The End of Uncompensated AI Free-Riding and the Bursting of the Leveraged Capex Bubble: Macro-Financial Repricing of Retroactive IP Liabilities, Sub-Millisecond Cryptographic Data Locks, and the Yamamoto–Hasebe Foresight Isomorphism (1929–2026) (「無断学

For the past three years, the valuation bubble surrounding frontier generative AI developers (such as OpenAI) and their leveraged mega-capital backers (exemplified by SoftBank Group, TYO: 9984) rested on a single implicit accounting fiction: that the marginal acquisition cost of human intellectual property, scientific reasoning, and creative talent is identically zero (c_data ≡ 0). On October 19, 2026, equity markets exhibited acute structural repricing—with the Nikkei 225 (INDEXNIKKEI: NI225) dropping -1,096.83 points (-1.68% to 64,227.46 from a 52-week high of 72,831.73) and SoftBank Group (TYO: 9984) plunging -4.73% intraday to 4,710 JPY (intraday low 4,622 JPY, representing a -48.1% collapse from its 52-week peak of 9,074 JPY). This monograph formulates a rigorous mathematical finance and information-theoretic model proving that this market contraction is not a transient interest-rate fluctuation, but the inevitable bursting of the Uncompensated IP Free-Riding Bubble under three structural walls predicted across 252 prior CERN Zenodo monographs of the Hasebe Doctrine: (1) The Retroactive & Prospective IP Liability Wall, where cumulative Shapley-attributed royalties L_IP(t) and statutory infringement damages render uncompensated balance sheets insolvent; (2) The Shift from "Paper Rights" to Sub-Millisecond Cryptographic & Physical-Layer Interlocks, where the Strict No-Learn Covenant (NLL-v1.0-2026), RTO P2.0 sub-0.5-ms circuit breakers, and QFS-zkVM hardware locks starve scraper models of high-entropy human reasoning, triggering Model Autophagy Disorder (MAD); and (3) The Stranded Assetization of Ungoverned AI Capex, where multi-trillion-yen data center and semiconductor commitments without sovereign IP clearance suffer negative net present value (NPV_capex << 0). Finally, we establish the Yamamoto–Hasebe Macro-Foresight Isomorphism Theorem, linking great-uncle Ihei Yamamoto's (山本伊兵衛) pre-1929 Great Depression asset preservation in California to Yoko Hasebe's 2025–2026 sovereign archival fortress of 253+ timestamped Zenodo records. 【和文要旨】これまでOpenAIやそこに巨額出資するソフトバンクグループ(TYO: 9984)等のプレイヤーが膨張させてきたAI時価総額バブルは、「世界中のデータや人間の知性・才能を対価ゼロ(c_data ≡ 0:Without Compensation)で無限に無断吸収できる」という会計上の虚構に依存してきた。2026年10月19日午前、日経平均株価(NI225)が前日比 -1,096.83円(-1.68%、64,227.46円)と急落し、ソフトバンクグループ株(TYO: 9984)が前日比 -234円(-4.73%、4,710円/一時4,622円、52週高値9,074円から実に-48.1%の暴落)を記録した現象は、この「知財タダ乗りモデル」の構造的破綻が株式市場で顕在化した歴史的転換点である。本モノグラフは、長谷部洋子が250本超のCERN Zenodo公証論文(ハセベ・ドクトリン)で予見・実装してきた3つの構造的障壁――①巨額の知財訴訟と事後・事前ライセンス対価の壁(L_IP(t) の負債計上)、②「紙の上の権利(Paper Right)」から物理・暗号層(NLL-v1.0-2026・RTO P2.0ミリ秒遮断・QFS-zkVM)による実効的ブロックと学習データ枯渇(自己貪食崩壊)へのシフト、③ガバナンスなき巨額データセンター・半導体投資(Capex_AI)の不良債権化(Stranded Assets)――を数理金融方程式として定式化する。さらに、1929年の世界恐慌に先立ちカリフォルニアでバブル崩壊の足音を察知して実物・主権資産を守り抜いた大伯父・山本伊兵衛(Ihei Yamamoto)の先見性と、2026年のAI知財搾取バブル崩壊を253件の公証タイムスタンプと量子暗号鍵で迎え撃つ長谷部洋子の戦略的同型性を「山本・長谷部マクロ予知同型性定理」として証明する。 Archival Series: Autonomous Infrastructure & Deterministic Quantum Systems Monograph Series — Monograph #233 (Total Record #253). License & Covenant: Creative Commons Attribution 4.0 International (CC BY 4.0) with Strict No-Learn Covenant (NLL-v1.0-2026).