Nvidia l&agrave; m&#7897;t trong nh&#7919;ng ng&#432;&#7901;i th&#7855;ng l&#7899;n t&#7915; c&#417;n s&#7889;t AI. K&#7871;t qu&#7843; qu&yacute; g&#7847;n nh&#7845;t c&#7911;a h&atilde;ng cho th&#7845;y doanh thu 57 t&#7927; USD v&agrave; l&#7907;i nhu&#7853;n 31.9 t&#7927; USD, l&agrave; nh&#7919;ng con s&#7889; k&#7927; l&#7909;c v&#432;&#7907;t xa m&#7885;i ti&ecirc;u chu&#7849;n.
Nh&#432;ng thay v&igrave; &#259;n m&#7915;ng, c&#7893; phi&#7871;u l&#7841;i dao &#273;&#7897;ng m&#7841;nh: t&#259;ng 5% sau khi c&ocirc;ng b&#7889; k&#7871;t qu&#7843;, r&#7891;i gi&#7843;m xu&#7889;ng trong v&ograve;ng 18 gi&#7901;. C&aacute;c nh&agrave; &#273;&#7847;u t&#432;, thu&#7853;t to&aacute;n, v&agrave; gi&#7899;i theo d&otilde;i th&#7883; tr&#432;&#7901;ng &#273;ang t&#7921; h&#7887;i m&#7897;t c&acirc;u h&#7887;i quan tr&#7885;ng: T&#259;ng tr&#432;&#7903;ng AI c&#7911;a Nvidia c&oacute; v&#7919;ng ch&#7855;c nh&#432; tr&ecirc;n gi&#7845;y hay kh&ocirc;ng?
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-nvidia-s-financing-model-draws-scrutiny-as-big-name-investors-bet-against-it">M&ocirc; h&igrave;nh t&agrave;i ch&iacute;nh c&#7911;a NVIDIA b&#7883; soi x&eacute;t khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&ecirc;n tu&#7893;i &#273;&#7863;t c&#432;&#7907;c ng&#432;&#7907;c l&#7841;i</h2>

D&#7845;u hi&#7879;u c&#7843;nh b&aacute;o &#273;&#7847;u ti&ecirc;n l&agrave; kho&#7843;n ti&#7873;n ch&#432;a &#273;&#432;&#7907;c chi tr&#7843; th&#7921;c s&#7921;. Nvidia c&oacute; 33.4 t&#7927; USD h&oacute;a &#273;&#417;n kh&aacute;ch h&agrave;ng ch&#432;a thanh to&aacute;n, g&#7847;n nh&#432; g&#7845;p &#273;&ocirc;i so v&#7899;i m&#7897;t n&#259;m tr&#432;&#7899;c. Trung b&igrave;nh, kh&aacute;ch h&agrave;ng m&#7845;t 53 ng&agrave;y &#273;&#7875; thanh to&aacute;n, so v&#7899;i 46 ng&agrave;y tr&#432;&#7899;c &#273;&acirc;y.
Trong khi &#273;&oacute;, c&ocirc;ng ty &#273;ang t&#7891;n kho 19.8 t&#7927; USD ti&#7873;n chip ch&#432;a b&aacute;n h&#7871;t, tuy nhi&ecirc;n ban qu&#7843;n l&yacute; l&#7841;i n&oacute;i r&#7857;ng nhu c&#7847;u &#273;ang r&#7845;t cao.
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&ldquo;C&#7843; hai kh&ocirc;ng th&#7875; &#273;&#7873;u &#273;&uacute;ng&hellip;Ho&#7863;c l&agrave; kh&aacute;ch h&agrave;ng kh&ocirc;ng mua ho&#7863;c h&#7885; &#273;ang mua m&agrave; kh&ocirc;ng d&ugrave;ng ti&#7873;n m&#7863;t. D&ograve;ng ti&#7873;n ti&#7871;t l&#7897; c&acirc;u chuy&#7879;n th&#7921;c s&#7921;,&rdquo; <a href="https://x.com/shanaka86/status/1991496690537492837?s=20" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> Shanaka Perera trong m&#7897;t b&agrave;i &#273;&#259;ng.
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M&#7897;t d&#7845;u hi&#7879;u &#273;&aacute;ng ng&#7841;i kh&aacute;c l&agrave; kho&#7843;ng c&aacute;ch gi&#7919;a l&#7907;i nhu&#7853;n v&agrave; ti&#7873;n m&#7863;t th&#7921;c s&#7921;. Nvidia <a href="https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-third-quarter-fiscal-2026" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> l&#7907;i nhu&#7853;n 19.3 t&#7927; USD, nh&#432;ng ch&#7881; t&#7841;o ra 14.5 t&#7927; USD ti&#7873;n m&#7863;t. &#272;i&#7873;u &#273;&oacute; c&oacute; ngh&#297;a l&agrave; 4.8 t&#7927; USD c&#7911;a &ldquo;l&#7907;i nhu&#7853;n&rdquo; ch&#432;a th&#7921;c s&#7921; xu&#7845;t hi&#7879;n trong ng&acirc;n h&agrave;ng.
&#272;&#7875; so s&aacute;nh, c&aacute;c nh&agrave; s&#7843;n xu&#7845;t chip kh&aacute;c nh&#432; TSMC v&agrave; AMD chuy&#7875;n g&#7847;n nh&#432; to&agrave;n b&#7897; l&#7907;i nhu&#7853;n c&#7911;a h&#7885; th&agrave;nh ti&#7873;n m&#7863;t. T&#7927; l&#7879; th&#7845;p h&#417;n c&#7911;a Nvidia &#273;&#7863;t ra c&acirc;u h&#7887;i li&#7879;u ph&#7847;n l&#7899;n t&#259;ng tr&#432;&#7903;ng c&#7911;a n&oacute; c&oacute; th&#7921;c s&#7921; hay kh&ocirc;ng.
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&ldquo;C&aacute;c c&ocirc;ng ty s&#7843;n xu&#7845;t chip l&agrave;nh m&#7841;nh nh&#432; TSMC v&agrave; AMD chuy&#7875;n &#273;&#7893;i h&#417;n 95% l&#7907;i nhu&#7853;n th&agrave;nh ti&#7873;n m&#7863;t. Nvidia chuy&#7875;n &#273;&#7893;i 75%. &#272;&oacute; l&agrave; m&#7913;c b&aacute;o &#273;&#7897;ng,&rdquo; Perera n&oacute;i th&ecirc;m.
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V&#7845;n &#273;&#7873; c&agrave;ng ph&#7913;c t&#7841;p h&#417;n khi xem x&eacute;t c&aacute;ch c&aacute;c c&ocirc;ng ty AI mua t&#7915; nhau. Nvidia b&aacute;n chip cho c&aacute;c c&ocirc;ng ty nh&#432; xAI, Microsoft, OpenAI, v&agrave; Oracle. Nhi&#7873;u trong s&#7889; c&aacute;c giao d&#7883;ch n&agrave;y &#273;&#432;&#7907;c t&agrave;i tr&#7907; b&#7857;ng c&aacute;c kho&#7843;n vay ho&#7863;c t&iacute;n d&#7909;ng t&#7915; c&ugrave;ng nh&#7919;ng c&ocirc;ng ty n&agrave;y, ngh&#297;a l&agrave; s&#7889; ti&#7873;n &#273;&oacute; &#273;&#432;&#7907;c t&iacute;nh nhi&#7873;u l&#7847;n nh&#432; doanh thu.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-michael-burry-sounds-the-alarm-on-nvidia-s-revenue-and-demand">Michael Burry c&#7843;nh b&aacute;o v&#7873; doanh thu v&agrave; nhu c&#7847;u c&#7911;a Nvidia</h2>

<a href="https://vn.beincrypto.com/burry-buffett-market-risk-indicator/" target="_blank" rel="noreferrer noopener">Michael Burry</a>, nh&agrave; &#273;&#7847;u t&#432; n&#7893;i ti&#7871;ng khi d&#7921; &#273;o&aacute;n ch&iacute;nh x&aacute;c cu&#7897;c kh&#7911;ng ho&#7843;ng 2008, g&#7885;i &#273;&acirc;y l&agrave; &ldquo;c&aacute;ch ghi nh&#7853;n doanh thu &#273;&aacute;ng ng&#7901;&rdquo;, c&#7843;nh b&aacute;o r&#7857;ng nhu c&#7847;u th&#7921;c s&#7921; t&#7915; ng&#432;&#7901;i d&ugrave;ng cu&#7889;i c&oacute; th&#7875; r&#7845;t nh&#7887;.
Burry c&#361;ng <a href="https://x.com/michaeljburry/status/1991300811494662464?s=20" target="_blank" rel="noreferrer noopener nofollow">ch&#7881; ra</a> r&#7857;ng vi&#7879;c Nvidia mua l&#7841;i c&#7893; phi&#7871;u c&#7911;a m&igrave;nh c&oacute; th&#7875; gi&#7845;u m&#7897;t r&#7911;i ro kh&aacute;c. T&#7915; 2018, c&ocirc;ng ty &#273;&atilde; chi 112.5 t&#7927; USD cho vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u, trong khi v&#7851;n ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u m&#7899;i.
&#272;i&#7873;u n&agrave;y th&#7921;c t&#7871; l&agrave;m pha lo&atilde;ng c&#7893; &#273;&ocirc;ng hi&#7879;n h&#7919;u. &Ocirc;ng c&#361;ng &#273;&#7863;t c&acirc;u h&#7887;i li&#7879;u c&aacute;c GPU c&#361; h&#417;n, d&ugrave;ng nhi&#7873;u &#273;i&#7879;n h&#417;n so v&#7899;i c&aacute;c m&#7851;u m&#7899;i, c&oacute; th&#7921;c s&#7921; c&oacute; gi&aacute; tr&#7883; nh&#432; c&ocirc;ng ty tuy&ecirc;n b&#7889; hay kh&ocirc;ng.
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&ldquo;Ch&#7881; v&igrave; m&#7897;t th&#7913; &#273;ang &#273;&#432;&#7907;c s&#7917; d&#7909;ng kh&ocirc;ng c&oacute; ngh&#297;a l&agrave; n&oacute; c&oacute; l&#7907;i nhu&#7853;n,&rdquo; &ocirc;ng <a href="https://x.com/michaeljburry/status/1991289193037746579?s=20" target="_blank" rel="noreferrer noopener nofollow">n&oacute;i</a>.
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M&#7897;t s&#7889; nh&agrave; &#273;&#7847;u t&#432; l&#7899;n c&oacute; v&#7867; &#273;&#7891;ng t&igrave;nh. <a href="https://vn.beincrypto.com/peter-thiel-invests-ethereum-bitmine/" target="_blank" rel="noreferrer noopener">Peter Thiel</a> &#273;&#432;&#7907;c cho l&agrave; &#273;&atilde; <a href="https://vn.beincrypto.com/jpmorgan-nvidia-rally-bitcoin-stocks-us-crypto-news/" target="_blank" rel="noreferrer noopener">b&aacute;n h&#7871;t c&#7893; phi&#7871;u Nvidia c&#7911;a m&igrave;nh</a>, v&agrave; SoftBank &#273;&atilde; b&aacute;n 5.8 t&#7927; USD tr&#7883; gi&aacute;.
&#272;&#7891;ng th&#7901;i, s&#7921; &#273;&#7847;u c&#417; li&ecirc;n quan &#273;&#7871;n AI d&#432;&#7901;ng nh&#432; &#273;ang <a href="https://vn.beincrypto.com/korean-investors-shift-crypto-to-ai-stocks/" target="_blank" rel="noreferrer noopener">&#7843;nh h&#432;&#7903;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng crypto</a>. Bitcoin &#273;&atilde; gi&#7843;m g&#7847;n 30% k&#7875; t&#7915; th&aacute;ng 10, m&#7897;t ph&#7847;n v&igrave; c&aacute;c startup AI d&ugrave;ng 26.8 t&#7927; USD Bitcoin l&agrave;m t&agrave;i s&#7843;n &#273;&#7843;m b&#7843;o, c&oacute; th&#7875; b&#7883; b&aacute;n n&#7871;u c&#7893; phi&#7871;u Nvidia gi&#7843;m s&acirc;u h&#417;n.
Kh&ocirc;ng ph&#7843;i ai c&#361;ng lo l&#7855;ng. Nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; cho r&#7857;ng Nvidia c&oacute; 23.8 t&#7927; USD d&ograve;ng ti&#7873;n m&#7863;t, l&#432;&#7907;ng &#273;&#417;n &#273;&#7863;t h&agrave;ng kh&#7893;ng l&#7891; t&#7915; c&aacute;c c&ocirc;ng ty nh&#432; Microsoft v&agrave; Meta, v&agrave; m&#7897;t s&#7889; giao d&#7883;ch n&#7897;i b&#7897; l&agrave; chu&#7849;n m&#7921;c trong ng&agrave;nh c&ocirc;ng ngh&#7879;.
D&#7851;u v&#7853;y, m&#7897;t <a href="https://archive.ph/20251119225628/https://www.bloomberg.com/news/articles/2025-11-19/jpmorgan-trading-desk-says-selloff-offers-dip-buying-opportunity" target="_blank" rel="noreferrer noopener nofollow">kh&#7843;o s&aacute;t</a> g&#7847;n &#273;&acirc;y c&#7911;a Bank of America cho th&#7845;y 45% qu&#7843;n l&yacute; qu&#7929; coi AI l&agrave; m&#7897;t nguy c&#417; bong b&oacute;ng th&#7883; tr&#432;&#7901;ng l&#7899;n, m&#7897;t m&#7889;i lo ng&#7841;i &#273;&#432;&#7907;c c&aacute;c c&#417; quan qu&#7843;n l&yacute; to&agrave;n c&#7847;u nh&#432; IMF v&agrave; Ng&acirc;n h&agrave;ng Anh chia s&#7867;.
V&agrave;i th&aacute;ng t&#7899;i c&oacute; th&#7875; r&#7845;t quan tr&#7885;ng. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch &#273;ang theo d&otilde;i k&#7871;t qu&#7843; qu&yacute; 4 c&#7911;a Nvidia v&agrave;o th&aacute;ng 02/2026, kh&#7843; n&#259;ng b&#7883; h&#7841; c&#7845;p t&iacute;n d&#7909;ng v&agrave;o th&aacute;ng 03, v&agrave; b&#7845;t k&#7923; &#273;i&#7873;u ch&#7881;nh n&agrave;o v&agrave;o th&aacute;ng 04.
Hi&#7879;u su&#7845;t c&#7911;a c&ocirc;ng ty c&oacute; th&#7875; quy&#7871;t &#273;&#7883;nh li&#7879;u c&#417;n s&#7889;t AI c&oacute; ti&#7871;p t&#7909;c hay &#273;&#7907;t ho&#7843;ng lo&#7841;n th&#7883; tr&#432;&#7901;ng g&#7847;n &#273;&acirc;y b&aacute;o hi&#7879;u s&#7921; suy gi&#7843;m r&#7897;ng h&#417;n. D&ugrave; th&#7871; n&agrave;o, c&acirc;u chuy&#7879;n v&#7873; Nvidia gi&#7901; &#273;&acirc;y l&agrave; b&agrave;i ki&#7875;m tra cho th&#7901;i &#273;&#7841;i c&ocirc;ng ngh&#7879; do AI d&#7851;n d&#7855;t.

Đây có phải là chiếc kim làm vỡ bong bóng AI? Lý do Burry và Thiel tỏ ra bi quan về Nvidia