{"id":9146,"date":"2026-02-24T08:50:27","date_gmt":"2026-02-24T08:50:27","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=9146"},"modified":"2026-02-24T08:50:35","modified_gmt":"2026-02-24T08:50:35","slug":"hidden-concerns-amid-irrational-exuberance-in-us-stocks-ai-driven-short-selling-frenzy-and-sector-rotation-signal-bubble","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/hidden-concerns-amid-irrational-exuberance-in-us-stocks-ai-driven-short-selling-frenzy-and-sector-rotation-signal-bubble\/","title":{"rendered":"Nh\u1eefng m\u1ed1i lo ng\u1ea1i ti\u1ec1m \u1ea9n trong b\u1ed1i c\u1ea3nh ch\u1ee9ng kho\u00e1n M\u1ef9 t\u0103ng tr\u01b0\u1edfng phi l\u00fd: C\u01a1n s\u1ed1t b\u00e1n kh\u1ed1ng do AI th\u00fac \u0111\u1ea9y v\u00e0 bong b\u00f3ng t\u00edn hi\u1ec7u xoay v\u00f2ng ng\u00e0nh"},"content":{"rendered":"

D\u1ef1a tr\u00ean vi\u1ec7c theo d\u00f5i chuy\u00ean s\u00e2u v\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p v\u1ec1 d\u00f2ng v\u1ed1n tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3, m\u00f4 h\u00ecnh lu\u00e2n chuy\u1ec3n ng\u00e0nh, \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u00e0 xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i ng\u00e0nh AI, k\u1ebft h\u1ee3p v\u1edbi ph\u00e2n t\u00edch c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 th\u1ea9m quy\u1ec1n v\u1ec1 chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3, ACE tin r\u1eb1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi m\u1ed1i lo ng\u1ea1i v\u1ec1 vi\u1ec7c AI l\u00e0m gi\u00e1n \u0111o\u1ea1n c\u00e1c m\u00f4 h\u00ecnh kinh doanh. Ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng c\u1ee7a c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111\u00e3 \u0111\u1ea1t \u0111\u1ebfn \u0111\u1ec9nh cao l\u1ecbch s\u1eed, l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 \u0111ang cho th\u1ea5y s\u1ef1 kh\u00e1c bi\u1ec7t c\u1ef1c \u0111\u1ed9 v\u00e0 c\u00e1c qu\u1ef9 \u0111ang \u0111\u1ea9y nhanh qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i sang c\u00e1c l\u0129nh v\u1ef1c ph\u00f2ng th\u1ee7 v\u00e0 gi\u00e1 tr\u1ecb. \u0110\u1ed3ng th\u1eddi, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 \u0111\u00e3 th\u1ec3 hi\u1ec7n nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m \u0111i\u1ec3n h\u00ecnh c\u1ee7a giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a bong b\u00f3ng, v\u1edbi m\u00f4 h\u00ecnh lu\u00e2n chuy\u1ec3n ng\u00e0nh r\u1ea5t gi\u1ed1ng v\u1edbi bong b\u00f3ng dot-com mu\u1ed9n, c\u00f3 th\u1ec3 b\u00e1o tr\u01b0\u1edbc s\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a bong b\u00f3ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 v\u00e0o n\u0103m 2027 v\u00e0 b\u1eaft \u0111\u1ea7u qu\u00e1 tr\u00ecnh c\u1ea3i t\u1ed5 l\u1ea1i c\u1ea5u tr\u00fac ch\u1ec9 s\u1ed1 trong d\u00e0i h\u1ea1n. Tuy nhi\u00ean, v\u00f2ng quay th\u1ecb tr\u01b0\u1eddng n\u00e0y c\u00f3 nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n so v\u1edbi th\u1eddi k\u1ef3 bong b\u00f3ng dot-com v\u00e0 nguy c\u01a1 s\u1ee5p \u0111\u1ed5 ng\u1eafn h\u1ea1n s\u1eafp x\u1ea3y ra l\u00e0 t\u01b0\u01a1ng \u0111\u1ed1i h\u1ea1n ch\u1ebf.<\/p>\n

<\/a>Nh\u1eefng lo ng\u1ea1i v\u1ec1 AI \u0111\u00e3 g\u00e2y ra t\u00ecnh tr\u1ea1ng b\u00e1n kh\u1ed1ng c\u1ed5 phi\u1ebfu M\u1ef9 k\u1ef7 l\u1ee5c, trong \u0111\u00f3 l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 \u0111ang tr\u1ea3i qua s\u1ef1 ph\u00e2n k\u1ef3 c\u1ef1c \u0111\u1ed9.<\/strong><\/p>\n

Ph\u00e2n t\u00edch c\u1ee7a ACE ch\u1ec9 ra r\u1eb1ng, do m\u1ed1i lo ng\u1ea1i ng\u00e0y c\u00e0ng t\u0103ng v\u1ec1 t\u00e1c \u0111\u1ed9ng \u0111\u1ed9t ph\u00e1 c\u1ee7a AI \u0111\u1ed1i v\u1edbi c\u00e1c m\u00f4 h\u00ecnh kinh doanh tr\u00ean nhi\u1ec1u ng\u00e0nh, t\u00e2m l\u00fd gi\u1ea3m gi\u00e1 c\u1ee7a c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n M\u1ef9 \u0111\u00e3 \u0111\u1ea1t m\u1ee9c g\u1ea7n k\u1ef7 l\u1ee5c, v\u1edbi c\u1ea3 kh\u1ed1i l\u01b0\u1ee3ng b\u00e1n kh\u1ed1ng v\u00e0 t\u1ed1c \u0111\u1ed9 b\u00e1n r\u00f2ng \u0111\u1ec1u l\u1eadp k\u1ef7 l\u1ee5c quan tr\u1ecdng m\u1edbi. Trong giai \u0111o\u1ea1n n\u00e0y, kh\u1ed1i l\u01b0\u1ee3ng b\u00e1n kh\u1ed1ng danh ngh\u0129a c\u1ee7a t\u1eebng c\u1ed5 phi\u1ebfu M\u1ef9 \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb khi h\u1ed3 s\u01a1 b\u1eaft \u0111\u1ea7u v\u00e0o n\u0103m 2016, v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng b\u00e1n kh\u1ed1ng v\u01b0\u1ee3t \u0111\u00e1ng k\u1ec3 kh\u1ed1i l\u01b0\u1ee3ng mua v\u1edbi t\u1ef7 l\u1ec7 2:1. C\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111\u00e3 b\u00e1n r\u00f2ng ch\u1ee9ng kho\u00e1n M\u1ef9 trong tu\u1ea7n th\u1ee9 t\u01b0 li\u00ean ti\u1ebfp, v\u1edbi t\u1ed1c \u0111\u1ed9 b\u00e1n r\u00f2ng \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb \u201cNg\u00e0y gi\u1ea3i ph\u00f3ng\u201d v\u00e0o \u0111\u1ea7u th\u00e1ng 4 n\u0103m 2025, cho th\u1ea5y \u00e1p l\u1ef1c b\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u01b0\u1ee3c gi\u1ea3i ph\u00f3ng t\u1eadp trung.<\/p>\n

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

Vi\u1ec7c Anthropic PBC tung ra m\u1ed9t c\u00f4ng c\u1ee5 m\u1edbi \u0111\u1ec3 t\u1ef1 \u0111\u1ed9ng h\u00f3a c\u00e1c nhi\u1ec7m v\u1ee5 \u0111a ng\u00e0nh \u0111\u00e3 tr\u1edf th\u00e0nh nguy\u00ean nh\u00e2n tr\u1ef1c ti\u1ebfp g\u00e2y ra l\u00e0n s\u00f3ng b\u00e1n kh\u1ed1ng v\u00e0 b\u00e1n th\u00e1o g\u1ea7n \u0111\u00e2y. Sau s\u1ef1 ki\u1ec7n n\u00e0y, 164 c\u1ed5 phi\u1ebfu trong l\u0129nh v\u1ef1c ph\u1ea7n m\u1ec1m, d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh v\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n \u0111\u00e3 m\u1ea5t t\u1ed5ng c\u1ed9ng 611 t\u1ef7 USD v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ch\u1ec9 trong m\u1ed9t tu\u1ea7n, khi\u1ebfn ch\u00fang tr\u1edf th\u00e0nh nh\u1eefng l\u0129nh v\u1ef1c b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1eb7ng n\u1ec1 nh\u1ea5t. L\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 th\u00f4ng tin n\u00f3i chung \u0111\u00e3 tr\u1edf th\u00e0nh l\u0129nh v\u1ef1c b\u00e1n h\u00e0ng t\u1eadp trung nh\u1ea5t, v\u1edbi d\u00f2ng v\u1ed1n ch\u1ea3y ra \u0111\u1ea1t m\u1ee9c cao th\u1ee9 hai trong 5 n\u0103m qua. C\u1ed5 phi\u1ebfu ph\u1ea7n m\u1ec1m d\u1eabn \u0111\u1ea7u \u0111\u1ee3t b\u00e1n ra n\u00e0y, chi\u1ebfm 75% doanh thu thu\u1ea7n c\u1ee7a ng\u00e0nh. T\u1ed5ng m\u1ee9c \u0111\u1ea7u t\u01b0 r\u00f2ng v\u00e0o c\u1ed5 phi\u1ebfu ph\u1ea7n m\u1ec1m c\u1ee7a c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 gi\u1ea3m xu\u1ed1ng 2,6% v\u00e0 t\u1ef7 l\u1ec7 d\u00e0i h\u1ea1n gi\u1ea3m xu\u1ed1ng 1,3, c\u1ea3 hai \u0111\u1ec1u \u1edf m\u1ee9c th\u1ea5p k\u1ef7 l\u1ee5c, ph\u1ea3n \u00e1nh t\u00e2m l\u00fd \u00e1c c\u1ea3m r\u1ee7i ro m\u1ea1nh m\u1ebd \u0111\u1ed1i v\u1edbi ng\u00e0nh c\u00f4ng nghi\u1ec7p ph\u1ea7n m\u1ec1m trong b\u1ed1i c\u1ea3nh t\u00e1c \u0111\u1ed9ng c\u1ee7a AI.<\/p>\n

Tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n v\u1edbi \u0111\u1ee3t b\u00e1n th\u00e1o m\u1ea1nh \u1edf c\u1ed5 phi\u1ebfu ph\u1ea7n m\u1ec1m, ch\u1ea5t b\u00e1n d\u1eabn v\u00e0 thi\u1ebft b\u1ecb b\u00e1n d\u1eabn, c\u00f9ng v\u1edbi d\u1ecbch v\u1ee5 CNTT, n\u1eb1m trong s\u1ed1 \u00edt l\u0129nh v\u1ef1c li\u00ean quan \u0111\u1ebfn c\u00f4ng ngh\u1ec7 \u0111\u01b0\u1ee3c mua r\u00f2ng v\u00e0o tu\u1ea7n tr\u01b0\u1edbc. Ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu b\u00e1n d\u1eabn th\u1eadm ch\u00ed c\u00f2n t\u0103ng ng\u01b0\u1ee3c xu h\u01b0\u1edbng, c\u00e0ng l\u00e0m gia t\u0103ng s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u1ed5 phi\u1ebfu chip v\u00e0 ph\u1ea7n m\u1ec1m. S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng trong nh\u1eefng th\u00e1ng g\u1ea7n \u0111\u00e2y, v\u1ec1 c\u01a1 b\u1ea3n ph\u1ea3n \u00e1nh c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00edch c\u1ef1c gi\u1ea3m t\u1ef7 l\u1ec7 n\u1eafm gi\u1eef trong c\u00e1c ng\u00e0nh c\u00f3 kh\u1ea3 n\u0103ng b\u1ecb \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp b\u1edfi tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c l\u0129nh v\u1ef1c c\u1ed1t l\u00f5i c\u1ee7a ng\u00e0nh AI. B\u00ean ngo\u00e0i l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, nhu c\u1ea7u ph\u00e2n b\u1ed5 ph\u00f2ng th\u1ee7 t\u0103ng \u0111\u00e1ng k\u1ec3, trong \u0111\u00f3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe tr\u1edf th\u00e0nh l\u0129nh v\u1ef1c \u0111\u01b0\u1ee3c mua r\u00f2ng l\u1edbn nh\u1ea5t tu\u1ea7n tr\u01b0\u1edbc. H\u01a1n n\u1eefa, n\u00f3 \u0111\u00e3 v\u01b0\u1ee3t qua l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p \u0111\u1ec3 tr\u1edf th\u00e0nh \u0111i\u1ec3m \u0111\u1ebfn ch\u00ednh cho d\u00f2ng ti\u1ec1n c\u1ee7a qu\u1ef9 ph\u00f2ng h\u1ed9 k\u1ec3 t\u1eeb n\u0103m 2026. M\u1eb7c d\u00f9 vi\u1ec7c s\u0103n l\u00f9ng m\u00f3n h\u1eddi v\u00e0o th\u1ee9 S\u00e1u \u0111\u00e3 th\u00fac \u0111\u1ea9y ch\u1ee9ng kho\u00e1n M\u1ef9 ph\u1ee5c h\u1ed3i nh\u1eb9, nh\u01b0ng ch\u1ec9 s\u1ed1 Nasdaq 100 v\u1eabn ghi nh\u1eadn tu\u1ea7n t\u1ed3i t\u1ec7 nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2026 v\u00e0 \u00e1p l\u1ef1c \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng do l\u00e0n s\u00f3ng b\u00e1n kh\u1ed1ng g\u00e2y ra v\u1eabn ch\u01b0a gi\u1ea3m b\u1edbt \u0111\u00e1ng k\u1ec3.<\/p>\n

<\/a>V\u00f2ng quay ng\u00e0nh ng\u00e0y c\u00e0ng t\u0103ng trong ch\u1ee9ng kho\u00e1n M\u1ef9 cho th\u1ea5y \u0111\u1eb7c \u0111i\u1ec3m bong b\u00f3ng giai \u0111o\u1ea1n cu\u1ed1i; N\u0103m 2027 c\u00f3 th\u1ec3 ch\u1ee9ng ki\u1ebfn \u200b\u200bbong b\u00f3ng v\u1ee1 v\u00e0 b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng s\u1ebd thay \u0111\u1ed5i.<\/strong><\/p>\n

ACE tin r\u1eb1ng s\u1ef1 xoay v\u00f2ng ng\u00e0nh m\u1ea1nh m\u1ebd hi\u1ec7n nay tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 vi\u1ec7c t\u00e1i c\u00e2n b\u1eb1ng qu\u1ef9 ng\u1eafn h\u1ea1n m\u00e0 l\u00e0 t\u00edn hi\u1ec7u quan tr\u1ecdng cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng \u0111ang b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a bong b\u00f3ng. M\u00f4 h\u00ecnh xoay v\u00f2ng n\u00e0y r\u1ea5t gi\u1ed1ng v\u1edbi giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a bong b\u00f3ng dot-com, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 cho th\u1ea5y bong b\u00f3ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 v\u1ed1n \u0111\u00e3 k\u00e9o d\u00e0i v\u00e0i n\u0103m s\u1ebd v\u1ee1 v\u00e0o n\u0103m 2027. Khi \u0111\u00f3, v\u1ecb tr\u00ed d\u1eabn \u0111\u1ea7u c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh s\u1ebd b\u1eaft \u0111\u1ea7u tr\u1ea3i qua nhi\u1ec1u n\u0103m h\u1ed7n lo\u1ea1n v\u00e0 x\u00e1o tr\u1ed9n.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260224_150520\"<\/p>\n

T\u1eeb g\u00f3c \u0111\u1ed9 lu\u00e2n chuy\u1ec3n, k\u1ec3 t\u1eeb n\u0103m 2026, ch\u1ec9 s\u1ed1 MSCI, theo d\u00f5i c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a nh\u1ecf, gi\u00e1 tr\u1ecb v\u00e0 ph\u00f2ng th\u1ee7, \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, t\u0103ng tr\u01b0\u1edfng v\u00e0 theo chu k\u1ef3 kho\u1ea3ng 10 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong t\u1ed5ng l\u1ee3i nhu\u1eadn. Xu h\u01b0\u1edbng lu\u00e2n chuy\u1ec3n n\u00e0y l\u1eb7ng l\u1ebd b\u1eaft \u0111\u1ea7u v\u00e0o cu\u1ed1i n\u0103m 2025 v\u00e0 c\u00f3 \u0111\u00e0 v\u00e0o \u0111\u1ea7u n\u0103m 2026, m\u1eb7c d\u00f9 m\u1ee9c \u0111\u1ecbnh gi\u00e1 chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng M\u1ef9 v\u1eabn \u1edf m\u1ee9c cao so v\u1edbi ti\u00eau chu\u1ea9n l\u1ecbch s\u1eed. \u0110\u1eb7c \u0111i\u1ec3m n\u00e0y g\u1ea7n gi\u1ed1ng v\u1edbi hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc khi bong b\u00f3ng dot-com v\u1ee1: kho\u1ea3ng 11 th\u00e1ng tr\u01b0\u1edbc khi bong b\u00f3ng v\u1ee1, c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a nh\u1ecf c\u1ee7a M\u1ef9 \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u00e2m th\u1ea7m v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, trong khi c\u00e1c c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng v\u1ed1n h\u00f3a l\u1edbn \u0111\u00e3 th\u1ed1ng tr\u1ecb trong su\u1ed1t 4 n\u0103m trong th\u1eddi k\u1ef3 bong b\u00f3ng m\u1edf r\u1ed9ng. Tuy nhi\u00ean, v\u00f2ng quay n\u00e0y kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi th\u1eddi k\u1ef3 bong b\u00f3ng dot-com v\u1ec1 phong c\u00e1ch. Trong chu k\u1ef3 dot-com, c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb ch\u1ec9 b\u1eaft \u0111\u1ea7u v\u01b0\u1ee3t tr\u1ed9i \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng sau khi bong b\u00f3ng v\u1ee1, trong khi \u0111\u1ebfn \u0111\u1ea7u n\u0103m 2026, c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb \u0111\u00e3 v\u01b0\u1ee3t qua c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng, tr\u1edf th\u00e0nh d\u1ea5u \u1ea5n c\u1ee7a v\u00f2ng quay th\u1ecb tr\u01b0\u1eddng n\u00e0y.<\/p>\n

ACE ph\u00e2n t\u00edch th\u00eam r\u1eb1ng v\u00f2ng quay hi\u1ec7n t\u1ea1i trong l\u0129nh v\u1ef1c ch\u1ee9ng kho\u00e1n M\u1ef9 kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 b\u1edfi c\u00e1c ph\u00e1n quy\u1ebft ch\u00ednh s\u00e1ch b\u00ean ngo\u00e0i. Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao r\u1eb1ng c\u00e1c m\u1ee9c thu\u1ebf do Trump \u00e1p \u0111\u1eb7t th\u00f4ng qua \u0110\u1ea1o lu\u1eadt Quy\u1ec1n l\u1ef1c Kinh t\u1ebf Kh\u1ea9n c\u1ea5p Qu\u1ed1c t\u1ebf l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p \u0111\u00e3 c\u00f3 t\u00e1c \u0111\u1ed9ng h\u1ea1n ch\u1ebf \u0111\u1ebfn s\u1ef1 xoay v\u00f2ng quy m\u00f4 v\u00e0 phong c\u00e1ch th\u1ecb tr\u01b0\u1eddng, tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh m\u1ebd gi\u1eefa v\u1ed1n h\u00f3a nh\u1ecf so v\u1edbi v\u1ed1n h\u00f3a l\u1edbn v\u00e0 gi\u00e1 tr\u1ecb so v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng g\u00e2y ra b\u1edfi nh\u1eefng thay \u0111\u1ed5i ch\u00ednh s\u00e1ch xung quanh \u201cNg\u00e0y Gi\u1ea3i ph\u00f3ng\u201d v\u00e0o n\u0103m 2025. Y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i th\u1ef1c s\u1ef1 th\u00fac \u0111\u1ea9y s\u1ef1 xoay v\u00f2ng l\u00e0 s\u1ef1 thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac b\u00ean trong c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Ch\u1ec9 s\u1ed1 cao li\u00ean t\u1ee5c, vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o \u0111\u1ecbnh gi\u00e1 gia t\u0103ng \u0111\u00e1ng k\u1ec3 v\u00e0 s\u1ef1 thay \u0111\u1ed5i v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng \u0111\u1ec1u kh\u1eb3ng \u0111\u1ecbnh nh\u1eadn \u0111\u1ecbnh \u201cCh\u1ee9ng kho\u00e1n M\u1ef9 \u0111ang \u1edf giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a bong b\u00f3ng\u201d. Vi\u1ec7c r\u00fat ti\u1ec1n hi\u1ec7n t\u1ea1i kh\u1ecfi c\u00e1c c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 th\u0103m d\u00f2 c\u00e1c l\u0129nh v\u1ef1c b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 m\u1ed9t \u0111\u1ed9ng th\u00e1i ph\u00f2ng th\u1ee7 c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eb1m \u0111\u1ec1 ph\u00f2ng nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n v\u1ec1 s\u1ef1 s\u1ee5p \u0111\u1ed5 trong giao d\u1ecbch c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng l\u1edbn.<\/p>\n

<\/a>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng n\u00e0y v\u1ec1 c\u01a1 b\u1ea3n kh\u00e1c v\u1edbi bong b\u00f3ng dot-com v\u00e0 nguy c\u01a1 s\u1ee5p \u0111\u1ed5 trong th\u1eddi gian ng\u1eafn l\u00e0 t\u01b0\u01a1ng \u0111\u1ed1i c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c.<\/strong><\/p>\n

ACE, th\u00f4ng qua ph\u00e2n t\u00edch so s\u00e1nh chuy\u00ean s\u00e2u v\u1ec1 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n hi\u1ec7n t\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 v\u00e0 th\u1eddi k\u1ef3 bong b\u00f3ng dot-com, tin r\u1eb1ng m\u1eb7c d\u00f9 s\u1ef1 ph\u1ee5c h\u1ed3i hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a nh\u1ecf, gi\u00e1 tr\u1ecb v\u00e0 ph\u00f2ng th\u1ee7 cho th\u1ea5y nh\u1eefng d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o v\u1ec1 giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a chu k\u1ef3, v\u00f2ng quay n\u00e0y c\u00f3 th\u1ec3 ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 s\u1ef1 \u0111\u00e1nh gi\u00e1 l\u1ea1i r\u1ee7i ro v\u00e0 \u0111\u1ecbnh gi\u00e1 th\u01b0\u1eddng xuy\u00ean c\u1ee7a th\u1ecb tr\u01b0\u1eddng, ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t v\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng s\u1eafp x\u1ea3y ra. H\u01a1n n\u1eefa, c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n c\u1ed1t l\u00f5i c\u1ee7a chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng n\u00e0y v\u1ec1 c\u01a1 b\u1ea3n kh\u00e1c v\u1edbi nh\u1eefng nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n trong bong b\u00f3ng dot-com, \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t b\u01b0\u1edbc \u0111\u1ec7m quan tr\u1ecdng ch\u1ed1ng l\u1ea1i r\u1ee7i ro s\u1ee5p \u0111\u1ed5 ng\u1eafn h\u1ea1n. Trong l\u1ecbch s\u1eed, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 \u0111\u00e3 tr\u1ea3i qua nhi\u1ec1u l\u1ea7n lu\u00e2n chuy\u1ec3n ng\u00e0nh t\u01b0\u01a1ng t\u1ef1 m\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft g\u00e2y ra v\u1ee5 n\u1ed5 bong b\u00f3ng. Trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p, s\u1ef1 chuy\u1ec3n h\u01b0\u1edbng c\u1ee7a c\u00e1c qu\u1ef9 sang c\u00e1c l\u0129nh v\u1ef1c ph\u00f2ng th\u1ee7, b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p l\u00e0 m\u1ed9t ph\u1ea3n \u1ee9ng l\u00e0nh m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi \u201cs\u1ef1 h\u01b0ng ph\u1ea5n phi l\u00fd\u201d do \u0111\u1ecbnh gi\u00e1 cao mang l\u1ea1i.<\/p>\n

\"IMG_257\"<\/p>\n

Quan tr\u1ecdng h\u01a1n, y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 \u0111\u1ecbnh gi\u00e1 c\u1ed1t l\u00f5i cho ch\u1ee9ng kho\u00e1n M\u1ef9 ng\u00e0y nay kh\u00e1c h\u1eb3n so v\u1edbi th\u1eddi k\u1ef3 bong b\u00f3ng dot-com v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990. Tr\u01b0\u1edbc \u0111\u00f3, m\u1ee9c \u0111\u1ecbnh gi\u00e1 c\u1ef1c cao t\u1eadp trung v\u00e0o c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 thua l\u1ed7, trong khi nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 M\u1ef9 v\u00e0 c\u00e1c c\u00f4ng ty d\u1eabn \u0111\u1ea7u v\u1ec1 AI ng\u00e0y nay s\u1edf h\u1eefu kh\u1ea3 n\u0103ng sinh l\u1eddi m\u1ea1nh m\u1ebd, s\u1ef1 th\u1ed1ng tr\u1ecb trong ng\u00e0nh v\u00e0 d\u00f2ng ti\u1ec1n kh\u1ed5ng l\u1ed3. Ph\u00ed b\u1ea3o hi\u1ec3m \u0111\u1ecbnh gi\u00e1 c\u1ee7a h\u1ecd kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng. C\u00e1c bong b\u00f3ng th\u1ef1c s\u1ef1 nguy hi\u1ec3m th\u01b0\u1eddng \u0111\u00f2i h\u1ecfi s\u1ef1 m\u1ea5t k\u1ebft n\u1ed1i nghi\u00eam tr\u1ecdng gi\u1eefa gi\u00e1 t\u00e0i s\u1ea3n v\u00e0 thu nh\u1eadp c\u01a1 b\u1ea3n, d\u00f2ng ti\u1ec1n v\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. M\u1eb7c d\u00f9 c\u00e1c c\u00f4ng ty d\u1eabn \u0111\u1ea7u hi\u1ec7n t\u1ea1i trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 v\u00e0 AI \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao nh\u01b0ng l\u1ee3i th\u1ebf c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n v\u1ec1 l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf v\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n. Nh\u1eefng nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n c\u1ed1t l\u00f5i n\u00e0y c\u00f3 th\u1ec3 bi\u1ec7n minh cho vi\u1ec7c \u0111\u1ecbnh gi\u00e1 cao v\u00e0 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp doanh nghi\u1ec7p \u0111\u1ec3 d\u1ea7n d\u1ea7n \u201cb\u1eaft k\u1ecbp\u201d v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i trong v\u00e0i n\u0103m t\u1edbi. \u0110\u00e2y l\u00e0 l\u00fd do c\u1ed1t l\u00f5i t\u1ea1i sao m\u1eb7c d\u00f9 ch\u1ee9ng kho\u00e1n M\u1ef9 \u0111ang c\u00f3 d\u1ea5u hi\u1ec7u bong b\u00f3ng giai \u0111o\u1ea1n cu\u1ed1i nh\u01b0ng kh\u00f4ng c\u00f3 nguy c\u01a1 s\u1ee5p \u0111\u1ed5 ng\u1eafn h\u1ea1n \u0111\u00e1ng k\u1ec3.<\/p>\n

<\/a>Ph\u00e2n t\u00edch c\u1ed1t l\u00f5i c\u1ee7a ACE<\/strong><\/p>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 hi\u1ec7n \u0111ang \u1edf trong m\u00f4 h\u00ecnh ba th\u1ecb tr\u01b0\u1eddng: S\u1ef1 gi\u00e1n \u0111o\u1ea1n c\u1ee7a AI g\u00e2y ra l\u00e0n s\u00f3ng b\u00e1n kh\u1ed1ng \u0111i\u00ean cu\u1ed3ng, s\u1ef1 lu\u00e2n chuy\u1ec3n ng\u00e0nh t\u0103ng c\u01b0\u1eddng v\u00e0 c\u00e1c d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng giai \u0111o\u1ea1n cu\u1ed1i. S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn xung quanh c\u00e1c m\u00f4 h\u00ecnh kinh doanh do cu\u1ed9c c\u00e1ch m\u1ea1ng c\u00f4ng nghi\u1ec7p AI mang l\u1ea1i l\u00e0 y\u1ebfu t\u1ed1 \u0111\u1ed9t ph\u00e1 c\u1ed1t l\u00f5i tr\u00ean th\u1ecb tr\u01b0\u1eddng ng\u1eafn h\u1ea1n. Lu\u00e2n chuy\u1ec3n ng\u00e0nh v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh ph\u00f2ng th\u1ee7 c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ed1i v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 chung cao c\u1ee7a ch\u1ee9ng kho\u00e1n M\u1ef9 v\u00e0 r\u1ee7i ro ti\u1ec1m \u1ea9n c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng, \u0111\u1ed3ng th\u1eddi \u0111\u00f3 c\u0169ng l\u00e0 t\u00edn hi\u1ec7u \u0111i\u1ec3n h\u00ecnh cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng \u0111ang b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a bong b\u00f3ng. D\u1ef1 \u0111o\u00e1n c\u1ee7a Capital Economics r\u1eb1ng bong b\u00f3ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 c\u00f3 th\u1ec3 v\u1ee1 v\u00e0o n\u0103m 2027 v\u00e0 ch\u1ec9 s\u1ed1 n\u00e0y s\u1ebd tr\u1ea3i qua \u0111\u1ee3t c\u1ea3i t\u1ed5 l\u00e0 l\u1eddi c\u1ea3nh b\u00e1o v\u1ec1 xu h\u01b0\u1edbng d\u00e0i h\u1ea1n c\u1ee7a ch\u1ee9ng kho\u00e1n M\u1ef9, c\u1ea7n \u0111\u01b0\u1ee3c theo d\u00f5i v\u00e0 x\u00e1c minh li\u00ean t\u1ee5c. Tuy nhi\u00ean, t\u1eeb g\u00f3c \u0111\u1ed9 c\u01a1 b\u1ea3n, l\u1ee3i nhu\u1eadn hi\u1ec7n t\u1ea1i v\u00e0 s\u1ef1 h\u1ed7 tr\u1ee3 d\u00f2ng ti\u1ec1n c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u00e0 AI h\u00e0ng \u0111\u1ea7u khi\u1ebfn nguy c\u01a1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng s\u1eafp x\u1ea3y ra c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t t\u01b0\u01a1ng \u0111\u1ed1i trong ng\u1eafn h\u1ea1n. \u0110\u1ecbnh h\u01b0\u1edbng t\u01b0\u01a1ng lai c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 s\u1ebd ch\u1ee7 y\u1ebfu ph\u1ee5 thu\u1ed9c v\u00e0o ba bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i: th\u1ee9 nh\u1ea5t, t\u1ed1c \u0111\u1ed9 c\u00e1c ng\u00e0nh c\u00f3 gi\u00e1 tr\u1ecb cao x\u1eed l\u00fd \u0111\u1ecbnh gi\u00e1 c\u1ee7a ch\u00fang; th\u1ee9 hai, t\u1ed1c \u0111\u1ed9 th\u1ef1c t\u1ebf tri\u1ec3n khai ng\u00e0nh AI v\u00e0 kh\u1ea3 n\u0103ng th\u01b0\u01a1ng m\u1ea1i h\u00f3a c\u1ee7a n\u00f3; and third, whether the profit growth of leading companies can keep pace with valuation levels. ACE s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i d\u00f2ng v\u1ed1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3, \u0111\u1ed9ng l\u1ef1c lu\u00e2n chuy\u1ec3n ng\u00e0nh, nh\u1eefng thay \u0111\u1ed5i v\u1ec1 \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u00e0 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i ng\u00e0nh AI. T\u1eadn d\u1ee5ng kh\u1ea3 n\u0103ng ph\u00e1n \u0111o\u00e1n chuy\u00ean nghi\u1ec7p c\u1ee7a m\u00ecnh v\u1ec1 chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 v\u00e0 logic ph\u00e1t tri\u1ec3n ng\u00e0nh, ACE s\u1ebd cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eefng t\u00e0i li\u1ec7u tham kh\u1ea3o ra quy\u1ebft \u0111\u1ecbnh k\u1ecbp th\u1eddi v\u00e0 \u0111\u00e1ng tin c\u1eady.<\/p>","protected":false},"excerpt":{"rendered":"

ACE ph\u00e2n t\u00edch s\u1ef1 lu\u00e2n chuy\u1ec3n c\u1ee7a khu v\u1ef1c ch\u1ee9ng kho\u00e1n Hoa K\u1ef3, ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng do AI th\u00fac \u0111\u1ea9y, t\u00edn hi\u1ec7u bong b\u00f3ng giai \u0111o\u1ea1n cu\u1ed1i v\u00e0 r\u1ee7i ro c\u1ea3i t\u1ed5 th\u1ecb tr\u01b0\u1eddng n\u0103m 2027 b\u1eb1ng nh\u1eefng hi\u1ec3u bi\u1ebft chuy\u00ean s\u00e2u v\u1ec1 chu k\u1ef3.<\/p>","protected":false},"author":1,"featured_media":9147,"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":[587,588,586],"class_list":["post-9146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-ai-driven-short-selling","tag-sector-rotation-trends","tag-us-stock-market-analysis"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9146","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=9146"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9146\/revisions"}],"predecessor-version":[{"id":9151,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9146\/revisions\/9151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/9147"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=9146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=9146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=9146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}