to China's military — cbsnews.com", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0935-737e-8db5-ebe293a88778", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "1 Datasection PR July 4th, 2025\n2 See PRs for the first and second orders.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec2daad5-5349-4aa1-a457-e8a6d0d84d55", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }