Ch&iacute;nh s&aacute;ch thu&#7871; quan c&#7911;a T&#7893;ng th&#7889;ng M&#7929; Donald Trump &#273;&atilde; li&ecirc;n t&#7909;c cho th&#7845;y c&aacute;ch m&#7897;t th&ocirc;ng b&aacute;o nh&#7845;t &#273;&#7883;nh c&oacute; th&#7875; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n t&acirc;m l&yacute; th&#7883; tr&#432;&#7901;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432; &ndash; v&agrave; th&#432;&#7901;ng c&oacute; nh&#7919;ng h&#7853;u qu&#7843; th&#7843;m kh&#7889;c &#273;&#7889;i v&#7899;i ti&#7873;n &#273;i&#7879;n t&#7917;.
H&agrave;nh vi t&#432;&#417;ng t&#7921; c&oacute; th&#7875; th&#7845;y trong c&aacute;c th&#7887;a thu&#7853;n v&agrave; h&#7907;p t&aacute;c tr&#7883; gi&aacute; h&agrave;ng tr&#259;m t&#7927; USD gi&#7919;a c&aacute;c g&atilde; kh&#7893;ng l&#7891; AI v&agrave; t&aacute;c &#273;&#7897;ng c&#7911;a ch&uacute;ng &#273;&#7889;i v&#7899;i c&#7893; phi&#7871;u li&ecirc;n quan. C&aacute;c nh&agrave; ph&ecirc; b&igrave;nh lo ng&#7841;i r&#7857;ng nh&#7919;ng c&#417; ch&#7871; n&agrave;y, theo &#273;&oacute;, t&#7841;o ra m&#7897;t bong b&oacute;ng t&agrave;i ch&iacute;nh &#273;ang h&igrave;nh th&agrave;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-how-trade-shifts-shake-markets">Thay &#273;&#7893;i th&#432;&#417;ng m&#7841;i l&agrave;m rung chuy&#7875;n th&#7883; tr&#432;&#7901;ng nh&#432; th&#7871; n&agrave;o</h2>

Ph&#7843;n &#7913;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432; &#273;&#7889;i v&#7899;i nh&#7919;ng thay &#273;&#7893;i &#273;&#7897;t ng&#7897;t trong ch&iacute;nh s&aacute;ch th&#432;&#417;ng m&#7841;i c&#7911;a M&#7929; &#273;&atilde; theo m&#7897;t m&ocirc; h&igrave;nh l&#7863;p &#273;i l&#7863;p l&#7841;i c&#7911;a s&#7921; ho&#7843;ng lo&#7841;n v&agrave; ph&#7909;c h&#7891;i.
V&iacute; d&#7909; g&#7847;n &#273;&acirc;y nh&#7845;t x&#7843;y ra v&agrave;o &#273;&#7847;u th&aacute;ng n&agrave;y, khi c&aacute;c th&ocirc;ng b&aacute;o thu&#7871; quan m&#7899;i &#273;&atilde; g&acirc;y ra m&#7897;t v&#7909; s&#7909;p &#273;&#7893; th&#7883; tr&#432;&#7901;ng, <a href="https://vn.beincrypto.com/retail-traders-increase-long-positions-in-october/" target="_blank" rel="noreferrer noopener">x&oacute;a s&#7893; h&#417;n 19 t&#7927; USD</a> trong c&aacute;c v&#7883; th&#7871; &#273;&ograve;n b&#7849;y ti&#7873;n &#273;i&#7879;n t&#7917; ch&#7881; trong m&#7897;t ng&agrave;y.
M&#7895;i khi Trump <a href="https://vn.beincrypto.com/crypto-markets-trump-eases-china-tariff-threat/" target="_blank" rel="noreferrer noopener">leo thang ho&#7863;c &#273;&#7843;o ng&#432;&#7907;c thu&#7871; quan</a> &ndash; &#273;&#7863;c bi&#7879;t l&agrave; &#273;&#7889;i v&#7899;i c&aacute;c &#273;&#7889;i th&#7911; l&#7899;n nh&#432; Trung Qu&#7889;c &ndash; th&#7883; tr&#432;&#7901;ng <a href="https://beincrypto.com/learn/trump-tariffs-crypto-guide/" target="_blank" rel="noreferrer noopener">th&#432;&#7901;ng ph&#7843;n &#7913;ng theo c&aacute;ch d&#7921; &#273;o&aacute;n &#273;&#432;&#7907;c</a>. C&#7893; phi&#7871;u ban &#273;&#7847;u gi&#7843;m do s&#7921; kh&ocirc;ng ch&#7855;c ch&#7855;n v&agrave; s&#7907; h&atilde;i, sau &#273;&oacute; ph&#7909;c h&#7891;i khi l&#7853;p tr&#432;&#7901;ng c&#7911;a &ocirc;ng d&#7883;u &#273;i ho&#7863;c c&aacute;c cu&#7897;c &#273;&agrave;m ph&aacute;n &#273;&#432;&#7907;c n&#7889;i l&#7841;i.
Nh&#7919;ng bi&#7871;n &#273;&#7897;ng n&agrave;y gi&#7889;ng h&#7879;t <a href="https://beincrypto.com/learn/pull-the-rug/" target="_blank" rel="noreferrer noopener">chu k&#7923; b&#417;m v&agrave; x&#7843;</a>, &#273;&#432;&#7907;c th&uacute;c &#273;&#7849;y nhi&#7873;u h&#417;n b&#7903;i t&acirc;m l&yacute; h&#417;n l&agrave; th&#7921;c ch&#7845;t.
Tuy nhi&ecirc;n, m&ocirc; h&igrave;nh n&agrave;y kh&ocirc;ng ch&#7881; ri&ecirc;ng Trump, c&#361;ng kh&ocirc;ng ch&#7881; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n ti&#7873;n &#273;i&#7879;n t&#7917;. C&aacute;c th&#7887;a thu&#7853;n tr&#7883; gi&aacute; h&agrave;ng t&#7927; USD g&#7847;n &#273;&acirc;y gi&#7919;a c&aacute;c c&ocirc;ng ty c&ocirc;ng ngh&#7879; v&agrave; AI l&#7899;n &#273;&atilde; t&#7841;o ra nh&#7919;ng t&aacute;c &#273;&#7897;ng t&#432;&#417;ng t&#7921;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-hype-outpaces-real-market-value">S&#7921; th&#7893;i ph&#7891;ng v&#432;&#7907;t xa gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng th&#7921;c</h2>

&#7842;nh h&#432;&#7903;ng &#273;&#7897;ng c&#7911;a Trump &#273;&#7889;i v&#7899;i th&#7883; tr&#432;&#7901;ng kh&ocirc;ng ch&#7881; d&#7915;ng l&#7841;i &#7903; thu&#7871; quan, m&agrave; c&ograve;n lan r&#7897;ng &#273;&#7871;n AI hi&#7879;n &#273;&#7841;i v&agrave; n&#7873;n kinh t&#7871; d&#7921;a tr&ecirc;n c&ocirc;ng ngh&#7879;.
&#272;&#7847;u th&aacute;ng n&agrave;y, <a href="https://vn.beincrypto.com/openai-amd-deal-chip-monopoly-nvidia/" target="_blank" rel="noreferrer noopener">OpenAI v&agrave; AMD &#273;&atilde; &#273;&#7841;t &#273;&#432;&#7907;c th&#7887;a thu&#7853;n</a> v&#7873; tri&#7875;n khai n&#259;ng l&#7921;c t&iacute;nh to&aacute;n v&agrave; m&#7897;t quy&#7873;n mua cho OpenAI &#273;&#7875; mua t&#7899;i 10% c&#7893; phi&#7871;u c&#7911;a AMD. V&agrave;o ng&agrave;y th&#7887;a thu&#7853;n, c&#7893; phi&#7871;u AMD &#273;&atilde; t&#259;ng h&#417;n 38%.
Tuy nhi&ecirc;n, c&#7893; phi&#7871;u nhanh ch&oacute;ng b&#7855;t &#273;&#7847;u h&#7841; nhi&#7879;t. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch v&agrave; nh&agrave; giao d&#7883;ch s&#7899;m nh&#7853;n ra r&#7857;ng th&#7887;a thu&#7853;n n&agrave;y ph&#7913;c t&#7841;p v&agrave; c&oacute; th&#7875; kh&ocirc;ng ngay l&#7853;p t&#7913;c t&#259;ng l&#7907;i nhu&#7853;n c&#7911;a AMD.
Khi Nvidia c&#361;ng g&acirc;y b&#7845;t ng&#7901; cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432; b&#7857;ng c&aacute;ch <a href="https://vn.beincrypto.com/nvidia-intel-partnership-ai-crypto-impact/" target="_blank" rel="noreferrer noopener">c&ocirc;ng b&#7889; h&#7907;p t&aacute;c 5 t&#7927; USD v&#7899;i Intel</a>, c&#7893; phi&#7871;u c&#7911;a Intel &#273;&atilde; t&#259;ng kho&#7843;ng 23% ch&#7881; trong m&#7897;t ng&agrave;y. Ngay sau &#273;&oacute;, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch b&#7855;t &#273;&#7847;u &#273;&#7863;t c&acirc;u h&#7887;i li&#7879;u ph&#7843;n &#7913;ng c&#7911;a th&#7883; tr&#432;&#7901;ng c&oacute; b&#7883; th&#7893;i ph&#7891;ng qu&aacute; m&#7913;c hay kh&ocirc;ng.
H&#7885; ch&#7881; ra r&#7857;ng th&#7887;a thu&#7853;n n&agrave;y s&#7869; kh&ocirc;ng ngay l&#7853;p t&#7913;c t&#259;ng l&#7907;i nhu&#7853;n c&#7911;a Intel. Thay v&agrave;o &#273;&oacute;, s&#7921; c&#432;&#7901;ng &#273;i&#7879;u d&#7921;a tr&ecirc;n s&#7921; ph&#7845;n kh&iacute;ch h&#417;n l&agrave; c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n. K&#7871;t qu&#7843; l&agrave;, c&#7893; phi&#7871;u &#273;&atilde; gi&#7843;m trong nh&#7919;ng ng&agrave;y sau &#273;&oacute;, bi&#7871;n nh&#7919;ng g&igrave; tr&ocirc;ng c&oacute; v&#7867; nh&#432; m&#7897;t chi&#7871;n th&#7855;ng l&#7899;n th&agrave;nh m&#7897;t &#273;&#7907;t t&#259;ng ng&#7855;n ng&#7911;i.
Sau c&aacute;c <a href="https://vn.beincrypto.com/nvidia-openai-deal-100-billion-market-cap-crypto/" target="_blank" rel="noreferrer noopener">th&ocirc;ng b&aacute;o t&#7927; &#273;&ocirc; g&#7847;n &#273;&acirc;y</a> t&#7915; c&aacute;c c&ocirc;ng ty &#273;&#7847;u t&#432; l&#7899;n v&agrave; c&ocirc;ng ty c&ocirc;ng ngh&#7879;, xu h&#432;&#7899;ng c&#7893; phi&#7871;u &#273;&atilde; cho th&#7845;y c&ugrave;ng m&#7897;t m&ocirc; h&igrave;nh bi&#7871;n &#273;&#7897;ng m&#7841;nh v&agrave; &#273;&#7843;o ng&#432;&#7907;c nhanh ch&oacute;ng.
Tuy nhi&ecirc;n, nh&#7919;ng c&#417; ch&#7871; n&agrave;y kh&aacute;c bi&#7879;t &#7903; m&#7897;t &#273;i&#7875;m quan tr&#7885;ng so v&#7899;i c&aacute;ch th&#7883; tr&#432;&#7901;ng ph&#7843;n &#7913;ng v&#7899;i c&aacute;c th&ocirc;ng b&aacute;o thu&#7871; quan c&#7911;a Trump.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-speculative-growth-in-a-closed-system">T&#259;ng tr&#432;&#7903;ng &#273;&#7847;u c&#417; trong m&#7897;t h&#7879; th&#7889;ng &#273;&oacute;ng</h2>

C&aacute;c th&ocirc;ng b&aacute;o n&#7893;i b&#7853;t g&#7847;n &#273;&acirc;y t&#7915; m&#7897;t nh&oacute;m nh&#7887; c&aacute;c g&atilde; kh&#7893;ng l&#7891; c&ocirc;ng ngh&#7879; v&agrave; AI cho th&#7845;y c&aacute;ch m&#7897;t s&#7889; &iacute;t c&ocirc;ng ty c&oacute; th&#7875; di chuy&#7875;n l&#432;&#7907;ng v&#7889;n &#273;&#7847;u c&#417; l&#7899;n th&ocirc;ng qua c&aacute;c h&#7907;p t&aacute;c v&agrave; th&#7887;a thu&#7853;n &#273;&#7847;u t&#432; l&#7899;n.
&#272;i&#7873;u l&agrave;m cho &#273;&#7897;ng l&#7921;c n&agrave;y kh&aacute;c bi&#7879;t l&agrave; ph&#7847;n l&#7899;n ho&#7841;t &#273;&#7897;ng n&agrave;y t&aacute;i ch&#7871; ti&#7873;n trong c&ugrave;ng m&#7897;t h&#7879; sinh th&aacute;i, t&#7841;o ra s&#7921; xu&#7845;t hi&#7879;n c&#7911;a s&#7921; m&#7903; r&#7897;ng <a href="https://vn.beincrypto.com/metaplanets-mnav-falls-below-bitcoin-holdings/" target="_blank" rel="noreferrer noopener">m&agrave; kh&ocirc;ng nh&#7845;t thi&#7871;t t&#7841;o ra gi&aacute; tr&#7883; m&#7899;i</a>. Nh&agrave; &#273;&#7847;u t&#432; &#273;&#7893; v&agrave;o, &#273;&#7883;nh gi&aacute; t&#259;ng v&#7885;t, v&agrave; &#7843;o t&#432;&#7903;ng v&#7873; s&#7921; t&#259;ng tr&#432;&#7903;ng v&ocirc; h&#7841;n th&uacute;c &#273;&#7849;y th&ecirc;m s&#7921; &#273;&#7847;u c&#417;.
Tuy nhi&ecirc;n, n&#7873;n kinh t&#7871; n&agrave;y t&#7841;o ra c&#7843;m gi&aacute;c c&#7911;a m&#7897;t m&#7841;ch t&agrave;i ch&iacute;nh kh&eacute;p k&iacute;n, n&#417;i gi&aacute; tr&#7883; kh&ocirc;ng nh&#7845;t thi&#7871;t &#273;&#432;&#7907;c t&#7841;o ra. Thay v&agrave;o &#273;&oacute;, n&oacute; b&#7883; th&#7893;i ph&#7891;ng v&agrave; chuy&#7875;n giao.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-risk-of-a-self-made-bubble">R&#7911;i ro c&#7911;a m&#7897;t bong b&oacute;ng t&#7921; t&#7841;o</h2>

Gi&#7889;ng nh&#432; c&aacute;c bi&#7871;n &#273;&#7897;ng thu&#7871; quan th&#7901;i Trump, th&#7883; tr&#432;&#7901;ng ng&agrave;y nay kh&ocirc;ng ph&#7843;n &#7913;ng v&#7899;i c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n m&agrave; v&#7899;i <a href="https://vn.beincrypto.com/ai-bubble-crypto-sam-altman-interview/" target="_blank" rel="noreferrer noopener">chu k&#7923; thanh kho&#7843;n d&#7921;a tr&ecirc;n ti&ecirc;u &#273;&#7873;</a>. K&#7871;t qu&#7843; l&agrave; m&#7897;t h&#7879; th&#7889;ng n&#417;i ch&#7881; m&#7897;t s&#7889; &iacute;t c&ocirc;ng ty c&oacute; th&#7875; di chuy&#7875;n th&#7883; tr&#432;&#7901;ng, c&aacute;c &ldquo;th&#7887;a thu&#7853;n&rdquo; c&#7911;a h&#7885; ho&#7841;t &#273;&#7897;ng nh&#432; ch&#7845;t x&uacute;c t&aacute;c cho c&aacute;c &#273;&#7907;t mua b&aacute;n &#273;&#7847;u c&#417;.
N&#7871;u nh&#7919;ng th&ocirc;ng b&aacute;o n&agrave;y tr&#7903; th&agrave;nh &#273;i&#7873;u b&igrave;nh th&#432;&#7901;ng m&#7899;i, s&#7921; &#273;&#7847;u c&#417; khu&#7871;ch &#273;&#7841;i &#273;i k&egrave;m c&oacute; th&#7875; l&agrave;m gi&aacute; t&agrave;i s&#7843;n t&aacute;ch r&#7901;i kh&#7887;i gi&aacute; tr&#7883; kinh t&#7871; th&#7921;c. R&#7911;i ro l&#7899;n nh&#7845;t sau &#273;&oacute; l&agrave; s&#7921; h&igrave;nh th&agrave;nh c&#7911;a m&#7897;t bong b&oacute;ng t&agrave;i ch&iacute;nh.
Khi nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; &#273;u&#7893;i theo nh&#7919;ng &#273;&#7897;ng th&aacute;i d&#7921;a tr&ecirc;n &#273;&#7897;ng l&#7921;c n&agrave;y, gi&aacute; c&#7843; c&agrave;ng b&#7883; th&#7893;i ph&#7891;ng. &#272;i&#7873;u n&agrave;y c&oacute; th&#7875; d&#7851;n &#273;&#7871;n m&#7897;t <a href="https://vn.beincrypto.com/bitcoin-institution-adoption-boom-or-bubble/" target="_blank" rel="noreferrer noopener">chu k&#7923; l&#7841;c quan t&#7921; c&#7911;ng c&#7889;</a>. N&#7871;u c&aacute;c th&#7887;a thu&#7853;n c&#417; b&#7843;n li&ecirc;n t&#7909;c kh&ocirc;ng &#273;&#7841;t hi&#7879;u qu&#7843;, to&agrave;n b&#7897; c&#417; ch&#7871; c&oacute; th&#7875; &#273;&#7897;t ng&#7897;t n&#7893; tung.

Cách thuế quan Trump trở thành sự kiện bơm và xả cho cổ phiếu crypto và AI