{"id":8938,"date":"2025-12-23T08:45:15","date_gmt":"2025-12-23T08:45:15","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=8938"},"modified":"2025-12-23T08:45:19","modified_gmt":"2025-12-23T08:45:19","slug":"stock-market-maneuvering-amidst-the-ai-craze-an-investment-conundrum-between-optimism-and-skepticism","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/stock-market-maneuvering-amidst-the-ai-craze-an-investment-conundrum-between-optimism-and-skepticism\/","title":{"rendered":"V\u1eadn h\u00e0nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n gi\u1eefa c\u01a1n s\u1ed1t AI: C\u00e2u h\u1ecfi h\u00f3c b\u00faa v\u1ec1 \u0111\u1ea7u t\u01b0 gi\u1eefa l\u1ea1c quan v\u00e0 ho\u00e0i nghi"},"content":{"rendered":"

T\u1eeb \u0111\u1ee3t b\u00e1n th\u00e1o c\u1ee7a Nvidia v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Oracle lao d\u1ed1c do chi ti\u00eau cho AI t\u0103ng cao, \u0111\u1ebfn t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng ng\u00e0y c\u00e0ng x\u1ea5u \u0111i \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty li\u00ean quan \u0111\u1ebfn OpenAI, s\u1ef1 bi\u1ebfn \u0111\u1ed9ng g\u1ea7n \u0111\u00e2y trong l\u0129nh v\u1ef1c AI \u0111\u00e3 chia r\u1ebd th\u00e1i \u0111\u1ed9 c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi c\u00f4ng ngh\u1ec7 \u0111\u1ed9t ph\u00e1 n\u00e0y. H\u01b0\u1edbng t\u1edbi n\u0103m 2026, cu\u1ed9c tranh lu\u1eadn c\u1ed1t l\u00f5i ng\u00e0y c\u00e0ng tr\u1edf n\u00ean r\u00f5 r\u00e0ng: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 n\u00ean gi\u1ea3m m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi AI tr\u01b0\u1edbc khi bong b\u00f3ng ti\u1ec1m \u1ea9n v\u1ee1 hay h\u1ecd n\u00ean \u0111i ng\u01b0\u1ee3c l\u1ea1i xu h\u01b0\u1edbng v\u00e0 t\u0103ng c\u01b0\u1eddng \u0111\u1ea7u t\u01b0 \u0111\u1ec3 n\u1eafm b\u1eaft c\u1ed5 t\u1ee9c c\u00f4ng ngh\u1ec7? K\u1ebft qu\u1ea3 c\u1ee7a tr\u00f2 ch\u01a1i n\u00e0y kh\u00f4ng ch\u1ec9 li\u00ean quan \u0111\u1ebfn s\u1ed1 ph\u1eadn c\u1ee7a nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 m\u00e0 c\u00f2n t\u00e1c \u0111\u1ed9ng s\u00e2u s\u1eafc \u0111\u1ebfn t\u01b0\u01a1ng lai c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n to\u00e0n c\u1ea7u.<\/p>\n

<\/a>Cu\u1ed9c \u0111\u1ee5ng \u0111\u1ed9 tr\u1ef1c di\u1ec7n gi\u1eefa s\u1ef1 l\u1ea1c quan v\u00e0 lo l\u1eafng<\/strong><\/p>\n

C\u00e1c nh\u00e0 giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u00e3 th\u1ec3 hi\u1ec7n ni\u1ec1m tin m\u1ea1nh m\u1ebd c\u1ee7a h\u1ecd v\u00e0o c\u1ed5 phi\u1ebfu AI th\u00f4ng qua h\u00e0nh \u0111\u1ed9ng c\u1ee7a h\u1ecd. D\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh cho th\u1ea5y t\u1ef7 l\u1ec7 quy\u1ec1n ch\u1ecdn mua m\u1edf so v\u1edbi quy\u1ec1n ch\u1ecdn b\u00e1n \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 \u201cBig Seven\u201d \u0111ang ti\u1ebfn \u0111\u1ebfn m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb th\u00e1ng 3 n\u0103m 2023, cho th\u1ea5y c\u00e1c nh\u00e0 giao d\u1ecbch \u0111ang t\u00edch c\u1ef1c \u0111\u1ecbnh v\u1ecb \u0111\u1ec3 t\u0103ng gi\u00e1. S\u1ef1 l\u1ea1c quan n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng c\u00f3 c\u01a1 s\u1edf\u2014nh\u1eefng ti\u1ebfn b\u1ed9 \u0111\u1ed9t ph\u00e1 trong c\u00f4ng ngh\u1ec7 AI \u0111\u00e3 khi\u1ebfn ch\u1ec9 s\u1ed1 \u201cBig Seven\u201d t\u0103ng 25% trong n\u0103m nay, trong \u0111\u00f3 Nvidia tr\u1edf th\u00e0nh c\u00f4ng ty \u0111\u1ea7u ti\u00ean v\u01b0\u1ee3t qua m\u1ee9c v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 5 ngh\u00ecn t\u1ef7 USD. Nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 n\u00e0y \u0111\u00e3 \u0111\u00f3ng g\u00f3p \u0111\u00e1ng k\u1ec3 v\u00e0o m\u1ee9c t\u0103ng tr\u01b0\u1edfng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n trong n\u0103m.<\/p>\n

\"IMG_256\"<\/p>\n

Ni\u1ec1m tin c\u1ee7a nh\u1eefng ng\u01b0\u1eddi l\u1ea1c quan c\u0169ng \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n. Trong s\u1ed1 39 nh\u00e0 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u \u0111\u01b0\u1ee3c Bloomberg kh\u1ea3o s\u00e1t, \u0111a s\u1ed1 \u0111\u1ed3ng \u00fd r\u1eb1ng \u0111\u1ecbnh gi\u00e1 c\u1ee7a \u201cBig Seven\u201d \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n v\u00e0 tin r\u1eb1ng n\u00f3 \u0111\u00e1nh d\u1ea5u s\u1ef1 kh\u1edfi \u0111\u1ea7u c\u1ee7a m\u1ed9t chu k\u1ef3 c\u00f4ng nghi\u1ec7p m\u1edbi. Trong khi \u0111\u00f3, k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c Fed c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u00e3 l\u00e0m gi\u1ea3m b\u1edbt lo l\u1eafng tr\u00ean th\u1ecb tr\u01b0\u1eddng, v\u1edbi m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng d\u1ef1 ki\u1ebfn \u200b\u200bc\u1ee7a c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 so v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n \u0111\u00e3 gi\u1ea3m m\u1ed9t n\u1eeda t\u1eeb m\u1ee9c cao nh\u1ea5t t\u1eeb \u200b\u200b\u0111\u1ea7u n\u0103m l\u00e0 8% xu\u1ed1ng 4%. Chi\u1ebfn l\u01b0\u1ee3c gia Matt Maley c\u1ee7a Miller Tabak c\u0169ng ch\u1ec9 ra r\u1eb1ng nhu c\u1ea7u ph\u00e2n b\u1ed5 c\u1ee7a t\u1ed5 ch\u1ee9c v\u00e0o cu\u1ed1i n\u0103m c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 h\u01a1n n\u1eefa. Tuy nhi\u00ean, s\u1ef1 ho\u00e0i nghi c\u0169ng m\u1ea1nh m\u1ebd kh\u00f4ng k\u00e9m. Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh Callodine Capital, Jim Morrow, tuy\u00ean b\u1ed1 r\u1eb1ng th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n \u201cth\u1eed n\u01b0\u1edbc\u201d, v\u1edbi m\u00e2u thu\u1eabn c\u1ed1t l\u00f5i l\u00e0 \u201c\u0111\u1ea7u t\u01b0 cao, s\u1ea3n l\u01b0\u1ee3ng kh\u00f4ng ch\u1eafc ch\u1eafn\u201d c\u1ee7a ng\u00e0nh AI. V\u00ed d\u1ee5: OpenAI c\u00f3 k\u1ebf ho\u1ea1ch chi 1,4 ngh\u00ecn t\u1ef7 USD trong v\u00e0i n\u0103m t\u1edbi, v\u1edbi d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd kh\u00f4ng \u0111\u1ebfn n\u0103m 2030; Oracle sau khi huy \u0111\u1ed9ng v\u1ed1n \u1ed3 \u1ea1t \u0111\u1ec3 x\u00e2y d\u1ef1ng trung t\u00e2m d\u1eef li\u1ec7u AI \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bgi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m h\u01a1n 40% so v\u1edbi m\u1ee9c \u0111\u1ec9nh do ho\u1ea1t \u0111\u1ed9ng k\u00e9m hi\u1ec7u qu\u1ea3 v\u00e0 r\u1ee7i ro t\u00edn d\u1ee5ng t\u0103ng l\u00ean m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2009.<\/p>\n

<\/a>Ba th\u1ef1c t\u1ebf: \u0110\u1ea7u t\u01b0 cao, t\u0103ng tr\u01b0\u1edfng ch\u1eadm v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd<\/strong><\/p>\n

\u201cM\u00f4 h\u00ecnh \u0111\u1ed1t ti\u1ec1n\u201d c\u1ee7a ng\u00e0nh AI \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u1ee7a nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7. Alphabet, Microsoft, Amazon v\u00e0 Meta d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd chi h\u01a1n 400 t\u1ef7 USD chi ph\u00ed v\u1ed1n trong 12 th\u00e1ng t\u1edbi, trong \u0111\u00f3 ph\u1ea7n l\u1edbn d\u00e0nh cho vi\u1ec7c x\u00e2y d\u1ef1ng trung t\u00e2m d\u1eef li\u1ec7u. M\u1eb7c d\u00f9 AI \u0111\u00e3 mang l\u1ea1i s\u1ef1 t\u0103ng tr\u01b0\u1edfng doanh thu cho \u0111i\u1ec7n to\u00e1n \u0111\u00e1m m\u00e2y v\u00e0 qu\u1ea3ng c\u00e1o, nh\u01b0ng n\u00f3 v\u1eabn ch\u1ec9 l\u00e0 m\u1ed9t gi\u1ecdt n\u01b0\u1edbc trong \u0111\u1ea1i d\u01b0\u01a1ng so v\u1edbi nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u1ed5ng l\u1ed3. D\u1eef li\u1ec7u c\u1ee7a Bloomberg Intelligence cho th\u1ea5y \u201cBig Seven\u201d, bao g\u1ed3m Apple, Nvidia v\u00e0 Tesla, \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n ch\u1ec9 \u0111\u1ea1t m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn 18% v\u00e0o n\u0103m 2026, t\u1ed1c \u0111\u1ed9 ch\u1eadm nh\u1ea5t trong 4 n\u0103m, ch\u1ec9 cao h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a S&P 500.<\/p>\n

Vi\u1ec7c m\u1edf r\u1ed9ng quy m\u00f4 l\u1edbn c\u00e1c trung t\u00e2m d\u1eef li\u1ec7u c\u0169ng l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 chi ph\u00ed kh\u1ea5u hao t\u0103ng cao. Trong qu\u00fd 4 n\u0103m 2023, chi ph\u00ed kh\u1ea5u hao t\u1ed5ng h\u1ee3p c\u1ee7a Alphabet, Microsoft v\u00e0 Meta l\u00e0 kho\u1ea3ng 10 t\u1ef7 USD, t\u0103ng l\u00ean g\u1ea7n 22 t\u1ef7 USD v\u00e0o qu\u00fd 9 n\u0103m 2024 v\u00e0 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd v\u01b0\u1ee3t 30 t\u1ef7 USD v\u00e0o c\u00f9ng k\u1ef3 n\u0103m 2025. \u00c1p l\u1ef1c chi ph\u00ed n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a c\u1ed5 \u0111\u00f4ng\u2014sau khi tr\u1eeb \u0111i c\u00e1c kho\u1ea3n mua l\u1ea1i c\u1ed5 phi\u1ebfu v\u00e0 c\u1ed5 t\u1ee9c, d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a Meta v\u00e0 Microsoft c\u00f3 th\u1ec3 chuy\u1ec3n sang \u00e2m v\u00e0o n\u0103m 2026 v\u00e0 Alphabet s\u1ebd kh\u00f3 h\u00f2a v\u1ed1n. Michael O\u2019Rourke, gi\u00e1m \u0111\u1ed1c chi\u1ebfn l\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng t\u1ea1i Jonestrading, c\u1ea3nh b\u00e1o: \u201cM\u1ed9t khi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng tr\u00ec tr\u1ec7 ho\u1eb7c ch\u1eadm l\u1ea1i, th\u1ecb tr\u01b0\u1eddng s\u1ebd nh\u1eadn ra r\u1eb1ng c\u00f3 nh\u1eefng v\u1ea5n \u0111\u1ec1 nghi\u00eam tr\u1ecdng \u1edf \u0111\u00e2y\u201d.<\/p>\n

\"Tr\u00edch<\/p>\n

\u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 b\u1ea5t ch\u1ea5p nh\u1eefng tranh c\u00e3i \u0111ang di\u1ec5n ra, m\u1ee9c \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu li\u00ean quan \u0111\u1ebfn AI v\u1eabn ch\u01b0a \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c c\u1ef1c \u0111\u1ed9 nh\u01b0 th\u1eddi k\u1ef3 bong b\u00f3ng dot-com. Ch\u1ec9 s\u1ed1 Nasdaq 100, do c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 th\u1ed1ng tr\u1ecb, hi\u1ec7n c\u00f3 h\u1ec7 s\u1ed1 gi\u00e1 tr\u00ean thu nh\u1eadp (P\/E) g\u1ea5p 26 l\u1ea7n thu nh\u1eadp d\u1ef1 ki\u1ebfn, trong khi con s\u1ed1 n\u00e0y v\u01b0\u1ee3t 80 l\u1ea7n v\u00e0o th\u1eddi k\u1ef3 \u0111\u1ec9nh \u0111i\u1ec3m c\u1ee7a bong b\u00f3ng dot-com. Tony DeSpirito, Gi\u00e1m \u0111\u1ed1c \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u t\u1ea1i BlackRock, ch\u1ec9 ra: \u201c\u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 l\u1eb7p l\u1ea1i c\u1ee7a bong b\u00f3ng dot-com; vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu li\u00ean quan \u0111\u1ebfn AI trong s\u1ed1 \u2018Big Seven\u2019 kh\u00f4ng th\u1ec3 hi\u1ec7n b\u1ea5t k\u1ef3 s\u1ef1 ph\u1ea5n kh\u00edch phi l\u00fd r\u00f5 r\u00e0ng n\u00e0o\u201d. C\u1ee5 th\u1ec3, c\u00e1c c\u00f4ng ty nh\u01b0 Palantir v\u00e0 Snowflake c\u00f3 t\u1ef7 l\u1ec7 P\/E l\u1ea7n l\u01b0\u1ee3t l\u00ean t\u1edbi 180 v\u00e0 140 l\u1ea7n, x\u1ebfp ch\u00fang v\u00e0o nh\u00f3m \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 cao; tuy nhi\u00ean, Nvidia, Alphabet v\u00e0 Microsoft \u0111\u1ec1u c\u00f3 t\u1ef7 l\u1ec7 P\/E d\u01b0\u1edbi 30, t\u01b0\u01a1ng \u0111\u1ed1i v\u1eeba ph\u1ea3i so v\u1edbi s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u1ee7a h\u1ecd.<\/p>\n

<\/a>Cu\u1ed9c th\u1eed th\u00e1ch ba l\u1ea7n v\u1ec1 v\u1ed1n, ch\u00ednh s\u00e1ch v\u00e0 chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c<\/strong><\/p>\n

S\u1ef1 b\u1ec1n v\u1eefng v\u1ec1 v\u1ed1n l\u00e0 huy\u1ebft m\u1ea1ch c\u1ee7a ng\u00e0nh AI. Trong khi OpenAI \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 40 t\u1ef7 USD t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 SoftBank v\u00e0 nh\u1eadn \u0111\u01b0\u1ee3c cam k\u1ebft \u0111\u1ea7u t\u01b0 100 t\u1ef7 USD t\u1eeb Nvidia, m\u00f4 h\u00ecnh t\u00e0i tr\u1ee3 theo chu k\u1ef3 n\u00e0y \u0111\u00e3 l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng. Eric Clark, nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ea1i Rational Dynamic Brands Fund, c\u1ea3nh b\u00e1o: \u201cH\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la \u0111ang t\u1eadp trung v\u00e0o m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu c\u00f3 ch\u1ee7 \u0111\u1ec1 AI; n\u1ebfu x\u1ea3y ra v\u1ea5n \u0111\u1ec1 ng\u1eafn h\u1ea1n ho\u1eb7c m\u1ea5t c\u00e2n b\u1eb1ng \u0111\u1ecbnh gi\u00e1, c\u00e1c qu\u1ef9 c\u00f3 th\u1ec3 r\u00fat ti\u1ec1n chung\u201d. \u00c1p l\u1ef1c th\u1eadm ch\u00ed c\u00f2n r\u00f5 r\u1ec7t h\u01a1n \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty d\u1ef1a v\u00e0o ngu\u1ed3n v\u1ed1n vay nh\u01b0 Oracle \u2013 c\u00e1c tr\u00e1i ch\u1ee7 c\u1ea7n nh\u1eadn \u0111\u01b0\u1ee3c kho\u1ea3n thanh to\u00e1n b\u1eb1ng ti\u1ec1n m\u1eb7t \u0111\u00fang h\u1ea1n, \u0111i\u1ec1u n\u00e0y c\u00f3 kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn l\u1ee3i nhu\u1eadn k\u00e9m h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 ph\u1ea7n, khi\u1ebfn k\u1ebf ho\u1ea1ch m\u1edf r\u1ed9ng AI c\u1ee7a h\u1ecd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng h\u1ea1n ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn h\u01a1n.<\/p>\n

C\u00e1c \u0111\u1ed9ng th\u00e1i ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t y\u1ebfu t\u1ed1 b\u00ean ngo\u00e0i quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng. Gi\u00e1 th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng lai cho th\u1ea5y x\u00e1c su\u1ea5t Fed c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t l\u00e0 88% v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang theo d\u00f5i ch\u1eb7t ch\u1ebd cu\u1ed9c h\u1ecdp b\u00e1o c\u1ee7a Powell \u0111\u1ec3 t\u00ecm manh m\u1ed1i v\u1ec1 ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t trong t\u01b0\u01a1ng lai. K\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t kh\u00f4ng ch\u1ec9 gi\u1ea3m b\u1edbt \u00e1p l\u1ef1c t\u00e0i ch\u00ednh cho c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 m\u00e0 c\u00f2n h\u1ed7 tr\u1ee3 thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, tr\u1edf th\u00e0nh ngu\u1ed3n ni\u1ec1m tin ch\u00ednh cho nh\u1eefng ng\u01b0\u1eddi l\u1ea1c quan. Tuy nhi\u00ean, Gareth Ryan, Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a IUR Capital, l\u1ea1i c\u00f3 quan \u0111i\u1ec3m ng\u01b0\u1ee3c l\u1ea1i, d\u1ef1 \u0111o\u00e1n ch\u1ee9ng kho\u00e1n M\u1ef9 c\u00f3 th\u1ec3 ki\u1ec3m tra l\u1ea1i m\u1ee9c th\u1ea5p 6500 \u0111i\u1ec3m trong v\u00e0i th\u00e1ng \u0111\u1ea7u n\u0103m 2026, tin r\u1eb1ng s\u1ef1 l\u1ea1c quan hi\u1ec7n t\u1ea1i kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp nh\u1eefng r\u1ee7i ro c\u01a1 b\u1ea3n ti\u1ec1m \u1ea9n.<\/p>\n

\"IMG_256\"<\/p>\n

B\u1ea3n th\u00e2n s\u1ef1 chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 l\u1edbn ch\u1ee9a \u0111\u1ea7y s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn. Trong m\u1ed9t th\u1eddi gian d\u00e0i, gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i c\u1ee7a nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 n\u1eb1m \u1edf vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c t\u0103ng tr\u01b0\u1edfng doanh thu nhanh ch\u00f3ng v\u1edbi chi ph\u00ed th\u1ea5p, t\u1eeb \u0111\u00f3 t\u1ea1o ra d\u00f2ng ti\u1ec1n t\u1ef1 do \u0111\u00e1ng k\u1ec3. Tuy nhi\u00ean, c\u00e1c s\u00e1ng ki\u1ebfn \u200b\u200bAI \u0111\u00e3 ho\u00e0n to\u00e0n \u0111\u1ea3o ng\u01b0\u1ee3c logic n\u00e0y \u2013 c\u00e1c c\u00f4ng ty \u0111ang t\u1eadn d\u1ee5ng r\u1ea5t nhi\u1ec1u \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI v\u1edbi hy v\u1ecdng ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n t\u1eeb n\u00f3 trong t\u01b0\u01a1ng lai. O'Rourke th\u1eb3ng th\u1eebng tuy\u00ean b\u1ed1: \"N\u1ebfu ch\u00fang ta ti\u1ebfp t\u1ee5c \u0111i theo con \u0111\u01b0\u1eddng n\u00e0y, b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 s\u1ebd gi\u1ea3m xu\u1ed1ng; n\u1ebfu ch\u00fang ta kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau c\u1ee7a m\u00ecnh, s\u1ef1 chuy\u1ec3n \u0111\u1ed5i n\u00e0y s\u1ebd l\u00e0 m\u1ed9t sai l\u1ea7m chi\u1ebfn l\u01b0\u1ee3c nghi\u00eam tr\u1ecdng.\" S\u1ef1 chuy\u1ec3n \u0111\u1ed5i n\u00e0y kh\u00f4ng ch\u1ec9 mang \u0111\u1ebfn nh\u1eefng thay \u0111\u1ed5i v\u1ec1 c\u01a1 c\u1ea5u t\u00e0i ch\u00ednh m\u00e0 c\u00f2n t\u00e1i c\u01a1 c\u1ea5u h\u1ec7 th\u1ed1ng \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7.<\/p>\n

<\/a>Tr\u00f2 ch\u01a1i v\u1eabn ti\u1ebfp t\u1ee5c, nh\u01b0ng xu h\u01b0\u1edbng cu\u1ed1i c\u00f9ng s\u1ebd tr\u1edf n\u00ean r\u00f5 r\u00e0ng.<\/strong><\/p>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n AI hi\u1ec7n t\u1ea1i \u0111ang \u0111\u1ee9ng tr\u01b0\u1edbc nhi\u1ec1u m\u00e2u thu\u1eabn: \u0111\u1eb7t c\u01b0\u1ee3c t\u0103ng gi\u00e1 t\u1eeb c\u00e1c nh\u00e0 giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1eb1ng \u00e1p l\u1ef1c chi ti\u00eau \u1edf c\u1ea5p ng\u00e0nh; m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd g\u1eafn li\u1ec1n v\u1edbi l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 kh\u00f4ng ch\u1eafc ch\u1eafn; v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 c\u00e1c ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng t\u1eeb C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00f9ng t\u1ed3n t\u1ea1i v\u1edbi nguy c\u01a1 \u0111i\u1ec1u ch\u1ec9nh ti\u1ec1m \u1ea9n. Th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng tr\u1ecb gi\u00e1 30 ngh\u00ecn t\u1ef7 USD trong 3 n\u0103m c\u1ee7a S&P 500 ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 li\u00ean quan \u0111\u1ebfn AI. N\u1ebfu t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00e1c c\u00f4ng ty n\u00e0y ch\u1eadm l\u1ea1i, ch\u1ec9 s\u1ed1 ch\u1eafc ch\u1eafn s\u1ebd b\u1ecb k\u00e9o xu\u1ed1ng. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ch\u00eca kh\u00f3a c\u1ee7a tr\u00f2 ch\u01a1i n\u00e0y kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 t\u0103ng hay gi\u1ea3m m\u00e0 c\u00f2n l\u00e0 nh\u00ecn th\u1ea5u t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng \u1ed3n \u00e0o v\u00e0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c c\u00e1c r\u00e0o c\u1ea3n c\u00f4ng ngh\u1ec7, \u0111\u01b0\u1eddng d\u1eabn l\u1ee3i nhu\u1eadn v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty AI kh\u00e1c nhau. V\u00e0o n\u0103m 2026, khi c\u00f4ng ngh\u1ec7 AI \u0111\u01b0\u1ee3c tri\u1ec3n khai v\u00e0 l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 d\u1ea7n tr\u1edf n\u00ean r\u00f5 r\u00e0ng, b\u00ed \u1ea9n \u0111\u1ea7u t\u01b0 xung quanh cu\u1ed9c c\u00e1ch m\u1ea1ng c\u00f4ng ngh\u1ec7 n\u00e0y cu\u1ed1i c\u00f9ng s\u1ebd c\u00f3 c\u00e2u tr\u1ea3 l\u1eddi r\u00f5 r\u00e0ng.<\/p>","protected":false},"excerpt":{"rendered":"

Khi c\u1ed5 phi\u1ebfu AI ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi chi ph\u00ed \u0111\u1ea7u t\u01b0 t\u0103ng cao v\u00e0 l\u1ee3i nhu\u1eadn ch\u1eadm l\u1ea1i, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tranh lu\u1eadn li\u1ec7u n\u0103m 2026 c\u00f3 ph\u1ea3i l\u00e0 \u0111\u1ec9nh bong b\u00f3ng hay l\u00e0 c\u01a1 h\u1ed9i d\u00e0i h\u1ea1n ti\u1ebfp theo.<\/p>","protected":false},"author":1,"featured_media":8939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[488,487,489],"class_list":["post-8938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-ai-bubble-debate","tag-artificial-intelligence-investment-risk","tag-technology-stocks-valuation"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/comments?post=8938"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8938\/revisions"}],"predecessor-version":[{"id":8944,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8938\/revisions\/8944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/8939"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=8938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=8938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=8938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}