{"id":2702,"date":"2026-04-06T23:52:13","date_gmt":"2026-04-06T16:52:13","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/06\/song-thao-chay-khoi-tin-dung-tu-nhan-noi-lo-ai-dang-dinh-hinh-lai-thi-truong-chung\/"},"modified":"2026-04-06T23:52:13","modified_gmt":"2026-04-06T16:52:13","slug":"song-thao-chay-khoi-tin-dung-tu-nhan-noi-lo-ai-dang-dinh-hinh-lai-thi-truong-chung","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/06\/song-thao-chay-khoi-tin-dung-tu-nhan-noi-lo-ai-dang-dinh-hinh-lai-thi-truong-chung\/","title":{"rendered":"S\u00f3ng Th\u00e1o Ch\u1ea1y Kh\u1ecfi T\u00edn D\u1ee5ng T\u01b0 Nh\u00e2n: N\u1ed7i Lo AI \u0110ang \u0110\u1ecbnh H\u00ecnh L\u1ea1i Th\u1ecb Tr\u01b0\u1eddng Chung?"},"content":{"rendered":"
\n

C\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u1ee7a Blue Owl Group, m\u1ed9t trong nh\u1eefng t\u00ean tu\u1ed5i l\u1edbn tr\u00ean Ph\u1ed1 Wall, \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi l\u00e0n s\u00f3ng r\u00fat v\u1ed1n ch\u01b0a t\u1eebng c\u00f3, v\u1edbi l\u00fd do ch\u00ednh \u0111\u01b0\u1ee3c \u0111\u01b0a ra l\u00e0 “nh\u1eefng lo ng\u1ea1i gia t\u0103ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng xoay quanh s\u1ef1 gi\u00e1n \u0111o\u1ea1n li\u00ean quan \u0111\u1ebfn AI \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ph\u1ea7n m\u1ec1m”. Di\u1ec5n bi\u1ebfn n\u00e0y kh\u00f4ng ch\u1ec9 h\u00e9 l\u1ed9 s\u1ef1 mong manh c\u1ee7a m\u1ed9t ph\u00e2n kh\u00fac t\u00e0i s\u1ea3n t\u1eebng \u0111\u01b0\u1ee3c xem l\u00e0 “v\u0169 kh\u00ed b\u00ed m\u1eadt” m\u00e0 c\u00f2n cho th\u1ea5y t\u00e1c \u0111\u1ed9ng s\u00e2u r\u1ed9ng c\u1ee7a cu\u1ed9c c\u00e1ch m\u1ea1ng AI l\u00ean th\u1ecb tr\u01b0\u1eddng chung<\/a>.<\/p>\n

\"tin<\/p>\n

Theo c\u00e1c l\u00e1 th\u01b0 g\u1eedi c\u1ed5 \u0111\u00f4ng h\u00f4m th\u1ee9 N\u0103m, qu\u1ef9 OCIC v\u1edbi t\u00e0i s\u1ea3n qu\u1ea3n l\u00fd kho\u1ea3ng 36 t\u1ef7 USD c\u1ee7a Blue Owl \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u r\u00fat v\u1ed1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 21.9% s\u1ed1 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh trong qu\u00fd \u0111\u1ea7u ti\u00ean. Qu\u1ef9 OTIC nh\u1ecf h\u01a1n, t\u1eadp trung v\u00e0o c\u00f4ng ngh\u1ec7, ch\u1ee9ng ki\u1ebfn y\u00eau c\u1ea7u r\u00fat v\u1ed1n l\u00ean t\u1edbi 40.7% trong c\u00f9ng k\u1ef3. \u0110\u1ec3 h\u1ea1n ch\u1ebf t\u00ecnh tr\u1ea1ng n\u00e0y, Blue Owl \u0111\u00e3 ph\u1ea3i \u00e1p d\u1ee5ng m\u1ee9c tr\u1ea7n r\u00fat v\u1ed1n ch\u1ec9 5% cho c\u1ea3 hai qu\u1ef9. Con s\u1ed1 n\u00e0y cao g\u1ea5p nhi\u1ec1u l\u1ea7n so v\u1edbi c\u00e1c qu\u1ef9 c\u00f9ng ng\u00e0nh, khi nhi\u1ec1u t\u1ed5 ch\u1ee9c kh\u00e1c nh\u01b0 Cliffwater v\u00e0 Blackstone c\u0169ng \u0111\u00e3 \u00e1p d\u1ee5ng c\u01a1 ch\u1ebf gi\u1edbi h\u1ea1n t\u01b0\u01a1ng t\u1ef1.<\/p>\n

Di\u1ec5n bi\u1ebfn n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 ho\u00e0n to\u00e0n b\u1ea5t ng\u1edd. Trong qu\u00fd 4 n\u0103m ngo\u00e1i, qu\u1ef9 OTIC \u0111\u00e3 c\u00f3 y\u00eau c\u1ea7u r\u00fat v\u1ed1n 17% (\u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng), trong khi OCIC l\u00e0 5%. Tuy nhi\u00ean, m\u1ee9c t\u0103ng \u0111\u1ed9t bi\u1ebfn trong qu\u00fd n\u00e0y cho th\u1ea5y m\u1ed9t s\u1ef1 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0. Blue Owl cho bi\u1ebft, \u0111\u1ed1i v\u1edbi qu\u1ef9 c\u00f4ng ngh\u1ec7 OTIC, y\u00eau c\u1ea7u r\u00fat v\u1ed1n t\u0103ng m\u1ea1nh do c\u01a1 s\u1edf c\u1ed5 \u0111\u00f4ng t\u1eadp trung h\u01a1n, \u0111\u1eb7c bi\u1ec7t t\u1eeb m\u1ed9t s\u1ed1 k\u00eanh t\u00e0i s\u1ea3n v\u00e0 khu v\u1ef1c \u0111\u1ecba l\u00fd c\u1ee5 th\u1ec3. \u0110\u1ed1i v\u1edbi qu\u1ef9 ch\u1ee7 l\u1ef1c OCIC, ho\u1ea1t \u0111\u1ed9ng n\u00e0y ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb “m\u1ed9t thi\u1ec3u s\u1ed1 nh\u1ecf trong s\u1ed1 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0”, v\u1edbi 90% c\u1ed5 \u0111\u00f4ng kh\u00f4ng r\u00fat v\u1ed1n.<\/p>\n

Ng\u00e0nh t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n \u0111\u00e3 tr\u1edf n\u00ean x\u00f4n xao trong nh\u1eefng th\u00e1ng g\u1ea7n \u0111\u00e2y v\u00ec lo ng\u1ea1i r\u1eb1ng n\u00f3 \u0111ang qu\u00e1 t\u1eadp trung v\u00e0o ng\u00e0nh c\u00f4ng nghi\u1ec7p ph\u1ea7n m\u1ec1m \u2013 m\u1ed9t l\u0129nh v\u1ef1c \u0111ang ch\u1ecbu \u00e1p l\u1ef1c l\u1edbn tr\u01b0\u1edbc nh\u1eefng n\u1ed7i s\u1ee3 h\u00e3i v\u1ec1 s\u1ef1 gi\u00e1n \u0111o\u1ea1n t\u1eeb tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o. Theo Jefferies, ph\u1ea7n m\u1ec1m chi\u1ebfm kho\u1ea3ng 20% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c c\u00f4ng ty ph\u00e1t tri\u1ec3n kinh doanh (BDCs), v\u1ed1n \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t th\u01b0\u1edbc \u0111o c\u00f4ng khai cho t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n. Nh\u1eefng lo ng\u1ea1i v\u1ec1 r\u1ee7i ro v\u1ee1 n\u1ee3 trong l\u0129nh v\u1ef1c n\u00e0y \u0111\u00e3 khi\u1ebfn m\u1ed9t nh\u00f3m nh\u1ecf nh\u01b0ng gi\u00e0u c\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c t\u00ecm c\u00e1ch tho\u00e1t kh\u1ecfi nhi\u1ec1u qu\u1ef9.<\/p>\n

M\u1eb7c d\u00f9 \u0111\u1ed1i m\u1eb7t v\u1edbi l\u00e0n s\u00f3ng r\u00fat v\u1ed1n l\u1edbn, Blue Owl v\u1eabn ghi nh\u1eadn d\u00f2ng ti\u1ec1n v\u00e0o (gross inflows) cho c\u1ea3 hai qu\u1ef9, \u0111i\u1ec1u n\u00e0y, k\u1ebft h\u1ee3p v\u1edbi c\u01a1 ch\u1ebf gi\u1edbi h\u1ea1n 5%, \u0111\u00e3 gi\u00fap gi\u1ea3m thi\u1ec3u \u0111\u00e1ng k\u1ec3 m\u1ee9c r\u00fat r\u00f2ng. C\u00f4ng ty nh\u1eadn \u0111\u1ecbnh: “Ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c quan s\u00e1t th\u1ea5y s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 gi\u1eefa cu\u1ed9c \u0111\u1ed1i tho\u1ea1i c\u00f4ng khai v\u1ec1 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n v\u00e0 c\u00e1c xu h\u01b0\u1edbng c\u01a1 b\u1ea3n trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i.” \u0110\u1ed3ng th\u1eddi, Blue Owl c\u0169ng nh\u1ea5n m\u1ea1nh r\u1eb1ng “khi s\u1ef1 gi\u00e1n \u0111o\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn li\u00ean quan \u0111\u1ebfn AI \u0111\u1ecbnh h\u00ecnh l\u1ea1i t\u00e2m l\u00fd, s\u1ef1 ph\u00e2n h\u00f3a \u0111ang gia t\u0103ng trong l\u0129nh v\u1ef1c n\u00e0y, t\u1ea1o c\u01a1 h\u1ed9i cho c\u00e1c b\u00ean cho vay gi\u00e0u kinh nghi\u1ec7m tri\u1ec3n khai v\u1ed1n m\u1ed9t c\u00e1ch ch\u1ecdn l\u1ecdc v\u1edbi c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ea3i thi\u1ec7n.”<\/p>\n

T\u00ecnh h\u00ecnh t\u1ea1i Blue Owl l\u00e0 m\u1ed9t minh ch\u1ee9ng r\u00f5 r\u00e0ng cho vi\u1ec7c n\u1ed7i lo AI kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf c\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 m\u00e0 c\u00f2n \u0111ang lan r\u1ed9ng, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea5u tr\u00fac v\u00e0 d\u00f2ng ch\u1ea3y v\u1ed1n trong c\u00e1c ph\u00e2n kh\u00fac t\u00e0i s\u1ea3n \u00edt \u0111\u01b0\u1ee3c ch\u00fa \u00fd h\u01a1n nh\u01b0 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, v\u00e0 qua \u0111\u00f3, \u0111\u1ecbnh h\u00ecnh l\u1ea1i b\u1ed1i c\u1ea3nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng chung.<\/p>\n

Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo ngu\u1ed3n g\u1ed1c)<\/i>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

C\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u1ee7a Blue Owl Group, m\u1ed9t trong nh\u1eefng t\u00ean tu\u1ed5i l\u1edbn tr\u00ean Ph\u1ed1 Wall, \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi l\u00e0n s\u00f3ng r\u00fat v\u1ed1n ch\u01b0a t\u1eebng c\u00f3, v\u1edbi l\u00fd do ch\u00ednh \u0111\u01b0\u1ee3c \u0111\u01b0a ra l\u00e0 “nh\u1eefng lo ng\u1ea1i gia t\u0103ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng xoay quanh s\u1ef1 gi\u00e1n \u0111o\u1ea1n li\u00ean quan \u0111\u1ebfn AI […]<\/p>\n","protected":false},"author":1,"featured_media":2699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong-chung-khoan"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2702","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=2702"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2699"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}