{"id":10349,"date":"2026-06-29T15:38:26","date_gmt":"2026-06-29T07:38:26","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10349"},"modified":"2026-06-29T16:25:12","modified_gmt":"2026-06-29T08:25:12","slug":"%e9%9f%a9%e5%9b%bd%e6%9d%a0%e6%9d%86%e7%86%94%e6%96%ad%e5%89%8d%e8%bd%a6%e4%b9%8b%e9%89%b4%ef%bc%81wmax-%e6%8f%90%e7%a4%ba%e7%be%8e%e8%82%a1%e5%90%8c%e7%b1%bb%e4%bc%a0%e5%af%bc%e9%a3%8e%e9%99%a9","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10349","title":{"rendered":"B\u00e0i h\u1ecdc t\u1eeb cu\u1ed9c kh\u1ee7ng ho\u1ea3ng \u0111\u00f2n b\u1ea9y c\u1ee7a H\u00e0n Qu\u1ed1c! Wmax ch\u1ec9 ra r\u1ee7i ro l\u00e2y truy\u1ec1n t\u01b0\u01a1ng t\u1ef1 \u1edf ch\u1ee9ng kho\u00e1n M\u1ef9"},"content":{"rendered":"

Nh\u00f3m nghi\u00ean c\u1ee9u v\u0129 m\u00f4 Wmax k\u1ebft h\u1ee3p d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t PCE m\u1edbi nh\u1ea5t trong th\u00e1ng 5, tuy\u00ean b\u1ed1 c\u1ee7a c\u00e1c quan ch\u1ee9c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, gi\u00e1m s\u00e1t qu\u1ef9 \u0111\u00f2n b\u1ea9y ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 v\u00e0 c\u00e1c t\u00edn hi\u1ec7u r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u, d\u1ef1a v\u00e0oh\u1ec7 th\u1ed1ng theo d\u00f5i l\u1ea1m ph\u00e1t<\/strong>\u3001M\u00f4 h\u00ecnh gi\u00e1m s\u00e1t r\u1ee7i ro \u0111\u00f2n b\u1ea9y th\u1ecb tr\u01b0\u1eddng<\/strong>\u4e0eKhung ph\u00e2n t\u00edch truy\u1ec1n t\u1ea3i r\u1ee7i ro gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng<\/strong>Ph\u00e2n t\u00edch v\u00e0 nh\u1eadn \u0111\u1ecbnh to\u00e0n di\u1ec7n: M\u1ee9c \u0111\u1ed9 l\u1ea1m ph\u00e1t hi\u1ec7n t\u1ea1i c\u1ee7a Hoa K\u1ef3 cao h\u01a1n nhi\u1ec1u so v\u1edbi k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, s\u1ef1 suy gi\u1ea3m n\u0103ng l\u01b0\u1ee3ng kh\u00f4ng l\u00e0m \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t lan r\u1ed9ng v\u00e0 nhu c\u1ea7u v\u1ec1 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI \u0111ang tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c t\u0103ng gi\u00e1 m\u1edbi; \u0111\u1ed3ng th\u1eddi, quy m\u00f4 c\u1ee7a c\u00e1c qu\u1ef9 c\u00f3 \u0111\u00f2n b\u1ea9y tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Hoa K\u1ef3 \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c, c\u00e1c qu\u1ef9 ETF c\u00f3 \u0111\u00f2n b\u1ea9y v\u00e0 giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u00e3 \u0111\u1ed3ng th\u1eddi m\u1edf r\u1ed9ng, v\u00e0 t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 t\u0103ng l\u00ean \u0111\u00e1ng k\u1ec3. T\u00ecnh tr\u1ea1ng h\u1ed7n lo\u1ea1n \u0111\u00f2n b\u1ea9y t\u1ea1i th\u1ecb tr\u01b0\u1eddng H\u00e0n Qu\u1ed1c \u0111\u00e3 gi\u00f3ng l\u00ean h\u1ed3i chu\u00f4ng c\u1ea3nh b\u00e1o cho ch\u1ee9ng kho\u00e1n M\u1ef9. Wmax s\u1ebd th\u00e2m nh\u1eadp v\u00e0o b\u1ec1 m\u1eb7t d\u1eef li\u1ec7u d\u00e0nh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 lo\u1ea1i b\u1ecf hai r\u1ee7i ro c\u1ed1t l\u00f5i v\u00e0 t\u00e1c \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n

<\/a>\u0110\u1ed9 \u1ed5n \u0111\u1ecbnh l\u1ea1m ph\u00e1t v\u01b0\u1ee3t qu\u00e1 mong \u0111\u1ee3i: Suy gi\u1ea3m n\u0103ng l\u01b0\u1ee3ng kh\u00f3 thay \u0111\u1ed5i xu h\u01b0\u1edbng \u0111ang lan r\u1ed9ng v\u00e0 nhu c\u1ea7u AI tr\u1edf th\u00e0nh h\u1ed7 tr\u1ee3 m\u1edbi<\/strong><\/p>\n

D\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb \u200b\u200bB\u1ed9 Th\u01b0\u01a1ng m\u1ea1i Hoa K\u1ef3 cho th\u1ea5y ch\u1ec9 s\u1ed1 gi\u00e1 PCE \u0111\u00e3 t\u0103ng 4,1% so v\u1edbi c\u00f9ng k\u1ef3 v\u00e0o th\u00e1ng 5 n\u0103m 2026, m\u1ee9c t\u0103ng l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb th\u00e1ng 4 n\u0103m 2023, m\u1ed9t l\u1ea7n n\u1eefa kh\u1eb3ng \u0111\u1ecbnh \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t c\u00f2n l\u00e2u m\u1edbi gi\u1ea3m b\u1edbt. Ch\u1ee7 t\u1ecbch Fed Richmond Barkin \u0111\u00e3 n\u00f3i r\u00f5 t\u1ea1i L\u1ec5 h\u1ed9i \u00fd t\u01b0\u1edfng Aspen r\u1eb1ng \"nh\u1eefng con s\u1ed1 n\u00e0y qu\u00e1 cao\", nh\u1ea5n m\u1ea1nh r\u1eb1ng l\u1ea1m ph\u00e1t hi\u1ec7n t\u1ea1i r\u00f5 r\u00e0ng v\u1eabn \u0111ang l\u1ec7ch kh\u1ecfi m\u1ee5c ti\u00eau 2%, \u0111i\u1ec1u n\u00e0y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi k\u1ebft lu\u1eadn gi\u00e1m s\u00e1t \u0111ang di\u1ec5n ra c\u1ee7a h\u1ec7 th\u1ed1ng theo d\u00f5i l\u1ea1m ph\u00e1t Wmax. Wmax \u0111\u00e3 ph\u00e2n t\u00edch c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ed1t l\u00f5i c\u1ee7a l\u1ea1m ph\u00e1t hi\u1ec7n t\u1ea1i v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng vi\u1ec7c gi\u1ea3m b\u1edbt c\u00e1c c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng kh\u00f4ng l\u00e0m gi\u1ea3m l\u1ea1m ph\u00e1t \u0111\u00e1ng k\u1ec3 m\u00e0 thay v\u00e0o \u0111\u00f3 l\u1ea1i g\u00e2y ra nh\u1eefng \u00e1p l\u1ef1c c\u01a1 c\u1ea5u ph\u1ee9c t\u1ea1p h\u01a1n:<\/p>\n

\"\u0110\u00e1nh<\/p>\n

    \n
  1. L\u1ea1m ph\u00e1t lan t\u1eeb n\u0103ng l\u01b0\u1ee3ng sang m\u1ecdi l\u0129nh v\u1ef1c<\/strong>: M\u1eb7c d\u00f9 l\u1ec7nh ng\u1eebng b\u1eafn M\u1ef9-Iran \u0111\u00e3 khi\u1ebfn gi\u00e1 d\u1ea7u gi\u1ea3m v\u00e0 gi\u00e1 x\u0103ng gi\u1ea3m \u0111\u00e1ng k\u1ec3, nh\u01b0ng vi\u1ec7c t\u0103ng gi\u00e1 kh\u00f4ng c\u00f2n gi\u1edbi h\u1ea1n \u1edf l\u0129nh v\u1ef1c n\u0103ng l\u01b0\u1ee3ng m\u00e0 \u0111\u00e3 lan r\u1ed9ng sang nhi\u1ec1u ng\u00e0nh d\u1ecbch v\u1ee5 v\u00e0 h\u00e0ng h\u00f3a c\u1ed1t l\u00f5i. S\u1ef1 \u1ed5n \u0111\u1ecbnh li\u00ean t\u1ee5c c\u1ee7a gi\u00e1 c\u1ea3 ng\u00e0nh d\u1ecbch v\u1ee5 l\u00e0 \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng. Nh\u1eefng m\u1ee9c gi\u00e1 nh\u01b0 v\u1eady th\u01b0\u1eddng kh\u00f3 gi\u1ea3m h\u01a1n v\u00e0 s\u1ebd tr\u00ec ho\u00e3n \u0111\u00e1ng k\u1ec3 qu\u00e1 tr\u00ecnh \u0111i xu\u1ed1ng c\u1ee7a l\u1ea1m ph\u00e1t t\u1ed5ng th\u1ec3.<\/li>\n
  2. C\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c m\u1edbi cho l\u1ea1m ph\u00e1t<\/strong>: Vi\u1ec7c x\u00e2y d\u1ef1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng li\u00ean quan \u0111\u1ebfn tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o \u0111ang l\u00e0m t\u0103ng nhu c\u1ea7u tr\u00ean quy m\u00f4 l\u1edbn, h\u00ecnh th\u00e0nh s\u1ef1 h\u1ed7 tr\u1ee3 t\u0103ng gi\u00e1 r\u00f5 r\u00e0ng. \u0110\u00e2y l\u00e0 \u0111i\u1ec3m kh\u00e1c bi\u1ec7t c\u1ed1t l\u00f5i gi\u1eefa \u0111\u1ee3t l\u1ea1m ph\u00e1t n\u00e0y v\u00e0 c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc - s\u1ef1 b\u00f9ng n\u1ed5 \u0111\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 \u0111ang t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn xu h\u01b0\u1edbng gi\u00e1 c\u1ea3 theo c\u1ea3 hai h\u01b0\u1edbng t\u1eeb ph\u00eda cung v\u00e0 ph\u00eda c\u1ea7u.<\/li>\n
  3. Gi\u00e1 c\u1ea3 doanh nghi\u1ec7p v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 l\u01b0\u01a1ng c\u1ee7ng c\u1ed1 s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a l\u1ea1m ph\u00e1t<\/strong>: C\u00e1c doanh nghi\u1ec7p s\u1ebd c\u00e2n nh\u1eafc m\u1ee9c \u0111\u1ed9 l\u1ea1m ph\u00e1t hi\u1ec7n t\u1ea1i khi \u0111\u1ecbnh gi\u00e1, h\u00ecnh th\u00e0nh m\u1ed9t chu k\u1ef3 t\u1ef1 c\u1ee7ng c\u1ed1 \u201cl\u1ea1m ph\u00e1t \u2192 gi\u00e1 c\u1ea3 \u2192 l\u1ea1m ph\u00e1t\u201d. M\u1eb7c d\u00f9 gi\u00e1 d\u1ea7u gi\u1ea3m g\u1ea7n \u0111\u00e2y \u0111\u00e3 gi\u1ea3m b\u1edbt m\u1ed9t s\u1ed1 \u00e1p l\u1ef1c t\u0103ng l\u01b0\u01a1ng, nh\u01b0ng c\u00e1c c\u00f4ng ty v\u1eabn ch\u01b0a h\u1ea1 th\u1ea5p k\u1ef3 v\u1ecdng \u0111i\u1ec1u ch\u1ec9nh l\u01b0\u01a1ng cho n\u0103m t\u1edbi m\u1ed9t c\u00e1ch r\u00f5 r\u00e0ng v\u00e0 nguy c\u01a1 v\u00f2ng xo\u00e1y gi\u00e1 l\u01b0\u01a1ng v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n.<\/li>\n<\/ol>\n

    Wmax \u0111\u00e1nh gi\u00e1 r\u1eb1ng t\u00ecnh tr\u1ea1ng l\u1ea1m ph\u00e1t k\u00e9o d\u00e0i hi\u1ec7n t\u1ea1i c\u00f3 th\u1ec3 m\u1ea1nh h\u01a1n k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch h\u1ea1n ch\u1ebf v\u1eabn c\u1ea7n \u0111\u01b0\u1ee3c duy tr\u00ec. L\u1ea1m ph\u00e1t \u0111\u00e3 cao h\u01a1n m\u1ee5c ti\u00eau 2% trong h\u01a1n 5 n\u0103m v\u00e0 m\u1ed9t khi k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t c\u1ee7a ng\u01b0\u1eddi ti\u00eau d\u00f9ng b\u1ecb \u0111\u1ea9y l\u00ean cao h\u01a1n, vi\u1ec7c kh\u00f4i ph\u1ee5c s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u1ec1 gi\u00e1 s\u1ebd kh\u00f3 kh\u0103n h\u01a1n \u0111\u00e1ng k\u1ec3. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang kh\u00f3 c\u00f3 th\u1ec3 chuy\u1ec3n sang n\u1edbi l\u1ecfng trong th\u1eddi gian ng\u1eafn. C\u00e1nh c\u1eeda t\u0103ng l\u00e3i su\u1ea5t trong n\u0103m v\u1eabn ch\u01b0a \u0111\u00f3ng l\u1ea1i. Trong t\u01b0\u01a1ng lai, d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t v\u00e0 vi\u1ec7c l\u00e0m v\u1eabn c\u1ea7n \u0111\u01b0\u1ee3c theo d\u00f5i ch\u1eb7t ch\u1ebd trong v\u00e0i th\u00e1ng.<\/p>\n

    <\/a>2. Nh\u1eefng lo ng\u1ea1i ti\u1ec1m \u1ea9n v\u1ec1 r\u1ee7i ro \u0111\u00f2n b\u1ea9y trong ch\u1ee9ng kho\u00e1n M\u1ef9: Kho\u1ea3n n\u1ee3 k\u00fd qu\u1ef9 1,4 ngh\u00ecn t\u1ef7 \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c, giao d\u1ecbch \u0111\u00f2n b\u1ea9y m\u1edf r\u1ed9ng<\/strong><\/p>\n

    T\u00edch l\u0169y \u0111\u1ed3ng th\u1eddi v\u1edbi \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t l\u00e0 r\u1ee7i ro \u0111\u00f2n b\u1ea9y tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9. D\u1eef li\u1ec7u gi\u00e1m s\u00e1t \u0111\u00f2n b\u1ea9y th\u1ecb tr\u01b0\u1eddng c\u1ee7a Wmax cho th\u1ea5y quy m\u00f4 n\u1ee3 k\u00fd qu\u1ef9 c\u1ee7a M\u1ef9 \u0111\u00e3 t\u0103ng 54% so v\u1edbi c\u00f9ng k\u1ef3 v\u00e0o th\u00e1ng 5 n\u0103m 2026, \u0111\u1ea1t m\u1ee9c cao l\u1ecbch s\u1eed l\u00e0 1,4 ngh\u00ecn t\u1ef7 USD. S\u1ef1 s\u1eb5n s\u00e0ng vay ti\u1ec1n \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 t\u0103ng l\u00ean \u0111\u00e1ng k\u1ec3 v\u00e0 s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u00f2n b\u1ea9y c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111ang t\u0103ng l\u00ean nhanh ch\u00f3ng. \u0110i\u1ec1u \u0111\u00e1ng \u0111\u01b0\u1ee3c c\u1ea3nh gi\u00e1c h\u01a1n l\u00e0 r\u1ee7i ro l\u1ed3ng gh\u00e9p nhi\u1ec1u l\u1edbp c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 \u0111\u00f2n b\u1ea9y: quy m\u00f4 t\u00e0i s\u1ea3n c\u1ee7a c\u00e1c qu\u1ef9 ETF c\u00f3 \u0111\u00f2n b\u1ea9y g\u1ea5p \u0111\u00f4i v\u00e0 g\u1ea5p ba \u0111\u00e3 t\u0103ng g\u1ea7n g\u1ea5p \u0111\u00f4i ch\u1ec9 sau h\u01a1n hai th\u00e1ng, l\u00ean t\u1edbi 220 t\u1ef7 USD, v\u1edbi nh\u1eefng ng\u01b0\u1eddi tham gia bao g\u1ed3m c\u1ea3 c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 v\u00e0 m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb. M\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadm ch\u00ed c\u00f2n mua c\u00e1c quy\u1ec1n ch\u1ecdn ETF c\u00f3 \u0111\u00f2n b\u1ea9y b\u1eb1ng ti\u1ec1n k\u00fd qu\u1ef9, t\u1ea1o th\u00e0nh m\u1ed9t c\u1ea5u tr\u00fac ph\u1ee9c t\u1ea1p g\u1ed3m \"ba \u0111\u1ebfn b\u1ed1n m\u1ee9c \u0111\u00f2n b\u1ea9y\", v\u00e0 r\u1ee7i ro \u0111\u01b0\u1ee3c khu\u1ebfch \u0111\u1ea1i t\u1eebng l\u1edbp.<\/p>\n

    \"\u0110\u00e1nh<\/p>\n

    Wmax \u0111\u00e3 ph\u00e1 b\u1ecf c\u01a1 ch\u1ebf truy\u1ec1n d\u1eabn thu\u1eadn chu k\u1ef3 c\u1ee7a c\u00e1c qu\u1ef9 c\u00f3 \u0111\u00f2n b\u1ea9y v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng m\u00f4 h\u00ecnh giao d\u1ecbch n\u00e0y \u0111ang khu\u1ebfch \u0111\u1ea1i \u0111\u00e1ng k\u1ec3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng hai chi\u1ec1u c\u1ee7a th\u1ecb tr\u01b0\u1eddng:<\/p>\n