{"id":14416,"date":"2026-05-10T11:22:08","date_gmt":"2026-05-10T04:22:08","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/10\/bong-bong-chung-khoan-1999-2000-va-noi-lo-tu-michael-burry\/"},"modified":"2026-05-10T11:22:08","modified_gmt":"2026-05-10T04:22:08","slug":"bong-bong-chung-khoan-1999-2000-va-noi-lo-tu-michael-burry","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/10\/bong-bong-chung-khoan-1999-2000-va-noi-lo-tu-michael-burry\/","title":{"rendered":"Bong b\u00f3ng ch\u1ee9ng kho\u00e1n 1999-2000 v\u00e0 n\u1ed7i lo t\u1eeb Michael Burry"},"content":{"rendered":"
\n

Michael Burry, c\u00e1i t\u00ean t\u1eebng khi\u1ebfn Ph\u1ed1 Wall r\u00fang \u0111\u1ed9ng v\u1edbi d\u1ef1 \u0111o\u00e1n v\u1ec1 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u00e0 \u0111\u1ea5t, v\u1eeba \u0111\u01b0a ra m\u1ed9t l\u1eddi c\u1ea3nh b\u00e1o \u0111anh th\u00e9p: th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n hi\u1ec7n t\u1ea1i v\u1edbi s\u1ef1 \u00e1m \u1ea3nh th\u00e1i qu\u00e1 v\u00e0o tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o (AI) \u0111ang d\u1ea7n l\u1ed9 di\u1ec7n nh\u1eefng n\u00e9t t\u01b0\u01a1ng \u0111\u1ed3ng \u0111\u00e1ng s\u1ee3 v\u1edbi giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a k\u1ef7 nguy\u00ean bong b\u00f3ng dot-com. Trong m\u1ed9t chia s\u1ebb g\u1ea7n \u0111\u00e2y, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng n\u00e0y cho r\u1eb1ng t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 tr\u1edf n\u00ean l\u1ec7ch l\u1ea1c khi c\u00e1c con s\u1ed1 kinh t\u1ebf quan tr\u1ecdng kh\u00f4ng c\u00f2n \u0111\u1ee7 s\u1ee9c t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0, thay v\u00e0o \u0111\u00f3 l\u00e0 s\u1ef1 h\u01b0ng ph\u1ea5n m\u00f9 qu\u00e1ng v\u00e0o m\u1ed9t l\u00e0n s\u00f3ng c\u00f4ng ngh\u1ec7 duy nh\u1ea5t.<\/p>\n

\n \"Bong
\u1ea2nh t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/figcaption><\/figure>\n

S\u1ef1 l\u1ea1c nh\u1ecbp c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc c\u00e1c d\u1eef li\u1ec7u kinh t\u1ebf<\/h2>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n hi\u1ec7n \u0111ang v\u1eadn h\u00e0nh theo m\u1ed9t qu\u1ef9 \u0111\u1ea1o t\u00e1ch bi\u1ec7t kh\u1ecfi c\u00e1c ch\u1ec9 s\u1ed1 v\u0129 m\u00f4. Michael Burry ch\u1ec9 ra r\u1eb1ng, ngay c\u1ea3 khi c\u00e1c b\u00e1o c\u00e1o vi\u1ec7c l\u00e0m hay t\u00e2m l\u00fd ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u01b0a ra nh\u1eefng t\u00edn hi\u1ec7u \u0111a chi\u1ec1u, ch\u1ec9 s\u1ed1 S&P 500 v\u1eabn mi\u1ec7t m\u00e0i thi\u1ebft l\u1eadp nh\u1eefng \u0111\u1ec9nh cao m\u1edbi. Thay v\u00ec ph\u1ea3n \u1ee9ng logic v\u1edbi c\u00e1c d\u1eef li\u1ec7u th\u1ef1c t\u1ebf, th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111i l\u00ean \u0111\u01a1n gi\u1ea3n v\u00ec n\u00f3 \u0111\u00e3 \u0111i l\u00ean tr\u01b0\u1edbc \u0111\u00f3. \u0110\u00e2y l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf t\u00e2m l\u00fd \u0111i\u1ec3n h\u00ecnh c\u1ee7a nh\u1eefng giai \u0111o\u1ea1n h\u01b0ng ph\u1ea5n qu\u00e1 \u0111\u00e0, n\u01a1i d\u00f2ng ti\u1ec1n b\u1ecb chi ph\u1ed1i b\u1edfi m\u1ed9t lu\u1eadn \u0111i\u1ec3m \u0111\u01a1n gi\u1ea3n m\u00e0 ai c\u0169ng ngh\u0129 r\u1eb1ng m\u00ecnh \u0111\u00e3 th\u1ea5u hi\u1ec3u. Nh\u1eefng di\u1ec5n bi\u1ebfn n\u00e0y g\u1ee3i nh\u1edb \u0111\u1ebfn s\u1ef1 cu\u1ed3ng nhi\u1ec7t \u0111\u1ea7y r\u1ee7i ro t\u1eebng bao tr\u00f9m th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n th\u00e1ng 5, th\u1eddi \u0111i\u1ec3m m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng \u0111ang loay hoay t\u00ecm ki\u1ebfm b\u00e0i to\u00e1n t\u00edch l\u0169y trong v\u00f9ng tr\u0169ng th\u00f4ng tin nh\u01b0 \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong c\u00e1c ph\u00e2n t\u00edch v\u1ec1 ch\u1ee9ng kho\u00e1n th\u00e1ng 5 v\u00e0 b\u00e0i to\u00e1n t\u00edch l\u0169y trong v\u00f9ng tr\u0169ng th\u00f4ng tin<\/a>.<\/p>\n

D\u1ea5u \u1ea5n bong b\u00f3ng dot-com trong l\u00e0n s\u00f3ng tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o<\/h2>\n

\u0110\u00e1ng ch\u00fa \u00fd, Michael Burry kh\u00f4ng ng\u1ea7n ng\u1ea1i so s\u00e1nh qu\u1ef9 \u0111\u1ea1o g\u1ea7n \u0111\u00e2y c\u1ee7a Ch\u1ec9 s\u1ed1 B\u00e1n d\u1eabn Philadelphia (SOX) v\u1edbi giai \u0111o\u1ea1n ti\u1ec1n s\u1ee5p \u0111\u1ed5 c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 v\u00e0o th\u00e1ng 3 n\u0103m 2000. Khi s\u1ef1 h\u01b0ng ph\u1ea5n v\u1edbi AI bi\u1ebfn th\u00e0nh m\u1ed9t th\u1ee9 “t\u00f4n gi\u00e1o” t\u00e0i ch\u00ednh m\u1edbi, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f2n quan t\u00e2m \u0111\u1ebfn b\u1ea5t k\u1ef3 \u0111i\u1ec1u g\u00ec kh\u00e1c ngo\u00e0i vi\u1ec7c \u0111\u1ed5 ti\u1ec1n v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu li\u00ean quan \u0111\u1ebfn h\u1ea1 t\u1ea7ng v\u00e0 ph\u1ea7n m\u1ec1m AI. S\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00f3ng c\u1ee7a c\u00e1c c\u00f4ng ty b\u00e1n d\u1eabn v\u00e0 nh\u00f3m c\u00f4ng ngh\u1ec7 v\u1ed1n h\u00f3a l\u1edbn \u0111\u00e3 \u0111\u1ea9y \u0111\u1ecbnh gi\u00e1 l\u00ean nh\u1eefng m\u1ee9c cao kh\u00f3 tin. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh r\u00f5 n\u00e9t nh\u1eefng lo ng\u1ea1i v\u1ec1 vi\u1ec7c c\u00e1c k\u1ecbch b\u1ea3n b\u1ecb d\u00e0n d\u1ef1ng tr\u00ean s\u00e0n \u0111\u1ea5u, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 nh\u1eefng c\u1ea3nh b\u00e1o v\u1ec1 t\u00ecnh tr\u1ea1ng thao t\u00fang ch\u1ee9ng kho\u00e1n v\u00e0 nh\u1eefng k\u1ecbch b\u1ea3n d\u00e0n d\u1ef1ng tr\u00ean s\u00e0n \u0111\u1ea5u<\/a> m\u00e0 gi\u1edbi quan s\u00e1t v\u1eabn th\u01b0\u1eddng xuy\u00ean theo d\u00f5i. D\u00f9 s\u1ef1 h\u00e0o h\u1ee9ng v\u1ec1 AI l\u00e0 c\u00f3 c\u01a1 s\u1edf, nh\u01b0ng khi n\u00f3 tr\u1edf th\u00e0nh ch\u1ee7 \u0111\u1ec1 duy nh\u1ea5t m\u00e0 ng\u01b0\u1eddi ta th\u1ea3o lu\u1eadn, \u0111\u00f3 th\u01b0\u1eddng l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng nghi\u00eam tr\u1ecdng.<\/p>\n

G\u00f3c nh\u00ecn t\u1eeb Paul Tudor Jones v\u1ec1 chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng<\/h2>\n

Kh\u00f4ng ch\u1ec9 ri\u00eang Michael Burry, nh\u00e0 \u0111\u1ea7u t\u01b0 huy\u1ec1n tho\u1ea1i Paul Tudor Jones c\u0169ng nh\u00ecn th\u1ea5y nh\u1eefng \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng gi\u1eefa b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i v\u00e0 giai \u0111o\u1ea1n 1999-2000. D\u00f9 th\u1eeba nh\u1eadn m\u00f4i tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u00f3 nhi\u1ec1u n\u00e9t gi\u1ed1ng v\u1edbi th\u1eddi \u0111i\u1ec3m kho\u1ea3ng m\u1ed9t n\u0103m tr\u01b0\u1edbc khi th\u1ecb tr\u01b0\u1eddng c\u00f4ng ngh\u1ec7 s\u1ee5p \u0111\u1ed5, Jones l\u1ea1i gi\u1eef m\u1ed9t quan \u0111i\u1ec3m c\u1edfi m\u1edf h\u01a1n v\u1ec1 d\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edfng. \u00d4ng cho r\u1eb1ng c\u01a1n s\u00f3ng n\u00e0y c\u00f3 th\u1ec3 c\u00f2n k\u00e9o d\u00e0i th\u00eam m\u1ed9t ho\u1eb7c hai n\u0103m n\u1eefa. Tuy nhi\u00ean, \u0111\u1eb1ng sau s\u1ef1 l\u1ea1c quan \u0111\u00f3 l\u00e0 m\u1ed9t l\u1eddi c\u1ea3nh b\u00e1o \u0111\u1ea7y s\u1ee9c n\u1eb7ng: n\u1ebfu \u0111\u1ecbnh gi\u00e1 ti\u1ebfp t\u1ee5c gi\u00e3n n\u1edf trong khi th\u1ecb tr\u01b0\u1eddng GDP kh\u00f4ng theo k\u1ecbp, ch\u00fang ta c\u00f3 th\u1ec3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh ngo\u1ea1n m\u1ee5c. C\u00e2u chuy\u1ec7n v\u1ec1 nh\u1eefng c\u1ed5 phi\u1ebfu d\u1eabn d\u1eaft th\u1ecb tr\u01b0\u1eddng l\u1eadp \u0111\u1ec9nh m\u1edbi lu\u00f4n l\u00e0 t\u00e2m \u0111i\u1ec3m c\u1ee7a gi\u1edbi \u0111\u1ea7u t\u01b0, gi\u1ed1ng nh\u01b0 c\u00e1ch m\u00e0 ch\u00fang ta \u0111\u00e3 t\u1eebng ch\u1ee9ng ki\u1ebfn c\u1ed5 phi\u1ebfu n\u00e0o k\u00e9o VN-Index l\u1eadp \u0111\u1ec9nh l\u1ecbch s\u1eed m\u1edbi \u0111\u1ea7y \u1ea5n t\u01b0\u1ee3ng<\/a> trong nh\u1eefng nh\u1ecbp t\u0103ng g\u1ea7n \u0111\u00e2y. Cu\u1ed1i c\u00f9ng, l\u1ecbch s\u1eed t\u00e0i ch\u00ednh \u0111\u00e3 nhi\u1ec1u l\u1ea7n ch\u1ee9ng minh r\u1eb1ng, b\u1ea5t k\u1ef3 s\u1ef1 th\u0103ng hoa n\u00e0o t\u00e1ch r\u1eddi kh\u1ecfi c\u00e1c gi\u00e1 tr\u1ecb c\u0103n b\u1ea3n \u0111\u1ec1u s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng b\u00e0i ki\u1ec3m tra kh\u1eafc nghi\u1ec7t t\u1eeb th\u1ef1c t\u1ebf.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Michael Burry, c\u00e1i t\u00ean t\u1eebng khi\u1ebfn Ph\u1ed1 Wall r\u00fang \u0111\u1ed9ng v\u1edbi d\u1ef1 \u0111o\u00e1n v\u1ec1 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u00e0 \u0111\u1ea5t, v\u1eeba \u0111\u01b0a ra m\u1ed9t l\u1eddi c\u1ea3nh b\u00e1o \u0111anh th\u00e9p: th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n hi\u1ec7n t\u1ea1i v\u1edbi s\u1ef1 \u00e1m \u1ea3nh th\u00e1i qu\u00e1 v\u00e0o tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o (AI) \u0111ang d\u1ea7n l\u1ed9 di\u1ec7n nh\u1eefng n\u00e9t t\u01b0\u01a1ng \u0111\u1ed3ng \u0111\u00e1ng […]<\/p>\n","protected":false},"author":1,"featured_media":14414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-14416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tong-quan-thi-truong"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=14416"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14416\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/14414"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=14416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=14416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=14416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}