Terms of Service

This page sets out the conditions for using AlpAI Lab, including free membership, what you can read, how information is handled, and where responsibility lies. Membership and the articles currently provided are free, with no fees or automatic billing. The most recent revisions, effective 2026-10-10, are listed in the Revision History at the end.

These Terms of Service (the “Terms”) set out the rights, obligations, and other conditions of use between GRID Start, Ltd. (the “Company”) and users with respect to “AlpAI Lab,” which the Company operates.

Article 1: Application

1. These Terms apply to the use of AlpAI Lab (the “Service”), which the Company provides through the website “AlpAI Lab” (https://alpai-lab.ghost.io) or by other methods the Company designates.

2. The Service includes articles that can be read without registration, articles that free members can read in full after logging in, the performance results page, member accounts, and other features the Company provides on the Service.

3. The editorial policy posted within the Service, the Research and Publication Policy and Notices, the Privacy Policy, and any other rules the Company expressly designates as part of these Terms apply together with these Terms.

Article 2: Definitions

The main terms used in these Terms have the following meanings.

1. “AlpAI” means the system by which the Company automatically trades US stocks with its own funds.

2. “User” means anyone who views or uses the Service.

3. “Member” means a user who has registered a free member account on the Service.

4. “Free-member articles” means articles that a member can read in full when logged in.

5. “Content” means articles, text, charts and tables, images, data displays, analysis results, explanations, designs, and other information provided on the Service.

Article 3: Accounts

1. A member account is required to read free-member articles in full. Membership is free. You apply by entering an email address and answering a 4-question survey, and registration is completed by opening a login link and confirming your email address (paragraphs 9 through 11).

2. An account is not required to read articles published without registration.

3. Members log in by opening the login link sent to their registered email address.

4. A user who registers as a member must enter an accurate email address. If the registered email address changes, the member must update it within a reasonable period by the method the Company designates.

5. Members must properly manage their own accounts, login links, and other means of access, and must not allow third parties to use them.

6. Actions taken using an account are treated as actions by the member who holds that account, except where the Company is responsible for the cause.

7. A minor who registers as a member must obtain the consent of a legal representative. The Company may ask for confirmation of that consent when necessary.

8. A member may contact the inquiry address in Article 24 to request withdrawal of membership and deletion of the account. The information that will be deleted and the information that will remain are set out in the Privacy Policy. The Company will respond after verifying the requester's identity. Once the request has been handled, the Company will tell you, at the email address you contacted us from, which information was deleted and, if any information is retained for legal or similar reasons, what it is and why.

9. An application for membership is made on the registration page of this site (https://alpai-lab.ghost.io/signup/) by entering an email address, answering all 4 questions in the survey set by the Company, and reviewing and agreeing to these Terms and the Privacy Policy. No member account will be created for an application that does not meet the conditions the Company sets, such as one with unanswered questions. The content of the 4 questions and how the answers are handled are set out in the Privacy Policy.

10. When the Company receives an application that meets the conditions in the preceding paragraph, it creates a member account and asks Ghost to send a login link to the registered email address. The member completes confirmation of the email address by opening that link and logging in. The link has an expiration period; if it expires, you can request a new one from the login page of this site. If an application is made with an email address that already has a membership, the Company will not save the new answers and will not change the existing member account.

11. Members who registered before the registration method in the preceding 2 paragraphs began are not asked to answer the survey. The Company will not revoke their membership, prevent them from logging in, or restrict their access to free-member articles because they have not answered.

Article 4: Content of the Service

1. The Service publishes records of decisions, verification of trading rules, and performance results for AlpAI's trading of US stocks, to support readers in gathering information and reaching their own conclusions.

2. The scope readable without registration, the scope available to free members, the scope of past articles, the update frequency, and other details of what is provided are shown on the Free Registration Guide page or in each article.

3. Unless the Company expressly guarantees them, it does not guarantee any particular number of articles, number of covered companies, update frequency, or other quantity. If sufficient information cannot be confirmed, an article or a particular item may not be published.

4. The Company may use AI or other automated processing for part of the writing, analysis, organizing, proofreading, publishing, monitoring, or correcting of articles. Some articles may be generated and published by automated processing without human review before publication.

5. Even when automated processing is used, the Company operates the Service in accordance with its editorial policy, its handling of information sources, and its correction policy. However, whether automated processing or human review was used does not guarantee the completeness or accuracy of the information.

Article 5: Fees and Future Paid Services

1. Member registration for the Service and reading the articles currently provided are free of charge. The Company currently does not ask you to register a credit card or other payment method, and it does not bill fees or renew anything automatically.

2. Registering as a member alone does not create a contract for any paid service or incur any fee.

3. If the Company offers a paid service in the future, it will give advance notice of the content, fees, payment methods, renewal, cancellation, and other terms. A contract on those terms is formed only if the user reviews the terms and expressly applies. These Terms do not set out the terms of such a paid service.

4. Communication charges needed to connect to the internet and other costs a user bears to third parties such as telecommunications carriers are the user's responsibility.

5. If the Company starts paid subscriptions on the official Ghost site, its policy is to give members who registered for free beforehand a benefit of reading the eligible articles free of charge for a certain period after the paid service begins. The benefit period is counted from the actual start of the paid service; it does not run ahead from the date of free registration. The eligibility conditions, eligible articles, and period will be announced on the Free Registration Guide before the paid service begins. This statement does not create a paid contract or start billing at this time, and the benefit period ending does not automatically switch anyone to a paid contract.

Article 6: Important Matters Regarding Investment Information

1. The Service is not intended to provide individual investment advice tailored to each user's financial situation, investment objectives, experience, knowledge, risk tolerance, or other personal circumstances. The Company does not respond to individual investment consultations.

2. The Company does not, through the Service, operate a user's brokerage account, place orders on a user's behalf, hold financial products, or manage a user's assets.

3. Company names, stock names, research status, analysis, trading decisions, scores, verification results, performance results, and other information published on the Service do not recommend or instruct users to buy, sell, or hold any particular financial product. Decision records and other records of decisions document decisions AlpAI made in managing the Company's own funds.

4. Prices of financial products fluctuate and may fall below the amount invested. Past results, results of verification using historical data, simulations, and other past information do not guarantee future results.

5. Users must confirm the necessary information themselves and make investment decisions at their own responsibility.

6. This Article is not a provision to guarantee or declare that the Service does not constitute any business regulated under law. The Company will carry out the legal review and responses that are necessary according to the actual content of what it provides, the form of contract, and other circumstances.

Article 7: Timing, Accuracy, and Corrections of Information

1. For each article, the Company will state, to the extent possible, the period covered, the time the information was confirmed, the publication date, the update date, and other necessary timing information.

2. External disclosure materials, exchange information, data provider information, and other third-party information may later be corrected, updated, or deleted.

3. The Company endeavors to provide accurate information within reason, but does not guarantee the completeness, accuracy, or timeliness of the information on the Service, or its fitness for any particular purpose.

4. If the Company confirms a material error, it will fix it in accordance with its correction policy and, where necessary, show the correction date or the content of the correction.

5. It is the Company's editorial principle not to present materials reviewed later as if they had been used at the time of the original analysis or decision.

Article 8: Conflicts of Interest

1. The Company, its officers and employees, and other related parties may have financial interests in companies or financial products covered in articles. Because AlpAI trades US stocks with the Company's funds, the Company may hold or trade the stocks covered in articles.

2. The Company will disclose conflicts of interest that it can confirm in articles or related pages, in accordance with its editorial policy and other standards it sets.

3. Disclosure of conflicts of interest on the Service does not recommend any particular transaction to users.

Article 9: Prohibited Acts

In using the Service, users must not do any of the following.

1. Acts that violate laws or public order and morals

2. Acts that infringe the rights, credibility, privacy, or other interests of the Company or third parties

3. Unauthorized access, or attempts to bypass authentication, access controls, or member-only viewing restrictions

4. Sharing or publishing an account, login link, or authentication credentials with or to third parties

5. Copying, reposting, distributing, selling, transmitting to the public, or re-providing the Service or Content without permission, beyond the scope of quotation and similar uses permitted by law

6. Without the Company's prior permission, bulk-collecting Content, compiling it into datasets, or using it for products or services for third parties, investment information services, automated trading services, or as training data for machine learning models

7. Automated collection, crawling, or other acts that place an excessive load on servers or networks. Search engines and similar services that the Company has expressly permitted are excepted.

8. Testing or circumventing the Service's security, vulnerabilities, or access controls without the Company's permission

9. Impersonating another person or providing false registration information

10. Acts that interfere with the operation of the Service

11. Any other act that, in line with the preceding items, the Company reasonably judges to seriously impede the safe or proper operation of the Service

Article 10: Intellectual Property Rights

1. Intellectual property rights in the text, editing, design, programs, and other Content created by the Company belong to the Company or the rightful rights holders.

2. Rights in external materials, company disclosures, third-party images, trademarks, and other things owned by third parties belong to their respective rights holders.

3. Users may view the Service in the ordinary way for personal, non-commercial use.

4. Nothing here prevents quotation or other use permitted by copyright law or other laws.

5. Being a member does not grant any right to redistribute or resell Content to third parties, or to use an account as a shared account.

Article 11: Third-Party Services and External Links

1. The Service uses third-party services for website operation, member management, and other functions. As of the time these Terms were established, Ghost(Pro), provided by the Ghost Foundation, is used for website operation and member management.

2. The terms of use set by a third party may apply to the use of third-party services.

3. The Service may include links to external sites. The operator of the linked site is responsible for the content, continued availability, safety, and other aspects of that site.

4. Part of the Service may become unavailable because of an outage, a change in specifications, or the end of a third-party service. The Company will consider alternatives or restoration within reason.

Article 12: Personal Information

1. The Company handles personal information it obtains in connection with the Service in accordance with its Privacy Policy and applicable laws.

Article 13: Notices and Email

1. The Company gives notices necessary for providing the Service, such as those about member registration, security, outages, and changes to the Terms, by display on the site, by email to the member's registered email address, or by other reasonable methods.

2. The Company does not deliver articles by email. Articles are read on the Service's site.

3. Members are sent emails containing links for confirming registration and logging in. Registering as a member does not start email delivery of articles.

4. At registration, you may be able to choose, as an option, whether you would like future announcements and article notification emails. This choice is only a provisional record of your preference, and the Company is not currently sending these emails. Before the Company begins sending them, it will ask the logged-in member to confirm consent again and will not send them to members who have not consented. Agreeing to these Terms does not mean agreeing to receive these emails.

Article 14: Changes to the Service

1. The Company may change the Service's features, screens, article structure, covered subjects, and other aspects for quality improvement, legal compliance, security, or technical or business needs.

2. When it makes a change with a significant impact on users, such as to the scope that can be read for free or to member features, the Company will give advance notice of the change and when it takes effect. However, where urgent action is needed, such as responding to misuse or ensuring safety, the Company will give notice promptly afterward. Starting a paid service separately requires the procedure in Article 5.

Article 15: Suspension or Termination of the Service

1. The Company may temporarily suspend all or part of the Service in the following cases.

• When maintenance, updates, or outage response is needed
• When urgent security response is needed
• When natural disasters, communication failures, suspension of third-party services, or other events beyond the Company's reasonable control occur
• When response is needed to laws, or to orders of government agencies or courts

2. Except in an emergency, for a suspension with a significant impact on users, the Company will give notice by a reasonable method, either beforehand or afterward.

3. If the Company ends all or part of the Service, it will give notice in advance, with a reasonable period.

Article 16: Suspension of Use and Termination of Contract

1. If a user seriously violates these Terms, or if unauthorized access, account sharing, or other conduct that seriously affects the safety or operation of the Service is confirmed, the Company may, to the extent necessary, suspend the account or use of the Service, or terminate the contract.

2. Where the nature of the violation makes correction possible, the Company may, except in urgent cases, set a reasonable period and request correction.

3. Suspension or termination by the Company does not limit the rights granted to users under the Consumer Contract Act or other applicable laws.

Article 17: Scope of Warranty

1. The Company does not guarantee that the Service is suitable for a user's particular investment objectives, return targets, or other purposes.

2. The Company does not guarantee that the Service will be available at all times without interruption, that it will work identically on all devices or browsers, or that third-party services will continue.

3. This Article and the other provisions of these Terms do not exempt the Company from liability that it cannot be exempted from under law.

Article 18: Liability for Damages

1. If a user suffers damage because of the Company's intentional misconduct or gross negligence, the Company is liable in accordance with applicable law.

2. If a user suffers damage because of the Company's ordinary negligence, then to the extent permitted by law, the damages the Company will pay are limited to ordinary and direct damages.

3. The preceding paragraph does not apply to damage caused by the Company's intentional misconduct or gross negligence, or where the Consumer Contract Act or other laws do not allow liability to be limited.

4. For the current free service, the Company does not set its liability cap at 0 yen, or exempt itself from liability, on the grounds that no fee has been paid. The Company's liability where it is responsible for the cause is governed by applicable law.

Article 19: Changes to These Terms

1. The Company may change these Terms in the following cases.

• When the change conforms to the general interests of users
• When the change does not run counter to the purpose of the contract and is reasonable in light of the necessity of the change, the appropriateness of the revised content, and other circumstances

2. When the Company changes these Terms under the preceding paragraph, it will announce the revised Terms and their effective date, by posting on the site or another reasonable method, by the effective date. For changes that materially affect the scope free members can read or member features, the Company will also give notice in accordance with Article 14, paragraph 2.

3. For changes that require the individual consent of users under law, the Company will obtain consent in accordance with law.

Article 20: Exclusion of Antisocial Forces

1. Users and the Company each represent that they are not organized crime groups, members of such groups, companies affiliated with such groups, or other antisocial forces equivalent to them, and that they do not have any improper relationship with them.

2. Neither party may engage in intimidation, violence, defamation, obstruction of business, or similar acts using antisocial forces.

3. If a serious violation of the preceding 2 paragraphs is confirmed, the other party may terminate the contract to the extent necessary.

Article 21: Assignment of Rights and Obligations

A user may not, without the Company's prior consent, assign, transfer by succession, or pledge as security to a third party their position, rights, or obligations under these Terms or the contract for the Service. This does not apply where permitted by law.

Article 22: Severability

Even if part of these Terms is held invalid or unenforceable under law, the remaining provisions, excluding that part, remain in effect to the extent permitted by law.

Article 23: Governing Law and Jurisdiction

1. These Terms and the contract concerning the Service are governed by the laws of Japan.

2. If a dispute arises in connection with the Service or these Terms, the Tokyo District Court or the Tokyo Summary Court will be the exclusive agreed court of first instance, except where the law permits a different jurisdiction.

Article 24: Contact

Please direct inquiries about the Service by email (alpai@gridstart.co.jp). The location of the operating company and other business information are published in the Notation Based on the Act on Specified Commercial Transactions.

Enacted October 2026

Revision History

• 2026-10-10 revision (effective the same day): Article 18 now states explicitly that, for free services, no liability cap is set on the grounds that no amount has been paid. Advance notice of significant changes for free members was added to Articles 14 and 19, notice of the results of withdrawal and deletion requests to Article 3, paragraph 8, and the policy on benefits for early members to Article 5.
• 2026-10-10 revision (effective the same day): In Article 3, the method for new member registration was changed to an application by entering an email address and answering a 4-question survey, creation of a member account by the Company, and confirmation of the email address through a Ghost login link (paragraph 1 and paragraphs 9 through 11). Members who registered before this method began can continue to use the Service as before without answering. Article 13, paragraph 4 was added to cover the optional preference given at registration and how announcement emails are handled.

Japanese original. This English edition preserves the original publication date, performance snapshot and correction history.