{"id":45198,"date":"2024-06-25T15:59:20","date_gmt":"2024-06-25T15:59:20","guid":{"rendered":"https:\/\/fabricegrinda.com\/?p=45198"},"modified":"2025-03-04T19:22:18","modified_gmt":"2025-03-04T19:22:18","slug":"cuoc-tro-chuyen-thu-vi-voi-jack-farley-ve-vi-mo-tien-dien-tu-dau-tu-mao-hiem-va-nhieu-hon-the-nua","status":"publish","type":"post","link":"https:\/\/grinda.org\/vi\/cuoc-tro-chuyen-thu-vi-voi-jack-farley-ve-vi-mo-tien-dien-tu-dau-tu-mao-hiem-va-nhieu-hon-the-nua\/","title":{"rendered":"Cu\u1ed9c tr\u00f2 chuy\u1ec7n th\u00fa v\u1ecb v\u1edbi Jack Farley v\u1ec1 v\u0129 m\u00f4, ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 nhi\u1ec1u h\u01a1n th\u1ebf n\u1eefa!"},"content":{"rendered":"\n<p>T\u00f4i th\u00edch cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u1ee7a t\u00f4i v\u1edbi <a href=\"https:\/\/x.com\/JackFarley96\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/x.com\/JackFarley96\" rel=\"noreferrer noopener\">Jack Farley<\/a> . \u0110\u00e2y l\u00e0 c\u00e1ch \u00f4ng t\u00f3m t\u1eaft n\u00f3.<\/p>\n\n<p>Sau khi d\u1ef1 \u0111o\u00e1n \u0111\u00fang v\u1ec1 &#8221; <a href=\"https:\/\/fabricegrinda.com\/vi\/chao-mung-den-voi-bong-bong-moi-thu\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/fabricegrinda.com\/welcome-to-the-everything-bubble\/\" rel=\"noreferrer noopener\">bong b\u00f3ng m\u1ecdi th\u1ee9<\/a> &#8221; v\u00e0o n\u0103m 2021, \u0111\u00e2y l\u00e0 c\u00e1ch Fabrice Grinda, huy\u1ec1n tho\u1ea1i th\u1ea7m l\u1eb7ng c\u1ee7a Venture Capital (VC), nh\u00ecn nh\u1eadn m\u1ecdi th\u1ee9:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>th\u1ecb tr\u01b0\u1eddng g\u1ea5u VC n\u0103m 2022-? ch\u01b0a k\u1ebft th\u00fac nh\u01b0ng \u0111\u00e3 t\u1ea1o ra nh\u1eefng c\u01a1 h\u1ed9i tuy\u1ec7t v\u1eddi.<\/li>\n\n\n\n<li>\u0111\u1ecbnh gi\u00e1 cho c\u00e1c c\u00f4ng ty AI l\u00e0 &#8220;l\u1ed1 b\u1ecbch&#8221; trong khi \u0111\u1ecbnh gi\u00e1 cho c\u00e1c c\u00f4ng ty kh\u00f4ng ph\u1ea3i AI l\u00e0 h\u1ee3p l\u00fd&#8221;.<\/li>\n\n\n\n<li>Fabrice nh\u00ecn th\u1ea5y nh\u1eefng c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn trong c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng c\u0169ng nh\u01b0 xe t\u1ef1 h\u00e0nh (hi\u1ec7n t\u1ea1i r\u1ea5t kh\u00f4ng \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng).<\/li>\n\n\n\n<li>H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty AI m\u00e0 anh \u1ea5y th\u1ea5y \u0111\u1ec1u \u0111\u00e3 t\u1ea1o ra \u201cnh\u1eefng s\u1ea3n ph\u1ea9m th\u00fa v\u1ecb\u201d nh\u01b0ng c\u00f3 \u201cm\u00f4 h\u00ecnh kinh doanh kh\u00f4ng r\u00f5 r\u00e0ng\u201d v\u00e0 \u201cs\u1ebd kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u\u201d v\u00e0 \u201ch\u1ea7u h\u1ebft ch\u00fang s\u1ebd v\u1ec1 con s\u1ed1 0\u201d.<\/li>\n\n\n\n<li>^a l\u01b0u \u00fd: \u1edf \u0111\u00e2y anh \u1ea5y CH\u1ec8 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c c\u00f4ng ty VC t\u01b0 nh\u00e2n, KH\u00d4NG \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai. anh \u1ea5y th\u01b0\u1eddng tho\u00e1t ra sau khi t\u00ean \u0111\u01b0\u1ee3c c\u00f4ng khai (nh\u01b0 anh \u1ea5y \u0111\u00e3 l\u00e0m trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Alibaba v\u00e0 Palantir $BABA $PLTR).<\/li>\n\n\n\n<li>\u00f4ng cho r\u1eb1ng chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u c\u1ee7a Gartner \u00e1p d\u1ee5ng cho AI&#8230; trong ng\u1eafn h\u1ea1n, s\u1ef1 chuy\u1ec3n \u0111\u1ed5i s\u1ebd \u00edt h\u01a1n d\u1ef1 ki\u1ebfn \u200b\u200bhi\u1ec7n t\u1ea1i, nh\u01b0ng v\u1ec1 l\u00e2u d\u00e0i, quy m\u00f4 c\u1ee7a \u0111\u1ed9ng th\u00e1i n\u00e0y s\u1ebd v\u01b0\u1ee3t xa s\u1ef1 mong \u0111\u1ee3i c\u1ee7a t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi, tr\u1eeb nh\u1eefng nh\u00e0 ti\u00ean tri AI \u0111i\u00ean cu\u1ed3ng nh\u1ea5t ( l\u1eddi n\u00f3i c\u1ee7a t\u00f4i kh\u00f4ng ph\u1ea3i c\u1ee7a anh \u1ea5y).<\/li>\n\n\n\n<li>anh \u1ea5y \u0111\u00e3 v\u00e0 v\u1eabn l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111i\u1ec7n t\u1eed. Ngo\u00e0i vi\u1ec7c s\u1edf h\u1eefu nhi\u1ec1u token, anh \u1ea5y c\u00f2n r\u1ea5t quan t\u00e2m \u0111\u1ebfn m\u1ed9t lo\u1ea1i ti\u1ec1n \u1ed5n \u0111\u1ecbnh mang l\u1ea1i l\u1ee3i nhu\u1eadn \u1edf Ch\u00e2u \u00c2u c\u00f3 t\u00ean l\u00e0 Midas (n\u00f3 kh\u00f4ng th\u1ec3 truy c\u1eadp \u0111\u01b0\u1ee3c \u1edf Hoa K\u1ef3 nh\u01b0ng c\u00f3 \u1edf h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia kh\u00e1c), m\u00e0 trong cu\u1ed9c ph\u1ecfng v\u1ea5n m\u00e0 anh \u1ea5y n\u00f3i l\u00e0 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh, ph\u00e1 s\u1ea3n t\u1eeb xa v\u00e0 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 DeFi tr\u00ean chu\u1ed7i.<\/li>\n<\/ul>\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"&quot;Venture Capital Recession&quot; Has Created Compelling Opportunities, Says Superinvestor Fabrice Grinda\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/Y-1Mcet5Bwk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n<p>B\u1ea1n c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y b\u1ea3n ghi \u0111\u1ea7y \u0111\u1ee7 cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u1ee7a ch\u00fang t\u00f4i \u1edf \u0111\u00e2y.<\/p>\n\n<p>Jack: H\u01b0\u1edbng d\u1eabn chuy\u1ec3n ti\u1ebfp \u0111\u01b0\u1ee3c mang \u0111\u1ebfn cho b\u1ea1n b\u1edfi VanEck, c\u00f4ng ty h\u00e0ng \u0111\u1ea7u th\u1ebf gi\u1edbi v\u1ec1 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n t\u1eeb n\u0103m 1955. B\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c nghe nhi\u1ec1u h\u01a1n v\u1ec1 VanEck ETF sau n\u00e0y, nh\u01b0ng b\u00e2y gi\u1edd, h\u00e3y b\u1eaft \u0111\u1ea7u cu\u1ed9c ph\u1ecfng v\u1ea5n ng\u00e0y h\u00f4m nay. T\u00f4i r\u1ea5t vui m\u1eebng \u0111\u01b0\u1ee3c ch\u00e0o \u0111\u00f3n Fabrice Grinda, m\u1ed9t doanh nh\u00e2n v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n<p>Fabrice l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp Auckland, sau n\u00e0y \u0111\u01b0\u1ee3c b\u00e1n cho Bernard Arnault, ng\u01b0\u1eddi s\u00e1ng l\u1eadp OLX, sau \u0111\u00f3 \u0111\u01b0\u1ee3c b\u00e1n cho Naspers v\u00e0 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n n\u1ed1i ti\u1ebfp v\u00e0o c\u00e1c c\u00f4ng ty nh\u01b0 Airbnb, Alibaba v\u00e0 FanDuel. Fabrice, r\u1ea5t vui \u0111\u01b0\u1ee3c g\u1eb7p b\u1ea1n. C\u1ea3m \u01a1n b\u1ea1n \u0111\u00e3 \u0111\u1ebfn.<\/p>\n\n<p>C\u1ea3m \u01a1n b\u1ea1n \u0111\u00e3 m\u1eddi t\u00f4i. B\u1ea1n c\u00f3 h\u00e0nh tr\u00ecnh kh\u1edfi nghi\u1ec7p c\u1ee7a m\u00ecnh, \u0111i\u1ec1u \u0111\u00f3 th\u1eadt tuy\u1ec7t v\u1eddi. V\u00e0 sau n\u00e0y t\u00f4i mu\u1ed1n h\u1ecfi b\u1ea1n v\u1ec1 Midas, m\u1ed9t c\u00f4ng ty m\u00e0 b\u1ea1n l\u00e0 ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp v\u00e0 \u0111\u1ea7u t\u01b0, c\u00f4ng ty \u0111ang l\u00e0m \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u tuy\u1ec7t v\u1eddi trong th\u1ebf gi\u1edbi stablecoin.<\/p>\n\n<p>Nh\u01b0ng t\u00f4i hi\u1ec3u r\u1eb1ng b\u1ea1n c\u0169ng r\u1ea5t quan t\u00e2m \u0111\u1ebfn kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 nh\u1eefng g\u00ec t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 t\u00e0i s\u1ea3n c\u0169ng nh\u01b0 v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. V\u00ec v\u1eady, tr\u00ean trang web c\u1ee7a b\u1ea1n, b\u1ea1n c\u00f3 c\u00e1c b\u00e0i vi\u1ebft nh\u01b0 Ch\u00e0o m\u1eebng \u0111\u1ebfn v\u1edbi Bong b\u00f3ng m\u1ecdi th\u1ee9, m\u00e0 b\u1ea1n \u0111\u00e3 vi\u1ebft v\u00e0o th\u00e1ng 2 n\u0103m 2021, c\u0169ng nh\u01b0 v\u00e0o th\u00e1ng 2 n\u0103m 2020, b\u1ea1n \u0111\u00e3 vi\u1ebft v\u1ec1 COVID-19, c\u00f3 th\u1ec3 l\u00e0 con thi\u00ean nga \u0111en \u0111\u1ea9y n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u v\u00e0o suy tho\u00e1i . V\u00ec v\u1eady, c\u00e2u h\u1ecfi \u0111\u1ea7u ti\u00ean c\u1ee7a t\u00f4i d\u00e0nh cho b\u1ea1n l\u00e0, kinh t\u1ebf v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty m\u1ea1o hi\u1ec3m c\u0169ng nh\u01b0 vi\u1ec7c tr\u1edf th\u00e0nh m\u1ed9t doanh nh\u00e2n c\u1ee7a b\u1ea1n?<\/p>\n\n<p>N\u1ebfu c\u00f4ng vi\u1ec7c c\u1ee7a b\u1ea1n l\u00e0 giao d\u1ecbch l\u00e3i su\u1ea5t c\u1ea3 ng\u00e0y, r\u00f5 r\u00e0ng vi\u1ec7c ch\u00fa \u00fd \u0111\u1ebfn v\u0129 m\u00f4 v\u00e0 nh\u1eefng g\u00ec c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111ang n\u00f3i l\u00e0 \u0111i\u1ec1u h\u1ee3p l\u00fd. Nh\u01b0ng \u0111\u1ed1i v\u1edbi m\u1ed9t ng\u01b0\u1eddi r\u1ed9ng h\u01a1n \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o v\u1ed1n m\u1ea1o hi\u1ec3m ho\u1eb7c b\u1eaft \u0111\u1ea7u kinh doanh, n\u1ec1n kinh t\u1ebf v\u0129 m\u00f4 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn h\u1ecd nh\u01b0 th\u1ebf n\u00e0o?<\/p>\n\n<p>Fabrice: Chu k\u1ef3 v\u0129 m\u00f4 quan tr\u1ecdng v\u00ec \u0111i\u1ec3m gi\u00e1 m\u00e0 b\u1ea1n v\u00e0o v\u00e0 \u0111i\u1ec3m tho\u00e1t. V\u00e0 \u0111i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 trong th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, b\u1ea1n kh\u00f4ng ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c l\u1ed1i ra. Sau \u0111\u00f3, h\u00e3y bi\u1ebft b\u1ea1n s\u1ebd \u1edf th\u1eddi \u0111i\u1ec3m n\u00e0o trong chu k\u1ef3.<\/p>\n\n<p>Nh\u1eefng g\u00ec b\u1ea1n bi\u1ebft l\u00e0 khi b\u1ea1n \u0111ang \u0111\u1ea7u t\u01b0. V\u00ec v\u1eady, t\u00f4i c\u1ed1 g\u1eafng nh\u1eadn th\u1ee9c r\u00f5 r\u00e0ng v\u1ec1 c\u00e1c m\u1ee9c gi\u00e1 \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o r\u1eb1ng t\u00f4i kh\u00f4ng tr\u1ea3 qu\u00e1 nhi\u1ec1u. V\u00e0 v\u00ec v\u1eady, v\u00e0o n\u0103m 2021, trong khi m\u1ecdi ng\u01b0\u1eddi kh\u00e1c v\u1ec1 c\u01a1 b\u1ea3n \u0111ang ph\u00e1t \u0111i\u00ean, t\u00f4i l\u00f9i l\u1ea1i m\u1ed9t b\u01b0\u1edbc v\u00e0 ngh\u0129, \u0111\u01b0\u1ee3c r\u1ed3i, ch\u00fang ta \u0111ang \u1edf trong bong b\u00f3ng m\u1ecdi th\u1ee9 v\u00ec c\u00f3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 t\u00e0i ch\u00ednh qu\u00e1 l\u1ecfng l\u1ebbo.<\/p>\n\n<p>V\u00e0 n\u00f3 d\u1eabn \u0111\u1ebfn l\u1ea1m ph\u00e1t gi\u00e1 t\u00e0i s\u1ea3n \u1edf m\u1ecdi lo\u1ea1i t\u00e0i s\u1ea3n, t\u01b0\u01a1ng quan v\u1edbi m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n \u0111ang tr\u00ean \u0111\u00e0 ph\u00e1t tri\u1ec3n v\u00e0 m\u1ecdi th\u1ee9 t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ebfn tr\u00e1i phi\u1ebfu, c\u1ed5 phi\u1ebfu, t\u01b0 nh\u00e2n, c\u00f4ng ch\u00fang, NFT, ti\u1ec1n \u0111i\u1ec7n t\u1eed, SPAC, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1eb7t t\u00ean cho n\u00f3. V\u00e0 do \u0111\u00f3, h\u00e3y b\u00e1n, th\u1ef1c s\u1ef1. V\u00ec v\u1eady, v\u1ec1 c\u01a1 b\u1ea3n, t\u00f4i \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t ch\u00ednh s\u00e1ch r\u1eb1ng n\u1ebfu n\u00f3 l\u00e0 m\u1ed9t c\u00e1i neo tr\u00ean m\u1eb7t \u0111\u1ea5t, ch\u00fang ta n\u00ean b\u00e1n n\u00f3 \u1edf m\u1ecdi lo\u1ea1i t\u00e0i s\u1ea3n c\u00f3 th\u1ec3.<\/p>\n\n<p>T\u1ea5t nhi\u00ean, trong th\u1ebf gi\u1edbi ri\u00eang t\u01b0, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng h\u1ec1 d\u1ec5 d\u00e0ng. Ch\u00fang t\u00f4i ch\u1ec9 b\u00e1n \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n nh\u1ecf nh\u1eefng g\u00ec ch\u00fang t\u00f4i mu\u1ed1n l\u00e0m. Nh\u01b0ng trong khi m\u1ecdi ng\u01b0\u1eddi kh\u00e1c \u0111ang \u0111\u1ea7u t\u01b0 th\u00ec ch\u00fang t\u00f4i l\u1ea1i tho\u00e1i v\u1ed1n.<\/p>\n\n<p>V\u00e0 \u0111i\u1ec1u ng\u01b0\u1ee3c l\u1ea1i l\u00e0 \u0111\u00fang. N\u0103m ngo\u00e1i, trong khi m\u1ecdi ng\u01b0\u1eddi trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m v\u1ec1 c\u01a1 b\u1ea3n \u0111\u1ec1u n\u00f3i r\u1eb1ng h\u00e3y th\u1eaft ch\u1eb7t tro t\u00e0n, nh\u01b0ng ch\u00fang t\u00f4i l\u1ea1i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec. T\u00f4i ngh\u0129, kh\u00f4ng, \u0111\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00ec m\u1ee9c \u0111\u1ecbnh gi\u00e1 r\u1ea5t h\u1ee3p l\u00fd.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, kh\u00f4ng c\u00f3 g\u00ec r\u1ebb trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 nh\u01b0ng l\u1ea1i h\u1ee3p l\u00fd h\u01a1n tr\u01b0\u1edbc \u0111\u00e2y. C\u00f3 \u00edt s\u1ef1 c\u1ea1nh tranh h\u01a1n. V\u00ec v\u1eady, m\u1eb7c d\u00f9 tr\u01b0\u1edbc \u0111\u00e2y c\u00f3 20 c\u00f4ng ty \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng ch\u1ec9 c\u00f3 m\u1ed9t ho\u1eb7c hai c\u00f4ng ty.<\/p>\n\n<p>V\u00ec v\u1eady, b\u1ea1n c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng gi\u00e0nh chi\u1ebfn th\u1eafng trong h\u1ea1ng m\u1ee5c n\u00e0y. V\u00e0 nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp hi\u1ec7n \u0111ang t\u1eadp trung v\u00e0o kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb, t\u1ef7 l\u1ec7 chi ti\u00eau, \u0111\u1ea3m b\u1ea3o r\u1eb1ng h\u1ecd c\u00f3 \u0111\u1ee7 ti\u1ec1n m\u1eb7t trong hai n\u0103m v\u00e0 b\u1ecf ch\u1ea1y v\u00e0 s\u1ebd chuy\u1ec3n sang giai \u0111o\u1ea1n ti\u1ebfp theo. V\u00e0 nh\u1eefng \u0111i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a s\u00e2u s\u1eafc.<\/p>\n\n<p>N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o th\u1eadp k\u1ef7 tr\u01b0\u1edbc, th\u00ec m\u1ea1o hi\u1ec3m v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n r\u1ea5t kh\u00e1c so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c. N\u00f3 tu\u00e2n theo m\u1ed9t th\u1ee9 g\u1ecdi l\u00e0 \u0111\u1ecbnh lu\u1eadt l\u0169y th\u1eeba so v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c tu\u00e2n theo c\u00e1c \u0111\u01b0\u1eddng cong ph\u00e2n ph\u1ed1i Gaussian b\u00ecnh th\u01b0\u1eddng. V\u00e0 trong quy lu\u1eadt l\u0169y th\u1eeba n\u00e0y, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t s\u1ed1 c\u00f4ng ty h\u00e0ng \u0111\u1ea7u trong danh m\u1ee5c cu\u1ed1i c\u00f9ng s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn.<\/p>\n\n<p>V\u00e0 n\u1ebfu b\u1ea1n nh\u00ecn l\u1ea1i nh\u1eefng n\u0103m 2010, nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ed1t nh\u1ea5t \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00e0o n\u0103m 08, 09, 010, 011. V\u00ec v\u1eady, sau cu\u1ed9c \u0111\u1ea1i suy tho\u00e1i ho\u1eb7c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. V\u00e0 v\u00ec v\u1eady, t\u00f4i nghi ng\u1edd \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 s\u1ebd x\u1ea3y ra \u1edf \u0111\u00e2y.<\/p>\n\n<p>Th\u1eddi \u0111i\u1ec3m t\u1ed3i t\u1ec7 nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 c\u00f3 l\u1ebd l\u00e0 ng\u00e0y 21 v\u00e0 c\u00f3 th\u1ec3 l\u00e0 n\u0103m 2020. V\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 trong nh\u1eefng n\u0103m 2020 s\u1ebd l\u00e0 v\u00e0o cu\u1ed1i ng\u00e0y 22, 23, 24 cho \u0111\u1ebfn khi th\u1ecb tr\u01b0\u1eddng quay v\u00f2ng. V\u00ec v\u1eady, v\u1ea5n \u0111\u1ec1 v\u0129 m\u00f4.<\/p>\n\n<p>Nh\u01b0 \u0111\u00e3 n\u00f3i, t\u00f4i s\u1ebd kh\u00f4ng th\u00e0nh th\u1eadt khi n\u00f3i r\u1eb1ng t\u00f4i l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00ec t\u00f4i ngh\u0129 n\u00f3 gi\u00fap t\u00f4i tr\u1edf th\u00e0nh m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed1t h\u01a1n. T\u00f4i th\u1ef1c s\u1ef1 c\u00f3 nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n m\u00e0 t\u00f4i theo \u0111u\u1ed5i. V\u00e0 v\u00ec v\u1eady, v\u00e0o n\u0103m 21, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t ch\u1ec9 th\u1ecb t\u1eeb tr\u00ean xu\u1ed1ng.<\/p>\n\n<p>\u0110\u1ecbnh gi\u00e1 cao. V\u00ec v\u1eady, gi\u1ed1ng nh\u01b0, t\u00f4i tin r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd l\u00e0m \u0111\u01b0\u1ee3c, r\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n c\u1ee7a ch\u00fang t\u00f4i, c\u00e1ch ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty l\u00e0 h\u1ee3p l\u00fd v\u00e0 ch\u00fang t\u00f4i s\u1ebd th\u1ea5y h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty \u0111\u1ec1u \u0111\u1eaft \u0111\u1ecf v\u00e0 do \u0111\u00f3 ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0, v\u00e0 ch\u00fang t\u00f4i s\u1ebd ch\u1ecdn r\u00fat lui khi c\u00f3 c\u01a1 h\u1ed9i. V\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi t\u00f4i \u0111\u00f3 l\u00e0 m\u1ed9t b\u00e0i t\u1eadp tr\u00ed tu\u1ec7 h\u01a1n b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c.<\/p>\n\n<p>V\u00ec v\u1eady, t\u00f4i \u0111\u00e3 t\u1eebng l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc. T\u00f4i \u0111\u00e3 d\u00e0nh r\u1ea5t nhi\u1ec1u th\u1eddi gian \u0111\u1ec3 suy ngh\u0129 v\u1ec1 n\u00f3, vi\u1ebft v\u1ec1 n\u00f3, \u0111\u1ecdc v\u1ec1 n\u00f3. V\u00e0 t\u00ecnh c\u1edd n\u00f3 g\u00e2y ra nh\u1eefng h\u1eadu qu\u1ea3 c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng \u0111\u01b0\u1ee3c trong l\u0129nh v\u1ef1c m\u1ea1o hi\u1ec3m.<\/p>\n\n<p>Nh\u01b0ng \u0111\u1ed1i v\u1edbi h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi, t\u00f4i \u0111o\u00e1n h\u1ecd c\u00f3 th\u1ec3 b\u1ecf qua n\u00f3 n\u1ebfu h\u1ecd th\u1ef1c s\u1ef1 nghi\u00eam kh\u1eafc v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n c\u1ee7a m\u00ecnh, \u0111\u1eb7c bi\u1ec7t l\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1.<\/p>\n\n<p>Jack: T\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec3m th\u1ef1c s\u1ef1 quan tr\u1ecdng. B\u1ea1n y\u00eau th\u00edch v\u0129 m\u00f4. T\u00f4i y\u00eau macro v\u00e0 n\u00f3 ch\u1eafc ch\u1eafn \u0111\u00e3 gi\u00fap \u00edch cho b\u1ea1n.<\/p>\n\n<p>Nh\u01b0ng t\u00f4i ngh\u0129, ch\u00fang t\u00f4i nghi\u00ean c\u1ee9u n\u00f3 v\u00ec ch\u00fang t\u00f4i y\u00eau th\u00edch n\u00f3, kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 v\u00ec n\u00f3 s\u1ebd cho ch\u00fang t\u00f4i c\u00e1i nh\u00ecn to\u00e0n c\u1ea3nh ho\u1eb7c t\u1ea1o ra m\u1ed9t s\u1ed1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 tuy\u1ec7t v\u1eddi. V\u00ec v\u1eady, Febreze, \u0111\u1ec3 chu\u1ea9n b\u1ecb, t\u00f4i \u0111\u1ecdc tr\u00ean m\u1ea1ng, b\u1ea1n \u0111\u00e3 b\u00e1n c\u00f4ng ty c\u1ee7a m\u00ecnh, c\u00f4ng ty \u0111\u1ea7u ti\u00ean c\u1ee7a b\u1ea1n cho Bernard Arnault c\u1ee7a LVMH v\u00e0o n\u0103m 2000. V\u00ec v\u1eady, t\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 l\u00fac bong b\u00f3ng \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1ee1 tung.<\/p>\n\n<p>V\u00ec v\u1eady, khi b\u1ea1n c\u00f3 c\u00f4ng vi\u1ec7c \u0111\u1ea7u ti\u00ean sau khi t\u1ed1t nghi\u1ec7p ho\u1eb7c khi b\u1ea1n \u0111ang h\u1ecdc \u0111\u1ea1i h\u1ecdc, \u0111\u00f3 l\u00e0 l\u00fac bong b\u00f3ng \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ea7u ti\u00ean, b\u1ea1n kh\u00f4ng \u1edf trong th\u1ebf gi\u1edbi \u0111\u00f3. V\u00ec v\u1eady, khi b\u1ea1n, th\u1ebf gi\u1edbi \u0111\u1ea7u ti\u00ean c\u1ee7a b\u1ea1n gi\u1ed1ng nh\u01b0 bong b\u00f3ng \u0111\u00f3 \u0111ang v\u1ee1. V\u00e0 sau \u0111\u00f3 t\u00f4i t\u01b0\u1edfng t\u01b0\u1ee3ng t\u1eeb n\u0103m 2010 \u0111\u1ebfn nay, VC, v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u00e3 th\u1ef1c s\u1ef1 t\u0103ng cao nh\u01b0 m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n, nhi\u1ec1u ti\u1ec1n h\u01a1n ch\u1ea3y v\u00e0o kh\u00f4ng gian, \u0111\u1ecbnh gi\u00e1 t\u0103ng l\u00ean, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 v\u00e0o Uber khi b\u1ea1n l\u00e0m vi\u1ec7c hi\u1ec7u qu\u1ea3, sau \u0111\u00f3 h\u1ecd c\u00f3 nhi\u1ec1u h\u01a1n ti\u1ec1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty kh\u00e1c.<\/p>\n\n<p>V\u00ec v\u1eady, ch\u1eb3ng h\u1ea1n nh\u01b0 r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi \u0111ang n\u00e9m ti\u1ec1n lung tung, t\u00f4i ch\u1eafc ch\u1eafn r\u1eb1ng m\u00ecnh kh\u00f4ng hi\u1ec3u \u0111\u00fang m\u1ecdi chi ti\u1ebft, nh\u01b0ng \u0111\u00f3 c\u00f3 ph\u1ea3i l\u00e0 s\u1ef1 t\u00f3m t\u1eaft s\u01a1 b\u1ed9 v\u1ec1 d\u00f2ng th\u1eddi gian c\u1ee7a b\u1ea1n v\u00e0 d\u00f2ng th\u1eddi gian c\u1ee7a VC kh\u00f4ng?<\/p>\n\n<p>Fabrice: Ngay c\u1ea3 v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990, t\u00f4i \u0111\u00e3 t\u1ed1t nghi\u1ec7p \u0111\u1ea1i h\u1ecdc n\u0103m 96. T\u00f4i \u0111\u00e3 l\u00e0m vi\u1ec7c cho McKinsey v\u00e0 c\u00f4ng ty 96, 98, bi\u1ebft r\u1eb1ng c\u00f3 m\u1ed9t bong b\u00f3ng \u0111ang di\u1ec5n ra, nh\u01b0ng t\u00f4i ngh\u0129 r\u1eb1ng m\u00ecnh c\u1ea7n nhi\u1ec1u k\u1ef9 n\u0103ng h\u01a1n \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00f4ng ty c\u1ee7a m\u00ecnh. V\u00e0 t\u00f4i mu\u1ed1n x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty c\u00f4ng ngh\u1ec7.<\/p>\n\n<p>T\u00f4i bi\u1ebft r\u1eb1ng. V\u00e0 t\u00f4i \u0111\u00e3 ngh\u0129 m\u00ecnh s\u1ebd b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i th\u1ef1c s\u1ef1 \u0111\u1ebfn v\u1edbi McKinsey, nh\u01b0ng l\u1ea1 thay, t\u00f4i \u0111\u00e3 kh\u00f4ng l\u00e0m v\u1eady. V\u00ec v\u1eady, t\u00f4i th\u1ef1c s\u1ef1 \u0111\u00e3 nh\u00ecn th\u1ea5y \u0111\u00eam h\u01b0ng ph\u1ea5n khi x\u00e2y d\u1ef1ng c\u00f4ng ty \u0111\u1ea7u ti\u00ean c\u1ee7a m\u00ecnh, 98, 99, 2000.<\/p>\n\n<p>V\u00e0 t\u00f4i \u0111\u00e3 nh\u00ecn th\u1ea5y m\u1eb7t tr\u00e1i c\u1ee7a bong b\u00f3ng. T\u00f4i x\u00e2y d\u1ef1ng c\u00f4ng ty ti\u1ebfp theo c\u1ee7a m\u00ecnh v\u00e0o n\u0103m 2001. V\u00e0 v\u00e0o n\u0103m 2001, khi \u0111\u00f3, t\u00f4i \u0111\u00e3 g\u1ecdi \u0111i\u1ec7n cho m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ec3 n\u00f3i v\u1edbi h\u1ecd r\u1eb1ng, &#8220;N\u00e0y, t\u00f4i c\u00f3 \u00fd t\u01b0\u1edfng tuy\u1ec7t v\u1eddi n\u00e0y.&#8221;<\/p>\n\n<p>N\u00f3 ho\u1ea1t \u0111\u1ed9ng c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 \u1edf Ch\u00e2u \u00c2u v\u00e0 Ch\u00e2u \u00c1. C\u00f3 m\u1ed9t m\u00f4 h\u00ecnh kinh doanh h\u1ee3p l\u1ec7. T\u00f4i bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n v\u00e0 t\u00f4i l\u00e0 m\u1ed9t doanh nh\u00e2n \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh v\u1edbi th\u00e0nh t\u00edch \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh.<\/p>\n\n<p>T\u00f4i kh\u00f4ng ngh\u0129 m\u00ecnh \u0111\u00e3 n\u00f3i h\u1ebft c\u00e2u m\u00e0 h\u1ecd \u0111\u00e3 c\u00fap m\u00e1y b\u1edfi v\u00ec, b\u1ea1n bi\u1ebft \u0111\u1ea5y, m\u1ecdi ng\u01b0\u1eddi kh\u00e1c \u0111\u1ec1u ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1edbi Pets.com, e-toys, webvan, MCI, WorldCom, v\u00e0 kh\u00f4ng c\u00f3 c\u00e1ch n\u00e0o \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty . V\u00e0 v\u00ec v\u1eady, t\u00f4i bi\u1ebft r\u1eb1ng nh\u1eefng \u0111i\u1ec1u n\u00e0y di\u1ec5n ra theo chu k\u1ef3 v\u00e0 nh\u1eefng chu k\u1ef3 n\u00e0y k\u00e9o d\u00e0i nhi\u1ec1u n\u0103m. V\u00ec v\u1eady, t\u00f4i \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bs\u1ef1 b\u00f9ng n\u1ed5 v\u00e0 ph\u00e1 s\u1ea3n v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990, \u0111\u1ea7u n\u0103m 2000.<\/p>\n\n<p>T\u00f4i l\u1ea1i th\u1ea5y n\u00f3, gi\u1ed1ng nh\u01b0 h\u01b0ng ph\u1ea5n t\u1eeb n\u0103m 2004 \u0111\u1ebfn 2007 \u0111\u1ebfn n\u0103m 2007, 2010, gi\u1ed1ng nh\u01b0 xe bu\u00fdt. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, s\u1ef1 b\u00f9ng n\u1ed5 n\u0103m 2021. V\u00e0 sau \u0111\u00f3 l\u00e0 v\u1ee5 b\u00e1n th\u00e2n th\u1ee9 22, 23 trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m, nh\u00e2n ti\u1ec7n, ph\u1ea7n l\u1edbn v\u1eabn \u0111ang ti\u1ebfp t\u1ee5c, ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 m\u1ecdi ng\u01b0\u1eddi \u1edf ch\u1ee3 c\u00f4ng c\u1ed9ng s\u1ebd n\u00f3i, \u1ed2, m\u1ecdi th\u1ee9 th\u1eadt tuy\u1ec7t v\u1eddi. Ch\u00fang t\u00f4i c\u00f3 s\u1ed1 b\u1ea3y tuy\u1ec7t v\u1eddi ho\u1eb7c b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec c\u00f3 gi\u00e1 tr\u1ecb. Nh\u01b0ng n\u1ebfu b\u1ea1n th\u1ef1c s\u1ef1 nh\u00ecn v\u00e0o v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 c\u00f3 c\u1ed5 phi\u1ebfu d\u01b0\u1edbi 20 t\u1ef7, h\u1ea7u h\u1ebft ch\u00fang \u0111\u1ec1u gi\u1ea3m 80%.<\/p>\n\n<p>H\u1ecd \u0111\u00e3 t\u1eebng gi\u1ea3m 95%. B\u00e2y gi\u1edd h\u1ecd \u0111\u00e3 gi\u1ea3m 80%. V\u00ec v\u1eady, h\u1ecd \u0111\u00e3 giao d\u1ecbch ngo\u1ea1i h\u1ed1i k\u1ec3 t\u1eeb \u0111\u00f3, nh\u01b0ng h\u1ecd v\u1eabn \u0111i xu\u1ed1ng, b\u1ea1n bi\u1ebft \u0111\u1ea5y, chia b\u00f3ng \u0111\u00e1 v\u1eabn \u0111\u01b0\u1ee3c chia cho b\u1ed1n ho\u1eb7c n\u0103m k\u1ec3 t\u1eeb \u0111\u1ec9nh.<\/p>\n\n<p>V\u00e0 n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o th\u1ecb tr\u01b0\u1eddng m\u1ea1o hi\u1ec3m m\u1ed9t c\u00e1ch t\u1ed5ng th\u1ec3, s\u1ed1 ti\u1ec1n LP \u0111\u1ed5 v\u00e0o kh\u00f4ng gian m\u1ea1o hi\u1ec3m \u0111\u00e3 gi\u1ea3m \u0111\u00e1ng k\u1ec3. V\u00e0 b\u1ea3n th\u00e2n c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1eabn gi\u1ea3m 75% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y. V\u1eady l\u00e0 ch\u00fang ta v\u1eabn \u0111ang \u1edf gi\u1eefa m\u1ed9t v\u1ee5 ph\u00e1 s\u1ea3n.<\/p>\n\n<p>V\u00e0 \u0111\u00e2y l\u00e0 chu k\u1ef3 b\u00f9ng n\u1ed5 b\u00f9ng n\u1ed5 l\u1edbn th\u1ee9 ba m\u00e0 t\u00f4i t\u1eebng ch\u1ee9ng ki\u1ebfn \u200b\u200btrong l\u0129nh v\u1ef1c m\u1ea1o hi\u1ec3m.<\/p>\n\n<p>Jack: V\u00e0 trong th\u1eddi k\u1ef3 b\u00f9ng n\u1ed5 c\u1ee7a n\u0103m 2020 v\u00e0 2021, b\u1ea1n \u0111\u00e3 th\u1ea5y nh\u1eefng m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0o \u1edf c\u00e1c c\u00f4ng ty kh\u00e1c nhau m\u00e0 b\u1ea1n \u0111\u00e3 xem x\u00e9t, b\u1ea1n bi\u1ebft \u0111\u1ea5y, vui l\u00f2ng kh\u00f4ng ti\u1ebft l\u1ed9 b\u1ea5t k\u1ef3 chi ti\u1ebft c\u1ee5 th\u1ec3 n\u00e0o m\u00e0 b\u1ea1n kh\u00f4ng c\u1ea3m th\u1ea5y tho\u1ea3i m\u00e1i khi ti\u1ebft l\u1ed9 v\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ti\u1ebft l\u1ed9 h\u1ecd so s\u00e1nh v\u1edbi th\u1eadp k\u1ef7 tr\u01b0\u1edbc? Ngo\u00e0i ra, c\u00f3 c\u00e2u chuy\u1ec7n c\u1ee5 th\u1ec3 n\u00e0o c\u00f3 th\u1ec3 c\u00f3, b\u1ea1n bi\u1ebft \u0111\u1ea5y, d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng ho\u1eb7c, b\u1ea1n bi\u1ebft \u0111\u1ea5y, lu\u00f4n c\u00f3 m\u1ed9t c\u1eeda h\u00e0ng l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a \u0111\u1ec9nh cao.<\/p>\n\n<p>Fabrice: V\u00ec v\u1eady, m\u1ee9c \u0111\u1ecbnh gi\u00e1 trung b\u00ecnh v\u1ec1 c\u01a1 b\u1ea3n \u0111\u00e3 b\u00f9ng n\u1ed5 ho\u00e0n to\u00e0n. V\u00ec v\u1eady, s\u1ed1 h\u1ea1t gi\u1ed1ng trung b\u00ecnh tr\u01b0\u1edbc n\u0103m 2013, 2019 l\u00e0 m\u1ed9t l\u00fac n\u0103m tr\u01b0\u1edbc h\u1ea1t gi\u1ed1ng trung b\u00ecnh gi\u1ed1ng nh\u01b0 ba l\u00fac ch\u00edn tr\u01b0\u1edbc s\u1ed1 trung b\u00ecnh a l\u00e0 b\u1ea3y l\u00fac 23 tr\u01b0\u1edbc 30 b\u00e0i. B trung b\u00ecnh c\u00f3 l\u1ebd l\u00e0 15 \u1edf 50 v\u1edbi l\u1ef1c k\u00e9o t\u01b0\u01a1ng x\u1ee9ng.<\/p>\n\n<p>V\u00ec v\u1eady, kh\u00f4ng c\u00f3 l\u1ef1c k\u00e9o, 150 tr\u00ean GMV 600 K v\u00e0 GMV 2,5 tri\u1ec7u. \u00dd t\u00f4i l\u00e0, trong doanh thu c\u1ee7a SAS, c\u00f3 th\u1ec3 l\u00e0 20% trong s\u1ed1 \u0111\u00f3.<\/p>\n\n<p>Jack: V\u1eady \u0111\u00e2y l\u00e0 gi\u00e1 tr\u1ecb v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00ean doanh thu trong th\u1ebf gi\u1edbi ch\u1ee9ng kho\u00e1n, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 gi\u00e1 tr\u00ean doanh s\u1ed1 b\u00e1n.<\/p>\n\n<p>Fabrice: V\u00e2ng. \u00dd t\u00f4i l\u00e0, \u0111\u00f3 l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa doanh thu v\u00e0 t\u1ed5ng doanh thu. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ho\u1eb7c doanh thu SAS c\u1ee7a b\u1ea1n l\u00e0 ti\u1ec1n h\u1ea1t gi\u1ed1ng, gi\u1ea3 s\u1eed kh\u00f4ng c\u00f3 h\u1ea1t gi\u1ed1ng, ch\u1eb3ng h\u1ea1n nh\u01b0 30 K a s\u1ebd l\u00e0 m\u1ed9t tr\u0103m, 150 K v\u00e0 B s\u1ebd l\u00e0 500 K \u1edf c\u00e1c lo\u1ea1i \u0111\u1ecbnh gi\u00e1 n\u00e0y.<\/p>\n\n<p>V\u00e0 \u0111i\u1ec1u b\u1eaft \u0111\u1ea7u x\u1ea3y ra trong nh\u1eefng ng\u00e0y bong b\u00f3ng l\u00e0 ch\u00fang ta th\u1ea5y c\u00e1c c\u00f4ng ty t\u0103ng doanh thu g\u1ea5p 100 l\u1ea7n trong t\u01b0\u01a1ng lai. Nh\u01b0ng nh\u1eefng d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng kh\u00f4ng c\u00f3, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng. \u00dd t\u00f4i l\u00e0, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 th\u1eadt \u0111i\u00ean r\u1ed3.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 t\u0103ng doanh thu t\u1eeb kho\u1ea3ng 10, 15, 20 X l\u00ean t\u1edbi 100 X trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p. Nh\u01b0ng v\u1ea5n \u0111\u1ec1 l\u00e0 t\u1ed1c \u0111\u1ed9 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch nhi\u1ec1u h\u01a1n, \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y kh\u00f4ng c\u00f3 s\u1ef1 th\u1ea9m \u0111\u1ecbnh, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0, \u1ed2, t\u00f4i mu\u1ed1n nh\u1eadn m\u1ed9t cu\u1ed9c g\u1ecdi \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00f4ng ty.<\/p>\n\n<p>V\u00e0 c\u00f3 th\u1ec3 ch\u00fang ta s\u1ebd c\u00f3 cu\u1ed9c g\u1ecdi ti\u1ebfp theo. Ch\u00e0, c\u00f3 th\u1ec3 l\u00e0 ng\u01b0\u1eddi \u0111\u1ea7u ti\u00ean, m\u1ed9t c\u1ed9ng s\u1ef1 ho\u1eb7c hi\u1ec7u tr\u01b0\u1edfng nh\u1eadn cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean v\u00e0 t\u00f4i mu\u1ed1n nh\u1eadn cu\u1ed9c g\u1ecdi v\u00e0o tu\u1ea7n t\u1edbi cho cu\u1ed9c g\u1ecdi th\u1ee9 hai. V\u00e0 ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh, v\u00e0 ch\u00fang t\u00f4i l\u00e0 nh\u1eefng ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh c\u1ef1c k\u1ef3 nhanh ch\u00f3ng.<\/p>\n\n<p>Hai tu\u1ea7n, hai cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i m\u1ed9t gi\u1edd trong m\u1ed9t tu\u1ea7n, ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh xem m\u00ecnh c\u00f3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng. V\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, gi\u1eefa cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean, cu\u1ed9c g\u1ecdi th\u1ee9 hai, h\u1ecd s\u1ebd n\u00f3i, \u1ed2, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u0103ng k\u00fd xong r\u1ed3i. B\u1ea1n bi\u1ebft \u0111\u1ea5y, ch\u00fang ta c\u00f3 \u0111\u1ea7u m\u1ed1i.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111ang huy \u0111\u1ed9ng m\u1ed9t tr\u0103m tri\u1ec7u \u0111\u00f4 la v\u1edbi gi\u00e1 m\u1ed9t t\u1ef7 \u0111\u00f4 la t\u1eeb Tiger ho\u1eb7c SoftBank, t\u00f4i \u0111o\u00e1n l\u00e0 hai nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean, nh\u1eefng ng\u01b0\u1eddi v\u1ec1 c\u01a1 b\u1ea3n kh\u00f4ng h\u1ec1 th\u1ea9m \u0111\u1ecbnh v\u00e0 vi\u1ebft s\u00e9c l\u1edbn cho h\u1ecd ch\u1ec9 sau m\u1ed9t cu\u1ed9c g\u1ecdi. V\u00e0 th\u1ebf l\u00e0 c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi t\u1ed1c \u0111\u1ed9 cho th\u1ea5y kh\u00f4ng c\u00f3 c\u00f4ng vi\u1ec7c n\u00e0o \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. V\u00e0 b\u1ea1n ph\u1ea3i tin r\u1eb1ng t\u1ea5t c\u1ea3 c\u00e1c ng\u00f4i sao \u0111\u1ec1u th\u1eb3ng h\u00e0ng v\u00e0 m\u1ee9c gi\u00e1 m\u00e0 h\u1ecd ph\u1ea3i tr\u1ea3, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi m\u1ecdi ng\u01b0\u1eddi l\u1ea1c quan \u0111\u1ebfn m\u1ee9c h\u1ecd s\u1ebd t\u00e0i tr\u1ee3 ngay l\u1eadp t\u1ee9c ho\u1eb7c c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00e1c s\u1ebd t\u00e0i tr\u1ee3 cho c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady, cu\u1ed1i c\u00f9ng b\u1ea1n s\u1ebd c\u00f3 kho\u1ea3ng 10, 15 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 r\u1ea5t t\u1ed1t \u0111ang theo \u0111u\u1ed5i c\u00f9ng m\u1ed9t kh\u00f4ng gian v\u1edbi m\u1ee9c gi\u00e1 \u0111i\u00ean r\u1ed3. V\u00e0 v\u00ec v\u1eady, kh\u00e1 r\u00f5 r\u00e0ng l\u00e0 h\u1ea7u nh\u01b0 kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 h\u1ecd \u0111\u1ec1u th\u00e0nh c\u00f4ng v\u00ec gi\u00e1 qu\u00e1 cao. N\u1ebfu n\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c ho\u00e0n h\u1ea3o v\u00e0 c\u00f3 t\u00ednh m\u1ea1o hi\u1ec3m, th\u00ec r\u1ea5t hi\u1ebfm khi b\u1ea1n th\u1ea5y c\u00e1c v\u00f2ng gi\u1ea3m gi\u00e1 v\u00ec th\u00f4ng th\u01b0\u1eddng khi b\u1ea1n th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng \u0111\u1ea7u t\u01b0, s\u1ebd c\u00f3 m\u1ed9t \u0111i\u1ec1u kho\u1ea3n ch\u1ed1ng pha lo\u00e3ng, ngh\u0129a l\u00e0 n\u1ebfu b\u1ea1n th\u1ef1c hi\u1ec7n v\u00f2ng ti\u1ebfp theo v\u1edbi m\u1ee9c gi\u00e1 th\u1ea5p h\u01a1n th\u00ec v\u00f2ng tr\u01b0\u1edbc \u0111\u00f3 s\u1ebd \u0111\u1ecbnh gi\u00e1 l\u1ea1i v\u00e0 th\u1ef1c s\u1ef1 l\u00e0m lo\u00e3ng \u0111i nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp v\u00ec nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng mu\u1ed1n \u0111i\u1ec1u \u0111\u00f3.<\/p>\n\n<p>N\u1ebfu b\u1ea1n huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao, \u0111i\u1ec1u \u0111\u00f3 s\u1ebd gi\u1ebft ch\u1ebft c\u00f4ng ty. V\u00ec v\u1eady, trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m, \u0111i\u1ec1u gi\u1ebft ch\u1ebft c\u00e1c c\u00f4ng ty, ba l\u00fd do ch\u00ednh d\u1eabn \u0111\u1ebfn c\u00e1i ch\u1ebft l\u00e0 s\u1ed1 m\u1ed9t, r\u00f5 r\u00e0ng l\u00e0 kh\u00f4ng t\u00ecm \u0111\u01b0\u1ee3c s\u1ea3n ph\u1ea9m ph\u00f9 h\u1ee3p v\u1edbi th\u1ecb tr\u01b0\u1eddng. Th\u1ee9 hai, \u0111\u1ea5u tranh v\u1edbi nh\u1eefng ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp c\u1ee7a b\u1ea1n, m\u1eb7c d\u00f9 vi\u1ec7c c\u00f3 nh\u1eefng ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp s\u1ebd l\u00e0m t\u0103ng kh\u1ea3 n\u0103ng th\u00e0nh c\u00f4ng c\u1ee7a b\u1ea1n.<\/p>\n\n<p>V\u00ec v\u1eady, n\u00f3 l\u00e0 m\u1ed9t con dao hai l\u01b0\u1ee1i. V\u00e0 s\u1ed1 ba th\u1ef1c s\u1ef1 l\u00e0 huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao. V\u1ea5n \u0111\u1ec1 l\u00e0 kh\u00f4ng ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n \u0111\u1ea7u n\u00e0o s\u1ebd n\u00f3i, kh\u00f4ng, n\u00f3 gi\u1ed1ng nh\u01b0 ai \u0111\u00f3 \u0111\u01b0a ra m\u1ee9c gi\u00e1 50 \u1edf m\u1ee9c 150 tr\u01b0\u1edbc, \u0111\u1ed9 pha lo\u00e3ng 25%, 50 tri\u1ec7u, ho\u1eb7c l\u1eddi \u0111\u1ec1 ngh\u1ecb c\u1ee7a ai \u0111\u00f3, b\u1ea1n bi\u1ebft \u0111\u1ea5y, t\u00f4i kh\u00f4ng bi\u1ebft, 10 \u1edf m\u1ee9c 50.<\/p>\n\n<p>H\u1ecd lu\u00f4n l\u1ea5y 50 \u1edf 150, nh\u01b0ng, ho\u1eb7c 10 \u1edf 40 ho\u1eb7c 50 b\u00e0i. V\u1ea5n \u0111\u1ec1 l\u00e0 n\u1ebfu b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c n\u00f3, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 gi\u1ebft ch\u1ebft c\u00f4ng ty c\u1ee7a m\u00ecnh. V\u00e0 do \u0111\u00f3 b\u1ea1n t\u0103ng kh\u1ea3 n\u0103ng th\u1ea5t b\u1ea1i l\u00ean \u0111\u00e1ng k\u1ec3.<\/p>\n\n<p>Nh\u01b0ng c\u0169ng c\u00f3 \u0111\u1ed9ng l\u1ef1c x\u1ea5u. N\u1ebfu m\u1ecdi ng\u01b0\u1eddi kh\u00e1c \u0111ang k\u00eau g\u1ecdi, b\u1ea1n c\u1ea3m th\u1ea5y bu\u1ed9c ph\u1ea3i \u0111\u01b0\u1ee3c n\u00e2ng l\u00ean. B\u1ea1n c\u1ea3m th\u1ea5y bu\u1ed9c ph\u1ea3i chi ti\u00eau n\u00f3.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, v\u00e2ng, t\u00f4i ngh\u0129 t\u1ed1c \u0111\u1ed9 th\u1ef1c hi\u1ec7n th\u1ef1c s\u1ef1 l\u00e0 r\u1ea5t l\u1edbn, v\u00e0 m\u1ee9c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 100 X trong t\u01b0\u01a1ng lai th\u1ef1c s\u1ef1 l\u00e0 nh\u1eefng g\u00ec n\u00f3 g\u1ee3i \u00fd l\u00e0 c\u1ef1c k\u1ef3 vi\u1ec3n v\u00f4ng.<\/p>\n\n<p>Jack: T\u1ea1i sao vi\u1ec7c huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n l\u1ea1i \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 qu\u00e1 cao? Nghe c\u00f3 v\u1ebb nh\u01b0 \u0111\u00f3 l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 kh\u00e1 hay. T\u1ea1i sao \u0111i\u1ec1u \u0111\u00f3 l\u1ea1i \u0111\u1ed9c h\u1ea1i \u0111\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 c\u00f4ng ty?<\/p>\n\n<p>Fabrice: \u0110\u00fang v\u1eady, h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111\u1ec1u kh\u00f4ng c\u00f3 l\u00e3i v\u00e0 ng\u01b0\u1eddi ta kh\u00f4ng k\u1ef3 v\u1ecdng h\u1ecd s\u1ebd c\u00f3 l\u00e3i v\u1edbi s\u1ed1 ti\u1ec1n h\u1ecd v\u1eeba huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c. V\u00e0 v\u00ec v\u1eady h\u1ecd \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao v\u00e0 sau \u0111\u00f3 h\u1ecd c\u1ea7n ph\u1ea3i huy \u0111\u1ed9ng \u1edf v\u00f2ng ti\u1ebfp theo. N\u1ebfu h\u1ecd kh\u00f4ng th\u1ec3 t\u0103ng \u1edf v\u00f2ng ti\u1ebfp theo v\u1edbi \u00edt nh\u1ea5t m\u1ee9c gi\u00e1 t\u01b0\u01a1ng t\u1ef1, b\u1ea1n c\u1ea7n ph\u1ea3i th\u1ef1c hi\u1ec7n c\u00e1i g\u1ecdi l\u00e0 gi\u1ea3m gi\u00e1.<\/p>\n\n<p>V\u00e0 \u0111\u1ee3t gi\u1ea3m gi\u00e1, nh\u01b0 t\u00f4i \u0111\u00e3 n\u00f3i, s\u1ebd k\u00edch ho\u1ea1t c\u00e1c \u0111i\u1ec1u kho\u1ea3n ch\u1ed1ng pha lo\u00e3ng n\u00e0y trong l\u1ea7n ch\u1ea1y tr\u01b0\u1edbc, v\u00ec v\u1eady gi\u1ea3 s\u1eed b\u1ea1n v\u1eeba huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 200 tri\u1ec7u \u1edf m\u1ee9c 800 tr\u01b0\u1edbc, 1 t\u1ef7 b\u00e0i \u0111\u0103ng, pha lo\u00e3ng 20% \u200b\u200bl\u00e0 200 tri\u1ec7u, nh\u01b0ng c\u00f4ng ty c\u1ee7a b\u1ea1n ch\u1ec9 tr\u1ecb gi\u00e1 200 tri\u1ec7u tri\u1ec7u. V\u00f2ng ti\u1ebfp theo, b\u1ea1n ph\u1ea3i l\u00e0m v\u1eady, h\u1ecd \u0111\u1ec1 ngh\u1ecb t\u0103ng 50 \u1edf m\u1ee9c 150 ho\u1eb7c b\u1ea5t k\u1ef3 m\u1ee9c n\u00e0o tr\u01b0\u1edbc \u0111\u00f3. M\u1ed9t s\u1ed1 \u0111i\u1ec1u c\u00f3 th\u1ec3 x\u1ea3y ra.<\/p>\n\n<p>M\u1ed9t l\u00e0 nh\u1eefng ng\u01b0\u1eddi tr\u01b0\u1edbc 200 c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 l\u1ea1i \u1edf m\u1ee9c 200, trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3 b\u1ea1n v\u1eeba th\u1ea5y c\u00f4ng ty c\u1ee7a m\u00ecnh b\u1ecb pha lo\u00e3ng 50%. V\u00e0 do \u0111\u00f3, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp m\u1ea5t r\u1ea5t nhi\u1ec1u c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng c\u1ee7a h\u1ecd, ho\u1eb7c c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb ng\u01b0\u1eddi trong cu\u1ed9c trong vi\u1ec7c h\u1ed7 tr\u1ee3 c\u00f4ng ty, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi s\u1ebd kh\u00f4ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3. H\u1ecd t\u1ea1o ra vi\u1ec7c tr\u1ea3 ti\u1ec1n \u0111\u1ec3 ch\u01a1i.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, n\u00f3 th\u1ef1c s\u1ef1 ph\u00e1 h\u1ee7y c\u00e1c c\u00f4ng ty v\u00ec b\u1ea3ng gi\u1edbi h\u1ea1n cu\u1ed1i c\u00f9ng b\u1ecb r\u1ed1i tung. C\u00f3 qu\u00e1 nhi\u1ec1u \u01b0u ti\u00ean thanh l\u00fd. V\u00e0 v\u00ec v\u1eady b\u1ea1n c\u1ea7n ph\u1ea3i th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c d\u1ecdn d\u1eb9p l\u1edbn \u1edf \u0111\u00e2u \u0111\u00f3 v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 x\u00f3a s\u1ed5 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n<p>V\u00e0 nh\u01b0 v\u1eady, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng sao c\u1ea3, nh\u01b0ng n\u00f3 c\u0169ng c\u00f3 th\u1ec3 x\u00f3a s\u1ed5 c\u00e1c c\u00f4ng ty. V\u00ec v\u1eady, ch\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn \u200b\u200br\u1ea5t nhi\u1ec1u c\u00e1i ch\u1ebft gi\u1ea3 c\u1ee7a k\u1ef3 l\u00e2n \u0111\u00e3 x\u1ea3y ra trong v\u00e0i n\u0103m g\u1ea7n \u0111\u00e2y v\u00ec nh\u1eefng c\u00f4ng ty n\u00e0y kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb nhi\u1ec1u nh\u01b0 h\u1ecd \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c ho\u1eb7c c\u00f3 quy m\u00f4 l\u1edbn, ho\u1eb7c h\u1ecd ph\u00e1 s\u1ea3n ho\u1eb7c h\u1ecd \u0111ang chi\u1ebfm t\u1eebng xu trong th\u1ecb tr\u01b0\u1eddng. \u0111\u00f4 la v\u00e0 th\u1ef1c s\u1ef1 \u0111\u00e3 thu\u00ea ho\u1eb7c, ho\u1eb7c ho\u00e0n to\u00e0n thu h\u1ed3i n\u00f3. V\u00e0 t\u00f4i \u0111o\u00e1n l\u00e0 ch\u00fang ta \u0111ang th\u1ea5y ba k\u1ecbch b\u1ea3n.<\/p>\n\n<p>M\u1ed9t k\u1ecbch b\u1ea3n m\u00e0 ch\u00fang t\u00f4i \u0111ang th\u1ea5y l\u00e0 x\u00f3a s\u1ed5 ho\u00e0n to\u00e0n trong \u0111\u00f3 ch\u00fang t\u00f4i hi\u1ec7n \u0111ang huy \u0111\u1ed9ng s\u1ed1 ti\u1ec1n \u1edf m\u1ee9c kho\u1ea3ng 5 l\u1ea7n tr\u01b0\u1edbc khi pha lo\u00e3ng ti\u1ec1n tr\u01b0\u1edbc \u0111\u00e2y, chuy\u1ec3n \u0111\u1ed5i t\u1ea5t c\u1ea3 ng\u0103n x\u1ebfp th\u00e0nh ti\u1ec1n chung v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c b\u1ea5t k\u1ef3 t\u1ef7 l\u1ec7 20, 30, 40, 50%. Ch\u00fang t\u00f4i \u0111ang t\u1ea1o l\u1ea1i nh\u00f3m t\u00f9y ch\u1ecdn cho nh\u00f3m qu\u1ea3n l\u00fd. V\u00ec v\u1eady, \u0111\u00e2y l\u00e0 s\u1ef1 kh\u1edfi \u0111\u1ed9ng l\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty nh\u01b0 th\u1ec3 ti\u1ec1n thu\u00ea tr\u01b0\u1edbc \u0111\u00f3 kh\u00f4ng t\u1ed3n t\u1ea1i, kh\u00f4ng t\u1ed3n t\u1ea1i.<\/p>\n\n<p>V\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111ang x\u1ea3y ra \u0111\u1ec3 qu\u00e9t s\u1ea1ch nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng mu\u1ed1n vi\u1ebft s\u00e9c n\u1eefa. V\u00ec v\u1eady, \u0111i\u1ec1u n\u00e0y ch\u1ee7 y\u1ebfu x\u1ea3y ra v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00e9o \u0111\u00e3 ho\u00e0n to\u00e0n r\u1eddi \u0111i. V\u00ec v\u1eady, b\u1ea5t k\u1ec3 D1, Co2, v\u00e0 \u1edf m\u1ed9t m\u1ee9c \u0111\u1ed9 n\u00e0o \u0111\u00f3 l\u00e0 SoftBank v\u00e0 Tiger.<\/p>\n\n<p>Th\u1ee9 hai, \u0111i\u1ec1u m\u00e0 ch\u00fang ta th\u01b0\u1eddng th\u1ea5y h\u01a1n l\u00e0 c\u00f4ng ty kh\u00f4ng mu\u1ed1n th\u1ef1c hi\u1ec7n c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1. V\u00ec v\u1eady, h\u1ecd th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng \u1edf m\u1ee9c gi\u00e1 c\u1ed1 \u0111\u1ecbnh, nh\u01b0ng h\u1ecd \u0111\u01b0a ra c\u01a1 c\u1ea5u, h\u1ecd \u0111\u01b0a ra \u01b0u ti\u00ean thanh l\u00fd. V\u00ec v\u1eady, h\u1ecd n\u00f3i, \u0111\u01b0\u1ee3c th\u00f4i, b\u00e2y gi\u1edd v\u00f2ng m\u1edbi n\u00e0y \u0111ang di\u1ec5n ra, nh\u01b0ng b\u1ea5t k\u1ef3 s\u1ed1 ti\u1ec1n m\u1edbi n\u00e0o t\u00f4i b\u1ecf v\u00e0o, t\u00f4i s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c ba ch\u1eef X.<\/p>\n\n<p>Nh\u01b0ng nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 b\u1ea1n \u0111ang gi\u1edbi h\u1ea1n k\u1ebft qu\u1ea3 c\u1ee7a m\u00ecnh. C\u00f3 ngh\u0129a l\u00e0 b\u00e2y gi\u1edd c\u00f4ng ty s\u1ebd c\u1ed1 g\u1eafng b\u00e1n ch\u00ednh m\u00ecnh v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u1edf v\u00f2ng cu\u1ed1i c\u00f9ng s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c hai ho\u1eb7c ba X v\u00e0 m\u1ecdi ng\u01b0\u1eddi tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 b\u1ecb x\u00f3a s\u1ed5. Ch\u00fang t\u00f4i v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec1u t\u00f4i \u0111ang b\u1ea3o l\u00e3nh.<\/p>\n\n<p>T\u00f4i mu\u1ed1n b\u1ea3o l\u00e3nh cho 10 X. V\u00e0 do \u0111\u00f3, vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch ki\u1ec3u c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n n\u00e0y v\u1edbi c\u1ea5u tr\u00fac kh\u00f4ng th\u1ef1c s\u1ef1 l\u00e0 \u0111i\u1ec1u kh\u00f3 kh\u0103n c\u1ee7a t\u00f4i. V\u00e0 th\u1ee9 ba, t\u1ea5t nhi\u00ean, nh\u1eefng ng\u01b0\u1eddi \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u1ee7 ti\u1ec1n \u0111\u1ec3 h\u1ecd th\u1ef1c s\u1ef1 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n v\u00e0 gi\u00e0nh chi\u1ebfn th\u1eafng, nh\u01b0ng h\u1ecd r\u1ea5t \u00edt \u1edf gi\u1eefa.<\/p>\n\n<p>Jack: C\u00f3 m\u1ed9t t\u00e1c \u0111\u1ed9ng khi c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m huy \u0111\u1ed9ng ti\u1ec1n, tr\u00ean th\u1ef1c t\u1ebf, h\u1ecd ph\u1ea7n n\u00e0o b\u00e1n kh\u1ed1ng n\u1ebfu v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u0103ng v\u00e0 h\u1ecd huy \u0111\u1ed9ng m\u1ed9t v\u00f2ng gi\u1ea3m gi\u00e1, \u0111i\u1ec1u \u0111\u00f3 g\u00e2y t\u1ed5n h\u1ea1i cho nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp v\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf, LP ho\u1eb7c GP, nh\u1eefng ng\u01b0\u1eddi b\u1ecf ti\u1ec1n v\u00e0o c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u00e3 t\u1ef1 b\u1ea3o v\u1ec7 m\u00ecnh. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n huy \u0111\u1ed9ng ti\u1ec1n \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 sau \u0111\u00f3 b\u1ea1n ph\u1ea3i th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng gi\u1ea3m gi\u00e1, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 th\u1ef1c s\u1ef1 \u0111\u1ed9c h\u1ea1i. V\u00e0 t\u00f4i c\u0169ng t\u01b0\u1edfng t\u01b0\u1ee3ng l\u00e0 nh\u01b0 v\u1eady, n\u1ebfu b\u1ea1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 200 tri\u1ec7u, c\u00f4ng ty c\u1ee7a b\u1ea1n s\u1ebd quen v\u1edbi l\u1ed1i s\u1ed1ng 200 tri\u1ec7u v\u00e0 b\u1ea1n b\u1eaft \u0111\u1ea7u thu\u00ea t\u1ea5t c\u1ea3 nh\u1eefng tr\u1ee3 l\u00fd n\u00e0y v\u00e0 b\u1ea1n b\u1eaft \u0111\u1ea7u \u0111i du l\u1ecbch v\u00e0 nh\u1eefng th\u1ee9 t\u01b0\u01a1ng t\u1ef1.<\/p>\n\n<p>Fabrice: M\u1ecdi ng\u01b0\u1eddi c\u00f3 xu h\u01b0\u1edbng chi ti\u00eau n\u1ebfu h\u1ecd c\u00f3 n\u00f3. V\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i l\u00e0 l\u1ed1i s\u1ed1ng \u0111\u00f3, nh\u01b0ng h\u01a1n th\u1ebf n\u1eefa, \u0111\u01b0\u1ee3c th\u00f4i, h\u00e3y thu\u00ea ng\u01b0\u1eddi, h\u00e3y ph\u00e1t tri\u1ec3n nhanh h\u01a1n, v.v. V\u00e0 r\u1ed3i \u0111\u1ed9t nhi\u00ean chuy\u1ec3n t\u1eeb ch\u1ebf \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng sang ch\u1ebf \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng, h\u00e3y t\u1eadp trung v\u00e0o kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, s\u1ed1 l\u01b0\u1ee3ng c\u00e1c c\u00f4ng ty thu\u1ed9c Series B tr\u1edf \u0111i, kh\u00e1 mu\u1ed9n \u0111\u1ebfn m\u1ee9c t\u00f4i ph\u1ea3i gi\u1edbi thi\u1ec7u 65% nh\u00e2n vi\u00ean tr\u1edf l\u00ean c\u1ee7a h\u1ecd l\u00e0 \u0111i\u1ec1u kh\u00e1 \u0111\u00e1ng kinh ng\u1ea1c. V\u00e0 nh\u00e2n ti\u1ec7n, n\u1ebfu bu\u1ed9c ph\u1ea3i l\u00e0m, b\u1ea1n th\u00e0 l\u00e0m m\u1ed9t l\u1ea7n c\u00f2n h\u01a1n. V\u00e0 h\u1ecd s\u1eb5n s\u00e0ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 nhi\u1ec1u l\u1ea7n v\u00ec n\u00f3 h\u1ee7y ho\u1ea1i tinh th\u1ea7n.<\/p>\n\n<p>V\u00e0 b\u1ea1n th\u1ef1c hi\u1ec7n m\u1ed9t l\u01b0\u1ee3t gi\u1edbi thi\u1ec7u l\u1edbn, gi\u1ed1ng nh\u01b0 b\u1ea1n v\u1eeba \u0111\u1ec3 70% s\u1ed1 ng\u01b0\u1eddi r\u1eddi \u0111i v\u00e0 b\u1ea1n gi\u1ed1ng nh\u01b0, nh\u00ecn n\u00e0y, m\u1ecdi ng\u01b0\u1eddi \u0111\u00e3 r\u1eddi \u0111i. \u0110\u00f3 l\u00e0 n\u00f3. Ch\u00fang ta l\u00e0 m\u1ed9t nh\u00f3m v\u00e0 b\u1ea1n s\u1eed d\u1ee5ng n\u00f3 nh\u01b0 m\u1ed9t tr\u1ea3i nghi\u1ec7m n\u00e2ng cao tinh th\u1ea7n, m\u1eb7c d\u00f9 \u0111\u00f3 l\u00e0 m\u1ed9t tr\u1ea3i nghi\u1ec7m \u0111au th\u01b0\u01a1ng so v\u1edbi vi\u1ec7c th\u1ef1c hi\u1ec7n n\u00f3 5%, 5% v\u00e0 5%.<\/p>\n\n<p>\u0110\u00f3 th\u1ef1c s\u1ef1 l\u00e0 \u0111i\u1ec1u t\u1ed3i t\u1ec7 nh\u1ea5t v\u00ec khi \u0111\u00f3 m\u1ecdi ng\u01b0\u1eddi t\u1ef1 h\u1ecfi h\u1ecd s\u1ebd \u0111\u1ebfn khi n\u00e0o v\u00e0 \u1edf \u0111\u00e2u.<\/p>\n\n<p>Jack: V\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 b\u1ea1n gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c m\u1ee9c gi\u1ea3m t\u00e0n b\u1ea1o trong l\u1ef1c l\u01b0\u1ee3ng ng\u01b0\u1eddi b\u1ecb sa th\u1ea3i v\u1edbi b\u1ee9c tranh v\u0129 m\u00f4 t\u1ed5ng th\u1ec3 v\u1ec1 t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p v\u1eabn \u1edf m\u1ee9c th\u1ea5p 3,9%. N\u1ec1n kinh t\u1ebf M\u1ef9 d\u01b0\u1eddng nh\u01b0 ti\u1ebfp t\u1ee5c t\u1ea1o th\u00eam vi\u1ec7c l\u00e0m v\u00e0 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u0111ang m\u1edf r\u1ed9ng. B\u1ea1n c\u00f3 th\u1ea5y s\u1ef1 m\u1ea5t k\u1ebft n\u1ed1i gi\u1eefa nh\u1eefng g\u00ec b\u1ea1n \u0111ang th\u1ea5y \u1edf Thung l\u0169ng Silicon v\u00e0 th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1edbi n\u1ec1n kinh t\u1ebf v\u0129 m\u00f4 r\u1ed9ng l\u1edbn h\u01a1n kh\u00f4ng?<\/p>\n\n<p>Fabrice: Ch\u1eafc ch\u1eafn r\u1ed3i. \u00dd t\u00f4i l\u00e0, \u0111i\u1ec1u n\u00e0y ch\u1ee9ng t\u1ecf r\u1eb1ng Thung l\u0169ng Silicon, m\u1eb7c d\u00f9 n\u00f3 l\u00e0 \u0111\u1ed9ng c\u01a1 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf v\u00e0 t\u0103ng n\u0103ng su\u1ea5t, nh\u01b0ng th\u1ef1c t\u1ebf n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ed9ng c\u01a1 t\u0103ng tr\u01b0\u1edfng vi\u1ec7c l\u00e0m. V\u00ec v\u1eady, con s\u1ed1, t\u1ef7 l\u1ec7 d\u00e2n s\u1ed1 Hoa K\u1ef3 l\u00e0m vi\u1ec7c cho c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u1eabn \u1edf m\u1ee9c th\u1ea5p m\u1ed9t con s\u1ed1.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady b\u1ea1n c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i m\u1ed9t cu\u1ed9c suy tho\u00e1i l\u1edbn v\u1ec1 c\u00f4ng ngh\u1ec7, \u0111i\u1ec1u m\u00e0 ch\u00fang ta \u0111\u00e3 t\u1eebng tr\u1ea3i qua. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, kh\u00f4ng ph\u1ea3i trong t\u1ea5t c\u1ea3 c\u00e1c l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, r\u00f5 r\u00e0ng l\u00e0 c\u00e1c c\u00f4ng ty AI ch\u1ee7 y\u1ebfu tuy\u1ec3n d\u1ee5ng v\u00e0 \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c l\u00e0m n\u00f3i chung. V\u00e0 n\u1ec1n kinh t\u1ebf n\u00f3i chung th\u1ef1c s\u1ef1 \u0111\u00e3 ki\u00ean c\u01b0\u1eddng h\u01a1n nhi\u1ec1u so v\u1edbi nh\u1eefng g\u00ec m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i.<\/p>\n\n<p>N\u1ebfu b\u1ea1n l\u00f9i l\u1ea1i m\u1ed9t b\u01b0\u1edbc v\u00e0o n\u0103m 22, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u d\u1ef1 \u0111o\u00e1n r\u1eb1ng Hoa K\u1ef3 s\u1ebd r\u01a1i v\u00e0o suy tho\u00e1i l\u00e0 c\u00f3 l\u00fd do ch\u00ednh \u0111\u00e1ng. Ch\u00fang ta \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bm\u1ee9c t\u0103ng l\u00e3i su\u1ea5t nhanh nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u1ea7u nh\u1eefng n\u0103m 1980, l\u00e3i su\u1ea5t danh ngh\u0129a. V\u00e0 ch\u00fang ta c\u00f9ng l\u00fac b\u1ecb qu\u00e1 t\u1ea3i m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd \u1edf m\u1ecdi h\u1ea1ng m\u1ee5c t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i \u0111\u1ebfn n\u1ee3 ti\u00eau d\u00f9ng, n\u1ee3 th\u1ebb t\u00edn d\u1ee5ng, n\u1ee3 sinh vi\u00ean v\u00e0 n\u1ee3 th\u1ebf ch\u1ea5p.<\/p>\n\n<p>Th\u00eam v\u00e0o \u0111\u00f3, m\u1ed9t s\u1ed1 s\u1ef1 ch\u1eadm l\u1ea1i \u0111\u00e3 x\u1ea3y ra \u1edf nhi\u1ec1u l\u0129nh v\u1ef1c kh\u00e1c nhau. V\u00ec v\u1eady, k\u1ef3 v\u1ecdng l\u00e0 m\u1ed9t cu\u1ed9c suy tho\u00e1i, nh\u01b0ng vi\u1ec7c l\u00e0m th\u1ef1c s\u1ef1 \u0111\u00e3 ti\u1ebfn tri\u1ec3n t\u1ed1t h\u01a1n nhi\u1ec1u so v\u1edbi nh\u1eefng g\u00ec m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i. Thu nh\u1eadp c\u1ee7a ng\u01b0\u1eddi d\u00e2n \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 m\u1eb7c d\u00f9 c\u00f3 ph\u1ea7n ch\u00eanh l\u1ec7ch.<\/p>\n\n<p>V\u00e0 v\u1ec1 m\u1eb7t l\u1ecbch s\u1eed, khi b\u1ea1n c\u00f3 \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t \u0111\u1ea3o ng\u01b0\u1ee3c v\u00e0 l\u00e3i su\u1ea5t t\u0103ng nhanh nh\u1ea5t, b\u1ea1n s\u1ebd mong \u0111\u1ee3i m\u1ed9t cu\u1ed9c suy tho\u00e1i. Ch\u00fang ta ch\u1ec9 h\u1ea1 c\u00e1nh nh\u1eb9 nh\u00e0ng m\u1ed9t l\u1ea7n trong 70 n\u0103m qua, \u0111\u00f3 l\u00e0 v\u00e0o n\u0103m 1994. V\u00e0 v\u00ec v\u1eady ti\u1ec1n th\u00f4ng minh \u0111\u00e3 suy tho\u00e1i.<\/p>\n\n<p>Tuy nhi\u00ean, th\u00f4ng th\u01b0\u1eddng c\u00e2u chuy\u1ec7n \u0111\u00f3 s\u1ebd thay \u0111\u1ed5i t\u1eeb suy tho\u00e1i kinh t\u1ebf sang c\u00f3 th\u1ec3 h\u1ea1 c\u00e1nh m\u1ec1m sang c\u00f3 th\u1ec3 kh\u00f4ng h\u1ea1 c\u00e1nh, gi\u1ed1ng nh\u01b0 t\u00ecnh h\u00ecnh hi\u1ec7n t\u1ea1i c\u1ee7a ch\u00fang ta, v\u00e2ng, v\u00ec CPI v\u1eabn cao h\u01a1n m\u1ee9c m\u1ecdi ng\u01b0\u1eddi mong mu\u1ed1n. C\u00f3 l\u1ebd ch\u00fang ta kh\u00f4ng th\u1ea5y, v\u00e0 tr\u00ean th\u1ef1c t\u1ebf, \u0111\u00f3 l\u00e0 n\u01a1i m\u00e0 c\u00e1c chuy\u00ean gia, n\u01a1i m\u00e0 s\u1ef1 \u0111\u1ed3ng thu\u1eadn \u0111\u00e3 sai, r\u1eb1ng t\u1ef7 gi\u00e1 s\u1ebd \u1edf m\u1ee9c cao h\u01a1n l\u00e2u h\u01a1n l\u00e0 \u0111i\u1ec1u t\u00f4i \u0111\u00e3 n\u00f3i t\u1eeb l\u00e2u, d\u01b0\u1eddng nh\u01b0 gi\u1edd \u0111\u00e2y \u0111ang tr\u1edf n\u00ean \u0111\u1ed3ng thu\u1eadn h\u01a1n. Ban \u0111\u1ea7u m\u1ecdi ng\u01b0\u1eddi d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t b\u1ed1n, n\u0103m, s\u00e1u l\u1ea7n trong n\u0103m nay, v\u00e0 c\u00f3 l\u1ebd b\u00e2y gi\u1edd ch\u00fang ta \u0111ang \u1edf m\u1ee9c hai, nh\u01b0ng kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u1ed1t h\u01a1n nhi\u1ec1u v\u00e0 c\u00f3 th\u1ec3 s\u1ebd kh\u00f4ng c\u00f3 chuy\u1ec7n h\u1ea1 c\u00e1nh \u1edf ph\u00eda ch\u00e2n tr\u1eddi.<\/p>\n\n<p>T\u00f4i ngh\u0129 hi\u1ec7n t\u1ea1i, r\u1ee7i ro l\u1edbn h\u01a1n th\u1ef1c ra kh\u00f4ng c\u00f2n l\u00e0 kinh t\u1ebf v\u0129 m\u00f4 n\u1eefa. N\u00f3 th\u1ef1c s\u1ef1 l\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb. N\u1ebfu t\u00f4i nh\u00ecn th\u1ea5y thi\u00ean nga x\u00e1m ho\u1eb7c thi\u00ean nga \u0111en \u1edf ph\u00eda ch\u00e2n tr\u1eddi th\u00ec c\u00f2n h\u01a1n th\u1ebf n\u1eefa, ch\u00fang ta \u0111ang \u1edf hi\u1ec7p \u0111\u1ea7u ti\u00ean ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, ch\u00fang ta ch\u1eafc ch\u1eafn \u0111ang \u1edf trong Chi\u1ebfn tranh L\u1ea1nh th\u1ee9 hai, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 \u1edf m\u1ed9t \u0111\u1ea7u, b\u1ea1n c\u00f3 Nga, Trung Qu\u1ed1c, Iran v\u00e0 Tri\u1ec1u Ti\u00ean. M\u1eb7t kh\u00e1c, b\u1ea1n c\u00f3 ph\u01b0\u01a1ng T\u00e2y n\u00f3i chung v\u00e0 hy v\u1ecdng r\u1eb1ng ch\u00fang ta c\u00f3 th\u1ec3 l\u00f4i k\u00e9o \u1ea4n \u0110\u1ed9 v\u1ec1 ph\u00eda m\u00ecnh, nh\u01b0ng \u0111\u00e3 c\u00f3 nh\u1eefng cu\u1ed9c \u0111\u1ed1i \u0111\u1ea7u r\u1ed3i.<\/p>\n\n<p>\u0110ang c\u00f3 nh\u1eefng cu\u1ed9c chi\u1ebfn tranh n\u00f3ng b\u1ecfng \u1edf Ukraine v\u00e0 Trung \u0110\u00f4ng, v\u00e0 c\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 li\u1ec7u \u0111i\u1ec1u \u0111\u00f3 c\u00f3 leo thang kh\u00f4ng? T\u00f4i kh\u00f4ng ngh\u0129 r\u1eb1ng Trung Qu\u1ed1c c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ed5 b\u1ed9 \u0111\u1ec3 x\u00e2m chi\u1ebfm \u0110\u00e0i Loan, nh\u01b0ng nh\u1eefng g\u00ec h\u1ecd l\u00e0m g\u1ea7n \u0111\u00e2y v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 h\u1ecd \u0111ang th\u1eed nghi\u1ec7m b\u1ea3n beta v\u1ec1 vi\u1ec7c phong t\u1ecfa \u0110\u00e0i Loan, v\u00e0 n\u1ebfu h\u1ecd phong t\u1ecfa \u0110\u00e0i Loan th\u00ec chuy\u1ec7n g\u00ec s\u1ebd x\u1ea3y ra sau \u0111\u00f3? L\u00e0m th\u1ebf n\u00e0o \u0111i\u1ec1u \u0111\u00f3 leo thang?<\/p>\n\n<p>M\u1ed1i quan t\u00e2m v\u0129 m\u00f4 c\u1ee7a t\u00f4i ng\u00e0y nay trong ng\u1eafn h\u1ea1n b\u1ecb chi ph\u1ed1i nhi\u1ec1u h\u01a1n b\u1edfi \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb c\u0169ng nh\u01b0 r\u1ee7i ro x\u1ea3y ra tai n\u1ea1n, r\u00f5 r\u00e0ng l\u00e0 cao h\u01a1n m\u1ee9c c\u01a1 b\u1ea3n, m\u1eb7c d\u00f9, v\u00e2ng, ch\u00fang ta c\u00f3 th\u00e2m h\u1ee5t kh\u00f4ng b\u1ec1n v\u1eefng \u1edf M\u1ef9 kh\u00f4ng? C\u00f3, nh\u01b0ng th\u1ef1c t\u1ebf l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 kh\u1eafc ph\u1ee5c n\u00f3 m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng. B\u00e2y gi\u1edd, \u00fd ch\u00ed ch\u00ednh tr\u1ecb \u0111\u1ec3 s\u1eeda ch\u1eefa n\u00f3 kh\u00f4ng c\u00f2n n\u1eefa, nh\u01b0ng n\u1ebfu b\u1ea1n \u0111\u01b0a cho t\u00f4i c\u00e2y \u0111\u0169a th\u1ea7n v\u00e0 t\u00f4i c\u00f3 th\u1ec3 thay \u0111\u1ed5i m\u1ed9t v\u00e0i th\u1ee9, t\u00f4i \u0111\u00e3 thay \u0111\u1ed5i c\u00e1ch t\u00ednh COLA c\u1ee7a m\u00ecnh \u0111\u1ec3 l\u1ea5y ph\u00fac l\u1ee3i, b\u1ea1n chuy\u1ec3n t\u1ea5t c\u1ea3 l\u01b0\u01a1ng h\u01b0u c\u00f4ng sang kho\u1ea3n \u0111\u00f3ng g\u00f3p ph\u1ea1t, v\u00e0 b\u1ea1n \u0111\u00e3 t\u0103ng tu\u1ed5i ngh\u1ec9 h\u01b0u \u0111\u1ebfn b\u1ea5t c\u1ee9 m\u1ee9c n\u00e0o, 70, ho\u1eb7c \u00edt nh\u1ea5t l\u00e0 67, 68, v\u00e0 b\u1ea1n li\u1ec7t k\u00ea n\u00f3 v\u1edbi tu\u1ed5i th\u1ecd d\u1ef1 ki\u1ebfn, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 c\u00e1c v\u1ea5n \u0111\u1ec1 th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch kh\u00e1c nhau, v\u00e0 th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, tr\u00ean di\u1ec7n r\u1ed9ng \u1edf ph\u01b0\u01a1ng T\u00e2y. \u0110\u1ed3ng \u0111\u00f4 la so v\u1edbi c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 \u0111\u1ed3ng Euro, hi\u1ec7n c\u00f3 v\u1ebb an to\u00e0n h\u01a1n nhi\u1ec1u. N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o t\u00ecnh h\u00ecnh n\u1ee3 c\u00f4ng \u1edf \u00dd, ch\u1ee9 \u0111\u1eebng n\u00f3i \u0111\u1ebfn Hy L\u1ea1p v\u00e0 c\u00e1c n\u01b0\u1edbc kh\u00e1c, t\u00ecnh h\u00ecnh c\u00f3 v\u1ebb c\u00f2n t\u1ed3i t\u1ec7 h\u01a1n nhi\u1ec1u.<\/p>\n\n<p>Nh\u1eefng m\u1ed1i lo ng\u1ea1i v\u1ec1 v\u0129 m\u00f4, th\u1eadt th\u00fa v\u1ecb, v\u1eabn ch\u01b0a bi\u1ebfn m\u1ea5t m\u00e0 gi\u1edd \u0111\u00e2y ch\u1ec9 l\u00e0 m\u1ed1i quan t\u00e2m th\u1ee9 y\u1ebfu so v\u1edbi nh\u1eefng m\u1ed1i lo ng\u1ea1i v\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n\n<p>Jack: B\u1ea1n ngh\u0129 m\u1ed1i quan t\u00e2m c\u1ea5p b\u00e1ch h\u01a1n \u0111\u1ed1i v\u1edbi b\u1ea1n s\u1ebd l\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb h\u01a1n l\u00e0 kinh t\u1ebf v\u0129 m\u00f4. T\u00f4i bi\u1ebft b\u1ea1n ch\u01b0a, ho\u1eb7c v\u1eabn l\u00e0, t\u00f4i kh\u00f4ng bi\u1ebft, b\u1ea1n n\u00f3i v\u1edbi t\u00f4i, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 \u1edf Palantir, c\u00f4ng ty r\u00f5 r\u00e0ng r\u1ea5t li\u00ean quan \u0111\u1ebfn c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng c\u0169ng nh\u01b0 c\u00e1c m\u1ed1i \u0111e d\u1ecda \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 an ninh qu\u1ed1c gia c\u1ee7a Hoa K\u1ef3. C\u00f3 \u0111i\u1ec1u g\u00ec b\u1ea1n t\u1eebng th\u1ea5y khi l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o Palantir ho\u1eb7c b\u1ea5t k\u1ef3 c\u00f4ng ty n\u00e0o kh\u00e1c m\u00e0 ai \u0111\u00f3 \u0111ang theo d\u00f5i c\u00f4ng vi\u1ec7c n\u00e0y, ng\u01b0\u1eddi \u0111\u1ecdc b\u00e1o v\u00e0 \u0111ang theo d\u00f5i n\u1ed9i dung nh\u01b0ng kh\u00f4ng c\u00f3 kinh nghi\u1ec7m nh\u01b0 b\u1ea1n c\u00f3 th\u1ec3 kh\u00f4ng bi\u1ebft kh\u00f4ng?<\/p>\n\n<p>Fabrice: H\u00e3y nh\u00ecn xem, t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o Palantir khi n\u00f3 c\u00f2n l\u00e0 t\u01b0 nh\u00e2n. Sau \u0111\u00f3, t\u00f4i \u01b0u ti\u00ean ti\u1ebfp c\u1eadn nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp. V\u1ea5n \u0111\u1ec1 l\u00e0, khi c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang, t\u00f4i m\u1ea5t quy\u1ec1n truy c\u1eadp \u0111\u1eb7c quy\u1ec1n c\u1ee7a m\u00ecnh, b\u1edfi v\u00ec t\u1ea5t nhi\u00ean, b\u00e2y gi\u1edd b\u1ea1n ch\u1ec9 c\u00f3 quy\u1ec1n truy c\u1eadp v\u00e0o b\u1ea5t k\u1ef3 th\u00f4ng tin th\u1ecb tr\u01b0\u1eddng c\u00f4ng khai n\u00e0o.<\/p>\n\n<p>T\u00f4i ngh\u0129 vi\u1ec7c \u0111\u1ea7u t\u01b0 ng\u00e0y nay th\u00fa v\u1ecb h\u01a1n, v\u00ec v\u1eady t\u00f4i \u0111\u00e3 b\u00e1n t\u1ea5t c\u1ea3, t\u00f4i th\u01b0\u1eddng b\u00e1n c\u1ed5 phi\u1ebfu \u0111\u1ea1i ch\u00fang c\u1ee7a m\u00ecnh sau khi th\u1eddi h\u1ea1n kh\u00f3a h\u1ebft h\u1ea1n, v\u00ec v\u1eady c\u00e1c c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft, t\u00f4i b\u1ecb kh\u00f3a trong s\u00e1u th\u00e1ng, sau \u0111\u00f3 t\u00f4i b\u00e1n. Kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00fa v\u1ecb nh\u1ea5t trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a t\u00f4i v\u00e0o l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng hi\u1ec7n nay l\u00e0 m\u1ed9t c\u00f4ng ty c\u00f3 t\u00ean Anduril, ANDURIL. T\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u b\u1ea1n \u0111\u00e3 t\u1eebng nghe \u0111\u1ebfn n\u00f3 ch\u01b0a.<\/p>\n\n<p>T\u00f4i ngh\u0129 l\u00e0 t\u00f4i c\u00f3. V\u1ec1 c\u01a1 b\u1ea3n, h\u1ecd \u0111ang t\u00e1i t\u1ea1o l\u1ea1i nh\u00e0 th\u1ea7u ch\u00ednh, nh\u00e0 th\u1ea7u qu\u1ed1c ph\u00f2ng cho ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a ch\u00ednh ph\u1ee7, tr\u00e1nh xa Lockheed Martin, Raytheons, v.v. tr\u00ean th\u1ebf gi\u1edbi, b\u1edfi v\u00ec nh\u1eefng k\u1ebb n\u00e0y c\u00f3 c\u01a1 c\u1ea5u chi ph\u00ed \u0111i\u00ean r\u1ed3 ho\u1eb7c kh\u00f4ng hi\u1ec7u qu\u1ea3. H\u1ecd \u0111ang x\u00e2y d\u1ef1ng m\u1ed9t nh\u00e0 th\u1ea7u hi\u1ec7n \u0111\u1ea1i, \u0111\u00e8n axit, ti\u1ebft ki\u1ec7m v\u1ed1n, ti\u1ebfn nhanh, chuy\u1ec3n ti\u1ebfp c\u00f4ng ngh\u1ec7.<\/p>\n\n<p>\u0110\u00f3 l\u00e0 gi\u00e0nh \u0111\u01b0\u1ee3c h\u1ee3p \u0111\u1ed3ng ph\u1ea3i v\u00e0 tr\u00e1i. H\u1ecd \u0111ang t\u1ea1o ra nh\u1eefng ph\u01b0\u01a1ng ti\u1ec7n t\u1ef1 \u0111\u1ed9ng phi th\u01b0\u1eddng, d\u01b0\u1edbi n\u01b0\u1edbc, tr\u00ean kh\u00f4ng, th\u1ef1c hi\u1ec7n nhi\u1ec7m v\u1ee5 ph\u00f2ng th\u1ee7, v.v., \u0111i\u1ec1u \u0111\u00f3 th\u1eadt tuy\u1ec7t v\u1eddi. H\u1ecd \u0111ang gi\u00e0nh \u0111\u01b0\u1ee3c h\u1ee3p \u0111\u1ed3ng ph\u1ea3i v\u00e0 tr\u00e1i.<\/p>\n\n<p>Ch\u1eafc ch\u1eafn \u0111\u00e3 c\u00f3 s\u1ef1 gia t\u0103ng l\u1edbn v\u1ec1 c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng. B\u00e2y gi\u1edd, chuy\u00ean m\u00f4n ho\u1eb7c ph\u00e2n t\u00edch \u0111\u1ecba ch\u00ednh tr\u1ecb c\u1ee7a t\u00f4i, n\u00ean t\u00f4i \u0111\u00e3 tham gia m\u1ed9t lo\u1ea1t nh\u00f3m, v\u00e0 \u0111\u00f3 l\u00e0 s\u1ef1 t\u00f2 m\u00f2 tr\u00ed tu\u1ec7 h\u01a1n b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c, nh\u01b0ng c\u00f3 m\u1ed9t nh\u00f3m t\u00ean l\u00e0 Ergo, ERGO, \u0111\u00f3 l\u00e0 c\u00e1c c\u1ef1u \u0111\u1eb7c v\u1ee5 t\u00ecnh b\u00e1o Hoa K\u1ef3 v\u00e0 CIA, v.v., \u0111\u00e3 t\u1ea1o ra v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 m\u1ed9t doanh nghi\u1ec7p t\u01b0 v\u1ea5n cho h\u1ea7u h\u1ebft c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111ang kinh doanh trong l\u0129nh v\u1ef1c kinh doanh v\u0129 m\u00f4 to\u00e0n c\u1ea7u, nh\u01b0ng \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi nh\u01b0 t\u00f4i, nh\u1eefng ng\u01b0\u1eddi t\u00f2 m\u00f2 v\u1ec1 m\u1eb7t tr\u00ed tu\u1ec7 v\u1ec1 kh\u00f4ng gian n\u00e0y, b\u1ea1n c\u00f3 quy\u1ec1n truy c\u1eadp \u0111\u1ed9c quy\u1ec1n v\u00e0o c\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u00ecnh b\u00e1o, nh\u00e0 ph\u00e2n t\u00edch qu\u1ed1c ph\u00f2ng v\u00e0 nh\u1eefng ng\u01b0\u1eddi \u1edf gi\u1eefa chuy\u1ec7n g\u00ec \u0111ang x\u1ea3y ra, ai l\u00e0 ng\u01b0\u1eddi ph\u1ea3n \u0111\u1ed1i v\u00e0 \u0111\u01b0a ra k\u1ebft qu\u1ea3 th\u1ef1c t\u1ebf v\u1ec1 x\u00e1c su\u1ea5t cho nh\u1eefng g\u00ec s\u1eafp x\u1ea3y ra v\u00e0 m\u1ecdi th\u1ee9, t\u1eeb c\u00e1c cu\u1ed9c b\u1ea7u c\u1eed kh\u00e1c nhau \u0111\u1ebfn c\u00e1c s\u1ef1 ki\u1ec7n \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n\n<p>H\u00e3y nh\u00ecn xem, t\u00f4i l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00ec s\u1ef1 t\u00f2 m\u00f2 tr\u00ed tu\u1ec7. N\u00f3 kh\u00f4ng thay \u0111\u1ed5i nh\u1eefng g\u00ec t\u00f4i l\u00e0m trong l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh. V\u1ec1 m\u1eb7t \u0111\u1ea7u t\u01b0, x\u00e9t cho c\u00f9ng, t\u00f4i tin r\u1eb1ng c\u00f4ng ngh\u1ec7, th\u1ee9 v\u1ed1n c\u00f3 t\u00e1c d\u1ee5ng gi\u1ea3m ph\u00e1t, s\u1ebd gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c h\u1ea7u h\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a th\u1ebf gi\u1edbi.<\/p>\n\n<p>L\u00fd do t\u00f4i l\u00e0m vi\u1ec7c trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp, l\u00e0 v\u00ec t\u00f4i nh\u00ecn th\u1ea5y c\u00e1c v\u1ea5n \u0111\u1ec1 v\u1ec1 s\u1ef1 b\u1ea5t b\u00ecnh \u0111\u1eb3ng v\u1ec1 c\u01a1 h\u1ed9i, bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu v\u00e0 kh\u1ee7ng ho\u1ea3ng s\u1ee9c kh\u1ecfe tinh th\u1ea7n v\u1ec1 th\u1ec3 ch\u1ea5t. T\u00f4i ngh\u0129 r\u1eb1ng c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng gi\u1ea3i quy\u1ebft ch\u00fang v\u1ec1 m\u1eb7t c\u01a1 c\u1ea5u, \u0111\u1eb7c bi\u1ec7t v\u00ec nhi\u1ec1u v\u1ea5n \u0111\u1ec1 trong s\u1ed1 n\u00e0y mang t\u00ednh to\u00e0n c\u1ea7u v\u00e0 c\u00f3 nh\u1eefng t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c t\u1eeb b\u00ean ngo\u00e0i nh\u01b0 bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu. V\u00ec v\u1eady, thay v\u00e0o \u0111\u00f3, t\u00f4i t\u00e0i tr\u1ee3 cho c\u00e1c gi\u1ea3i ph\u00e1p v\u00ec l\u1ee3i nhu\u1eadn c\u00f3 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng \u0111\u1ec3 gi\u1ea3i quy\u1ebft t\u1eebng v\u1ea5n \u0111\u1ec1 n\u00e0y.<\/p>\n\n<p>\u0110\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o 11 c\u00f4ng ty \u0111\u1ec3 c\u1ed1 g\u1eafng gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 \u0111\u00f3. B\u1ea5t k\u1ec3 m\u00f4i tr\u01b0\u1eddng \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 m\u00f4i tr\u01b0\u1eddng ch\u00ednh tr\u1ecb ra sao, t\u00f4i coi \u0111\u00f3 l\u00e0 s\u1ef1 ki\u1ec7t s\u1ee9c \u0111\u1ed1i v\u1edbi c\u00e1c m\u00f4 h\u00ecnh c\u1ee7a m\u00ecnh. T\u00f4i s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0m nh\u1eefng g\u00ec t\u00f4i l\u00e0m b\u1edfi v\u00ec t\u00f4i l\u00e0m n\u00f3, A, n\u00f3 c\u1ef1c k\u1ef3 sinh l\u1ee3i, nh\u01b0ng B, quan tr\u1ecdng h\u01a1n v\u00e0 quan tr\u1ecdng nh\u1ea5t, t\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 \u0111i\u1ec1u \u0111\u00fang \u0111\u1eafn n\u00ean l\u00e0m.<\/p>\n\n<p>T\u00f4i \u0111\u00e3 ngh\u1ec9 h\u01b0u c\u00e1ch \u0111\u00e2y 20 n\u0103m nh\u01b0ng t\u00f4i v\u1eabn theo \u0111u\u1ed5i s\u1ee9 m\u1ec7nh. T\u00f4i mu\u1ed1n gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a th\u1ebf gi\u1edbi. T\u00f4i ngh\u0129 c\u00f4ng ngh\u1ec7 l\u00e0 c\u00e1ch \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00ec n\u00f3 c\u00f3 t\u00e1c d\u1ee5ng gi\u1ea3m ph\u00e1t.<\/p>\n\n<p>Tr\u00ean th\u1ef1c t\u1ebf, \u0111\u00f3 c\u0169ng l\u00e0 c\u00e1ch gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 l\u1ea1m ph\u00e1t m\u00e0 ch\u00fang ta \u0111ang g\u1eb7p ph\u1ea3i \u1edf M\u1ef9. N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o h\u1ea7u h\u1ebft c\u00e1c h\u1ea1ng m\u1ee5c, n\u1ebfu c\u00f4ng ngh\u1ec7 \u0111\u00e3 ch\u1ea1m t\u1edbi n\u00f3 th\u00ec \u0111\u00f3 l\u00e0 t\u00ecnh tr\u1ea1ng gi\u1ea3m ph\u00e1t. H\u00e3y ngh\u0129 \u0111\u1ebfn ch\u1ea5t l\u01b0\u1ee3ng v\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a m\u00e1y t\u00ednh, \u0111i\u1ec7n tho\u1ea1i di \u0111\u1ed9ng c\u1ee7a b\u1ea1n trong 40 n\u0103m qua, nh\u01b0ng c\u0169ng \u0111\u00fang v\u1edbi c\u00e1c t\u1ea5m pin m\u1eb7t tr\u1eddi, pin.<\/p>\n\n<p>C\u00e1c t\u1ea5m pin m\u1eb7t tr\u1eddi \u0111\u00e3 \u0111\u01b0\u1ee3c chia theo gi\u00e1 10 trong th\u1eadp k\u1ef7 qua, cho m\u1ed7i th\u1eadp k\u1ef7 trong b\u1ed1n th\u1eadp k\u1ef7 qua. \u0110\u00f3 l\u00e0 gi\u00e1 gi\u1ea3m chia cho 10.000. Gi\u00e1 pin chia cho 42 k\u1ec3 t\u1eeb n\u0103m 1991.<\/p>\n\n<p>Tr\u00ean th\u1ef1c t\u1ebf, ch\u00fang \u0111\u00e3 gi\u1ea3m 50% trong m\u1ed9t n\u0103m, ch\u1ee7 y\u1ebfu l\u00e0 do s\u1ea3n xu\u1ea5t qu\u00e1 m\u1ee9c. \u1ede Trung Qu\u1ed1c, n\u00f3 v\u1eabn ti\u1ebfp t\u1ee5c gi\u1ea3m r\u1ea5t nhanh, \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y ch\u00fang ta s\u1eafp c\u00f3 nh\u1eefng gi\u1ea3i ph\u00e1p xanh, gi\u1ea3i ph\u00e1p c\u00f4ng ngh\u1ec7 cho v\u1ea5n \u0111\u1ec1 bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu. M\u1eb7c d\u00f9 t\u00f4i theo d\u00f5i nh\u1eefng v\u1ea5n \u0111\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb v\u1edbi nh\u1eefng th\u1ee9 nh\u01b0 Ergo v\u00e0 nh\u1eefng th\u1ee9 nh\u01b0 Green Mantle, cu\u1ed9c g\u1eb7p g\u1ee1 ho\u1eb7c \u0111\u1ed1i tho\u1ea1i c\u1ee7a Neil Ferguson, nh\u01b0ng n\u00f3 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh cu\u1ed1i c\u00f9ng c\u1ee7a t\u00f4i.<\/p>\n\n<p>T\u00f4i mu\u1ed1n \u0111i v\u00e0 s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 \u0111\u1ec3 gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a th\u1ebf gi\u1edbi.<\/p>\n\n<p>Jack: B\u1ea1n s\u1ebd lu\u00f4n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ngh\u1ec7, b\u1ea5t k\u1ec3 t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb nh\u01b0 th\u1ebf n\u00e0o, nh\u01b0ng c\u00f3 l\u1ebd n\u00f3 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn n\u01a1i b\u1ea1n th\u1ef1c hi\u1ec7n nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00f3. Theo Wikipedia c\u1ee7a b\u1ea1n, m\u00e0 t\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u n\u00f3 c\u00f3 ch\u00ednh x\u00e1c hay kh\u00f4ng, b\u1ea1n c\u00f3 th\u1ec3 s\u1eeda cho t\u00f4i, kho\u1ea3ng 70% kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n l\u00e0 \u1edf M\u1ef9 v\u00e0 30% \u1edf ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a th\u1ebf gi\u1edbi, bao g\u1ed3m Brazil, Ph\u00e1p, \u0110\u1ee9c, V\u01b0\u01a1ng qu\u1ed1c Anh , Nga, Trung Qu\u1ed1c v\u00e0 Th\u1ed5 Nh\u0129 K\u1ef3. C\u00f3 ph\u1ea3i t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb, nh\u1eadn th\u1ee9c c\u1ee7a b\u1ea1n v\u1ec1 m\u1ed1i \u0111e d\u1ecda c\u00f3 ph\u1ea3i l\u00e0 do b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o Alibaba, r\u00f5 r\u00e0ng l\u00e0 \u1edf Trung Qu\u1ed1c kh\u00f4ng?<\/p>\n\n<p>N\u1ebfu b\u00e2y gi\u1edd b\u1ea1n nh\u00ecn th\u1ea5y m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7y h\u1ee9a h\u1eb9n v\u1edbi b\u1ea1n nh\u01b0 Alibaba, b\u1ea1n \u0111\u00e3 kh\u00f4ng bi\u1ebft n\u00f3 s\u1ebd th\u00e0nh c\u00f4ng nh\u01b0 Alibaba, nh\u01b0ng n\u00f3 c\u0169ng h\u1ea5p d\u1eabn, thuy\u1ebft ph\u1ee5c b\u1ea1n nh\u01b0 khi b\u1ea1n nh\u00ecn th\u1ea5y n\u00f3 nh\u01b0 Alibaba khi b\u1ea1n nh\u00ecn th\u1ea5y n\u00f3. ng\u00e0y x\u01b0a \u0111\u00e3 th\u1ea5y \u0111i\u1ec1u \u0111\u00f3. B\u1ea1n v\u1eabn s\u1ebd th\u1ef1c hi\u1ec7n kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00f3 hay t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u1ee7 nghi\u00eam tr\u1ecdng \u0111\u1ebfn m\u1ee9c b\u1ea1n c\u00f3 th\u1ec3 ph\u1ea3i suy ngh\u0129 k\u1ef9 v\u1ec1 vi\u1ec7c vi\u1ebft t\u1ea5m s\u00e9c \u0111\u00f3? Ngo\u00e0i ra, t\u00f4i c\u00f3 th\u1ec3 h\u1ecfi b\u1ea1n m\u1ed9t c\u00e2u h\u1ecfi v\u1ec1 n\u01b0\u1edbc Nga, t\u00f4i cho r\u1eb1ng c\u00e2u tr\u1ea3 l\u1eddi c\u1ee7a b\u1ea1n l\u00e0 ch\u1eafc ch\u1eafn.<\/p>\n\n<p>Fabrice: B\u1ea1n th\u1ef1c s\u1ef1 \u0111\u00fang. N\u00f3 cho bi\u1ebft n\u01a1i ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u1ea7n l\u1edbn n\u01a1i ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 l\u00e0 M\u1ef9 v\u00e0 T\u00e2y \u00c2u, nh\u01b0ng ch\u00fang t\u00f4i \u0111\u00e3 t\u1eebng \u0111\u1ea7u t\u01b0 m\u1ea1nh m\u1ebd v\u00e0o Th\u1ed5 Nh\u0129 K\u1ef3, Nga v\u00e0 Trung Qu\u1ed1c. V\u00ec l\u00fd do \u0111\u1ecba ch\u00ednh tr\u1ecb, v\u00ec nh\u1eefng l\u00fd do ho\u00e0n to\u00e0n kh\u00e1c nhau, t\u00f4i \u0111\u00e3 r\u1eddi xa c\u1ea3 ba.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 ng\u0103n ch\u1eb7n Nga sau khi Putin quy\u1ebft \u0111\u1ecbnh x\u00e2m chi\u1ebfm Crimea, n\u00ean t\u00f4i ngh\u0129 n\u00f3 gi\u1ed1ng nh\u01b0 n\u0103m 2014 v\u1eady. Ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u00f4ng ty \u0111\u1eb7c bi\u1ec7t \u1edf \u0111\u00f3. Ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng B2B gi\u1ed1ng nh\u01b0 Alibaba c\u1ee7a Trung Qu\u1ed1c.<\/p>\n\n<p>N\u00f3 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi Tiger Investor. T\u1ea5t nhi\u00ean, h\u1ecd s\u1ee3 h\u00e3i, v\u00e0 \u0111\u00fang nh\u01b0 v\u1eady. \u0110\u1ed9t nhi\u00ean, c\u00f4ng ty tr\u1ecb gi\u00e1 h\u00e0ng t\u1ef7 \u0111\u00f4 la kh\u00f4ng c\u00f2n nh\u00e0 t\u00e0i tr\u1ee3 n\u00e0o n\u1eefa v\u00e0 m\u1ed9t s\u1ed1 nh\u00e0 t\u00e0i phi\u1ec7t \u0111\u00e3 ti\u1ebfp qu\u1ea3n n\u00f3 m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng.<\/p>\n\n<p>Ch\u00fang t\u00f4i ch\u1eafc ch\u1eafn kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o Nga n\u1eefa. Trung Qu\u1ed1c, \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1. Sau khi Jokhma bi\u1ebfn m\u1ea5t \u0111\u01b0\u1ee3c v\u00e0i th\u00e1ng, t\u00f4i s\u1ebd h\u1ecdc ti\u1ebfng Quan Tho\u1ea1i t\u1ea1i \u0110\u1ea1i h\u1ecdc S\u01b0 ph\u1ea1m B\u1eafc Kinh.<\/p>\n\n<p>T\u00f4i y\u00eau Trung Qu\u1ed1c. T\u00f4i th\u00edch c\u00e2u chuy\u1ec7n \u0111\u01b0a m\u1ed9t t\u1ef7 ng\u01b0\u1eddi tho\u00e1t kh\u1ecfi \u0111\u00f3i ngh\u00e8o. \u0110\u1eb7ng Ti\u1ec3u B\u00ecnh l\u00e0 m\u1ed9t trong nh\u1eefng anh h\u00f9ng c\u1ee7a t\u00f4i v\u1ec1 nh\u1eefng g\u00ec \u00f4ng \u0111\u00e3 l\u00e0m \u0111\u1ec3 hi\u1ec7n \u0111\u1ea1i h\u00f3a Trung Qu\u1ed1c.<\/p>\n\n<p>V\u1ea5n \u0111\u1ec1 v\u1edbi c\u00e1c ch\u1ebf \u0111\u1ed9 chuy\u00ean quy\u1ec1n v\u00e0 \u0111\u1ed9c t\u00e0i l\u00e0 b\u1ea1n ch\u1ec9 t\u1ed1t nh\u01b0 nh\u00e0 \u0111\u1ed9c t\u00e0i c\u1ee7a m\u00ecnh. B\u1ea1n ch\u1eafc ch\u1eafn \u0111\u00e3 nh\u00ecn th\u1ea5y n\u00f3 \u1edf \u0110\u1ebf ch\u1ebf La M\u00e3 n\u01a1i b\u1ea1n c\u00f3 Augustus ho\u1eb7c Marcus Aurelius v\u00e0 Trajan, nh\u01b0ng b\u1ea1n c\u0169ng c\u00f3 Commodus v\u00e0 Nero. D\u00f9 y\u00eau \u0110\u1eb7ng Ti\u1ec3u B\u00ecnh bao nhi\u00eau, t\u00f4i ngh\u0129 T\u1eadp C\u1eadn B\u00ecnh b\u00ecnh th\u01b0\u1eddng b\u1ea5t t\u00e0i nh\u01b0ng nguy hi\u1ec3m, nguy hi\u1ec3m cho th\u1ebf gi\u1edbi.<\/p>\n\n<p>\u00d4ng \u1ea5y c\u00f3 quan \u0111i\u1ec3m sai l\u1ea7m v\u1ec1 ngu\u1ed3n g\u1ed1c s\u1ee9c m\u1ea1nh c\u1ee7a c\u00e1c qu\u1ed1c gia, nh\u00e2n ti\u1ec7n, t\u00f4i ngh\u0129 \u0111i\u1ec1u n\u00e0y c\u0169ng \u0111\u00fang v\u1edbi Putin, v\u00e0 kh\u00f4ng tin v\u00e0o di s\u1ea3n c\u1ee7a nh\u1eefng g\u00ec \u0110\u1eb7ng Ti\u1ec3u B\u00ecnh v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c \u0111\u00e3 l\u00e0m. T\u00f4i th\u1ef1c s\u1ef1 tin r\u1eb1ng n\u1ebfu ai \u0111\u00f3 nh\u01b0 \u0110\u1eb7ng n\u1eafm quy\u1ec1n ng\u00e0y nay \u1edf Trung Qu\u1ed1c, ch\u00fang ta s\u1ebd kh\u00f4ng x\u1ea3y ra Chi\u1ebfn tranh L\u1ea1nh l\u1ea7n th\u1ee9 hai v\u00e0 cu\u1ed9c xung \u0111\u1ed9t n\u1ea3y sinh gi\u1eefa M\u1ef9 v\u00e0 Trung Qu\u1ed1c, v\u00e0 th\u1ef1c s\u1ef1 s\u1ebd c\u00f9ng t\u1ed3n t\u1ea1i t\u1ed1t h\u01a1n nhi\u1ec1u. T\u1eadp c\u00f3 th\u1ebf gi\u1edbi quan c\u1ee7a \u00f4ng \u1ea5y, xung \u0111\u1ed9t tr\u1ef1c ti\u1ebfp v\u1edbi th\u1ebf gi\u1edbi quan c\u1ee7a t\u00f4i, v\u00e0 v\u00ec v\u1eady kh\u00f4ng, t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o Trung Qu\u1ed1c n\u1eefa.<\/p>\n\n<p>Th\u1ed5 Nh\u0129 K\u1ef3, Erdogan, \u0111\u1ed1i v\u1edbi t\u00f4i \u0111ang vi ph\u1ea1m di s\u1ea3n c\u1ee7a Ataturk. Ataturk l\u00e0 m\u1ed9t trong nh\u1eefng ch\u00ednh kh\u00e1ch v\u0129 \u0111\u1ea1i c\u1ee7a th\u1ebf k\u1ef7 20. T\u00f4i y\u00eau nh\u1eefng g\u00ec anh \u1ea5y \u0111\u00e3 l\u00e0m v\u1edbi Th\u1ed5 Nh\u0129 K\u1ef3 c\u0169ng nh\u01b0 c\u00e1ch anh \u1ea5y c\u1ea3i c\u00e1ch v\u00e0 hi\u1ec7n \u0111\u1ea1i h\u00f3a n\u00f3.<\/p>\n\n<p>Erdogan v\u1eeba nh\u00ecn t\u1eeb g\u00f3c \u0111\u1ed9 ch\u00ednh tr\u1ecb, nh\u01b0ng n\u00f3i th\u1eb3ng ra, th\u1eadm ch\u00ed l\u00e0 g\u00f3c \u0111\u1ed9 v\u0129 m\u00f4. \u00d4ng tin r\u1eb1ng vi\u1ec7c in th\u00eam ti\u1ec1n s\u1ebd l\u00e0m gi\u1ea3m l\u1ea1m ph\u00e1t. Ch\u00fang t\u00f4i \u0111\u00e3 th\u1ea5y t\u00e1c \u0111\u1ed9ng l\u00ean ti\u1ec1n t\u1ec7 \u1edf \u0111\u00e2u.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1eb7c bi\u1ec7t v\u00e0o Th\u1ed5 Nh\u0129 K\u1ef3 v\u00e0 c\u00e1c c\u00f4ng ty nh\u01b0 Trendule, gi\u1ed1ng nh\u01b0 Amazon c\u1ee7a Th\u1ed5 Nh\u0129 K\u1ef3. V\u1ea5n \u0111\u1ec1 l\u00e0 khi b\u1ea1n c\u00f3 m\u1ee9c l\u1ea1m ph\u00e1t cao nh\u01b0 v\u1eady, \u0111\u1ed3ng lira s\u1ebd m\u1ea5t gi\u00e1 \u0111\u1ebfn m\u1ee9c ngay c\u1ea3 khi b\u1ea1n t\u0103ng doanh thu t\u00ednh b\u1eb1ng \u0111\u00f4 la th\u00ec cu\u1ed1i c\u00f9ng, b\u1ea1n v\u1eabn b\u1ecb thu h\u1eb9p l\u1ea1i. Ngay c\u1ea3 khi b\u1ea1n t\u0103ng g\u1ea5p \u0111\u00f4i so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc t\u00ednh theo \u0111\u1ed3ng \u0111\u00f4 la, th\u00ec s\u1ef1 m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng ti\u1ec1n n\u00e0y v\u1eabn t\u00e1c \u0111\u1ed9ng nhi\u1ec1u h\u01a1n \u0111\u1ebfn n\u00f3.<\/p>\n\n<p>T\u00f4i s\u1eed d\u1ee5ng l\u0103ng k\u00ednh \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o \u0111\u00e2u v\u00e0 b\u1ea1n \u0111\u00e3 \u0111\u00fang. Hi\u1ec7n t\u1ea1i t\u00f4i kh\u00f4ng ch\u1ec9 tr\u00e1nh xa ba qu\u1ed1c gia n\u00e0y m\u00e0 c\u00f2n tr\u00e1nh xa c\u1ea3 Trung Qu\u1ed1c, Nga v\u00e0 Th\u1ed5 Nh\u0129 K\u1ef3.<\/p>\n\n<p>Jack: Hi\u1ec3u r\u1ed3i. C\u1ea3m \u01a1n. Tr\u01b0\u1edbc \u0111\u00f3, b\u1ea1n \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m.<\/p>\n\n<p>B\u1ea1n n\u00f3i Tiger Global, CO2. T\u00f4i ngh\u0129 \u0111\u00e2y l\u00e0 nh\u1eefng qu\u1ef9 ph\u00f2ng h\u1ed9, theo truy\u1ec1n th\u1ed1ng qu\u1ea3n l\u00fd m\u1ed9t qu\u1ef9 ph\u00f2ng h\u1ed9 n\u1eafm gi\u1eef v\u1ecb th\u1ebf b\u00e1n kh\u1ed1ng, \u0111\u1eb7t c\u01b0\u1ee3c kinh t\u1ebf v\u0129 m\u00f4, kh\u00f4ng ph\u1ea3i \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, nh\u01b0ng sau \u0111\u00f3 h\u1ecd tham gia \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, v\u00e0 b\u1ea1n \u0111\u00e3 \u00e1m ch\u1ec9 \u0111\u1ebfn n\u00f3. Nh\u1eadn th\u1ee9c c\u1ee7a t\u00f4i l\u00e0 h\u1ecd vi\u1ebft s\u00e9c m\u00e0 kh\u00f4ng th\u1ef1c hi\u1ec7n nhi\u1ec1u c\u00f4ng vi\u1ec7c th\u1ea9m \u0111\u1ecbnh, v\u00e0 h\u1ecd l\u00e0 kh\u00e1ch du l\u1ecbch, l\u1eddi n\u00f3i c\u1ee7a t\u00f4i ch\u1ee9 kh\u00f4ng ph\u1ea3i c\u1ee7a b\u1ea1n.<\/p>\n\n<p>H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft, b\u1ea1n quan s\u00e1t th\u1ea5y h\u1ecd tham gia v\u00e0o l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m trong 10 n\u0103m qua nh\u01b0 th\u1ebf n\u00e0o? H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft th\u00eam m\u1ed9t ch\u00fat th\u00f4ng tin chi ti\u1ebft v\u1ec1 s\u1ef1 tham gia c\u1ee7a h\u1ecd v\u00e0o th\u1eddi k\u1ef3 \u0111\u1ec9nh \u0111i\u1ec3m c\u1ee7a vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c v\u1ea5n \u0111\u1ec1 bong b\u00f3ng v\u00e0o n\u0103m 2020 v\u00e0 2021, v\u00e0 hi\u1ec7n t\u1ea1i h\u1ecd \u0111ang \u1edf \u0111\u00e2u? H\u1ecd v\u1eabn vi\u1ebft s\u00e9c \u00e0?<\/p>\n\n<p>H\u1ecd \u0111\u00e3 vi\u1ebft ch\u00fang ra ch\u01b0a? H\u1ecd \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c b\u00e0i h\u1ecdc c\u1ee7a m\u00ecnh hay chuy\u1ec7n g\u00ec \u0111ang x\u1ea3y ra?<\/p>\n\n<p>Fabrice: Tr\u01b0\u1edbc h\u1ebft, r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi trong s\u1ed1 n\u00e0y tr\u01b0\u1edbc \u0111\u00e2y t\u1eebng l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7. H\u1ecd \u0111\u00e3 c\u00f3 m\u1ed9t l\u1ecbch s\u1eed. Ch\u1ec9 l\u00e0 ch\u00fang t\u0103ng v\u1ecdt r\u1ea5t nhi\u1ec1u trong nh\u1eefng ng\u00e0y bong b\u00f3ng, hay bong b\u00f3ng 21.<\/p>\n\n<p>Nh\u1eefng ng\u01b0\u1eddi l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eddi ti\u1ebft c\u00f4ng b\u1eb1ng nh\u1ea5t th\u1ef1c s\u1ef1 l\u00e0 nh\u1eefng ng\u01b0\u1eddi ch\u00e9o. \u00dd t\u01b0\u1edfng c\u1ee7a h\u1ecd l\u00e0 ch\u00fang t\u00f4i s\u1ebd c\u00f4ng khai mu\u1ed9n v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao, t\u1ea5t nhi\u00ean l\u00e0 v\u00ec th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang v\u00e0 ch\u00fang t\u00f4i s\u1ebd tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n khi b\u1ea1n c\u00f4ng khai v\u00e0 ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang. V\u1ea5n \u0111\u1ec1 l\u00e0, t\u00f4i kh\u00f4ng ngh\u0129 h\u1ecd hi\u1ec3u th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o v\u00e0 nhi\u1ec1u c\u00f4ng ty trong s\u1ed1 n\u00e0y ch\u01b0a s\u1eb5n s\u00e0ng.<\/p>\n\n<p>M\u1ed9t khi th\u1ecb tr\u01b0\u1eddng quay \u0111\u1ea7u v\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang c\u0169ng quay \u0111\u1ea7u, h\u1ea7u h\u1ebft h\u1ecd \u0111\u1ec1u r\u1eddi \u0111i. B\u00e2y gi\u1edd, t\u00f4i kh\u00f4ng theo d\u00f5i ch\u1eb7t ch\u1ebd l\u1eafm, b\u1edfi v\u00ec \u0111\u00e2y l\u00e0 n\u01a1i t\u00f4i th\u01b0\u1eddng ch\u01a1i mu\u1ed9n h\u01a1n nhi\u1ec1u, m\u1eb7c d\u00f9 h\u1ecd l\u00e0 nh\u1eefng ng\u01b0\u1eddi mua trong c\u00f4ng ty c\u1ee7a t\u00f4i. R\u1ea5t th\u01b0\u1eddng xuy\u00ean, khi t\u00f4i mu\u1ed1n, m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y qu\u00e1 cao, c\u00f3 m\u1ed9t \u0111o\u1ea1n \u0111\u01b0\u1eddng n\u1ed1i m\u1edbi \u0111ang di\u1ec5n ra, ch\u00fang ta c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n b\u01b0\u1edbc th\u1ee9 hai kh\u00f4ng?<\/p>\n\n<p>H\u1ecd mu\u1ed1n s\u1edf h\u1eefu nhi\u1ec1u h\u01a1n, b\u1edfi v\u00ec h\u1ecd \u0111ang c\u1ea1nh tranh v\u1edbi nhau, nh\u01b0 SoftBank v\u00e0 Tiger thay v\u00ec ph\u00e2n b\u1ed5 c\u1ee7a ch\u00fang t\u00f4i, ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng b\u00e1n v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh cho h\u1ecd. T\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u h\u1ecd c\u00f3 r\u00fat lui hay kh\u00f4ng, nh\u01b0ng h\u1ecd ch\u1eafc ch\u1eafn \u0111\u00e3 thu h\u1eb9p quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng v\u00e0 c\u00f3 th\u1ec3 h\u1ecd l\u1ea1i nh\u00fang tay v\u00e0o, nh\u01b0ng th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, t\u00f4i ch\u01b0a theo d\u00f5i. T\u00f4i ngh\u0129 SoftBank v\u1eabn c\u00f2n ho\u1ea1t \u0111\u1ed9ng m\u1ed9t ch\u00fat, m\u1eb7c d\u00f9 c\u00f3 th\u1ec3 h\u1ecd c\u00f3 c\u00e1c qu\u1ef9 kh\u00e1c nhau d\u00e0nh cho Geos \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ee3p nh\u1ea5t, nh\u01b0ng t\u00f4i ch\u1eafc ch\u1eafn kh\u00f4ng th\u1ea5y ch\u00fang nhi\u1ec1u nh\u01b0 v\u1eady.<\/p>\n\n<p>Hi\u1ec7n t\u1ea1i, ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u1eabn \u0111ang trong giai \u0111o\u1ea1n tr\u00ec tr\u1ec7. Nh\u01b0 t\u00f4i \u0111\u00e3 n\u00f3i, ch\u00fang t\u00f4i v\u1eabn gi\u1ea3m 70% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y trong l\u0129nh v\u1ef1c li\u00ean doanh, v\u1edbi nhi\u1ec1u LP v\u1eabn c\u1ea3m th\u1ea5y \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 qu\u00e1 m\u1ee9c cho li\u00ean doanh v\u00e0 t\u01b0 nh\u00e2n, do \u0111\u00f3 r\u1ea5t kh\u00f3 \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 c\u00e1c GP kh\u00f4ng c\u00f3 b\u1ea5y nhi\u00eau v\u1ed1n \u0111\u1ec3 tri\u1ec3n khai.<\/p>\n\n<p>Jack: B\u1ea1n ngh\u0129 \u0111\u00e1y c\u1ee7a v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m n\u0103m 2022 l\u00e0 g\u00ec? C\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 t\u0103ng tr\u01b0\u1edfng cao tr\u00ean th\u1ebf gi\u1edbi \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai \u0111\u00e3 gi\u1ea3m, nh\u01b0 b\u1ea1n \u0111\u00e3 n\u00f3i, 80%, 90%. Nh\u01b0ng vi\u1ec7c kh\u00e1m ph\u00e1 gi\u00e1 trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m nh\u01b0 th\u1ebf n\u00e0o v\u00e0 n\u0103m 2023 nh\u01b0 th\u1ebf n\u00e0o, v\u00e0 b\u00e2y gi\u1edd ch\u00fang ta \u0111ang \u1edf \u0111\u00e2u?<\/p>\n\n<p>Fabrice: T\u00f4i mu\u1ed1n n\u00f3i r\u1eb1ng t\u1eeb cu\u1ed1i ng\u00e0y 22 \u0111\u1ebfn Q1, ng\u00e0y 24 th\u1eadt t\u1ed3i t\u1ec7. Th\u1eadt kh\u1ee7ng khi\u1ebfp, ngo\u1ea1i tr\u1eeb c\u00e2u chuy\u1ec7n v\u1ec1 hai th\u00e0nh ph\u1ed1. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t AI, n\u00f3 c\u1ef1c k\u1ef3 s\u1ee7i b\u1ecdt v\u00e0 g\u1ee3i nh\u1edb \u0111\u1ebfn bong b\u00f3ng n\u0103m 21.<\/p>\n\n<p>Trong h\u1ea7u h\u1ebft c\u00e1c h\u1ea1ng m\u1ee5c, n\u00f3 th\u1eadt kh\u1ee7ng khi\u1ebfp. Th\u1eadt kh\u00f3 \u0111\u1ec3 n\u00e2ng l\u00ean, xu\u1ed1ng tr\u00f2n, b\u1ea1n c\u1ea7n th\u00eam l\u1ef1c k\u00e9o \u0111\u1ec3 n\u00e2ng b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec l\u00ean. M\u1ecdi ng\u01b0\u1eddi mu\u1ed1n b\u1ea1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c s\u1ed1 ti\u1ec1n m\u1eb7t tr\u1ecb gi\u00e1 hai ho\u1eb7c ba n\u0103m, v.v., ngo\u1ea1i tr\u1eeb AI. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t c\u00f4ng ty li\u00ean quan \u0111\u1ebfn AI, \u0111i\u1ec1u \u0111\u00f3 gi\u1ed1ng nh\u01b0 b\u1ea1n \u0111ang \u1edf \u0111\u1ec9nh cao c\u1ee7a chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u h\u00f3a. Th\u1eadt th\u00fa v\u1ecb, trong khi h\u1ea7u h\u1ebft c\u00f4ng ngh\u1ec7 \u0111ang \u1edf trong t\u00ecnh tr\u1ea1ng suy tho\u00e1i s\u00e2u s\u1eafc th\u00ec AI l\u1ea1i \u1edf trong m\u1ed9t bong b\u00f3ng \u0111i\u00ean cu\u1ed3ng. B\u00e2y gi\u1edd, c\u1ea3 hai \u0111\u1ec1u \u0111ang s\u1eeda ch\u1eefa m\u1ed9t ch\u00fat.<\/p>\n\n<p>T\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf th\u1eddi k\u1ef3 h\u1eadu \u0111\u1ec9nh cao c\u1ee7a bong b\u00f3ng AI trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, x\u00e9t v\u1ec1 kh\u00eda c\u1ea1nh m\u1ecdi ng\u01b0\u1eddi \u0111ang huy \u0111\u1ed9ng v\u1ed1n cho c\u00e1c c\u00f4ng ty AI m\u1edbi. \u00dd t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 Tr\u00f2 ch\u01a1i c\u1ee7a c\u00e1c v\u1ecb vua. \u00dd t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ec3u AI c\u1edfi m\u1edf.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0 c\u00e1c \u1ee9ng d\u1ee5ng c\u1ee7a AI v\u00e0 c\u00e1c c\u00f4ng ty \u0111ang ph\u00e1t tri\u1ec3n xung quanh n\u00f3. Ch\u00fang t\u00f4i \u0111ang th\u1ea5y m\u1ed9t s\u1ed1 s\u1ef1 ph\u1ee5c h\u1ed3i trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 kh\u00e1m ph\u00e1 gi\u00e1 v\u00e0 vi\u1ec7c d\u1ec5 d\u00e0ng th\u1ef1c hi\u1ec7n c\u00e1c v\u00f2ng trong l\u0129nh v\u1ef1c li\u00ean doanh, nh\u01b0ng ch\u00fang t\u00f4i v\u1eabn c\u00f2n r\u1ea5t xa so v\u1edbi m\u1ee9c b\u00ecnh th\u01b0\u1eddng. N\u00f3 v\u1eabn kh\u00f3 h\u01a1n t\u00f4i t\u01b0\u1edfng.<\/p>\n\n<p>M\u1ed9t s\u1ed1 danh m\u1ee5c ho\u00e0n to\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c y\u00eau th\u00edch, ch\u1eb3ng h\u1ea1n nh\u01b0 giao \u0111\u1ed3 \u0103n v\u00e0 c\u00f4ng ngh\u1ec7 th\u1ef1c ph\u1ea9m n\u00f3i chung, v\u1ec1 c\u01a1 b\u1ea3n, v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u \u0111\u1ebfn v\u00e0 \u0111\u1eb7t \u0111\u1ed3 \u0103n tr\u1ef1c tuy\u1ebfn trong nh\u1eefng ng\u00e0y bong b\u00f3ng, n\u00ean c\u00e1c c\u00f4ng ty \u0111\u00e3 ph\u00e1t tri\u1ec3n h\u01a1n r\u1ea5t nhi\u1ec1u v\u00e0 m\u1ee9c \u0111\u1ed9 th\u00e2m nh\u1eadp c\u0169ng t\u0103ng l\u00ean nhi\u1ec1u h\u01a1n, v\u00e0 m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i \u0111i\u1ec1u \u0111\u00f3 tr\u1edf n\u00ean b\u00ecnh th\u01b0\u1eddng. Khi ch\u00fang co l\u1ea1i l\u1ea7n n\u1eefa, n\u00f3 nh\u00e2n v\u1edbi 5 r\u1ed3i chia cho 2. V\u1ea5n \u0111\u1ec1 l\u00e0 s\u1ef1 chia \u0111\u00f4i \u0111au \u0111\u1edbn \u0111\u1ebfn m\u1ee9c h\u1ea1ng m\u1ee5c n\u00e0y tr\u1edf n\u00ean kh\u00f4ng \u0111\u01b0\u1ee3c y\u00eau th\u00edch.<\/p>\n\n<p>B\u1ea5t c\u1ee9 th\u1ee9 g\u00ec li\u00ean quan \u0111\u1ebfn th\u1ef1c ph\u1ea9m, ch\u1eb3ng h\u1ea1n nh\u01b0 giao \u0111\u1ed3 \u0103n, c\u00f4ng ngh\u1ec7 th\u1ef1c ph\u1ea9m \u0111\u1ec1u ho\u00e0n to\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau th\u00edch v\u00e0 s\u1ebd ph\u1ea3i m\u1ea5t m\u1ed9t th\u1eddi gian \u0111\u1ec3 ph\u1ee5c h\u1ed3i.<\/p>\n\n<p>Jack: C\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng khi n\u00f3i r\u1eb1ng trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m, b\u1edfi v\u00ec t\u1ea5t c\u1ea3 \u0111\u1ec1u xoay quanh t\u0103ng tr\u01b0\u1edfng, n\u1ebfu m\u1ed9t c\u00f4ng ty ng\u1eebng ph\u00e1t tri\u1ec3n, \u0111\u00f3 ch\u1ec9 l\u00e0 \u0111i\u1ec1u t\u1ed3i t\u1ec7 nh\u1ea5t m\u00e0 m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 l\u00e0m theo quan \u0111i\u1ec3m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0? N\u00f3i nh\u01b0 v\u1eady c\u00f3 c\u00f4ng b\u1eb1ng hay kh\u00f4ng?<\/p>\n\n<p>Fabrice: Ph\u1ee5 thu\u1ed9c v\u00e0o s\u00e2n kh\u1ea5u. N\u1ebfu b\u1ea1n \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u, ch\u1eafc ch\u1eafn. N\u1ebfu b\u1ea1n \u0111ang \u1edf giai \u0111o\u1ea1n mu\u1ed9n v\u00e0 m\u1ea5t m\u1ed9t n\u0103m m\u00e0 b\u1ea1n t\u0103ng tr\u01b0\u1edfng 10%, 20%, nh\u01b0ng b\u1ea1n \u0111i\u1ec1u ch\u1ec9nh kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u1ee7a m\u00ecnh, \u0111\u1ec3 b\u1ea1n chuy\u1ec3n t\u1eeb \u0111\u1ed1t 100 tri\u1ec7u sang h\u00f2a v\u1ed1n, \u0111i\u1ec1u \u0111\u00f3 th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 \u1ed5n.<\/p>\n\n<p>N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t c\u00f4ng ty giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng ho\u1eb7c m\u1ed9t c\u00f4ng ty giai \u0111o\u1ea1n \u0111\u1ea7u, b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n th\u00ec \u0111\u00fang v\u1eady, \u0111\u00f3 l\u00e0 b\u1ea3n \u00e1n t\u1eed h\u00ecnh v\u00ec ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 PE. Ch\u00fang t\u00f4i c\u1ea7n b\u1ea3o l\u00e3nh s\u1ed1 ti\u1ec1n g\u1ea5p 10 l\u1ea7n tr\u1edf l\u00ean. N\u1ebfu b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n, b\u1ea1n s\u1ebd kh\u00f4ng th\u1ec3 th\u00e0nh c\u00f4ng.<\/p>\n\n<p>\u1ede giai \u0111o\u1ea1n \u0111\u1ea7u, ch\u1eafc ch\u1eafn \u0111i\u1ec1u \u0111\u00f3 l\u00e0 \u0111\u00fang.<\/p>\n\n<p>Jack: Th\u1ebf c\u00f2n ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u00ec sao? B\u1ea1n \u0111\u00e3 tham gia v\u00e0o vi\u1ec7c \u0111\u00f3 nh\u01b0 th\u1ebf n\u00e0o? H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1ea1n bi\u1ebft v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed nh\u01b0 th\u1ebf n\u00e0o.<\/p>\n\n<p>Fabrice: T\u00f4i l\u00e0 m\u1ed9t game th\u1ee7. T\u00f4i c\u00f3 GPU r\u1ea5t m\u1ea1nh. L\u00e0 m\u1ed9t b\u00e0i t\u1eadp tr\u00ed tu\u1ec7, t\u00f4i \u0111\u00e3 khai th\u00e1c Bitcoin tr\u00ean GPU c\u1ee7a m\u00ecnh, t\u00f4i kh\u00f4ng bi\u1ebft, v\u00e0o n\u0103m 2010, 2011, r\u1ea5t, r\u1ea5t, r\u1ea5t s\u1edbm.<\/p>\n\n<p>L\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, chuy\u00ean m\u00f4n c\u1ee7a t\u00f4i l\u00e0 c\u00e1c doanh nghi\u1ec7p v\u00e0 th\u1ecb tr\u01b0\u1eddng hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi. Ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 hi\u1ec7u \u1ee9ng m\u1ea1ng c\u1ef1c k\u1ef3 s\u00e2u s\u1eafc. N\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 s\u1ef1 t\u01b0\u01a1ng t\u1ef1 c\u1ee7a c\u00e1c h\u1ec7 \u0111i\u1ec1u h\u00e0nh c\u00f3 th\u1ec3 nh\u01b0 Microsoft Windows, s\u1ebd c\u00f3 nh\u1eefng hi\u1ec7u \u1ee9ng m\u1ea1ng \u0111\u1eb7c bi\u1ec7t v\u00ec khi b\u1ea1n c\u00f3 nh\u00e0 ph\u00e1t tri\u1ec3n tr\u00ean n\u1ec1n t\u1ea3ng v\u00e0 c\u00f4ng c\u1ee5 d\u00e0nh cho nh\u00e0 ph\u00e1t tri\u1ec3n, m\u1ecdi ng\u01b0\u1eddi x\u00e2y d\u1ef1ng \u1ee9ng d\u1ee5ng v\u00ec h\u1ecd c\u00f3 \u1ee9ng d\u1ee5ng, nhi\u1ec1u ng\u01b0\u1eddi t\u1ea3i \u1ee9ng d\u1ee5ng \u0111\u00f3 h\u01a1n, v.v.<\/p>\n\n<p>\u0110i\u1ec1u t\u01b0\u01a1ng t\u1ef1 c\u0169ng x\u1ea3y ra \u1edf l\u1edbp m\u1ed9t, Solana ho\u1eb7c Ethereum, sau \u0111\u00f3 m\u1ecdi ng\u01b0\u1eddi t\u1ef1 x\u00e2y d\u1ef1ng c\u00e1c \u1ee9ng d\u1ee5ng n\u00e0y ho\u1eb7c th\u1ecb tr\u01b0\u1eddng. N\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 th\u1ee9 g\u00ec \u0111\u00f3 gi\u1ed1ng nh\u01b0 Uniswap, th\u00ec \u0111\u00f3 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng n\u01a1i t\u00ednh thanh kho\u1ea3n r\u1ea5t quan tr\u1ecdng. B\u1ea1n c\u1ea7n ph\u1ea3i k\u1ebft h\u1ee3p cung v\u00e0 c\u1ea7u.<\/p>\n\n<p>N\u00f3 tu\u00e2n theo \u0111\u1ed9ng l\u1ef1c gi\u1ed1ng h\u1ec7t nh\u01b0 Alibaba, eBay ho\u1eb7c Airbnb v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i h\u00ecnh kinh doanh n\u00e0y. Ch\u00fang t\u00f4i b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0o kh\u00eda c\u1ea1nh ri\u00eang t\u01b0 c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00e1 s\u1edbm v\u00e0o n\u0103m 2016 ho\u1eb7c 2017. T\u00f4i ngh\u0129 hi\u1ec7n t\u1ea1i ch\u00fang t\u00f4i c\u00f3 70 kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u1edf ph\u00eda t\u01b0 nh\u00e2n, chi\u1ebfm kho\u1ea3ng 10% qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a Figment v\u00e0 l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u v\u00e0o Animoca c\u0169ng nh\u01b0 m\u1ed9t s\u1ed1 c\u00f4ng ty thu\u1ed9c l\u1edbp c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u01a1 b\u1ea3n v\u00e0 c\u00e1c c\u00f4ng ty \u1ee9ng d\u1ee5ng trong kh\u00f4ng gian. Ch\u00fang t\u00f4i l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edbm. Ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 trong kh\u00f4ng gian.<\/p>\n\n<p>Tr\u00ean h\u1ebft, hi\u1ec7n nay, do nhi\u1ec1u \u1ee9ng d\u1ee5ng c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed, gi\u00e1 tr\u1ecb t\u00edch l\u0169y v\u00e0o m\u00e3 th\u00f4ng b\u00e1o ch\u1ee9 kh\u00f4ng ph\u1ea3i v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, n\u00ean ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0o m\u00e3 th\u00f4ng b\u00e1o v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, ngh\u0129a l\u00e0 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 cao \u0111\u1ed9i ng\u0169, ch\u00fang t\u00f4i coi tr\u1ecdng kinh t\u1ebf h\u1ecdc m\u00e3 th\u00f4ng b\u00e1o, ch\u00fang t\u00f4i \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty, ch\u00fang t\u00f4i mua token v\u00e0 n\u1eafm gi\u1eef. Ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t qu\u1ef9 ph\u00f2ng h\u1ed9. Ch\u00fang t\u00f4i kh\u00f4ng giao d\u1ecbch.<\/p>\n\n<p>Ch\u00fang t\u00f4i kh\u00f4ng l\u00e0m g\u00ec c\u1ea3 m\u00e0 ch\u1ec9 mua v\u00e0 n\u1eafm gi\u1eef. Ch\u00fang t\u00f4i \u0111\u00e3 mua 30 token, trong \u0111\u00f3, ch\u00fang t\u00f4i \u0111\u00e3 tri\u1ec3n khai 10% qu\u1ef9 m\u1edbi nh\u1ea5t c\u1ee7a m\u00ecnh, \u0111\u00f3 l\u00e0 qu\u1ef9 290 tri\u1ec7u \u0111\u00f4 la, t\u1ee9c l\u00e0 29 tri\u1ec7u \u0111\u00f4 la, nh\u01b0ng h\u00f4m nay n\u00f3 c\u00f3 gi\u00e1 tr\u1ecb, t\u00f4i kh\u00f4ng bi\u1ebft, 50 tri\u1ec7u \u0111\u00f4 la. N\u00f3 \u0111\u00e3 tr\u1edf n\u00ean l\u1edbn nh\u01b0 v\u1eady.<\/p>\n\n<p>Ch\u00fang t\u00f4i nh\u1eadn ra r\u1eb1ng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u1ee7a Hoa K\u1ef3, nh\u1eefng h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi vi\u1ec7c s\u1edf h\u1eefu ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh thanh kho\u1ea3n l\u00e0 kh\u00e1 cao. Ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i RIA v\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i ch\u1ec9 c\u00f3 th\u1ec3 c\u00f3 20% cu\u1ed1n s\u00e1ch c\u1ee7a m\u00ecnh l\u00e0 c\u00f4ng khai v\u00e0 th\u1ee9 c\u1ea5p, \u0111\u1ed3ng th\u1eddi ch\u00fang t\u00f4i c\u0169ng mua r\u1ea5t nhi\u1ec1u s\u00e1ch th\u1ee9 c\u1ea5p. Th\u1eadt kh\u00f3 \u0111\u1ec3 ch\u00fang t\u00f4i t\u00e1i ch\u1ebf.<\/p>\n\n<p>\u0110i\u1ec1u \u0111\u00f3 th\u1eadt kh\u00f3 kh\u0103n v\u00e0 \u1edf Hoa K\u1ef3, vi\u1ec7c mua b\u1ea5t k\u1ef3 token n\u00e0o l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p. \u1ede Hoa K\u1ef3, vi\u1ec7c \u0111\u1eb7t c\u01b0\u1ee3c nhi\u1ec1u token l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p, v\u00ec v\u1eady b\u1ea1n \u0111ang b\u1ecf l\u1ee1 r\u1ea5t nhi\u1ec1u l\u1ee3i nhu\u1eadn. Nh\u1eefng g\u00ec ch\u00fang t\u00f4i v\u1eeba l\u00e0m c\u00e1ch \u0111\u00e2y v\u00e0i tu\u1ea7n l\u00e0 chuy\u1ec3n t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh thanh kho\u1ea3n cao v\u00e0o qu\u1ef9 ri\u00eang c\u1ee7a n\u00f3.<\/p>\n\n<p>N\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ch\u1ea5t l\u1ecfng \u0111inh ba. Ch\u00fang t\u00f4i \u0111\u00e3 huy \u0111\u1ed9ng to\u00e0n b\u1ed9 nh\u00f3m ti\u1ec1n \u0111i\u1ec7n t\u1eed thanh kho\u1ea3n c\u1ee7a FDA v\u00e0 \u0111\u01b0a n\u00f3 v\u00e0o qu\u1ef9 ri\u00eang c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i \u0111\u00e3 gieo m\u1ea7m cho n\u00f3 v\u1edbi s\u1ed1 ti\u1ec1n 50 tri\u1ec7u \u0111\u00f4 la hay b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, t\u00f4i kh\u00f4ng bi\u1ebft ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o \u0111\u00f3 l\u00e0 45 hay 50 \u0111\u00f4 la v\u00e0 b\u00e2y gi\u1edd s\u1ed1 ti\u1ec1n \u0111\u00f3 \u0111ang s\u1ed1ng cu\u1ed9c s\u1ed1ng c\u1ee7a ch\u00ednh n\u00f3.<\/p>\n\n<p>Tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i hi\u1ec7n \u0111ang t\u1ed5 ch\u1ee9c m\u1ed9t h\u1ed9i ngh\u1ecb v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed Trident Liquid v\u1edbi r\u1ea5t nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd ti\u1ec1n \u0111i\u1ec7n t\u1eed thanh kho\u1ea3n \u1edf Turks v\u00e0 Caicos. \u0110\u00f3 l\u00e0 \u0111i\u1ec1u ti\u1ebfp theo ch\u00fang t\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n v\u1ec1 m\u1eb7t ti\u1ec1n \u0111i\u1ec7n t\u1eed. Sau \u0111\u00f3, \u0111i\u1ec1u th\u1ee9 ba l\u00e0 ch\u00fang t\u00f4i c\u00f3 m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh studio n\u01a1i ch\u00fang t\u00f4i x\u00e2y d\u1ef1ng c\u00e1c c\u00f4ng ty v\u00e0 t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed trong v\u00e0i n\u0103m qua, v\u1ec1 c\u01a1 b\u1ea3n, c\u00f4ng ty n\u00e0y hi\u1ec7n \u0111ang tr\u1edf n\u00ean n\u1ed5i ti\u1ebfng.<\/p>\n\n<p>\u0110\u00f3 l\u00e0 Midas? \u0110\u00f3 l\u00e0 Midas. H\u00e3y k\u1ec3 cho ch\u00fang t\u00f4i v\u1ec1 \u0111i\u1ec1u \u0111\u00f3.<\/p>\n\n<p>\u0110\u0103ng ph\u00e2n t\u00edch v\u0129 m\u00f4 c\u1ee7a t\u00f4i v\u1ec1 ng\u00e0y 21, t\u00f4i th\u1ea5y r\u00f5 r\u1eb1ng khi l\u00e3i su\u1ea5t t\u0103ng l\u00ean, ch\u00fang ta s\u1ebd c\u00f3 m\u1ed9t \u0111\u1ee3t gi\u1ea3m gi\u00e1, m\u1ed9t m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed, n\u1ebfu b\u1ea1n mu\u1ed1n, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea5y tr\u01b0\u1edbc \u0111\u00e2y. Nh\u1eefng g\u00ec t\u00f4i \u0111\u00e3 m\u00f4 t\u1ea3 tr\u01b0\u1edbc \u0111\u00f3 trong kh\u00f4ng gian m\u1ea1o hi\u1ec3m, n\u01a1i ch\u00fang ta \u0111ang \u1edf trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng ho\u00e0n to\u00e0n v\u00e0o ng\u00e0y 22, 23 v\u00e0 Q1, 24, \u0111ang b\u1eaft \u0111\u1ea7u quay v\u00f2ng, th\u1eadm ch\u00ed c\u00f2n h\u01a1n th\u1ebf n\u1eefa trong kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed thanh kho\u1ea3n, b\u1edfi v\u00ec ti\u1ec1n \u0111i\u1ec7n t\u1eed, b\u1ea5t k\u1ec3 th\u1ee9 g\u00ec lu\u1eadn \u0111i\u1ec3m t\u0103ng gi\u00e1 xung quanh n\u00f3 cu\u1ed1i c\u00f9ng l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n r\u1ee7i ro v\u00e0 n\u00f3 c\u00f3 th\u1ec3 l\u00e0 t\u00e0i s\u1ea3n r\u1ee7i ro cu\u1ed1i c\u00f9ng. N\u00f3 ho\u00e0n to\u00e0n c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan ngh\u1ecbch v\u1edbi l\u00e3i su\u1ea5t c\u1ee7a M\u1ef9.<\/p>\n\n<p>T\u00f4i c\u00f3 th\u1ec3 n\u00f3i v\u1edbi b\u1ea1n r\u1eb1ng \u0111\u1ec9nh cao c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t ng\u00e0y tr\u01b0\u1edbc khi l\u00e3i su\u1ea5t \u1edf M\u1ef9 b\u1eaft \u0111\u1ea7u t\u0103ng. Th\u00e1ng 3 n\u0103m 2022? Kh\u00f4ng, t\u00f4i ngh\u0129 l\u1ea7n \u0111\u1ea7u ti\u00ean ho\u1eb7c \u00edt nh\u1ea5t l\u00e0 l\u1ea7n c\u00f4ng b\u1ed1 l\u00e3i su\u1ea5t \u0111\u1ea7u ti\u00ean l\u00e0 ng\u00e0y 21 th\u00e1ng 11.<\/p>\n\n<p>V\u1ec1 c\u01a1 b\u1ea3n, ngay khi l\u00e3i su\u1ea5t b\u1eaft \u0111\u1ea7u t\u0103ng, ti\u1ec1n \u0111i\u1ec7n t\u1eed b\u1eaft \u0111\u1ea7u gi\u1ea3m. N\u00f3 \u0111\u00e3 gi\u1ea3m \u1ed3 \u1ea1t. H\u1ea7u h\u1ebft m\u1ecdi th\u1ee9 \u0111\u1ec1u gi\u1ea3m 90%, 95%.<\/p>\n\n<p>Nhi\u1ec1u d\u1ef1 \u00e1n \u0111\u00e3 ch\u1ebft. T\u1ea5t nhi\u00ean, nhi\u1ec1u d\u1ef1 \u00e1n ch\u1ec9 l\u00e0 meme, coin-ish v\u00e0 kh\u00f4ng th\u1ef1c s\u1ef1 kh\u1ea3 thi. N\u00f3 khi\u1ebfn t\u00f4i v\u00e0 \u0111\u1ed1i t\u00e1c c\u1ee7a t\u00f4i, v\u00e0 t\u00f4i s\u1ebd k\u1ec3 cho b\u1ea1n nghe v\u1ec1 anh \u1ea5y sau m\u1ed9t gi\u00e2y, \u0111\u1ec3 suy ngh\u0129 k\u1ef9, \u0111\u01b0\u1ee3c r\u1ed3i, tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 g\u00ec?<\/p>\n\n<p>Tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 g\u00ec? B\u1ecf qua v\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1, Bitcoin, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng sao c\u1ea3, nh\u01b0ng c\u0169ng kh\u00f4ng sao n\u1ebfu b\u1ea1n c\u1ea7n m\u1ed9t s\u1ea3n ph\u1ea9m ti\u1ebft ki\u1ec7m v\u00e0 b\u1ea1n \u0111ang \u1edf Argentina v\u00e0 \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi l\u1ea1m ph\u00e1t, nh\u01b0ng \u1edf M\u1ef9, n\u00f3 kh\u00f4ng qu\u00e1 h\u1eefu \u00edch. Cu\u1ed1i c\u00f9ng, tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng duy nh\u1ea5t, tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng duy nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang th\u1ef1c s\u1ef1 l\u00e0 ti\u1ec1n \u1ed5n \u0111\u1ecbnh.<\/p>\n\n<p>\u0110\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, USDC v\u00e0 USDT, l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa ph\u01b0\u01a1ng ti\u1ec7n trao \u0111\u1ed5i v\u00e0 ph\u01b0\u01a1ng ti\u1ec7n thanh to\u00e1n, \u0111\u1ed3ng th\u1eddi l\u00e0 n\u01a1i l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb v\u00e0 c\u1ef1c k\u1ef3 h\u1eefu \u00edch. M\u1ed9t l\u1ea7n n\u1eefa, \u0111i\u1ec1u n\u00e0y kh\u00f4ng th\u1ef1c s\u1ef1 h\u1eefu \u00edch \u1edf M\u1ef9 hay T\u00e2y \u00c2u, n\u01a1i b\u1ea1n c\u00f3 \u0111\u1ed3ng ti\u1ec1n kh\u00e1 \u1ed5n \u0111\u1ecbnh, nh\u01b0ng \u1edf Argentina, \u1edf Ch\u00e2u Phi, \u1edf h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia, l\u1ea1i c\u1ef1c k\u1ef3 h\u1eefu \u00edch. Ngay c\u1ea3 \u1edf \u0111\u00e1y c\u1ee7a th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, v\u1eabn c\u00f3 kho\u1ea3ng 130 t\u1ef7 \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh.<\/p>\n\n<p>Ph\u00e2n t\u00edch c\u1ee7a t\u00f4i cho th\u1ea5y ch\u00fang ta kh\u00f4ng c\u00f2n \u1edf trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t b\u1eb1ng 0 n\u1eefa. L\u00e3i su\u1ea5t qu\u1ef9 d\u00e0i h\u1ea1n c\u1ee7a FED s\u1ebd kh\u00f4ng \u1edf m\u1ee9c 0%. C\u00f3 th\u1ec3 n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 n\u0103m v\u00e0 m\u1ed9t ph\u1ea7n t\u01b0, c\u00f3 th\u1ec3 l\u00e0 300 \u0111i\u1ec3m c\u01a1 b\u1ea3n, 200 \u0111i\u1ec3m c\u01a1 b\u1ea3n, nh\u01b0ng n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 0, trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3, m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh kh\u00f4ng mang l\u1ea1i l\u1ee3i nhu\u1eadn, nh\u01b0 USDC v\u00e0 USDT, s\u1ebd kh\u00f4ng c\u00f3 \u00fd ngh\u0129a g\u00ec.<\/p>\n\n<p>Ngay b\u00e2y gi\u1edd, b\u1ea1n c\u00f3 Tether v\u00e0 sau \u0111\u00f3 l\u00e0 USDC, n\u01a1i b\u1ea1n \u0111\u01b0a cho h\u1ecd 100 USD, h\u1ecd \u0111i mua t\u00edn phi\u1ebfu kho b\u1ea1c, h\u1ecd ki\u1ebfm \u0111\u01b0\u1ee3c 5,5 \u0111\u00f4 la, b\u1ea1n kh\u00f4ng ki\u1ebfm \u0111\u01b0\u1ee3c g\u00ec. T\u00f4i ngh\u0129, \u0111i\u1ec1u \u0111\u00f3 ch\u1eb3ng c\u00f3 \u00fd ngh\u0129a g\u00ec c\u1ea3. C\u1ea7n c\u00f3 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh mang l\u1ea1i l\u1ee3i nhu\u1eadn.<\/p>\n\n<p>Nh\u00e2n ti\u1ec7n, \u00fd t\u01b0\u1edfng r\u1eb1ng ch\u00fang ta \u0111ang thanh to\u00e1n trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng b\u1eb1ng t\u00e0i kho\u1ea3n s\u00e9c v\u00e0 t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m \u0111\u00f3, s\u1ef1 ph\u00e2n bi\u1ec7t t\u00e0i kho\u1ea3n s\u00e9c, \u0111\u00f3 th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t m\u1ee5c s\u1ed5 c\u00e1i trong ng\u00e2n h\u00e0ng nh\u1eb1m t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn ng\u00e2n h\u00e0ng. \u0110\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1ch n\u00f3 ph\u1ea3i nh\u01b0 v\u1eady. Tr\u00ean th\u1ef1c t\u1ebf, c\u00f3 l\u00fd do khi\u1ebfn b\u1ea1n kh\u00f4ng th\u1ec3 thanh to\u00e1n h\u00f3a \u0111\u01a1n ho\u1eb7c t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m c\u1ee7a m\u00ecnh.<\/p>\n\n<p>N\u00f3 ch\u1ec9 l\u00e0 ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 ng\u00e2n h\u00e0ng t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn. T\u00f4i ngh\u0129, \u0111\u01b0\u1ee3c th\u00f4i, r\u00f5 r\u00e0ng, ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t kh\u00f4ng gian \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd. C\u00e2u h\u1ecfi m\u00e0 t\u00f4i \u0111\u00e3 h\u1ecfi \u0111\u1ed1i t\u00e1c c\u1ee7a m\u00ecnh v\u00e0 t\u00f4i s\u1ebd k\u1ec3 cho b\u1ea1n v\u1ec1 n\u00f3 sau, \u0111\u00f3 l\u00e0, c\u00f3 c\u00e1ch n\u00e0o h\u1ee3p ph\u00e1p \u0111\u1ec3 c\u00f3 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh mang l\u1ea1i l\u1ee3i nhu\u1eadn m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 cung c\u1ea5p ph\u1ea7n l\u1edbn l\u1ee3i nhu\u1eadn cho ng\u01b0\u1eddi d\u00f9ng cu\u1ed1i kh\u00f4ng?<\/p>\n\n<p>Anh \u1ea5y \u0111\u1ebfn t\u1eeb Goldman Sachs, t\u00ean anh \u1ea5y l\u00e0 Dennis. Ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m vi\u1ec7c c\u00f9ng nhau trong vi\u1ec7c ni\u00eam y\u1ebft xe, ch\u00fang t\u00f4i \u0111\u00e3 mua 200 tri\u1ec7u tr\u00e1i phi\u1ebfu kho b\u1ea1c, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u0103ng k\u00fd v\u1edbi SEC. Ch\u00fang t\u00f4i nh\u1eadn ra r\u1eb1ng tr\u00ean th\u1ef1c t\u1ebf, \u1edf \u0110\u1ee9c, h\u1ecd c\u00f3 khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd v\u1ec1 tr\u00e1i phi\u1ebfu kh\u00f4ng ghi t\u00ean, trong \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n, h\u1ecd th\u1ef1c hi\u1ec7n KYC v\u00e0 AML khi ph\u00e1t h\u00e0nh kho\u1ea3n mua l\u1ea1i, nh\u01b0ng t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch c\u1ee7a ng\u01b0\u1eddi k\u00fd th\u00ec kh\u00f4ng.<\/p>\n\n<p>Trong ph\u1ea1m vi ch\u00fang t\u00f4i c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh m\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt mang l\u1ea1i l\u1ee3i nhu\u1eadn, trong \u0111\u00f3 ch\u00fang t\u00f4i l\u00e0 nh\u1eefng ng\u01b0\u1eddi KYC v\u00e0 AML khi ph\u00e1t h\u00e0nh quy \u0111\u1ed5i, nh\u01b0ng t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch c\u1ee7a ng\u01b0\u1eddi k\u00fd th\u00ec kh\u00f4ng, KYC v\u00e0 AML, c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 t\u00edch h\u1ee3p trong DeFi v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch d\u00e0i h\u1ea1n , v\u00e2n v\u00e2n. N\u00f3 c\u00f3 r\u1ea5t nhi\u1ec1u \u00fd ngh\u0129a. Ch\u00fang t\u00f4i \u0111\u00e3 m\u1ea5t m\u1ed9t th\u1eddi gian v\u00ec b\u1ea1n ph\u1ea3i tu\u00e2n th\u1ee7 Mifit, b\u1ea1n c\u1ea7n \u0111\u01b0\u1ee3c c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd Ch\u00e2u \u00c2u ch\u1ea5p thu\u1eadn, ch\u00fang t\u00f4i ph\u1ea3i tu\u00e2n th\u1ee7 c\u1ee7a t\u00f4i, nh\u01b0ng cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty t\u00ean l\u00e0 Midas, n\u01a1i s\u1ea3n ph\u1ea9m \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 MT Bill.<\/p>\n\n<p>\u0110\u00f3 l\u00e0 m\u1ed9t h\u00f3a \u0111\u01a1n T-bill \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a t\u1eeb xa \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a t\u1eeb xa, tu\u00e2n th\u1ee7 \u0111\u1ea7y \u0111\u1ee7 quy \u0111\u1ecbnh m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n nhi\u1ec1u vi\u1ec7c, bao g\u1ed3m c\u1ea3 vi\u1ec7c ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p v\u00e0o c\u00e1c kho cho vay nh\u01b0 Morpho, n\u01a1i b\u1ea1n c\u00f3 th\u1ec3 vay d\u1ef1a tr\u00ean n\u00f3 ho\u1eb7c cho vay d\u1ef1a tr\u00ean n\u00f3. B\u1edfi v\u00ec t\u1ea5t nhi\u00ean, n\u1ebfu b\u1ea1n \u0111\u1ecbnh cho vay, b\u1ea1n c\u0169ng ph\u1ea3i c\u00f3 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p mang l\u1ea1i l\u1ee3i t\u1ee9c. V\u00e0 trong nh\u1eefng th\u1eddi \u0111i\u1ec3m m\u00e0 t\u1ef7 l\u1ec7 DeFi th\u1ea5p h\u01a1n t\u1ef7 l\u1ec7 T-bill, b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch mua c\u00f3 \u0111\u00f2n b\u1ea9y v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c 15-20% tr\u00ean c\u00e1c h\u00f3a \u0111\u01a1n c\u1ee7a m\u00ecnh.<\/p>\n\n<p>V\u00e0 ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 \u0111ang trong qu\u00e1 tr\u00ecnh tri\u1ec3n khai s\u1eed d\u1ee5ng c\u00f9ng m\u1ed9t khung ph\u00e1p l\u00fd, giao d\u1ecbch c\u01a1 s\u1edf trung l\u1eadp \u0111\u1ed3ng b\u1eb1ng. V\u00ec v\u1eady, trong m\u1ed9t s\u1ea3n ph\u1ea9m c\u00f3 t\u00ean N-basic. V\u00ec v\u1eady, nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra, c\u00f4ng ty c\u00f3 l\u1ebd th\u00e0nh c\u00f4ng nh\u1ea5t trong n\u0103m ngo\u00e1i trong l\u0129nh v\u1ef1c ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 c\u00f4ng ty c\u00f3 t\u00ean Athena, c\u00f4ng ty thu th\u1eadp \u0111\u01b0\u1ee3c 3 t\u1ef7 t\u00e0i s\u1ea3n nhanh nh\u1ea5t.<\/p>\n\n<p>V\u00e0 \u0111i\u1ec1u g\u00ec x\u1ea3y ra trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean? V\u00ec v\u1eady, \u0111i\u1ec1u t\u00f4i mu\u1ed1n Midas tr\u1edf th\u00e0nh l\u00e0 m\u1ed9t c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed an to\u00e0n cho ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 cung c\u1ea5p c\u00e1c s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0 c\u1ea5p t\u1ed5 ch\u1ee9c ho\u1ea1t \u0111\u1ed9ng \u1edf c\u1ea3 th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng v\u00e0 th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean. V\u00ec v\u1eady, trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, b\u1ea1n c\u00f3 m\u1ed9t s\u1ea3n ph\u1ea9m T-bill, cung c\u1ea5p cho b\u1ea1n t\u1ef7 gi\u00e1 T-bill, v\u00e0 sau \u0111\u00f3 l\u00e0 th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m nh\u1eefng \u0111i\u1ec1u th\u00fa v\u1ecb trong DeFi.<\/p>\n\n<p>V\u00e0 sau \u0111\u00f3 l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng, b\u1ea1n c\u00f3 m\u1ed9t s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 b\u1ea3n. V\u00ec v\u1eady, c\u00e1ch n\u00f3 ho\u1ea1t \u0111\u1ed9ng l\u00e0 b\u1edfi v\u00ec m\u1ecdi ng\u01b0\u1eddi tin v\u00e0o th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean r\u1eb1ng Bitcoin, Ethereum v\u00e0 c\u00e1c lo\u1ea1i ti\u1ec1n kh\u00e1c s\u1ebd c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n trong t\u01b0\u01a1ng lai so v\u1edbi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, \u0111i\u1ec1u b\u1ea1n l\u00e0m l\u00e0 t\u1ea1o ra m\u1ed9t giao d\u1ecbch c\u01a1 b\u1ea3n n\u01a1i b\u1ea1n&#8217; N\u1ebfu mua v\u1ecb th\u1ebf, b\u1ea1n s\u1edf h\u1eefu v\u1ecb th\u1ebf v\u00e0 b\u1ea1n b\u00e1n kh\u1ed1ng t\u1ef7 gi\u00e1 t\u01b0\u01a1ng lai. V\u00e0 v\u00ec \u0111i\u1ec1u \u0111\u00f3, v\u00e0 b\u1ea1n t\u1ea1o ra m\u1ed9t s\u1ea3n ph\u1ea9m trong t\u01b0\u01a1ng lai, v\u00ec \u0111i\u1ec1u \u0111\u00f3, m\u1ecdi ng\u01b0\u1eddi r\u1ea5t l\u1ea1c quan, h\u1ecd ngh\u0129 BTC s\u1ebd c\u00f3 gi\u00e1 tr\u1ecb 100k, 120k, m\u1ed9t tri\u1ec7u, b\u1ea5t k\u1ec3 gi\u00e1 tr\u1ecb \u0111\u00f3 l\u00e0 bao nhi\u00eau trong t\u01b0\u01a1ng lai, b\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c m\u1ee9c ch\u00eanh l\u1ec7ch \u0111\u00f3.<\/p>\n\n<p>V\u00e0 m\u1ee9c ch\u00eanh l\u1ec7ch \u0111\u00f3 trong c\u00e1c th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean c\u00f3 th\u1ec3 c\u00f3 gi\u00e1 tr\u1ecb l\u00ean t\u1edbi 50% m\u1ed9t n\u0103m. V\u00ec n\u1ebfu b\u1ea1n cho r\u1eb1ng n\u00f3 t\u0103ng g\u1ea5p \u0111\u00f4i th\u00ec b\u1ea1n s\u1eb5n s\u00e0ng tr\u1ea3 50%. B\u00e2y gi\u1edd, r\u00f5 r\u00e0ng l\u00e0 n\u00f3 di chuy\u1ec3n l\u00ean xu\u1ed1ng d\u1ef1a tr\u00ean k\u1ef3 v\u1ecdng trong t\u01b0\u01a1ng lai c\u1ee7a m\u1ecdi ng\u01b0\u1eddi v\u1ec1 gi\u00e1 c\u1ea3.<\/p>\n\n<p>Nh\u01b0ng \u0111\u00f3 l\u00e0 s\u1ea3n ph\u1ea9m ch\u00fang t\u00f4i s\u1ebd tung ra trong v\u00e0i tu\u1ea7n t\u1edbi. V\u00ec v\u1eady, Midas th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m b\u1ea3o m\u1eadt \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c, ho\u00e0n to\u00e0n tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh, ph\u00e1 s\u1ea3n t\u1eeb xa, v\u1edbi hai s\u1ea3n ph\u1ea9m ch\u00ednh, h\u00f3a \u0111\u01a1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 s\u1edf \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a, s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 s\u1edf trung l\u1eadp delta.<\/p>\n\n<p>Jack: Trong ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y, ch\u00fang t\u00f4i n\u00f3i r\u1ea5t nhi\u1ec1u v\u1ec1 t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng. V\u00ec v\u1eady, giao d\u1ecbch c\u01a1 b\u1ea3n m\u00e0 ch\u00fang ta \u0111\u00e3 n\u00f3i \u0111\u1ebfn l\u00e0 b\u00e1n kh\u1ed1ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu kho b\u1ea1c v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n. Nh\u1eefng g\u00ec b\u1ea1n \u0111ang \u0111\u1ec1 c\u1eadp \u0111\u1ebfn l\u00e0 m\u1ed9t lo\u1ea1i ti\u1ec1n \u0111i\u1ec7n t\u1eed t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi \u0111i\u1ec1u \u0111\u00f3, l\u00e0 b\u00e1n kh\u1ed1ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai Bitcoin v\u00e0 s\u1edf h\u1eefu Bitcoin th\u1ef1c t\u1ebf.<\/p>\n\n<p>Ch\u00ednh x\u00e1c. V\u00e0 l\u00fd do khi\u1ebfn giao d\u1ecbch \u0111\u00f3 c\u00f3 l\u1ee3i nhu\u1eadn l\u00e0 v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u l\u1ea1c quan v\u1ec1 Bitcoin \u0111\u1ebfn m\u1ee9c h\u1ecd ch\u1ec9 mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai Bitcoin. Ch\u00ednh x\u00e1c.<\/p>\n\n<p>Fabrice: V\u00e0 do \u0111\u00f3, giao d\u1ecbch theo xu h\u01b0\u1edbng t\u0103ng gi\u00e1 hi\u1ec7n t\u1ea1i ch\u1ec9 mang l\u1ea1i l\u1ee3i nhu\u1eadn, \u00fd t\u00f4i l\u00e0, ch\u1ec9 15% ho\u1eb7c h\u01a1n. Nh\u01b0ng gi\u1ed1ng nh\u01b0 v\u00e0i th\u00e1ng tr\u01b0\u1edbc, khi m\u1ecdi ng\u01b0\u1eddi th\u1ef1c s\u1ef1 l\u1ea1c quan th\u00ec t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn l\u00e0 50%. V\u00e0 s\u1ea3n ph\u1ea9m t\u01b0\u01a1ng lai v\u0129nh vi\u1ec5n th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t ph\u00e1t minh v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed, n\u01a1i n\u00f3 \u0111\u1ecbnh gi\u00e1 l\u1ea1i sau m\u1ed7i t\u00e1m gi\u1edd ho\u1eb7c l\u00e2u h\u01a1n.<\/p>\n\n<p>Nh\u01b0ng m\u1ecdi ng\u01b0\u1eddi th\u00edch \u0111\u00f2n b\u1ea9y trong l\u0129nh v\u1ef1c kinh doanh n\u00e0y ho\u1eb7c trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, v\u00e0 c\u00f3 r\u1ea5t nhi\u1ec1u y\u1ebfu t\u1ed1 tho\u00e1i h\u00f3a. V\u00e0 v\u00ec v\u1eady \u0111\u00e2y l\u00e0 m\u1ed9t giao d\u1ecbch c\u00f3 l\u1ee3i nhu\u1eadn c\u1ef1c k\u1ef3 cao. B\u00e2y gi\u1edd, n\u00f3 ch\u1ec9 c\u00f3 t\u00e1c d\u1ee5ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean, ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 n\u00f3 ch\u1eafc ch\u1eafn s\u1ebd kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, nh\u01b0ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, khi \u0111\u00f3 b\u1ea1n chuy\u1ec3n sang s\u1ea3n ph\u1ea9m T-bill \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a, \u0111\u00e2y ch\u1ec9 l\u00e0 s\u1ea3n ph\u1ea9m ti\u1ebft ki\u1ec7m, an to\u00e0n c\u1ee7a b\u1ea1n cho \u0111\u1ebfn khi b\u1ea1n c\u1ea3m th\u1ea5y l\u1ea1c quan h\u01a1n. V\u00e0 giao d\u1ecbch \u0111\u00f3 c\u00f3 hi\u1ec7u qu\u1ea3, c\u1ea3 hai s\u1ea3n ph\u1ea9m n\u00e0y \u0111\u1ec1u l\u00e0 nh\u1eefng c\u00f4ng c\u1ee5 c\u01a1 b\u1ea3n m\u00e0 nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n tham gia DeFi v\u00e0 h\u1ec7 sinh th\u00e1i ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u00ean s\u1eed d\u1ee5ng.<\/p>\n\n<p>Jack: o MT-bill \u0111ang ho\u1ea1t \u0111\u1ed9ng, M-basis \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai.<\/p>\n\n<p>Fabrice: \u0110\u00fang. MT-bill \u0111ang ho\u1ea1t \u0111\u1ed9ng, M-basis s\u1ebd ho\u1ea1t \u0111\u1ed9ng trong v\u00f2ng m\u1ed9t th\u00e1ng ho\u1eb7c l\u00e2u h\u01a1n. V\u00e2ng, v\u1ec1 c\u01a1 b\u1ea3n, ch\u00fang t\u00f4i hi\u1ec7n \u0111ang \u0111\u00e0m ph\u00e1n v\u1ec1 vi\u1ec7c ai trong s\u1ed1 ba nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n m\u00e0 ch\u00fang t\u00f4i s\u1ebd h\u1ee3p t\u00e1c \u0111\u1ec3 th\u1ef1c hi\u1ec7n t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch.<\/p>\n\n<p>Jack: Hi\u1ec3u r\u1ed3i. V\u00ec v\u1eady, trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng, v\u00e0o th\u00e1ng 3 n\u0103m 2020, Fed \u0111\u00e3 \u0111\u01b0a l\u00e3i su\u1ea5t v\u1ec1 0 v\u00e0 l\u00e3i su\u1ea5t tr\u00ean \u0111\u01b0\u1eddng cong v\u1ec1 0, th\u1ef1c hi\u1ec7n nhi\u1ec1u bi\u1ec7n ph\u00e1p n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng, \u0111i\u1ec1u n\u00e0y gi\u00e1n ti\u1ebfp khi\u1ebfn d\u1ef1 tr\u1eef tr\u00e0n ng\u1eadp h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. V\u00e0 k\u1ebft qu\u1ea3 l\u00e0 r\u1ea5t nhi\u1ec1u ti\u1ec1n g\u1eedi \u0111\u00e3 \u0111\u01b0\u1ee3c t\u1ea1o ra.<\/p>\n\n<p>V\u00ec v\u1eady, c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 r\u1ea5t nhi\u1ec1u t\u00e0i s\u1ea3n v\u00e0 c\u00f3 m\u1ed9t l\u01b0\u1ee3ng l\u1edbn ti\u1ec1n g\u1eedi NIB kh\u00f4ng ch\u1ecbu l\u00e3i su\u1ea5t trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. V\u00e0, b\u1ea1n bi\u1ebft \u0111\u1ea5y, b\u1ea1n c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c s\u00e1u \u0111i\u1ec3m c\u01a1 b\u1ea3n, nh\u01b0ng b\u1ea1n kh\u00f4ng th\u1ef1c s\u1ef1 quan t\u00e2m v\u00ec kh\u00f4ng, s\u00e1u \u0111i\u1ec3m c\u01a1 b\u1ea3n, ai quan t\u00e2m ch\u1ee9? V\u00e0 v\u00e0o n\u0103m 2022, khi l\u00e3i su\u1ea5t t\u0103ng, \u0111\u00e3 c\u00f3 m\u1ed9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u1edbn, m\u1ed9t d\u00f2ng ti\u1ec1n ch\u1ea3y ra ngo\u00e0i ti\u1ec1n g\u1eedi kh\u00f4ng ch\u1ecbu l\u00e3i v\u00e0o c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i t\u1ee9c c\u0169ng nh\u01b0 ti\u1ec1n g\u1eedi ch\u1ecbu l\u00e3i.<\/p>\n\n<p>V\u00ec v\u1eady, lu\u1eadn \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed s\u1ebd tr\u1ea3i qua qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i \u0111\u00f3 v\u00e0 ti\u1ec1n s\u1ebd ch\u1ea3y ra t\u1eeb c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh kh\u00f4ng ch\u1ecbu l\u00e3i su\u1ea5t nh\u01b0 tether ho\u1eb7c khoanh tr\u00f2n USDT ho\u1eb7c USDC v\u00e0 \u0111i v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 mang l\u1ea1i l\u1ee3i nhu\u1eadn.<\/p>\n\n<p>Fabrice: \u0110\u00fang. T\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a b\u1ea1n, ch\u1ec9 c\u1ea7n h\u00f3a \u0111\u01a1n ho\u1eb7c lo\u1ea1i s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 b\u1ea3n. Tuy\u1ec7t \u0111\u1ed1i.<\/p>\n\n<p>V\u00e0 n\u00f3 c\u00f3 \u00fd ngh\u0129a, ph\u1ea3i kh\u00f4ng? Hi\u1ec7n t\u1ea1i, Tether l\u00e0 c\u00f4ng ty c\u00f3 l\u1ee3i nhu\u1eadn cao nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi t\u00ednh tr\u00ean m\u1ed7i nh\u00e2n vi\u00ean. \u0110i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 \u00fd ngh\u0129a.<\/p>\n\n<p>Jack: V\u00e2ng. V\u00ec v\u1eady, Tether v\u00e0 t\u00f4i mu\u1ed1n chia s\u1ebb tr\u1ea3i nghi\u1ec7m c\u1ee7a m\u00ecnh v\u1ec1 n\u00f3, khi nghe, b\u1ea1n bi\u1ebft \u0111\u1ea5y, m\u1ed9t s\u1ed1 \u0111i\u1ec1u ho\u00e0i nghi v\u1ec1 Tether v\u00e0 c\u0169ng n\u00f3i r\u1eb1ng, h\u00e3y nh\u00ecn xem, n\u1ebfu h\u1ecd c\u00f3 t\u1ea5t c\u1ea3 ti\u1ec1n, 60 t\u1ef7 ho\u1eb7c b\u00e2y gi\u1edd l\u00e0 h\u01a1n m\u1ed9t tr\u0103m t\u1ef7 \u0111\u00f4 la, t\u1ea1i sao kh\u00f4ng kh\u00f4ng ph\u1ea3i h\u1ecd v\u1eeba \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh sao? T\u1ea1i sao h\u1ecd kh\u00f4ng \u0111i ki\u1ec3m tra v\u00e0 ch\u1ee9ng minh r\u1eb1ng h\u1ecd c\u00f3 n\u00f3?<\/p>\n\n<p>H\u1ecd ph\u00e1t h\u00e0nh nh\u1eefng ch\u1ee9ng th\u1ef1c n\u00e0y. \u0110\u1ee7 th\u00fa v\u1ecb, h\u00e0i h\u01b0\u1edbc khi ti\u1ebft l\u1ed9 r\u1eb1ng m\u1ecdi chuy\u1ec7n kh\u00f4ng bao gi\u1edd k\u1ebft th\u00fac nh\u01b0 b\u1ea1n ngh\u0129. T\u00f4i nh\u1edb \u0111\u00e3 nghe m\u1ed9t podcast r\u1ea5t n\u1ed5i ti\u1ebfng trong \u0111\u00f3 Sam Baikman Freed \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 b\u00e1o r\u1ea5t gi\u1ecfi h\u1ecfi, chuy\u1ec7n g\u00ec x\u1ea3y ra v\u1edbi Tether v\u1eady?<\/p>\n\n<p>Tether c\u00f3 ph\u1ea3i l\u00e0 l\u1eeba \u0111\u1ea3o kh\u00f4ng? Tether s\u1eafp n\u1ed5 tung? T\u1ea5t nhi\u00ean, Tether v\u1eabn c\u00f2n \u1edf \u0111\u00e2y v\u00e0 \u0111\u1ebf ch\u1ebf c\u1ee7a Sam Baikman Freed \u0111\u00e3 ho\u00e0n to\u00e0n s\u1ee5p \u0111\u1ed5 v\u00e0 anh ta \u0111ang ph\u1ea3i ng\u1ed3i t\u00f9.<\/p>\n\n<p>Fabrice: N\u1ebfu c\u00f3 l\u1ed7 h\u1ed5ng n\u00e0o trong b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n ng\u00e2n h\u00e0ng Tether do s\u1ed1 ti\u1ec1n h\u1ecd in mu\u1ed9n g\u1ea7n \u0111\u00e2y, t\u00f4i c\u00e1 l\u00e0 h\u1ecd \u0111\u00e3 b\u1ecbt l\u1ed7 h\u1ed5ng.<\/p>\n\n<p>Jack: V\u00e2ng. B\u1edfi v\u00ec h\u1ecd c\u00f3 chi ph\u00ed th\u1ea5p nh\u01b0 v\u1eady v\u00e0 h\u1ecd kh\u00f4ng ph\u1ea3i tr\u1ea3 b\u1ea5t k\u1ef3 kho\u1ea3n ti\u1ec1n g\u1eedi n\u00e0o v\u00e0 h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c l\u00e3i su\u1ea5t hi\u1ec7n \u1edf m\u1ee9c 5,3%. Ch\u00ednh x\u00e1c. Hi\u1ec3u r\u1ed3i.<\/p>\n\n<p>V\u00e0 sau \u0111\u00f3 Circle, USDC, h\u00e3y n\u00f3i cho t\u00f4i bi\u1ebft v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 b\u1edfi v\u00ec, b\u1ea1n bi\u1ebft \u0111\u1ea5y, t\u00f4i ngh\u0129 v\u1ec1 \u0111i\u1ec1u \u0111\u00f3, \u0111\u01b0\u1ee3c th\u00f4i, ch\u00fang ta s\u1ebd h\u1ee3p ph\u00e1p h\u00f3a c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, ch\u00fang ta s\u1ebd \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n, ch\u00fang ta s\u1ebd c\u00f3 m\u1eb7t tr\u00ean \u0111\u1ea5t li\u1ec1n. V\u00e0 v\u00ec v\u1eady h\u1ecd c\u00f3 Kho b\u1ea1c Hoa K\u1ef3, nh\u01b0ng t\u00f4i ngh\u0129 h\u1ecd c\u0169ng c\u00f3 th\u1ec3 c\u00f3 th\u1ee9 g\u00ec \u0111\u00f3 b\u1eb1ng ti\u1ec1n \u0111\u1ec3 ch\u1ed1ng l\u1ea1i c\u00e1c qu\u1ef9. T\u00f4i bi\u1ebft th\u1ef1c t\u1ebf l\u00e0 h\u1ecd c\u00f3 ti\u1ec1n g\u1eedi t\u1ea1i Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon.<\/p>\n\n<p>V\u00ec v\u1eady, \u0111\u00e3 c\u00f3 m\u1ed9t \u0111\u1ee3t gi\u1ea3m gi\u00e1 v\u00e0o th\u00e1ng 3 n\u0103m 2023 v\u00ec c\u00f3 nh\u1eefng lo ng\u1ea1i v\u1ec1 vi\u1ec7c li\u1ec7u kho\u1ea3n ti\u1ec1n n\u00e0y c\u00f3 quay tr\u1edf l\u1ea1i kh\u00f4ng, kho\u1ea3n ti\u1ec1n g\u1eedi n\u00e0y c\u00f3 t\u1ed1t kh\u00f4ng? R\u00f5 r\u00e0ng l\u00e0 h\u1ecd \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 gi\u1edbi h\u1ea1n m\u1ed9t ph\u1ea7n t\u01b0 tri\u1ec7u \u0111\u00f4 la. Cu\u1ed1i c\u00f9ng, t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u00e3 b\u1ecb ch\u1eb7n l\u1ea1i.<\/p>\n\n<p>Fabrice: B\u1ea1n c\u00f3 ngh\u0129 Circle \u0111\u00e3 c\u1ea3i ti\u1ebfn kh\u00f4ng, nh\u01b0ng b\u1ea1n ch\u1ec9 \u0111ang t\u00ecm ki\u1ebfm- \u0110\u00fang v\u1eady, Circle ch\u1eafc ch\u1eafn t\u1ed1t h\u01a1n nhi\u1ec1u, nh\u01b0ng h\u1ecd kh\u00f4ng th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn cho b\u1ea1n v\u00ec n\u1ebfu h\u1ecd mang l\u1ea1i cho b\u1ea1n l\u1ee3i nhu\u1eadn th\u00ec \u0111\u00f3 s\u1ebd l\u00e0 m\u1ed9t m\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt v\u00e0 h\u1ecd th\u00ec kh\u00f4ng&#8217; T\u00f4i kh\u00f4ng mu\u1ed1n tr\u1edf th\u00e0nh c\u01a1 quan \u0111\u0103ng k\u00fd b\u1ea3o m\u1eadt \u1edf M\u1ef9. N\u00f3 th\u1ef1c s\u1ef1 s\u1ebd ph\u00e1 v\u1ee1 m\u1ee5c \u0111\u00edch c\u1ee7a m\u1ecdi th\u1ee9 h\u1ecd \u0111\u00e3 x\u00e2y d\u1ef1ng. Hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 s\u1eb5n \u1edf Hoa K\u1ef3 v\u00ec l\u00fd do ch\u00ednh x\u00e1c \u0111\u00f3, ch\u00fang t\u00f4i l\u00e0 m\u1ed9t gi\u1ea3i ph\u00e1p \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u1edf c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c nh\u01b0ng kh\u00f4ng ph\u1ea3i \u1edf Hoa K\u1ef3.<\/p>\n\n<p>V\u00e0 v\u1edbi nh\u1eefng g\u00ec Circle mu\u1ed1n l\u00e0m, t\u00f4i kh\u00f4ng ngh\u0129 \u0111\u00f3 l\u00e0 con \u0111\u01b0\u1eddng h\u1ecd c\u00f3 th\u1ec3 \u0111i theo ho\u1eb7c \u0111i tr\u1eeb khi ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd t\u1ea1i Hoa K\u1ef3 c\u1ee7a h\u1ecd thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3. Trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3 th\u00ec c\u00f3, ho\u1eb7c nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m c\u00f3 v\u1ecb tr\u00ed t\u1ed1t h\u01a1n \u0111\u1ec3 l\u00e0m vi\u1ec7c n\u00e0y h\u01a1n ch\u00fang t\u00f4i. V\u1ec1 l\u00fd thuy\u1ebft, c\u00e2u tr\u1ea3 l\u1eddi l\u00e0 c\u00f3, nh\u01b0ng v\u1ec1 m\u1eb7t quy \u0111\u1ecbnh, t\u00f4i kh\u00f4ng ngh\u0129 h\u1ecd c\u00f3 th\u1ec3 thay \u0111\u1ed5i c\u1ea5u tr\u00fac th\u00e0nh m\u1ed9t trong hai c\u1ea5u tr\u00fac \u0111\u00f3 v\u00e0 ch\u00fang kh\u00f4ng th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn.<\/p>\n\n<p>V\u00e0 SEC \u0111\u00e3 nh\u1eafm v\u00e0o b\u1ea5t k\u1ef3 ai \u0111ang c\u1ed1 g\u1eafng \u0111\u01b0a ra s\u1ed1 l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn kh\u00e1 t\u00edch c\u1ef1c t\u1eeb Coinbase \u0111\u1ebfn BlockFi, b\u1ea1n c\u00f3 th\u1ec3 k\u1ec3 t\u00ean n\u00f3.<\/p>\n\n<p>Jack: B\u1ea1n \u0111ang \u1edf trong ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd n\u00e0o v\u00e0 m\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 tham gia v\u00e0o h\u00f3a \u0111\u01a1n MT \u1edf \u0111\u00e2u?<\/p>\n\n<p>Fabrice: V\u00ec v\u1eady, h\u1ecd kh\u00f4ng th\u1ec3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 \u1edf M\u1ef9, nh\u01b0ng \u1edf kh\u1eafp Ch\u00e2u \u00c2u- B\u1ea5t k\u1ef3 qu\u1ed1c gia n\u00e0o ngo\u00e0i Hoa K\u1ef3 v\u00e0 c\u00e1c qu\u1ed1c gia b\u1ecb tr\u1eebng ph\u1ea1t. V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u1edf Ch\u00e2u \u00c2u, c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 mua ch\u00fang t\u00f4i \u1edf b\u1ea5t k\u1ef3 \u0111\u00e2u t\u1eeb Ch\u00e2u M\u1ef9 Latinh \u0111\u1ebfn Ch\u00e2u Phi. \u00dd t\u00f4i l\u00e0, \u1edf b\u1ea5t c\u1ee9 \u0111\u00e2u tr\u1eeb khi b\u1ea1n b\u1ecb tr\u1eebng ph\u1ea1t ho\u1eb7c Hoa K\u1ef3.<\/p>\n\n<p>Hi\u1ec3u r\u1ed3i. V\u1eady c\u00f2n Trung Qu\u1ed1c th\u00ec sao? T\u00f4i ngh\u0129 Trung Qu\u1ed1c c\u0169ng l\u00e0 m\u1ed9t n\u01a1i kh\u00f4ng n\u00ean \u0111i, nh\u01b0ng t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 chuy\u00ean gia v\u1ec1 qu\u1ea3n l\u00fd.<\/p>\n\n<p>C\u00f3 l\u1ebd t\u00f4i n\u00ean bi\u1ebft c\u00e2u tr\u1ea3 l\u1eddi cho c\u00e2u h\u1ecfi \u0111\u00f3. Tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i nghi ng\u1edd c\u00e2u tr\u1ea3 l\u1eddi c\u00f3 l\u1ebd l\u00e0 kh\u00f4ng.<\/p>\n\n<p>Jack: Hi\u1ec3u r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, c\u00f3 an to\u00e0n kh\u00f4ng khi n\u00f3i r\u1eb1ng Hoa K\u1ef3 c\u00f3 cu\u1ed9c \u0111\u00e0n \u00e1p ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u1ee9ng r\u1eafn h\u01a1n, \u00edt khoan dung h\u01a1n h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia kh\u00e1c tr\u00ean th\u1ebf gi\u1edbi?<\/p>\n\n<p>Fabrice: \u1ed2, ch\u1eafc ch\u1eafn r\u1ed3i. \u00dd t\u00f4i l\u00e0, th\u1ef1c t\u1ebf l\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m \u1edf Ch\u00e2u \u00c2u, tu\u00e2n th\u1ee7 ho\u00e0n to\u00e0n c\u00e1c quy \u0111\u1ecbnh, v.v., th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t minh h\u1ecda cho \u0111i\u1ec1u \u0111\u00f3. Kh\u00f4ng c\u00f3- \u00dd t\u00f4i l\u00e0, nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111ang ch\u00e0o b\u00e1n, h\u00e3y ngh\u0129 m\u00e0 xem, ch\u00fang t\u00f4i \u0111ang mua t\u00edn phi\u1ebfu kho b\u1ea1c M\u1ef9.<\/p>\n\n<p>\u0110\u00e2y l\u00e0 \u0111i\u1ec1u tuy\u1ec7t v\u1eddi cho ch\u00ednh ph\u1ee7 M\u1ef9. Ch\u00fang t\u00f4i \u0111ang t\u00e0i tr\u1ee3 cho kho\u1ea3n n\u1ee3 c\u1ee7a n\u00f3. B\u1ea1n s\u1ebd ngh\u0129 r\u1eb1ng \u0111\u00e2y l\u00e0 s\u1ea3n ph\u1ea9m duy nh\u1ea5t h\u1ecd y\u00eau th\u00edch nh\u01b0ng l\u1ea1i b\u1ea5t h\u1ee3p ph\u00e1p \u1edf M\u1ef9.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, n\u00f3 th\u1eadt bu\u1ed3n c\u01b0\u1eddi. V\u00ec v\u1eady, Hoa K\u1ef3 c\u1ef1c k\u1ef3 b\u1ea3o th\u1ee7 v\u00e0 l\u1ea1c h\u1eadu, v\u00e0 t\u00f4i th\u00edch h\u1ecd, v\u00e0 t\u00f4i hy v\u1ecdng r\u1eb1ng \u0111\u1ebfn m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3 h\u1ecd s\u1ebd c\u00f3 t\u01b0 duy ti\u1ebfn b\u1ed9 h\u01a1n. Ph\u1ea3i th\u1eeba nh\u1eadn r\u1eb1ng \u0111\u00e3 c\u00f3 r\u1ea5t nhi\u1ec1u v\u1ee5 gian l\u1eadn li\u00ean quan \u0111\u1ebfn ti\u1ec1n \u0111i\u1ec7n t\u1eed trong nh\u1eefng n\u0103m qua?<\/p>\n\n<p>Tuy\u1ec7t \u0111\u1ed1i. ICO, \u0111\u1ed3ng meme, nh\u1eefng th\u1ee9 kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n, nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 lo\u1ea1i b\u1ecf to\u00e0n b\u1ed9 danh m\u1ee5c n\u00e0y. N\u00f3 c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t ng\u01b0\u1eddi \u0111i\u1ec1u ch\u1ec9nh th\u00f4ng minh.<\/p>\n\n<p>\u0110\u00e1ng bu\u1ed3n thay, v\u1ea5n \u0111\u1ec1 l\u00e0 c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd ch\u01b0a th\u1ef1c s\u1ef1 \u0111\u1ee7 n\u0103ng l\u1ef1c v\u00e0\/ho\u1eb7c th\u00f4ng minh. V\u00ec v\u1eady, t\u00f4i mu\u1ed1n c\u00f3 quy \u0111\u1ecbnh th\u00f4ng minh h\u01a1n \u1edf Hoa K\u1ef3, n\u01a1i b\u1ea1n th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 ng\u0103n ch\u1eb7n c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng gian l\u1eadn m\u00e0 v\u1eabn cho ph\u00e9p \u0111\u1ed5i m\u1edbi. V\u00e0 t\u00f4i hy v\u1ecdng \u0111i\u1ec1u \u0111\u00f3 s\u1ebd \u0111\u1ebfn v\u00e0o m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3.<\/p>\n\n<p>Trong l\u1ecbch s\u1eed, Hoa K\u1ef3 t\u1eebng l\u00e0 trung t\u00e2m \u0111\u1ed5i m\u1edbi h\u1ea1nh ph\u00fac. V\u00e0 r\u1ea5t nhi\u1ec1u s\u1ef1 \u0111\u1ed5i m\u1edbi v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u1ef1c s\u1ef1 di\u1ec5n ra \u1edf New York, trong m\u1ed9t ti\u1ec3u bang m\u00e0 tr\u00ean th\u1ef1c t\u1ebf, h\u1ea7u h\u1ebft c\u00e1c ho\u1ea1t \u0111\u1ed9ng n\u00e0y th\u1ef1c s\u1ef1 l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p. V\u00ec v\u1eady, n\u00f3 kh\u00e1 k\u1ef3 l\u1ea1.<\/p>\n\n<p>Ch\u00fang t\u00f4i c\u00f3 s\u1ef1 \u0111\u1ed3ng thu\u1eadn \u1edf \u0111\u00f3. Ch\u00fang t\u00f4i c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00e1c nh\u01b0ng b\u1ea1n kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p ho\u1ea1t \u0111\u1ed9ng. V\u00ec v\u1eady, n\u00f3 r\u1ea5t k\u1ef3 qu\u1eb7c.<\/p>\n\n<p>Jack: V\u00e0 nh\u01b0 v\u1eady b\u1ea1n \u0111\u00e3 n\u00f3i tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh v\u00e0 ph\u00e1 s\u1ea3n t\u1eeb xa. H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 g\u00ec, b\u1edfi v\u00ec nh\u01b0 b\u1ea1n \u0111\u00e3 \u0111\u1ec1 c\u1eadp tr\u01b0\u1edbc \u0111\u00f3 trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u00e0o n\u0103m 2020, 2021, th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 r\u1ea5t nhi\u1ec1u giao th\u1ee9c mang l\u1ea1i l\u1ee3i nhu\u1eadn 10%, 20%, 30% d\u01b0\u1eddng nh\u01b0 c\u00f3 r\u1ee7i ro th\u1ea5p ho\u1eb7c \u0111\u01b0\u1ee3c ng\u1ee5 \u00fd l\u00e0 c\u00f3 nguy c\u01a1 th\u1ea5p. V\u1eady th\u1ef1c ra b\u1ea1n \u0111ang n\u00f3i r\u1eb1ng \u0111\u00e2y l\u00e0 ch\u1ee9ng kho\u00e1n Kho b\u1ea1c Hoa K\u1ef3 m\u00e0 b\u1ea1n s\u1edf h\u1eefu, lo\u1ea1i ch\u1ee9ng kho\u00e1n \u00edt r\u1ee7i ro nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi, t\u00edn phi\u1ebfu Kho b\u1ea1c.<\/p>\n\n<p>Fabrice: V\u00e2ng. V\u00ec v\u1eady, ph\u00e1 s\u1ea3n t\u1eeb xa, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu ch\u00fang t\u00f4i ph\u00e1 s\u1ea3n, t\u00e0i s\u1ea3n c\u1ee7a b\u1ea1n s\u1ebd l\u00e0 c\u1ee7a b\u1ea1n. V\u00e0 b\u1edfi v\u00ec ch\u00fang t\u00f4i s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n ho\u1eb7c t\u00edn phi\u1ebfu kho b\u1ea1c n\u00ean b\u1ea1n c\u00f3 t\u00e0i s\u1ea3n c\u1ee7a ri\u00eang m\u00ecnh.<\/p>\n\n<p>V\u00ec v\u1eady, ngay c\u1ea3 khi c\u00f4ng ty ph\u00e1 s\u1ea3n, b\u1ea1n v\u1eabn c\u00f3 quy\u1ec1n truy c\u1eadp, b\u1ea1n v\u1eabn s\u1edf h\u1eefu c\u00e1c t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 thu h\u1ed3i ch\u00fang. V\u00ec v\u1eady, r\u1ee7i ro duy nh\u1ea5t b\u1ea1n \u0111ang g\u1eb7p ph\u1ea3i l\u00e0 t\u00ecnh tr\u1ea1ng v\u1ee1 n\u1ee3 c\u1ee7a ch\u00ednh ph\u1ee7 Hoa K\u1ef3. V\u00ec v\u1eady, r\u1ee7i ro h\u00f3a \u0111\u01a1n T th\u1ef1c t\u1ebf.<\/p>\n\n<p>V\u00ec v\u1eady, ch\u00fang t\u00f4i kh\u00f4ng h\u1ee3p t\u00e1c, qu\u1ef9 kh\u00f4ng \u0111\u1ee9ng t\u00ean ch\u00fang t\u00f4i. Ch\u00fang th\u1ef1c s\u1ef1 n\u1eb1m trong v\u00ed c\u1ee7a b\u1ea1n. N\u00f3 kh\u00f4ng gi\u1ed1ng nh\u01b0 SBF, n\u1ebfu b\u1ea1n mu\u1ed1n, v\u00e0 khi h\u1ecd l\u00e0m FTX, v\u1ec1 c\u01a1 b\u1ea3n h\u1ecd \u0111ang \u1edf \u0111\u00f3, h\u1ecd \u0111ang ch\u01a1i b\u1eb1ng ti\u1ec1n c\u1ee7a kh\u00e1ch h\u00e0ng.<\/p>\n\n<p>V\u00e0 n\u1ebfu h\u1ecd ph\u00e1 s\u1ea3n, h\u1ecd s\u1ebd m\u1ea5t ti\u1ec1n c\u1ee7a kh\u00e1ch h\u00e0ng. V\u00ec v\u1eady, vi\u1ec7c ph\u00e1 s\u1ea3n t\u1eeb xa l\u00e0 m\u1ed9t \u0111i\u1ec1u kh\u00e1 hi\u1ebfm trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u01b0ng t\u00f4i ngh\u0129, \u0111\u00f3 ph\u1ea3i l\u00e0 ti\u00eau chu\u1ea9n m\u00e0 ngay c\u1ea3 khi b\u1ea1n ph\u00e1 s\u1ea3n, kh\u00e1ch h\u00e0ng v\u1eabn s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n c\u1ee7a h\u1ecd v\u00e0 h\u1ecd c\u00f3 th\u1ec3 thu l\u1ea1i ch\u00fang.<\/p>\n\n<p>Jack: \u1eea. V\u00e0 trong tr\u01b0\u1eddng h\u1ee3p ph\u00e1 s\u1ea3n t\u1eeb xa, trong th\u1ebf gi\u1edbi m\u00f4i gi\u1edbi TradFi, t\u00f4i ngh\u0129 s\u1ef1 hi\u1ec3u bi\u1ebft c\u1ee7a t\u00f4i l\u00e0 n\u1ebfu b\u1ea1n c\u00f3 t\u00e0i kho\u1ea3n ti\u1ec1n m\u1eb7t, ngh\u0129a l\u00e0 b\u1ea1n ch\u1ec9 mua ch\u1ee9ng kho\u00e1n b\u1eb1ng s\u1ed1 ti\u1ec1n m\u00e0 b\u1ea1n th\u1ef1c s\u1ef1 c\u00f3, \u0111i\u1ec1u \u0111\u00f3 l\u00e0 ph\u1ed5 bi\u1ebfn nh\u1ea5t, b\u1ea1n bi\u1ebft \u0111\u1ea5y, n\u1ebfu Morgan State, n\u1ebfu b\u1ea1n c\u00f3 giao d\u1ecbch thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a Morgan Stanley, n\u1ebfu Morgan Stanley ph\u00e1 s\u1ea3n, \u0111i\u1ec1u n\u00e0y s\u1ebd kh\u00f4ng x\u1ea3y ra, r\u1ea5t r\u1ea5t kh\u00f3 x\u1ea3y ra, nh\u01b0ng n\u1ebfu h\u1ecd ph\u00e1 s\u1ea3n v\u00e0 b\u1ea1n c\u00f3 t\u00e0i kho\u1ea3n ti\u1ec1n m\u1eb7t, th\u00ec b\u1ea1n v\u1eabn s\u1edf h\u1eefu Apple, b\u1ea1n v\u1eabn c\u00f3 m\u00e0 Apple chia s\u1ebb. Nh\u01b0ng n\u1ebfu b\u1ea1n c\u00f3 t\u00e0i kho\u1ea3n k\u00fd qu\u1ef9, m\u1ecdi vi\u1ec7c s\u1ebd ph\u1ee9c t\u1ea1p h\u01a1n m\u1ed9t ch\u00fat. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 gi\u1ed1ng nhau trong ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00f4ng?<\/p>\n\n<p>V\u00e0 t\u00f4i th\u1eadm ch\u00ed c\u00f2n kh\u00f4ng bi\u1ebft li\u1ec7u m\u00ecnh c\u00f3 \u0111\u00fang v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 hay kh\u00f4ng.<\/p>\n\n<p>Fabrice: Trong ti\u1ec1n \u0111i\u1ec7n t\u1eed, nhi\u1ec1u giao th\u1ee9c hi\u1ec7n kh\u00f4ng c\u00f3, ch\u1ec9 l\u00e0 ch\u01b0a \u0111\u1ebfn m\u1ee9c ph\u00e1 s\u1ea3n. V\u00e0 v\u00ec v\u1eady n\u1ebfu giao th\u1ee9c \u0111\u00f3 b\u1ecb h\u1ecfng, b\u1ea1n s\u1ebd m\u1ea5t t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh. V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111\u1ea3m b\u1ea3o r\u1eb1ng b\u1ea1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u1ee7a ri\u00eang m\u00ecnh, b\u1ea5t k\u1ec3 \u0111i\u1ec1u g\u00ec x\u1ea3y ra v\u1edbi ch\u00fang t\u00f4i.<\/p>\n\n<p>V\u00e0 b\u1ea1n kh\u00f4ng k\u00fd qu\u1ef9 v\u1edbi ch\u00fang t\u00f4i, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0, b\u1ea1n c\u00f3 th\u1ec3 \u0111ang vay t\u1eeb b\u00ean th\u1ee9 ba, nh\u01b0 Morpho, nh\u01b0ng b\u1ea1n kh\u00f4ng l\u00e0m vi\u1ec7c \u0111\u00f3 v\u1edbi ch\u00fang t\u00f4i. Ch\u00fang t\u00f4i l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ch\u00ednh, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ch\u00ednh.<\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 b\u1ea1n \u0111\u1ebfn v\u1edbi ch\u00fang t\u00f4i \u0111\u1ec3 mua b\u1ea3o hi\u1ec3m ch\u00ednh ho\u1eb7c mua l\u1ea1i.<\/p>\n\n<p>Jack: \u0110\u01b0\u1ee3c r\u1ed3i. Hi\u1ec3u r\u1ed3i. V\u00e0 m\u1ecdi ng\u01b0\u1eddi s\u1ebd vay ti\u1ec1n nh\u01b0 th\u1ebf n\u00e0o v\u1edbi MT?<\/p>\n\n<p>Nh\u01b0ng li\u1ec7u h\u1ecd s\u1ebd vay ti\u1ec1n \u1ed5n \u0111\u1ecbnh hay h\u1ecd s\u1ebd vay ti\u1ec1n \u0111i\u1ec7n t\u1eed hay g\u00ec?<\/p>\n\n<p>Fabrice: V\u1eady \u0111i\u1ec1u \u0111\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c b\u1ea1n mu\u1ed1n l\u00e0m g\u00ec, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 n\u1ebfu b\u1ea1n mua ETH ho\u1eb7c BTC qu\u00e1 l\u00e2u, \u0111i\u1ec1u b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m l\u00e0, thay v\u00ec th\u00edch, b\u1ea1n g\u1eedi MT c\u1ee7a m\u00ecnh, \u00e0, n\u1ebfu b\u1ea1n \u0111i \u0111\u1ebfn \u0111\u00fang kho ti\u1ec1n, v\u00ec v\u1eady n\u1ebfu ch\u00fang t\u00f4i c\u00f3 kho ti\u1ec1n thanh kho\u1ea3n ph\u00f9 h\u1ee3p, t\u00f9y thu\u1ed9c v\u00e0o gi\u00e1, c\u00e1ch d\u1ec5 nh\u1ea5t l\u00e0 b\u1ea1n v\u00e0o Morpho. Gi\u1ea3 s\u1eed m\u1ecdi ng\u01b0\u1eddi \u0111ang \u1edf trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng gi\u1ea3m gi\u00e1 v\u1edbi t\u1ef7 l\u1ec7 DeFi th\u1ea5p.<\/p>\n\n<p>B\u1ea1n g\u1eedi h\u00f3a \u0111\u01a1n MT, b\u1ea1n vay USDC ho\u1eb7c Tether v\u1edbi l\u00e3i su\u1ea5t gi\u1ea3 s\u1eed l\u00e0 2%, sau \u0111\u00f3 b\u1ea1n mua h\u00f3a \u0111\u01a1n MT v\u1edbi gi\u00e1 5 v\u00e0 15. V\u00e0 sau \u0111\u00f3 b\u1ea1n gi\u1eef l\u1ea1i, v\u00e0 b\u1ea1n c\u00f3 th\u1ec3, b\u1edfi v\u00ec ch\u00ednh ph\u1ee7 Hoa K\u1ef3, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u00edn phi\u1ebfu kho b\u1ea1c l\u00e0 b\u1eb1ng kh\u00f4ng. V\u00e0 v\u00ec v\u1eady b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c LTV c\u00f3 th\u1ec3 l\u00e0 90%.<\/p>\n\n<p>V\u00ec v\u1eady, b\u1ea1n \u0111\u1eb7t m\u1ed9t ngh\u00ecn \u0111\u00f4 la, b\u1ea1n vay 900 \u0111\u00f4 la v\u1edbi gi\u00e1 hai, t\u00f4i \u0111ang t\u00ednh l\u00e3i su\u1ea5t v\u00ec hi\u1ec7n t\u1ea1i ch\u00fang cao, nh\u01b0ng \u1edf m\u1ee9c 2%. C\u00f9ng v\u1edbi \u0111\u00f3, b\u1ea1n mua h\u00f3a \u0111\u01a1n MT c\u00f3 l\u00e3i su\u1ea5t 5,5%. B\u1ea1n g\u1eedi 900 \u0111\u00f4 la v\u00e0 sau \u0111\u00f3 b\u1ea1n vay 810 v\u1edbi gi\u00e1 hai gi\u1edd v\u00e0 b\u1ea1n ti\u1ebfp t\u1ee5c l\u1eb7p l\u1ea1i s\u1ed1 ti\u1ec1n \u0111\u00f3.<\/p>\n\n<p>V\u00ec v\u1eady, b\u1ea1n th\u1ef1c hi\u1ec7n \u0111\u00f2n b\u1ea9y 10 tr\u00ean 1, gi\u1ea3 s\u1eed ch\u00fang ta \u1edf m\u1ee9c 90%. V\u00e0 n\u0103m ph\u1ea7n t\u01b0 c\u1ee7a b\u1ea1n s\u1ebd tr\u1edf th\u00e0nh 15 ho\u1eb7c 20. V\u00ec v\u1eady, \u0111\u00f3 l\u00e0 m\u1ed9t tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng.<\/p>\n\n<p>V\u00e0 b\u1ea1n c\u00f3 th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t giao d\u1ecbch d\u00e0i h\u1ea1n mang l\u1ea1i l\u1ee3i nhu\u1eadn c\u1ef1c k\u1ef3 cao. M\u1ed9t tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng kh\u00e1c l\u00e0 n\u1ebfu b\u1ea1n mu\u1ed1n l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p cho m\u1ed9t th\u1ee9 g\u00ec \u0111\u00f3, thay v\u00ec \u0111\u0103ng USDC ho\u1eb7c USDT l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, th\u00ec vi\u1ec7c \u0111\u1eb7t h\u00f3a \u0111\u01a1n MT l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p s\u1ebd t\u1ed1t h\u01a1n v\u00ec gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u1ee7a b\u1ea1n t\u0103ng l\u00ean theo th\u1eddi gian v\u00ec b\u1ea1n \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n l\u00e3i. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n l\u00e0 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ec3 vay b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, BDC, ETH, b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, b\u1ea1n v\u1eabn n\u00ean \u0111\u1eb7t h\u00f3a \u0111\u01a1n MT h\u01a1n USDC l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p.<\/p>\n\n<p>Jack: T\u00f4i hi\u1ec3u r\u1eb1ng t\u00edn phi\u1ebfu kho b\u1ea1c l\u00e0 c\u00f4ng c\u1ee5 kh\u00f4ng c\u00f3 phi\u1ebfu l\u00e3i. N\u00f3i c\u00e1ch kh\u00e1c, n\u1ebfu l\u00e3i su\u1ea5t l\u00e0 4%, b\u1ea1n mua t\u00edn phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n m\u1ed9t n\u0103m. Kh\u00f4ng ph\u1ea3i l\u00e0 n\u00f3 tr\u1ea3 cho b\u1ea1n 4% h\u00e0ng n\u0103m m\u1ed7i qu\u00fd hay g\u00ec \u0111\u00f3.<\/p>\n\n<p>B\u1ea1n ch\u1ec9 c\u1ea7n mua n\u00f3 v\u1edbi gi\u00e1 96 v\u00e0 b\u1ea1n \u0111\u1ed5i n\u00f3 l\u1ea5y m\u1ed9t \u0111\u00f4 la. Kh\u00eda c\u1ea1nh \u0111\u00f3 \u00e1p d\u1ee5ng cho h\u00f3a \u0111\u01a1n MT nh\u01b0 th\u1ebf n\u00e0o? \u0110i\u1ec1u t\u01b0\u01a1ng t\u1ef1 c\u00f3 x\u1ea3y ra khi h\u00f3a \u0111\u01a1n MT t\u0103ng gi\u00e1 hay ch\u1ee7 s\u1edf h\u1eefu h\u00f3a \u0111\u01a1n MT th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c tr\u1ea3 l\u00e3i kh\u00f4ng gi\u1ed1ng nh\u01b0 ch\u1ee7 s\u1edf h\u1eefu h\u00f3a \u0111\u01a1n kho b\u1ea1c?<\/p>\n\n<p>Fabrice: V\u00ec v\u1eady, b\u1ea1n c\u00f3 nhi\u1ec1u c\u00e1ch \u0111\u1ec3 thi\u1ebft k\u1ebf m\u00e3 th\u00f4ng b\u00e1o c\u1ee7a m\u00ecnh. B\u1ea1n c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 rebasing. V\u00ec v\u1eady, c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n mua, n\u00f3 lu\u00f4n c\u00f3 gi\u00e1 tr\u1ecb b\u1eb1ng m\u1ed9t v\u00e0 ti\u1ec1n l\u00e3i ch\u1ec9 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u h\u01a1n ho\u1eb7c n\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00edch l\u0169y, c\u00f3 ngh\u0129a l\u00e0 ti\u1ec1n l\u00e3i t\u00edch l\u0169y t\u1eebng ch\u00fat m\u1ed9t v\u00e0 ti\u1ebfp t\u1ee5c c\u1ed9ng d\u1ed3n.<\/p>\n\n<p>V\u00ec m\u1ed9t s\u1ed1 l\u00fd do, ch\u00fang ta \u0111\u00e3 ch\u1ecdn t\u00edch l\u0169y. V\u00ec v\u1eady, gi\u00e1 tr\u1ecb c\u1ee9 ti\u1ebfp t\u1ee5c t\u00edch l\u0169y. V\u00ec v\u1eady, b\u1ea1n c\u00f3 m\u1ed9t \u0111\u00f4 la, n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t \u0111\u00f4 la n\u0103m, n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t \u0111\u00f4 la 11 v\u00e0 v\u1ec1 c\u01a1 b\u1ea3n n\u00f3 ti\u1ebfp t\u1ee5c t\u0103ng l\u00ean.<\/p>\n\n<p>V\u00ec v\u1eady, n\u00f3 ng\u00e0y c\u00e0ng t\u0103ng gi\u00e1 tr\u1ecb, t\u00edch l\u0169y gi\u00e1 tr\u1ecb.<\/p>\n\n<p>Jack: V\u1eady n\u00f3 gi\u1ed1ng v\u1edbi t\u00edn phi\u1ebfu kho b\u1ea1c \u00e0? \u0110\u00fang. V\u00e2ng.<\/p>\n\n<p>V\u00ec v\u1eady, m\u1ed7i ng\u00e0y, ch\u1ec9 c\u1ea7n t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 l\u00ean m\u1ed9t ch\u00fat khi n\u00f3 \u0111\u01b0\u1ee3c cu\u1ed9n l\u1ea1i, k\u00e9o ra. Ch\u00ednh x\u00e1c. Hi\u1ec3u r\u1ed3i.<\/p>\n\n<p>H\u1ea5p d\u1eabn. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, \u0111i\u1ec1u ti\u1ebfp theo b\u1ea1n s\u1eafp tri\u1ec3n khai l\u00e0 c\u01a1 s\u1edf M.<\/p>\n\n<p>B\u1ea1n c\u00f3 th\u1ec3 ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec v\u1ec1 k\u1ebf ho\u1ea1ch d\u00e0i h\u1ea1n cho t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n c\u1ee7a m\u00ecnh \u0111\u1ed1i v\u1edbi Midas kh\u00f4ng?<\/p>\n\n<p>Fabrice: V\u00e2ng. H\u00e3y nh\u00ecn xem, t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1ed5i m\u1edbi, ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 c\u00e1ch n\u00e0y, h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng, \u0111\u1ed1i v\u1edbi t\u00f4i, \u0111i\u1ec1u \u0111\u00f3 th\u1eadt v\u00f4 ngh\u0129a khi v\u00e0o n\u0103m 2024, n\u1ebfu t\u00f4i mu\u1ed1n mua c\u1ed5 phi\u1ebfu Apple v\u00e0 b\u1ea1n mu\u1ed1n b\u00e1n c\u1ed5 phi\u1ebfu Apple, ch\u00fang t\u00f4i g\u1ecdi cho nh\u00e2n vi\u00ean ng\u00e2n h\u00e0ng c\u1ee7a m\u00ecnh, h\u1ecd th\u1ef1c hi\u1ec7n giao d\u1ecbch. C\u00f3 ng\u01b0\u1eddi gi\u00e1m s\u00e1t, ng\u01b0\u1eddi m\u00f4i gi\u1edbi, ch\u1ee7 ng\u00e2n h\u00e0ng v\u00e0 s\u1ed1 ti\u1ec1n thanh to\u00e1n l\u00e0 T c\u1ed9ng 72. V\u00e0 n\u00f3 ch\u1ec9 x\u1ea3y ra trong gi\u1edd l\u00e0m vi\u1ec7c.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, \u0111i\u1ec1u \u0111\u00f3 v\u00f4 ngh\u0129a, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 t\u1ea1i sao b\u1ea1n kh\u00f4ng th\u1ec3 l\u00e0m vi\u1ec7c \u0111\u00f3 24\/7 m\u00e0 kh\u00f4ng c\u00f3 trung gian trong th\u1eddi gian th\u1ef1c? N\u1ebfu t\u00f4i chuy\u1ec3n ti\u1ec1n cho ai \u0111\u00f3, s\u1ebd kh\u00f4ng c\u00f3 s\u1ef1 theo d\u00f5i th\u1eddi gian th\u1ef1c.<\/p>\n\n<p>V\u00e0 do \u0111\u00f3, vi\u1ec7c t\u1ea1o ra c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh sang th\u1ebf gi\u1edbi k\u1ef9 thu\u1eadt s\u1ed1, s\u1ed1 h\u00f3a v\u00e0 di\u1ec5n ra tr\u00ean c\u01a1 s\u1edf th\u1eddi gian th\u1ef1c, t\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n. Ch\u00fang ta c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng token h\u00f3a tr\u00e1i phi\u1ebfu. Ch\u00fang ta c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng token h\u00f3a c\u1ed5 phi\u1ebfu.<\/p>\n\n<p>B\u00e2y gi\u1edd, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ef1c s\u1ef1 h\u1ee3p l\u00fd kh\u00f4ng khi \u1edf ph\u01b0\u01a1ng T\u00e2y, b\u1ea1n c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng truy c\u1eadp Robinhood ho\u1eb7c E-Trade? Kh\u00f4ng c\u1ea7n thi\u1ebft. Nh\u01b0ng t\u1eeb g\u00f3c \u0111\u1ed9 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n, ch\u00fang ta c\u1ea7n ph\u00e1t minh l\u1ea1i \u0111\u01b0\u1eddng ray c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng sao cho n\u00f3 tr\u1edf th\u00e0nh k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 ho\u1ea1t \u0111\u1ed9ng 24\/7 m\u00e0 kh\u00f4ng c\u00f3 t\u1ea5t c\u1ea3 c\u00e1c l\u1edbp trung gian, ph\u00ed v\u00e0 \u0111\u01b0\u1eddng ray ti\u1ec1n \u0111i\u1ec7n t\u1eed ho\u1eb7c c\u00e1ch th\u1ee9c \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3.<\/p>\n\n<p>B\u00e2y gi\u1edd, v\u1ec1 thanh to\u00e1n, t\u00f4i nghi ng\u1edd ch\u00fang ta s\u1ebd kh\u00f4ng \u0111i theo con \u0111\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed. V\u00e0 t\u00f4i ngh\u0129 ch\u00fang ta s\u1ebd sao ch\u00e9p c\u00e1c v\u00ed d\u1ee5 c\u1ee7a Brazil v\u00e0 Nga b\u1eb1ng PIX v\u00e0 UPI. \u00d4i, Nga, \u1ea4n \u0110\u1ed9.<\/p>\n\n<p>V\u00ec v\u1eady, \u1ea4n \u0110\u1ed9 v\u1edbi UPI l\u00e0 h\u1ec7 th\u1ed1ng thanh to\u00e1n theo th\u1eddi gian th\u1ef1c ho\u00e0n to\u00e0n mi\u1ec5n ph\u00ed, ho\u1ea1t \u0111\u1ed9ng gi\u1eefa ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng, ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 doanh nghi\u1ec7p, doanh nghi\u1ec7p v\u00e0 ch\u00ednh ph\u1ee7, B2B. N\u00f3 gi\u1ed1ng nh\u01b0 m\u1ecdi th\u1ee9. V\u00e0 n\u00f3 mi\u1ec5n ph\u00ed trong th\u1eddi gian th\u1ef1c.<\/p>\n\n<p>V\u00e0 n\u00f3 th\u1eadt phi th\u01b0\u1eddng. V\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, thu\u1ebf trao \u0111\u1ed5i MasterCard Visa \u0111\u00e3 bi\u1ebfn m\u1ea5t. V\u00e0 n\u00f3 \u0111\u00e3 d\u1eabn \u0111\u1ebfn m\u1ed9t s\u1ef1 \u0111\u1ed5i m\u1edbi phi th\u01b0\u1eddng nh\u01b0 giao d\u1ecbch vi m\u00f4, m\u00f4 h\u00ecnh kinh doanh tr\u00ean giao d\u1ecbch vi m\u00f4 v\u00e0 s\u1ef1 b\u00f9ng n\u1ed5 t\u00e0i ch\u00ednh v\u00e0 h\u00f2a nh\u1eadp t\u00e0i ch\u00ednh th\u1eadt \u0111\u1eb9p \u0111\u1ebd v\u00e0 k\u1ef3 di\u1ec7u m\u00e0 t\u00f4i n\u00f3ng l\u00f2ng ch\u1edd \u0111\u1ee3i n\u00f3 x\u1ea3y ra \u1edf ph\u01b0\u01a1ng T\u00e2y.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady t\u00f4i ngh\u0129 nh\u1eefng th\u1ee9 nh\u01b0 th\u1ebf c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd b\u1ecb thay th\u1ebf h\u01a1n. V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng c\u00e1c ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 ki\u1ec3m so\u00e1t v\u00e0 s\u1ebd kh\u00f4ng n\u1eb1m trong c\u00e1c ph\u01b0\u01a1ng th\u1ee9c ti\u1ec1n \u0111i\u1ec7n t\u1eed. Nh\u01b0ng khi n\u00f3i \u0111\u1ebfn vi\u1ec7c thanh to\u00e1n c\u00e1c t\u00e0i s\u1ea3n nh\u01b0 tr\u00e1i phi\u1ebfu, v.v., kh\u00f4ng c\u00f3 l\u00fd do g\u00ec n\u00f3 kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong ti\u1ec1n \u0111i\u1ec7n t\u1eed.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, r\u00f5 r\u00e0ng l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m th\u1ef1c s\u1ef1 kh\u00f4ng mu\u1ed1n \u0111i\u1ec1u \u0111\u00f3, nh\u01b0ng n\u00f3 r\u1ea5t c\u00f3 \u00fd ngh\u0129a. V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd \u0111\u01b0\u1ee3c token h\u00f3a ngo\u00e0i vi\u1ec7c c\u1ed1 g\u1eafng s\u1eed d\u1ee5ng c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh kh\u00f4ng mang l\u1ea1i l\u1ee3i nhu\u1eadn. Ch\u00fang t\u00f4i s\u1ebd m\u00e3 h\u00f3a c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh kh\u00e1c trong th\u1ebf gi\u1edbi th\u1ef1c.<\/p>\n\n<p>Jack: V\u1eady l\u00e0 b\u1ea1n n\u00f3i r\u1eb1ng b\u1ea1n l\u1ea1c quan v\u1ec1 vi\u1ec7c token h\u00f3a t\u00e0i s\u1ea3n v\u00e0 c\u00e1c kho\u1ea3n thanh to\u00e1n, \u0111\u00f3 l\u00e0 nh\u1eefng g\u00ec Midas \u0111ang l\u00e0m, nh\u01b0ng kh\u00f4ng ph\u1ea3i v\u1ec1 thanh to\u00e1n. V\u00ec v\u1eady, b\u1ea1n kh\u00f4ng coi \u0111\u00e2y l\u00e0 kho\u1ea3n thanh to\u00e1n v\u00e0 b\u1ea1n kh\u00f4ng th\u1ea5y ti\u1ec1n \u0111i\u1ec7n t\u1eed ho\u1eb7c ti\u1ec1n \u1ed5n \u0111\u1ecbnh \u0111\u00f3ng vai tr\u00f2 l\u1edbn trong t\u01b0\u01a1ng lai c\u1ee7a thanh to\u00e1n. T\u00f4i kh\u00f4ng mu\u1ed1n nh\u00e9t ch\u1eef v\u00e0o mi\u1ec7ng b\u1ea1n.<\/p>\n\n<p>Fabrice: Kh\u00f4ng, t\u00f4i kh\u00f4ng n\u00f3i th\u1ebf, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 ch\u00fang l\u00e0 nh\u1eefng \u1ee9ng d\u1ee5ng thanh to\u00e1n li\u1ec1n k\u1ec1 b\u1eb1ng ti\u1ec1n \u0111i\u1ec7n t\u1eed tuy\u1ec7t v\u1eddi nh\u01b0 Dollar App. \u1ee8ng d\u1ee5ng Dollar c\u00f3 m\u1ed9t \u0111\u01b0\u1eddng ray ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 h\u1ecd \u0111ang th\u1ef1c hi\u1ec7n thanh to\u00e1n h\u01a1n m\u1ed9t t\u1ef7 \u0111\u00f4 la.<\/p>\n\n<p>V\u00ec v\u1eady, h\u1ecd cho ph\u00e9p b\u1ea1n chuy\u1ec3n ti\u1ec1n t\u1eeb M\u1ef9 sang Mexico v\u00e0 t\u1eeb peso sang \u0111\u00f4 la, v.v., nh\u01b0 c\u00e1ch r\u1ebb nh\u1ea5t cho \u0111\u1ebfn nay v\u00e0 r\u1ebb h\u01a1n m\u1ecdi th\u1ee9 kh\u00e1c t\u1eeb chuy\u1ec3n kho\u1ea3n kh\u00f4n ngoan, v.v. V\u00e0 t\u1eeb quan \u0111i\u1ec3m \u0111\u00f3, n\u00f3 mang t\u00ednh c\u00e1ch m\u1ea1ng. T\u00f4i \u0111ang n\u00f3i, nh\u01b0ng trong n\u01b0\u1edbc, c\u00f2n nhi\u1ec1u th\u1ee9 h\u01a1n n\u1eefa, thanh to\u00e1n cho \u0111\u01b0\u1eddng s\u1eaft, \u0111i\u1ec1u t\u00f4i kh\u00f4ng th\u00edch \u1edf ph\u01b0\u01a1ng T\u00e2y l\u00e0 m\u1ecdi ng\u01b0\u1eddi thanh to\u00e1n b\u1eb1ng th\u1ebb t\u00edn d\u1ee5ng b\u1eb1ng Visa, MasterCard v\u00e0 American Express, v\u1edbi m\u1ee9c thu\u1ebf hi\u1ec7u qu\u1ea3, t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i t\u01b0\u01a1ng t\u1ef1 , gi\u1ea3 s\u1eed, 0,8% \u0111\u1ebfn 3%, t\u00f9y thu\u1ed9c v\u00e0o qu\u1ed1c gia, danh m\u1ee5c, ng\u01b0\u1eddi b\u00e1n, ng\u01b0\u1eddi mua, v.v. T\u00f4i nghi ng\u1edd r\u1eb1ng n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 chuy\u1ec3n n\u00f3 \u0111\u1ebfn m\u1ed9t th\u1ebf gi\u1edbi n\u01a1i n\u00f3 b\u1eb1ng 0, n\u00f3 s\u1ebd gi\u1ea3i ph\u00f3ng gi\u00e1 tr\u1ecb phi th\u01b0\u1eddng. V\u00e0 c\u00f3 hai v\u00ed d\u1ee5 v\u1ec1 c\u00e1c qu\u1ed1c gia \u0111\u00e3 x\u1ea3y ra \u0111i\u1ec1u \u0111\u00f3. B\u00e2y gi\u1edd, t\u00f4i c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng n\u00f3 tr\u00ean ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00f4ng, \u0111\u1eb7c bi\u1ec7t n\u1ebfu t\u00f4i s\u1eed d\u1ee5ng th\u1ee9 g\u00ec \u0111\u00f3 r\u1ea5t r\u1ebb nh\u01b0 Solana?<\/p>\n\n<p>Solana Pay c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t c\u01a1 ch\u1ebf thanh to\u00e1n tuy\u1ec7t v\u1eddi kh\u00f4ng? C\u00e2u tr\u1ea3 l\u1eddi l\u00e0 c\u00f3. V\u00e0 PayPal \u0111ang l\u00e0m \u0111i\u1ec1u \u0111\u00f3, ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>Ch\u00ednh x\u00e1c. V\u1eady t\u00f4i ngh\u0129 \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c kh\u00f4ng? T\u00f4i ngh\u0129 c\u00e2u tr\u1ea3 l\u1eddi l\u00e0 ho\u00e0n to\u00e0n c\u00f3.<\/p>\n\n<p>V\u00e0 \u0111\u00f3 ch\u1ec9 l\u00e0 nh\u1eefng g\u00ec t\u00f4i ngh\u0129 th\u00f4ng qua vi\u1ec7c c\u00e1c ch\u00ednh ph\u1ee7 s\u1eb5n s\u00e0ng t\u1eeb b\u1ecf quy\u1ec1n ki\u1ec3m so\u00e1t nh\u1eefng g\u00ec v\u00e0 nh\u1eefng g\u00ec t\u00f4i ngh\u0129 c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng x\u1ea3y ra nh\u1ea5t? T\u00f4i nghi ng\u1edd r\u1eb1ng c\u00e2u tr\u1ea3 l\u1eddi c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng x\u1ea3y ra h\u01a1n v\u1ec1 m\u1eb7t k\u1ebft qu\u1ea3 l\u00e0 th\u1ee9 g\u00ec \u0111\u00f3 nh\u01b0 UPI ho\u1eb7c PICS, cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 ki\u1ec3m so\u00e1t v\u00e0 qu\u1ea3n l\u00fd, l\u00e0 nh\u1eefng g\u00ec x\u1ea3y ra trong thanh to\u00e1n thay v\u00ec h\u1ec7 th\u1ed1ng thanh to\u00e1n \u0111\u01b0\u1eddng s\u1eaft b\u1eb1ng ti\u1ec1n \u0111i\u1ec7n t\u1eed. T\u00f4i kh\u00f4ng n\u00f3i l\u00e0 kh\u00f4ng th\u1ec3 x\u1ea3y ra.<\/p>\n\n<p>T\u00f4i ch\u1ec9 n\u00f3i m\u1ed9t c\u00e1ch x\u00e1c su\u1ea5t, t\u00f4i nghi ng\u1edd \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra, m\u1eb7c d\u00f9 ch\u00fang s\u1ebd c\u00f3 vai tr\u00f2 v\u00e0 vai tr\u00f2 c\u00f3 \u00fd ngh\u0129a, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi n\u00f3i \u0111\u1ebfn thanh to\u00e1n v\u00e0 trao \u0111\u1ed5i gi\u1eefa c\u00e1c qu\u1ed1c gia c\u0169ng nh\u01b0 c\u00e1c h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7. \u00dd t\u00f4i l\u00e0, Dollar App, n\u1ebfu b\u1ea1n ch\u01b0a ch\u01a1i th\u00ec \u0111\u00f3 l\u00e0 1L, DOLARAPP, th\u1eadt phi th\u01b0\u1eddng. V\u00e0 nh\u00e2n ti\u1ec7n, to\u00e0n b\u1ed9 \u0111\u01b0\u1eddng ray ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 b\u1ecb x\u00e1o tr\u1ed9n.<\/p>\n\n<p>B\u1ea1n kh\u00f4ng bi\u1ebft r\u1eb1ng c\u00f3 m\u1ed9t th\u00e0nh ph\u1ea7n m\u1eadt m\u00e3 trong \u0111\u00f3. N\u00f3 v\u1eeba \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n cho b\u1ea1n v\u00e0 n\u00f3 th\u1eadt \u0111\u1eb9p.<\/p>\n\n<p>Jack: V\u1eady UPI, Giao di\u1ec7n thanh to\u00e1n h\u1ee3p nh\u1ea5t, b\u1ea1n c\u00f3 cho r\u1eb1ng Trung Qu\u1ed1c c\u0169ng c\u00f3 \u0111i\u1ec1u \u0111\u00f3 v\u1edbi UnionPay kh\u00f4ng?<\/p>\n\n<p>Fabrice: C\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u1ee7a Trung Qu\u1ed1c, nh\u1eefng c\u00f4ng ty l\u1edbn, th\u1ef1c s\u1ef1 l\u00e0 t\u01b0 nh\u00e2n, hay WePay, c\u1ee7a Tencent v\u00e0 Alipay c\u1ee7a Alibaba. Nh\u01b0ng ch\u00ednh ph\u1ee7 gh\u00e9t h\u1ecd n\u00ean r\u00f5 r\u00e0ng l\u00e0 h\u1ecd \u0111\u00e3 \u0111\u00f3ng c\u1eeda \u0111\u1ee3t IPO. V\u00e0 \u00fd t\u00f4i l\u00e0 v\u1ec1 t\u00e0i ch\u00ednh, n\u00ean t\u00f4i l\u00e0 m\u1ed9t con ki\u1ebfn \u200b\u200b\u0111\u1ea7u t\u01b0, m\u1ed9t con ki\u1ebfn \u200b\u200b\u0111\u1ea7u t\u01b0 r\u1ea5t th\u1ea5t v\u1ecdng.<\/p>\n\n<p>V\u00ec v\u1eady, \u1edf Trung Qu\u1ed1c, n\u00f3 xu\u1ea5t ph\u00e1t t\u1eeb ph\u00eda t\u01b0 nh\u00e2n, nh\u01b0ng ch\u00ednh ph\u1ee7 gh\u00e9t h\u1ecd v\u00e0 \u0111\u00e3 c\u1ed1 g\u1eafng h\u1ebft s\u1ee9c \u0111\u1ec3 ti\u00eau di\u1ec7t h\u1ecd v\u00e0 thay th\u1ebf h\u1ecd b\u1eb1ng n\u1ed9i b\u1ed9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng. Nh\u01b0ng v\u00e2ng, t\u00f4i mu\u1ed1n th\u1ee9 g\u00ec \u0111\u00f3 nh\u01b0 th\u1ebf t\u1ed3n t\u1ea1i \u1edf M\u1ef9. M\u1ed9t th\u1ee9 thu\u1ed9c lo\u1ea1i UnionPay ho\u1eb7c a- \u00dd t\u00f4i l\u00e0, UPI.<\/p>\n\n<p>V\u00e2ng, UPI, n\u1ebfu ch\u00fang t\u00f4i c\u00f3 th\u1ec3 sao ch\u00e9p v\u00e0 d\u00e1n UPI ho\u1eb7c PIX cho v\u1ea5n \u0111\u1ec1 \u0111\u00f3, th\u00ec t\u00f4i s\u1ebd v\u00f4 c\u00f9ng vui m\u1eebng v\u00e0 h\u1ea1nh ph\u00fac. V\u00e0 Fed \u0111\u00e3 c\u1ed1 g\u1eafng t\u1ea1o ra m\u1ed9t s\u1ea3n ph\u1ea9m t\u00ean l\u00e0 FedNow, nh\u01b0ng n\u00f3 ch\u1ec9 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng khu v\u1ef1c, b\u1edfi v\u00ec r\u00f5 r\u00e0ng r\u1ea5t nhi\u1ec1u ng\u00e2n h\u00e0ng kh\u00f4ng mu\u1ed1n m\u1ea5t trao \u0111\u1ed5i, m\u1ed9t ph\u1ea7n l\u1edbn c\u1ee7a m\u00f4 h\u00ecnh kinh doanh, v\u00e0 \u0111\u00e3 kh\u00f4ng v\u1eabn ch\u01b0a \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eadn th\u1ee9c c\u1ee7a c\u00f4ng ch\u00fang. Nh\u01b0ng c\u00f3, nh\u01b0ng n\u00f3 v\u1eabn ch\u01b0a th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u1ed1i m\u1eb7t.<\/p>\n\n<p>V\u00ec v\u1eady, c\u00f3 nh\u1eefng n\u1ed7 l\u1ef1c theo h\u01b0\u1edbng \u0111\u00f3, nh\u01b0ng t\u00f4i ngh\u0129 s\u1ebd ph\u1ea3i m\u1ea5t m\u1ed9t th\u1eadp k\u1ef7 ho\u1eb7c h\u01a1n n\u1eefa \u1edf ph\u01b0\u01a1ng T\u00e2y.<\/p>\n\n<p>Jack: V\u00ec v\u1eady, k\u1ec3 t\u1eeb khi IPO v\u00e0o nh\u1eefng n\u0103m 2000, Visa v\u00e0 MasterCard \u0111\u00e3 tr\u1edf th\u00e0nh nh\u1eefng c\u1ed5 phi\u1ebfu ho\u1ea1t \u0111\u1ed9ng c\u1ef1c k\u1ef3 t\u1ed1t v\u00ec ch\u00fang c\u00f3 ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u1ea5t l\u01b0\u1ee3ng cao. V\u00e0 n\u1ebfu h\u1ecd ti\u1ebfp t\u1ee5c, h\u1ecd c\u00f3 th\u1ec3 s\u1ebd c\u00f3 m\u1ed9t doanh nghi\u1ec7p ch\u1ea5t l\u01b0\u1ee3ng cao. C\u00f3 v\u1ebb nh\u01b0 b\u1ea1n ngh\u0129 r\u1eb1ng nh\u1eefng ng\u00e0y t\u01b0\u01a1i \u0111\u1eb9p nh\u1ea5t c\u1ee7a nh\u1eefng c\u00f4ng ty \u0111\u00f3 \u0111\u00e3 \u1edf ph\u00eda sau?<\/p>\n\n<p>Fabrice: Ch\u00e0, h\u1ecd kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i nh\u01b0 v\u1eady v\u00ec h\u1ecd c\u00f3 r\u1ea5t nhi\u1ec1u quy\u1ec1n l\u1ef1c v\u00e0 n\u1eafm b\u1eaft theo quy \u0111\u1ecbnh, v\u00e0 t\u00f4i ch\u1eafc ch\u1eafn r\u1eb1ng h\u1ecd s\u1ebd chi\u1ebfn \u0111\u1ea5u \u0111\u1ebfn c\u00f9ng, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 \u0111\u00e2y l\u00e0 \u0111i\u1ec1u cu\u1ed1i c\u00f9ng h\u1ecd mu\u1ed1n x\u1ea3y ra. V\u00e0 \u1edf nh\u1eefng n\u01a1i \u0111i\u1ec1u \u0111\u00f3 x\u1ea3y ra, t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng th\u1ebb t\u00edn d\u1ee5ng th\u1ea5p ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>V\u00ec v\u1eady, l\u00fd do t\u00f4i kh\u00f4ng ngh\u0129 cu\u1ed1i c\u00f9ng h\u1ecd \u0111\u00e3 \u0111\u1ea5u tranh h\u1ebft m\u00ecnh \u1edf Brazil v\u00e0 \u1ea4n \u0110\u1ed9 kh\u00f4ng ph\u1ea3i l\u00e0 v\u00ec nhi\u1ec1u ng\u01b0\u1eddi \u0111\u1ee7 gi\u00e0u \u0111\u1ec3 c\u00f3 th\u1ebb t\u00edn d\u1ee5ng v\u00e0 c\u00f3 \u0111i\u1ec3m t\u00edn d\u1ee5ng t\u1ed1t \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c s\u1edf h\u1eefu th\u1ebb t\u00edn d\u1ee5ng. V\u00e0 do \u0111\u00f3, b\u1ea1n c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t \u0111\u01b0\u1eddng ray thanh to\u00e1n t\u00edn d\u1ee5ng \u0111\u1ed9c l\u1eadp ho\u00e0n to\u00e0n m\u1edbi. \u1ede \u0111\u00e2y c\u00f3 m\u1ed9t ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m, hai ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m, t\u00f4i nghi ng\u1edd \u0111i\u1ec1u \u0111\u00f3 s\u1ebd r\u1ea5t, r\u1ea5t kh\u00f3 kh\u0103n.<\/p>\n\n<p>V\u00ec v\u1eady, n\u1ebfu t\u00f4i \u0111\u1eb7t c\u01b0\u1ee3c, t\u00f4i s\u1ebd n\u00f3i r\u1eb1ng \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra trong th\u1eadp k\u1ef7 t\u1edbi v\u00e0 ch\u00fang v\u1eabn l\u00e0 ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n ch\u00ednh. V\u00ec v\u1eady, t\u00f4i ch\u1eafc ch\u1eafn kh\u00f4ng b\u00e1n kh\u1ed1ng trong ng\u1eafn h\u1ea1n, c\u1ea3 hai \u0111i\u1ec1u n\u00e0y, nh\u01b0ng d\u00f9 sao th\u00ec t\u00f4i c\u0169ng s\u1ebd kh\u00f4ng tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0. T\u00f4i th\u00edch nh\u1eefng th\u1ee9 \u0111i t\u1eeb 0 \u0111\u1ebfn 1000, nh\u1eefng th\u1ee9 \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp s\u1eb5n.<\/p>\n\n<p>Jack: \u0110\u00fang r\u1ed3i. Ch\u1ec9 v\u00ec b\u1ea1n ngh\u0129 r\u1eb1ng b\u1ea1n \u0111ang n\u00f3i r\u1eb1ng s\u1ebd l\u00e0 m\u1ed9t \u0111i\u1ec1u t\u1ed1t cho n\u01b0\u1edbc M\u1ef9 n\u1ebfu ch\u00fang ta c\u00f3 UPI, nh\u01b0ng b\u1ea1n ngh\u0129 \u0111\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u t\u1ed1t kh\u00f4ng c\u00f3 ngh\u0129a \u0111\u00f3 nh\u1ea5t thi\u1ebft l\u00e0 \u0111i\u1ec1u s\u1ebd x\u1ea3y ra. \u1ed2 v\u00e2ng.<\/p>\n\n<p>Fabrice: C\u00f3 r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u t\u1ed1t cho n\u01b0\u1edbc M\u1ef9. Ch\u00fang ta n\u00ean c\u00f3 ch\u00ednh s\u00e1ch nh\u1eadp c\u01b0 v\u00e0 ch\u00ednh s\u00e1ch nh\u1eadp c\u01b0 c\u1edfi m\u1edf h\u01a1n cho c\u1ea3 ng\u01b0\u1eddi c\u00f3 tay ngh\u1ec1 th\u1ea5p v\u00e0 tay ngh\u1ec1 cao, b\u1edfi v\u00ec n\u00f3 th\u1ef1c s\u1ef1 l\u00e0m t\u0103ng ph\u00fac l\u1ee3i qu\u1ed1c gia v\u00e0 c\u1ea3i thi\u1ec7n nh\u00e2n kh\u1ea9u h\u1ecdc c\u1ee7a ch\u00fang ta m\u1ed9t c\u00e1ch \u0111\u00e1ng k\u1ec3. Ch\u00fang ta n\u00ean c\u00f3 m\u1ed9t h\u1ec7 th\u1ed1ng thu\u1ebf \u0111\u01a1n gi\u1ea3n h\u01a1n nhi\u1ec1u v\u1edbi m\u1ee9c thu\u1ebf c\u1ed1 \u0111\u1ecbnh.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, c\u00f3 r\u1ea5t nhi\u1ec1u th\u1ee9 b\u1ea1n n\u00ean c\u00f3 m\u00e0 ch\u00fang t\u00f4i kh\u00f4ng c\u00f3. V\u00ec v\u1eady, c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa suy ngh\u0129 m\u01a1 \u01b0\u1edbc m\u00e0 t\u00f4i ngh\u0129 s\u1ebd x\u1ea3y ra. T\u00f4i kh\u00f4ng ngh\u0129 n\u00f3 s\u1ebd x\u1ea3y ra s\u1edbm.<\/p>\n\n<p>Jack: \u0110\u00fang v\u1eady. V\u00ec v\u1eady, trang web c\u1ee7a b\u1ea1n r\u1ea5t d\u1ec5 t\u00ecm th\u1ea5y, FabriceGrinda.com. M\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 t\u00ecm th\u00eam th\u00f4ng tin v\u1ec1 Midas \u1edf \u0111\u00e2u?<\/p>\n\n<p>Fabrice: \u0110\u00f3 l\u00e0 Midas.app. \u0110\u00fang v\u1eady, MIDAS.APP. V\u00e0 n\u1ebfu b\u1ea1n mu\u1ed1n t\u00ecm hi\u1ec3u v\u1ec1 qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u1ee7a t\u00f4i, h\u00e3y truy c\u1eadp FJLabs.com.<\/p>\n\n<p>Jack: Hi\u1ec3u r\u1ed3i. Fabrice, t\u00f4i ch\u1ec9 mu\u1ed1n h\u1ecfi m\u1ed9t c\u00e2u, chuy\u1ec3n t\u1eeb ti\u1ec1n \u0111i\u1ec7n t\u1eed sang \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m. T\u00f4i \u0111\u00e3 ph\u1ecfng v\u1ea5n v\u00e0 n\u00f3i chuy\u1ec7n v\u1edbi r\u1ea5t nhi\u1ec1u ch\u1ee7 ng\u00e2n h\u00e0ng t\u1eeb g\u00f3c \u0111\u1ed9 ng\u00e2n h\u00e0ng, Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon l\u00e0 nh\u01b0 th\u1ebf n\u00e0o, ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m r\u1ea5t l\u1edbn \u0111\u00e3 s\u1ee5p \u0111\u1ed5 h\u01a1n m\u1ed9t n\u0103m tr\u01b0\u1edbc.<\/p>\n\n<p>Nh\u01b0ng t\u00f4i ch\u01b0a th\u1ef1c s\u1ef1 n\u00f3i chuy\u1ec7n, t\u00f4i kh\u00f4ng bi\u1ebft nhi\u1ec1u ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m nh\u01b0 v\u1eady. T\u00f4i \u0111\u00e3 quen v\u1edbi vi\u1ec7c c\u00f3 tin \u0111\u1ed3n r\u1eb1ng m\u1ecdi ng\u01b0\u1eddi tham gia \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ec1u c\u00f3 m\u1eb7t tr\u00ean Twitter v\u00e0 h\u1ecd \u1edf trong t\u1ea5t c\u1ea3 c\u00e1c ph\u00f2ng tr\u00f2 chuy\u1ec7n gi\u1ed1ng nhau v\u00e0 h\u1ecd \u0111ang n\u00f3i v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 v\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, l\u1eddi n\u00f3i lan truy\u1ec1n r\u1ea5t nhanh. Nh\u01b0ng t\u00f4i tin r\u1eb1ng v\u00e0o th\u1ee9 T\u01b0, Goldman \u0111\u00e3 th\u00f4ng b\u00e1o r\u1eb1ng h\u1ecd \u0111ang ph\u00e1t h\u00e0nh th\u1ee9 n\u00e0y v\u00e0 sau \u0111\u00f3 l\u00e0 s\u1ef1 \u0111\u1ea7u c\u01a1 v\u00e0o t\u1ed1i th\u1ee9 T\u01b0 v\u00e0 ng\u00e2n h\u00e0ng \u0111\u00e3 ph\u00e1 s\u1ea3n v\u00e0o s\u00e1ng mu\u1ed9n, \u0111\u1ea7u gi\u1edd chi\u1ec1u th\u1ee9 S\u00e1u.<\/p>\n\n<p>V\u00ec v\u1eady, n\u00f3 \u0111\u00e3 x\u1ea3y ra th\u1ef1c s\u1ef1 nhanh ch\u00f3ng. Kho\u1ea3ng th\u1eddi gian 50 gi\u1edd \u0111\u00f3 \u0111\u1ed1i v\u1edbi b\u1ea1n nh\u01b0 th\u1ebf n\u00e0o?<\/p>\n\n<p>Fabrice: V\u00ec v\u1eady, ch\u00fang t\u00f4i ngay l\u1eadp t\u1ee9c r\u00fat ti\u1ec1n c\u1ee7a m\u00ecnh. V\u00ec v\u1eady, th\u1ef1c t\u1ebf l\u00e0 ch\u00fang t\u00f4i, v\u00ec r\u00f5 r\u00e0ng l\u00e0 ch\u00fang t\u00f4i c\u00f3 h\u01a1n 250K, gi\u1edbi h\u1ea1n FDIC. V\u00e0 ch\u00fang t\u00f4i bi\u1ebft r\u1eb1ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 l\u00e0 m\u1ed9t n\u1ed7 l\u1ef1c m\u00e0 n\u1ebfu kh\u00f4ng th\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 x\u1ea3y ra, nh\u1eefng ng\u01b0\u1eddi \u0111i\u1ec1u h\u00e0nh ng\u00e2n h\u00e0ng s\u1ebd khi\u1ebfn ng\u00e2n h\u00e0ng ph\u00e1 s\u1ea3n.<\/p>\n\n<p>Nh\u01b0ng n\u1ebfu ch\u00fang ta kh\u00f4ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3, r\u00f5 r\u00e0ng \u0111\u00f3 l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 l\u00fd thuy\u1ebft v\u1ec1 l\u1ee3i \u00edch c\u01a1 b\u1ea3n trong \u0111\u00f3 c\u00e2n b\u1eb1ng Nash l\u00e0 m\u1ed9t k\u1ebft qu\u1ea3 ti\u00eau c\u1ef1c khi m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u r\u00fat ti\u1ec1n v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 t\u1ed1t. V\u00ec v\u1eady, n\u1ebfu kh\u00f4ng ai r\u00fat ti\u1ec1n, n\u00f3 s\u1ebd t\u1ed3n t\u1ea1i. Nh\u01b0ng n\u1ebfu c\u00f3 ai \u0111\u00f3 l\u00e0m v\u1eady c\u00f2n b\u1ea1n th\u00ec kh\u00f4ng, b\u1ea1n s\u1ebd m\u1ea5t ti\u1ec1n.<\/p>\n\n<p>V\u00ec th\u1ebf m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u l\u00e0m \u0111i\u1ec1u \u0111\u00f3. V\u00e0 c\u00e2n b\u1eb1ng Nash l\u00e0 m\u1ed9t k\u1ebft qu\u1ea3 ti\u00eau c\u1ef1c. Th\u1ebf l\u00e0 ch\u00fang t\u00f4i r\u00fat ti\u1ec1n ngay l\u1eadp t\u1ee9c.<\/p>\n\n<p>Th\u1ebf l\u00e0 ch\u00fang t\u00f4i \u1ed5n. Nh\u01b0ng sau \u0111\u00f3 ch\u00fang t\u00f4i nh\u1eadn ra r\u1eb1ng r\u1ea5t nhi\u1ec1u c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau \u0111\u00fang h\u1ea1n. V\u00e0 v\u00e0o th\u1eddi \u0111i\u1ec3m h\u1ecd c\u1ed1 g\u1eafng, ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t v\u00e0i c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 kho\u1ea3ng 100% s\u1ed1 d\u01b0 \u1edf \u0111\u00f3.<\/p>\n\n<p>V\u00ec v\u1eady, c\u00e1c cu\u1ed9c h\u1ecdp h\u1ed9i \u0111\u1ed3ng kh\u1ea9n c\u1ea5p v\u00e0o Ch\u1ee7 nh\u1eadt ch\u1eb3ng h\u1ea1n, ch\u00fang ta ph\u1ea3i l\u00e0m g\u00ec? Ch\u00fang t\u00f4i ph\u1ea3i l\u1eadp b\u1ea3ng l\u01b0\u01a1ng v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 ti\u1ec1n v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n v\u00ec ph\u1ea3i m\u1ea5t ba, b\u1ed1n, n\u0103m, s\u00e1u th\u00e1ng \u0111\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n. V\u00ec v\u1eady, \u0111\u00f3 l\u00e0 m\u1ed9t kho\u1ea3ng th\u1eddi gian kh\u00e1 \u0111au kh\u1ed5.<\/p>\n\n<p>V\u00e0 nh\u00e2n ti\u1ec7n, t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i x\u1ea3y ra. \u0110i\u1ec1u \u0111\u00e3 x\u1ea3y ra l\u00e0 c\u00e1c quy t\u1eafc k\u1ebf to\u00e1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u0111\u00e3 \u0111\u01b0\u1ee3c thay \u0111\u1ed5i sao cho n\u1ebfu b\u1ea1n c\u00f3 \u00fd \u0111\u1ecbnh gi\u1eef k\u1ef3 h\u1ea1n ch\u1ee9ng kho\u00e1n, b\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i vi\u1ebft \u0111\u1ec3 vi\u1ebft th\u1ecb tr\u01b0\u1eddng. V\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng g\u00ec ti\u1ebfp t\u1ee5c t\u1ea1o ra khi l\u00e3i su\u1ea5t b\u1eaft \u0111\u1ea7u gi\u1ea3m v\u00e0 gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu b\u1eaft \u0111\u1ea7u gi\u1ea3m, t\u00f4i xin l\u1ed7i, l\u00e3i su\u1ea5t t\u0103ng v\u00e0 gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu gi\u1ea3m, s\u1ef1 gia t\u0103ng l\u1edbn h\u01a1n bao gi\u1edd h\u1ebft v\u1ec1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch v\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng .<\/p>\n\n<p>V\u00e0 t\u00f4i ngh\u0129 t\u1ea5t c\u1ea3 \u0111i\u1ec1u \u0111\u00f3 l\u00e0 do s\u1ef1 thay \u0111\u1ed5i lu\u1eadt k\u1ebf to\u00e1n \u0111\u00e3 \u0111\u01b0\u1ee3c Qu\u1ed1c h\u1ed9i th\u00f4ng qua v\u00e0o n\u0103m 2017 \u0111\u1ebfn n\u0103m 2018. N\u1ebfu ch\u00fang ta ch\u1ec9 ti\u1ebfp t\u1ee5c b\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng, th\u00ec kho\u1ea3ng c\u00e1ch v\u00e0 Delta l\u1edbn \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra, c\u0169ng nh\u01b0 \u0111\u1ed9ng c\u01a1 mua tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t cao h\u01a1n, r\u1ee7i ro h\u01a1n, cao h\u01a1n \u0111\u00e3 kh\u00f4ng t\u1ed3n t\u1ea1i ngay t\u1eeb \u0111\u1ea7u. V\u00e0 \u0111\u00f3 l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n, b\u00e2y gi\u1edd c\u00e1c ch\u00e0ng trai SVB c\u00f3 th\u1eadn tr\u1ecdng kh\u00f4ng?<\/p>\n\n<p>Kh\u00f4ng, l\u1ebd ra h\u1ecd ph\u1ea3i th\u1eadn tr\u1ecdng h\u01a1n. \u0110i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, t\u00f4i c\u00f3 ph\u1ea3i l\u00e0 kh\u00e1ch h\u00e0ng h\u1ea1nh ph\u00fac c\u1ee7a SVB kh\u00f4ng? \u0110\u00fang.<\/p>\n\n<p>T\u00f4i kh\u00f4ng h\u00e0i l\u00f2ng v\u1edbi h\u1ecd v\u00ec h\u1ecd \u0111\u01b0a ra m\u1ee9c l\u00e3i su\u1ea5t cao h\u01a1n cho kho\u1ea3n ti\u1ebft ki\u1ec7m trung b\u00ecnh c\u1ee7a t\u00f4i, v.v. Kh\u00f4ng, ch\u00fang ch\u1ec9 d\u1ec5 l\u00e0m vi\u1ec7c h\u01a1n th\u00f4i. T\u1ea5t c\u1ea3 ch\u00fang t\u00f4i \u0111\u1ec1u giao d\u1ecbch t\u1ea1i SVB v\u00ec h\u1ecd th\u00e2n thi\u1ec7n v\u00e0 d\u1ec5 l\u00e0m vi\u1ec7c h\u01a1n.<\/p>\n\n<p>\u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 g\u00ec, d\u1ec5 l\u00e0m vi\u1ec7c h\u01a1n? \u0110i\u1ec1u \u0111\u00f3 ngh\u0129a l\u00e0 g\u00ec? B\u1ea1n m\u1edf t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng nhanh nh\u01b0 th\u1ebf n\u00e0o?<\/p>\n\n<p>N\u1ebfu b\u1ea1n c\u1ea7n m\u1ed9t s\u1ee3i d\u00e2y \u0111\u1ec3 c\u00f3 n\u00f3, h\u1ecd s\u1ebd n\u1ed1i d\u00e2y nhanh nh\u01b0 th\u1ebf n\u00e0o? N\u1ebfu b\u1ea1n h\u1ecfi m\u1ed9t c\u00e2u h\u1ecfi, h\u1ecd c\u00f3 nh\u1ea5c m\u00e1y kh\u00f4ng? H\u00e3y th\u1eed m\u1edf m\u1ed9t t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng t\u1ea1i Citibank v\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh \u0111au \u0111\u1edbn k\u00e9o d\u00e0i h\u00e0ng ng\u00e0y v\u00e0 c\u00e1c th\u1ee7 t\u1ee5c gi\u1ea5y t\u1edd v\u00e0 c\u1ed1 g\u1eafng n\u00f3i chuy\u1ec7n v\u1edbi ai \u0111\u00f3 \u1edf \u0111\u00f3 nh\u01b0ng kh\u00f4ng ai tr\u1ea3 l\u1eddi.<\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 m\u1ed9t ng\u01b0\u1eddi v\u00f4 danh \u1edf \u1ea4n \u0110\u1ed9, \u1edf \u0111\u00e2u \u0111\u00f3 t\u1ea1i trung t\u00e2m cu\u1ed9c g\u1ecdi c\u00f3 th\u1ec3 n\u00f3i chuy\u1ec7n v\u1edbi b\u1ea1n. Ch\u1ec9 c\u1ea7n m\u1ed9t ng\u01b0\u1eddi l\u1ea5y ng\u01b0\u1eddi ti\u00eau d\u00f9ng l\u00e0m trung t\u00e2m v\u00e0 th\u00e2n thi\u1ec7n. Ch\u00fang t\u00f4i kh\u00f4ng giao d\u1ecbch v\u1edbi h\u1ecd v\u00ec h\u1ecd \u0111\u01b0a ra m\u1ee9c gi\u00e1 t\u1ed1t h\u01a1n cho ch\u00fang t\u00f4i.<\/p>\n\n<p>Ch\u00fang t\u00f4i giao d\u1ecbch v\u1edbi h\u1ecd v\u00ec h\u1ecd th\u00e2n thi\u1ec7n v\u1edbi kh\u00e1ch h\u00e0ng. \u0110i\u1ec3m NPS c\u1ee7a h\u1ecd, tr\u1ea3i nghi\u1ec7m r\u1ea5t cao. V\u00e0 tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i ngh\u0129 ch\u00fang t\u00f4i v\u1eabn h\u1ee3p t\u00e1c v\u1edbi h\u1ecd v\u00ec h\u1ecd v\u1eabn th\u00e2n thi\u1ec7n v\u00e0 tuy\u1ec7t v\u1eddi khi l\u00e0m vi\u1ec7c c\u00f9ng.<\/p>\n\n<p>Jack: V\u00e0 th\u1ebf l\u00e0 h\u1ecd th\u1ea5t b\u1ea1i, b\u1ecb FDIC ti\u1ebfp qu\u1ea3n. T\u00e0i s\u1ea3n v\u00e0 quy\u1ec1n kinh doanh c\u1ee7a h\u1ecd cu\u1ed1i c\u00f9ng \u0111\u00e3 \u0111\u01b0\u1ee3c chuy\u1ec3n giao cho First Citizens Bank Shares. M\u00e3 ch\u1ee9ng kho\u00e1n l\u00e0 FCNCA, m\u00e0 t\u00f4i kh\u00f4ng s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu, nh\u01b0ng n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o bi\u1ec3u \u0111\u1ed3 ch\u1ee9ng kho\u00e1n, b\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i r\u1ea5t nhi\u1ec1u t\u1eeb kho\u1ea3n l\u00e3i n\u00e0y.<\/p>\n\n<p>V\u00ec v\u1eady, gi\u1edd \u0111\u00e2y h\u1ecd s\u1edf h\u1eefu Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon v\u00e0 nhi\u1ec1u \u0111\u01a1n v\u1ecb c\u1ee7a h\u1ecd. V\u00e0 v\u00ec v\u1eady b\u1ea1n v\u00e0 nhi\u1ec1u c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n v\u1eabn l\u00e0m vi\u1ec7c t\u1ea1i Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon, thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a FCNNCA. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ch\u00ednh x\u00e1c kh\u00f4ng?<\/p>\n\n<p>V\u00e0 r\u1ea5t nhi\u1ec1u \u0111\u1ed3ng nghi\u1ec7p c\u1ee7a b\u1ea1n l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00e1c, c\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng khi n\u00f3i r\u1eb1ng h\u1ecd \u0111\u00e3 g\u1eafn b\u00f3 v\u1edbi th\u01b0\u01a1ng hi\u1ec7u Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon, ngay c\u1ea3 sau khi n\u00f3- \u0110i\u1ec1u \u0111\u00f3 ch\u00ednh x\u00e1c, nh\u01b0ng c\u00f3 m\u1ed9t \u0111i\u1ec1u kh\u00f3 hi\u1ec3u m\u00e0 tr\u01b0\u1edbc \u0111\u00e2y, h\u00e3y nh\u00ecn xem, ch\u00fang t\u00f4i ch\u01b0a bao gi\u1edd th\u1ea5y c\u00f4ng vi\u1ec7c c\u1ee7a ch\u00fang t\u00f4i l\u00e0, ch\u00fang t\u00f4i c\u00f3 n\u00ean ki\u1ec3m tra t\u00edn d\u1ee5ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng m\u00e0 ch\u00fang t\u00f4i giao d\u1ecbch kh\u00f4ng?<\/p>\n\n<p>Fabrice: Kh\u00f4ng, ch\u00fang t\u00f4i cho r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng v\u1eabn \u1ed5n, ph\u1ea3i kh\u00f4ng? V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i c\u00f3 t\u1ea5t c\u1ea3 t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh trong m\u1ed9t ng\u00e2n h\u00e0ng v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 ng\u00e2n h\u00e0ng \u0111a ng\u00e2n h\u00e0ng. Gi\u1edd \u0111\u00e2y, t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m v\u00e0 m\u1ecdi c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u c\u00f3 nhi\u1ec1u m\u1ed1i quan h\u1ec7 ng\u00e2n h\u00e0ng.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i giao d\u1ecbch v\u1edbi JPMorgan Chase v\u00e0 Morgan Stanley. \u00dd t\u00f4i l\u00e0, ch\u00fang t\u00f4i c\u00f3, b\u00e2y gi\u1edd ch\u00fang t\u00f4i c\u00f3 nhi\u1ec1u t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng v\u00ec ch\u00fang t\u00f4i kh\u00f4ng mu\u1ed1n nh\u1eefng g\u00ec \u0111\u00e3 x\u1ea3y ra \u1edf \u0111\u00e2y x\u1ea3y ra l\u1ea7n n\u1eefa. V\u00e0 t\u00f4i r\u1ea5t vui v\u00ec FDIC \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea3m b\u1ea3o to\u00e0n b\u1ed9, t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi, b\u1edfi v\u00ec th\u1ef1c t\u1ebf l\u00e0, m\u1ed9t l\u1ea7n n\u1eefa, t\u00f4i kh\u00f4ng ngh\u0129 vi\u1ec7c c\u1ee7a ch\u00fang ta l\u00e0 nh\u00ecn v\u00e0o b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 quy\u1ebft \u0111\u1ecbnh xem h\u1ecd c\u00f3 \u00e2m thanh.<\/p>\n\n<p>Ch\u00fang t\u00f4i ch\u1ec9 mu\u1ed1n m\u1ed9t n\u01a1i \u0111\u1ec3 ti\u1ec1n an to\u00e0n. B\u1edfi v\u00ec m\u1ed9t l\u1ea7n n\u1eefa, ch\u00fang t\u00f4i \u0111ang s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 qu\u1ea3n l\u00fd ti\u1ec1n m\u1eb7t. Ch\u00fang ta kh\u00f4ng l\u00e0m g\u00ec c\u1ea3, ch\u00fang ta l\u00e0 c\u00f4ng ty thua l\u1ed7, ph\u1ea3i kh\u00f4ng?<\/p>\n\n<p>Gi\u1ed1ng nh\u01b0, v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 ch\u00fang ta \u0111ang vi\u1ebft s\u00e9c cho nh\u00e2n vi\u00ean, v.v. Ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3 \u0111\u1ec3 m\u1ea5t t\u00e0i s\u1ea3n m\u00e0 ch\u00fang t\u00f4i qu\u1ea3n l\u00fd. Ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u c\u01a1 v\u1edbi s\u1ed1 ti\u1ec1n \u0111\u00f3.<\/p>\n\n<p>Theo ngh\u0129a \u0111en, n\u00f3 l\u00e0 ti\u1ec1n m\u1eb7t v\u00ec ch\u00fang ta c\u1ea7n vi\u1ebft s\u00e9c m\u1ed7i ng\u00e0y, nhi\u1ec1u t\u1edd s\u00e9c m\u1ed7i ng\u00e0y v\u00e0 c\u00e1c kho\u1ea3n chuy\u1ec3n kho\u1ea3n, v.v. V\u00ec v\u1eady, ch\u00fang t\u00f4i ch\u1ec9 mu\u1ed1n c\u00e1c ng\u00e2n h\u00e0ng m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 g\u1eedi ti\u1ec1n d\u1ec5 d\u00e0ng. V\u00e0 c\u00e1c ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng khi\u1ebfn vi\u1ec7c g\u1eedi \u0111i\u1ec7n tr\u1edf n\u00ean qu\u00e1 kh\u00f3 kh\u0103n.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, n\u00f3 \u0111\u01a1n gi\u1ea3n th\u1ebf th\u00f4i.<\/p>\n\n<p>Jack: B\u1ea1n c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng khi nh\u00ecn v\u00e0o h\u1ed3 s\u01a1 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u1edf Thung l\u0169ng Silicon v\u00e0 c\u00e1c b\u00e0i thuy\u1ebft tr\u00ecnh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ed1 ti\u1ec1n g\u00e2y qu\u1ef9 kh\u1ed5ng l\u1ed3 di\u1ec5n ra v\u00e0o n\u0103m 2020 v\u00e0 2021 \u0111\u00e3 khi\u1ebfn ti\u1ec1n g\u1eedi t\u0103ng v\u1ecdt khi ti\u1ec1n tr\u00e0n v\u00e0o t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c VC h\u1eadu thu\u1eabn. Sau \u0111\u00f3, khi vi\u1ec7c g\u00e2y qu\u1ef9 ch\u1eadm l\u1ea1i, v\u1eabn c\u00f3 m\u1ed9t d\u00f2ng ti\u1ec1n \u0111\u1ed5 v\u00e0o nh\u01b0ng \u00edt h\u01a1n r\u1ea5t nhi\u1ec1u. V\u00e0 s\u1ed1 ti\u1ec1n g\u1eedi \u0111\u00e3 gi\u1ea3m \u0111i r\u1ea5t nhi\u1ec1u v\u00ec v\u1ed1n m\u1ea1o hi\u1ec3m, nh\u01b0 b\u1ea1n \u0111\u00e3 n\u00f3i, h\u1ecd th\u01b0\u1eddng xuy\u00ean ho\u1eb7c g\u1ea7n nh\u01b0 lu\u00f4n \u0111\u1ed1t ti\u1ec1n v\u00e0 thua l\u1ed7.<\/p>\n\n<p>V\u00ec v\u1eady, ti\u1ec1n g\u1eedi c\u1ee7a h\u1ecd s\u1ebd gi\u1ea3m xu\u1ed1ng. Ch\u00ednh x\u00e1c.<\/p>\n\n<p>Fabrice: V\u00e2ng. V\u00e0 nh\u00e2n ti\u1ec7n, \u00fd t\u00f4i l\u00e0, c\u00e1c ng\u00e2n h\u00e0ng n\u00f3i chung, quay tr\u1edf l\u1ea1i \u0111i\u1ec3m v\u0129 m\u00f4, m\u1ed9t ph\u1ea7n l\u00fd do khi\u1ebfn t\u00f4i lo l\u1eafng v\u1ec1 v\u0129 m\u00f4 l\u00e0 khi l\u00e3i su\u1ea5t t\u0103ng, m\u1ecdi ng\u01b0\u1eddi ch\u1ec9 chuy\u1ec3n ti\u1ec1n ra kh\u1ecfi ng\u00e2n h\u00e0ng v\u00e0o t\u00edn phi\u1ebfu kho b\u1ea1c v\u00e0 qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 . V\u00e0 v\u00ec v\u1eady, ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng, nh\u01b0 ch\u00fang ta s\u1ebd bi\u1ebft l\u00fd do c\u1ee5 th\u1ec3 khi\u1ebfn n\u00f3 gi\u1ea3m gi\u00e1, \u0111\u00f3 l\u00e0 c\u00e1c c\u00f4ng ty \u0111ang \u0111\u1ed1t v\u1ed1n.<\/p>\n\n<p>Ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng huy \u0111\u1ed9ng th\u00eam ti\u1ec1n n\u1eefa. V\u00ec v\u1eady, r\u00f5 r\u00e0ng ti\u1ec1n g\u1eedi \u0111ang gi\u1ea3m, nh\u01b0ng ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng l\u1edbn \u0111\u00e3 gi\u1ea3m kh\u00e1 \u0111\u00e1ng k\u1ec3 c\u00f9ng l\u00fac v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i \u0111ang b\u1ecb v\u1ee1 n\u1ee3. V\u00e0 do \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng c\u0169ng \u0111ang trong t\u00ecnh tr\u1ea1ng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a h\u1ecd \u0111ang b\u1ecb ph\u00ecnh to gi\u1ed1ng nh\u01b0 c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i \u0111ang ti\u1ebfp qu\u1ea3n n\u00e0y.<\/p>\n\n<p>V\u00e0 \u0111\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao t\u00f4i lo l\u1eafng v\u00ec t\u00f4i ngh\u0129, \u1ed3, vi\u1ec7c cho vay s\u1ebd gi\u1ea3m. V\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t trong nh\u1eefng l\u00fd do khi\u1ebfn t\u00f4i ngh\u0129 c\u00f3 l\u1ebd ch\u00fang ta s\u1ebd suy tho\u00e1i v\u00ec m\u00f4i tr\u01b0\u1eddng c\u00f3 t\u1ef7 l\u1ec7 l\u00e3i su\u1ea5t cao h\u01a1n, nh\u01b0ng \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi ti\u00eau d\u00f9ng, v\u00ec vi\u1ec7c l\u00e0m v\u1eabn m\u1ea1nh v\u00e0 t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng v\u1eabn m\u1ea1nh, \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 kh\u00f4ng x\u1ea3y ra. V\u00ec v\u1eady, n\u00f3 c\u00f2n h\u01a1n c\u1ea3 \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp qu\u00e1 m\u1ee9c, nh\u01b0ng v\u00e2ng, b\u1ea1n \u0111\u00e3 gi\u1ea3i th\u00edch l\u00fd do t\u1ea1i sao ti\u1ec1n g\u1eedi SVP gi\u1ea3m, nh\u01b0ng th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, ti\u1ec1n g\u1eedi \u1edf m\u1ecdi n\u01a1i \u0111\u00e3 gi\u1ea3m kh\u00e1 \u0111\u00e1ng k\u1ec3 v\u00ec b\u1ea1n n\u00ean s\u1eed d\u1ee5ng t\u00edn phi\u1ebfu kho b\u1ea1c v\u00e0 qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 h\u01a1n l\u00e0 trong t\u00e0i kho\u1ea3n s\u00e9c ng\u00e2n h\u00e0ng c\u1ee7a m\u00ecnh.<\/p>\n\n<p>Jack: \u0110\u00fang r\u1ed3i. V\u00ec v\u1eady, b\u1ea1n n\u00f3i r\u1eb1ng b\u1ea1n \u0111\u00e3 lo l\u1eafng v\u1ec1 m\u1ed9t cu\u1ed9c suy tho\u00e1i v\u00e0 b\u00e2y gi\u1edd b\u1ea1n \u0111\u00e3 b\u1edbt lo l\u1eafng h\u01a1n v\u1ec1 n\u00f3. T\u00f4i ngh\u0129 nhi\u1ec1u ng\u01b0\u1eddi ch\u1eafc ch\u1eafn, \u00fd t\u00f4i l\u00e0, n\u1ec1n kinh t\u1ebf Bloomberg c\u00f3 99% x\u00e1c su\u1ea5t x\u1ea3y ra suy tho\u00e1i v\u00e0o m\u00f9a thu n\u0103m 2022.<\/p>\n\n<p>V\u00ec v\u1eady, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi, bao g\u1ed3m c\u1ea3 t\u00f4i, \u0111\u1ec1u ngh\u0129 nh\u01b0 v\u1eady v\u00e0 cu\u1ed9c suy tho\u00e1i v\u1eabn ch\u01b0a \u0111\u1ebfn. B\u1ea1n \u0111ang ngh\u0129 ch\u00fang ta \u0111ang \u1edf \u0111\u00e2u trong chu k\u1ef3 kinh doanh? B\u1ea1n c\u00f3 ngh\u0129, \u1ed3, cu\u1ed9c suy tho\u00e1i v\u1eabn s\u1ebd \u0111\u1ebfn, n\u00f3 s\u1ebd \u0111\u1ebfn v\u00e0o n\u0103m 2025 th\u00f4i?<\/p>\n\n<p>Hay b\u1ea1n \u0111ang ngh\u0129, kh\u00f4ng, ch\u00fang ta \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a m\u1ed9t chu k\u1ef3 kinh t\u1ebf m\u1edbi v\u00e0 b\u1ea7u tr\u1eddi l\u00e0 gi\u1edbi h\u1ea1n?<\/p>\n\n<p>Fabrice: Cu\u1ed1i c\u00f9ng s\u1ebd c\u00f3 m\u1ed9t cu\u1ed9c suy tho\u00e1i, nh\u01b0ng n\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i li\u00ean quan c\u1ee5 th\u1ec3 \u0111\u1ebfn chu k\u1ef3 n\u00e0y. C\u00f3 v\u1ebb nh\u01b0 ngay b\u00e2y gi\u1edd, n\u1ebfu ch\u00fang ta k\u1ebft th\u00fac v\u1edbi vi\u1ec7c ki\u1ec3m so\u00e1t gi\u00e1 nhi\u1ec1u h\u01a1n, th\u00ec ch\u00fang ta c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng h\u01b0\u1edbng \u0111\u1ebfn vi\u1ec7c gi\u1ea3m l\u00e3i su\u1ea5t h\u01a1n l\u00e0 t\u0103ng l\u00e3i su\u1ea5t. V\u00e0 v\u00ec v\u1eady, \u00fd t\u00f4i l\u00e0, t\u00f4i kh\u00f4ng b\u1ea3o l\u00e3nh cho nhi\u1ec1u \u0111\u1ee3t gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0 gi\u1ea3m l\u00e3i su\u1ea5t nh\u1ecf trong t\u01b0\u01a1ng lai, nh\u01b0ng t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y ch\u00fang ta trong m\u1ed9t n\u0103m ho\u1eb7c m\u1ed9t n\u0103m r\u01b0\u1ee1i n\u1eefa s\u1ebd \u1edf m\u1ee9c 400 \u0111i\u1ec3m c\u01a1 b\u1ea3n thay v\u00ec 525.<\/p>\n\n<p>V\u00e0 t\u00f4i ngh\u0129 n\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 c\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb, t\u00f4i ngh\u0129 ch\u00fang ta s\u1ebd ti\u1ebfp t\u1ee5c ti\u1ebfn b\u01b0\u1edbc. T\u00f4i kh\u00f4ng ngh\u0129 ch\u00fang ta s\u1ebd c\u00f3 s\u1ef1 t\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t b\u1eadc, nh\u01b0ng t\u00f4i c\u0169ng kh\u00f4ng th\u1ea5y suy tho\u00e1i. \u0110i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, t\u00f4i c\u00f3 ngh\u0129 r\u1eb1ng c\u00f3 nguy c\u01a1 th\u1ef1c s\u1ef1 x\u1ea3y ra m\u1ed9t c\u00fa s\u1ed1c ngo\u1ea1i sinh \u0111\u1ed1i v\u1edbi h\u1ec7 th\u1ed1ng t\u1eeb vi\u1ec7c Trung Qu\u1ed1c phong t\u1ecfa \u0110\u00e0i Loan cho \u0111\u1ebfn \u0111i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra n\u1ebfu Trump \u0111\u1eafc c\u1eed hay kh\u00f4ng?<\/p>\n\n<p>\u0110\u00fang. V\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng ngo\u1ea1i sinh. Nh\u01b0ng cu\u1ed1i c\u00f9ng, vi\u1ec7c l\u00e0m v\u1eabn m\u1ea1nh, t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng v\u1eabn m\u1ea1nh v\u00e0 d\u01b0\u1eddng nh\u01b0 n\u00f3 \u0111ang c\u00e2n b\u1eb1ng qu\u00e1 m\u1ee9c t\u1ea5t c\u1ea3 nh\u1eefng ti\u00eau c\u1ef1c m\u00e0 ch\u00fang ta c\u00f3 trong h\u1ec7 th\u1ed1ng.<\/p>\n\n<p>V\u00e0 c\u00f3 th\u1ec3 cu\u1ed1i c\u00f9ng ch\u00fang ta s\u1ebd thanh to\u00e1n xong b\u1ea3ng c\u00e2n \u0111\u1ed1i ng\u00e2n h\u00e0ng v\u00e0 n\u1ee3 b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i, v.v. Nh\u00e2n ti\u1ec7n, n\u00f3 s\u1ebd m\u1ea5t m\u1ed9t th\u1eddi gian. Nh\u01b0ng t\u00f4i nh\u00ecn th\u1ebf gi\u1edbi theo kh\u00eda c\u1ea1nh x\u00e1c su\u1ea5t, gi\u1ed1ng nh\u01b0 b\u1ea1n.<\/p>\n\n<p>V\u00e0 v\u00e0o n\u0103m 22, t\u00f4i ngh\u0129 m\u00ecnh \u0111\u00e3 r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng suy tho\u00e1i 66%, ho\u1eb7c gi\u1ea3 s\u1eed l\u00e0 suy tho\u00e1i 60%, h\u1ea1 c\u00e1nh m\u1ec1m 30%, b\u1eb1ng c\u00e1ch n\u00e0o \u0111\u00f3 10% th\u00ec ch\u00fang t\u00f4i v\u1eabn \u1ed5n. V\u00e0 b\u00e2y gi\u1edd, t\u00f4i kh\u00f4ng bi\u1ebft n\u1eefa, suy tho\u00e1i 10%, 20%, v\u00e0 nhi\u1ec1u kh\u1ea3 n\u0103ng ch\u1ec9 x\u1ea3y ra nh\u01b0 tr\u01b0\u1eddng h\u1ee3p \u0111a s\u1ed1 x\u1ea3y ra h\u1ea1 c\u00e1nh m\u1ec1m v\u00e0 x\u00e1c su\u1ea5t 20%, 30%. V\u00ec v\u1eady, n\u00f3 ch\u1eafc ch\u1eafn \u0111\u00e3 thay \u0111\u1ed5i quan \u0111i\u1ec3m c\u1ee7a t\u00f4i.<\/p>\n\n<p>Nh\u01b0ng v\u1edbi thanh ki\u1ebfm \u0111\u1ecba ch\u00ednh tr\u1ecb d\u00e2n ch\u1ee7 n\u00e0y, \u0111i\u1ec1u m\u00e0 t\u00f4i ngh\u0129 c\u00f3 th\u1ec3 khi\u1ebfn ch\u00fang ta ng\u1ea1c nhi\u00ean m\u1ed9t c\u00e1ch ti\u00eau c\u1ef1c b\u1ea5t c\u1ee9 l\u00fac n\u00e0o, nh\u01b0ng ai bi\u1ebft \u0111\u01b0\u1ee3c khi n\u00e0o, t\u1ea1i sao, v.v. V\u00e0 b\u1ea1n kh\u00f4ng th\u1ec3 s\u1ed1ng cu\u1ed9c s\u1ed1ng lo l\u1eafng v\u1ec1 n\u00f3. V\u00e0 th\u1ebf l\u00e0 t\u00f4i c\u1ee9 ti\u1ebfp t\u1ee5c c\u1ed1 g\u1eafng v\u00e0 th\u1ef1c hi\u1ec7n.<\/p>\n\n<p>V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, chu k\u1ef3 kinh doanh m\u00e0 t\u00f4i quan t\u00e2m nh\u1ea5t kh\u00f4ng ph\u1ea3i l\u00e0 chu k\u1ef3 t\u00f4i \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o h\u00f4m nay. \u0110\u00f3 l\u00e0 l\u1ed1i tho\u00e1t sau 5, 10, 7, 10 n\u0103m n\u1eefa khi c\u00e1c c\u00f4ng ty n\u00e0y tr\u01b0\u1edfng th\u00e0nh. V\u00ec v\u1eady, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong l\u0129nh v\u1ef1c m\u1ea1o hi\u1ec3m, t\u00f4i th\u1ef1c s\u1ef1 ngh\u0129 b\u00e2y gi\u1edd l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ea1o hi\u1ec3m.<\/p>\n\n<p>\u00cdt c\u1ea1nh tranh h\u01a1n, \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111ang t\u1eadp trung v\u00e0o \u0111\u1ed1t ch\u00e1y v\u00e0 kinh t\u1ebf \u0111\u01a1n v\u1ecb, c\u1ed1 g\u1eafng gi\u1ea3i quy\u1ebft nh\u1eefng v\u1ea5n \u0111\u1ec1 l\u1edbn. V\u00ec v\u1eady, t\u00f4i v\u00f4 c\u00f9ng l\u1ea1c quan v\u1ec1 kh\u00f4ng gian m\u1ea1o hi\u1ec3m. V\u00e0 ngay c\u1ea3 khi suy tho\u00e1i kinh t\u1ebf x\u1ea3y ra, ch\u00fang t\u00f4i v\u1eabn gi\u00e0nh \u0111\u01b0\u1ee3c th\u1ecb ph\u1ea7n, ch\u00fang t\u00f4i l\u1ea5y \u0111i th\u1ecb ph\u1ea7n t\u1eeb th\u1ebf gi\u1edbi ngo\u1ea1i tuy\u1ebfn k\u00e9m hi\u1ec7u qu\u1ea3 h\u01a1n v\u00e0 b\u1ea1n ph\u00e1t tri\u1ec3n, c\u00f3 th\u1ec3 b\u1ea1n ph\u00e1t tri\u1ec3n ch\u1eadm h\u01a1n, nh\u01b0ng b\u1ea1n v\u1eabn ph\u00e1t tri\u1ec3n.<\/p>\n\n<p>V\u00ec v\u1eady, t\u00f4i kh\u00f4ng c\u00f2n l\u1ea1c quan n\u1eefa.<\/p>\n\n<p>Jack: V\u00e0 b\u1ea1n l\u1ea1c quan \u0111\u1ebfn m\u1ee9c n\u00e0o v\u1ec1 ph\u00e2n ng\u00e0nh c\u1ee5 th\u1ec3 c\u1ee7a c\u00e1c c\u00f4ng ty d\u1ef1a tr\u00ean AI? Nh\u1eefng ng\u01b0\u1eddi quan s\u00e1t tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang s\u1ebd l\u01b0u \u00fd r\u1eb1ng ch\u1ec9 c\u00f3 m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng coi l\u00e0 nh\u1eefng ng\u01b0\u1eddi h\u01b0\u1edfng l\u1ee3i t\u1eeb AI. V\u00e0 n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o thu nh\u1eadp r\u00f2ng v\u00e0 doanh thu th\u1ef1c t\u1ebf, th\u1eadm ch\u00ed c\u00f2n nh\u1ecf h\u01a1n v\u00e0 th\u1ef1c s\u1ef1 \u00edt h\u01a1n, Magnificent Seven c\u00f2n h\u01a1n c\u1ea3 Magnificent One, NVIDIA, c\u00f4ng ty c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng \u0111\u00e1ng kinh ng\u1ea1c v\u00e0 t\u00f4i tin r\u1eb1ng ch\u01b0a c\u00f3 c\u00f4ng ty n\u00e0o \u0111\u1ee7 l\u1edbn.<\/p>\n\n<p>Nh\u01b0ng \u1edf th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n, t\u00f4i th\u1ef1c s\u1ef1 kh\u00f4ng bi\u1ebft n\u00f3 tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0o. V\u1eady b\u1ea1n c\u00f3 th\u1ec3 mi\u00eau t\u1ea3 m\u00f4i tr\u01b0\u1eddng \u0111\u00f3 m\u1ed9t ch\u00fat \u0111\u01b0\u1ee3c kh\u00f4ng? Tr\u01b0\u1edbc \u0111\u00f3, b\u1ea1n \u0111\u00e3 n\u00f3i r\u1eb1ng l\u0129nh v\u1ef1c AI c\u1ef1c k\u1ef3 n\u00f3ng v\u00e0 c\u00f3 th\u1ec3 b\u1edbt n\u00f3ng h\u01a1n m\u1ed9t ch\u00fat.<\/p>\n\n<p>V\u00ec v\u1eady, ch\u1ec9 c\u1ea7n m\u00f4 t\u1ea3 k\u1ecbch b\u1ea3n \u0111\u00f3 c\u0169ng nh\u01b0 quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 n\u00f3.<\/p>\n\n<p>Fabrice: V\u00e2ng. V\u00ec v\u1eady, v\u00e0o n\u0103m 23, trong khi t\u00f4i \u0111ang m\u00f4 t\u1ea3 m\u1ee9c t\u0103ng h\u1ea1t gi\u1ed1ng trung b\u00ecnh l\u00e0 3 \u1edf 9 tr\u01b0\u1edbc, 12 sau v\u00e0 trung v\u1ecb A l\u00e0 7 \u1edf 23 tr\u01b0\u1edbc, sau 3D, gi\u00e1 tr\u1ecb trung b\u00ecnh cao h\u01a1n nhi\u1ec1u b\u1edfi v\u00ec, \u0111i\u1ec1u \u0111ang x\u1ea3y ra l\u00e0 b\u1ea1n \u0111\u00e3 c\u00f3 v\u1ebb nh\u01b0 c\u00e1c c\u00f4ng ty AI \u0111ang nu\u00f4i d\u01b0\u1ee1ng h\u1ea1t gi\u1ed1ng nh\u01b0 20 \u1edf m\u1ee9c 80 tr\u01b0\u1edbc v\u00e0 \u0111i\u1ec3m A t\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, 100 \u1edf m\u1ee9c 300 tr\u01b0\u1edbc, m\u1ed9t \u0111i\u1ec1u g\u00ec \u0111\u00f3 ho\u00e0n to\u00e0n l\u1ed1 b\u1ecbch. V\u00e0 t\u00f4i th\u1ea5y r\u1eb1ng h\u1ea7u h\u1ebft trong s\u1ed1 h\u1ecd \u0111\u1ec1u th\u00fa v\u1ecb v\u00e0 x\u00e2y d\u1ef1ng nh\u1eefng s\u1ea3n ph\u1ea9m th\u00fa v\u1ecb, nh\u01b0ng h\u1ecd gi\u1ed1ng nh\u01b0 s\u1eed d\u1ee5ng d\u1eef li\u1ec7u kh\u00f4ng kh\u00e1c bi\u1ec7t v\u00e0 s\u1eed d\u1ee5ng LLM kh\u00f4ng kh\u00e1c bi\u1ec7t v\u1edbi m\u00f4 h\u00ecnh kinh doanh kh\u00f4ng r\u00f5 r\u00e0ng.<\/p>\n\n<p>V\u00e0 t\u00f4i ngh\u0129 h\u1ea7u h\u1ebft nh\u1eefng \u0111i\u1ec1u n\u00e0y s\u1ebd nh\u01b0 v\u1eady, ch\u00fang ta s\u1ebd ti\u1ebfn t\u1edbi con s\u1ed1 0. Ch\u1eafc ch\u1eafn h\u1ecd s\u1ebd kh\u00f4ng s\u1ed1ng theo s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u. V\u1eady \u0111i\u1ec1u x\u1ea3y ra v\u1edbi m\u1ecdi c\u00f4ng ngh\u1ec7 l\u00e0 n\u00f3 xu\u1ea5t hi\u1ec7n, m\u1ecdi ng\u01b0\u1eddi c\u1ef1c k\u1ef3 ph\u1ea5n kh\u00edch, v\u00e0 c\u00f3 m\u1ed9t chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u, chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u Gardner, n\u01a1i b\u1ea1n \u1edf tr\u00ean \u0111\u1ec9nh c\u1ee7a chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u, n\u01a1i m\u00e0 m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u ngh\u0129, n\u00f3 s\u1ebd thay \u0111\u1ed5i th\u1ebf gi\u1edbi, v\u00e2n v\u00e2n.<\/p>\n\n<p>Sau \u0111\u00f3 l\u00e0 m\u1ed9t kho\u1ea3ng th\u1eddi gian v\u1ee1 m\u1ed9ng v\u00e0 th\u1ea5t v\u1ecdng k\u00e9o d\u00e0i kh\u00e1 l\u00e2u. V\u00e0 \u0111\u1ec3 t\u00f4i \u0111\u01b0a b\u1ea1n tr\u1edf l\u1ea1i nh\u01b0 n\u0103m 1998, 1999. B\u1ea1n bi\u1ebft \u0111\u1ea5y, m\u1ecdi ng\u01b0\u1eddi tin t\u01b0\u1edfng v\u00e0o pet.com ho\u1eb7c Webvan, ho\u1eb7c th\u1ef1c t\u1ebf l\u00e0 c\u00f3 m\u1ed9t c\u00f4ng ty t\u00ean l\u00e0 Kazoo ho\u1eb7c Kazaa, h\u1ecd giao h\u00e0ng trong 15 ph\u00fat, 20 ph\u00fat, 30 ph\u00fat. T\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y \u0111\u1ec1u di\u1ec5n ra su\u00f4n s\u1ebb, nh\u01b0ng th\u1ef1c ra c\u00e1c \u00fd t\u01b0\u1edfng \u0111\u1ec1u c\u00f3 c\u01a1 s\u1edf. Ch\u1ec9 l\u00e0, c\u00f2n qu\u00e1 s\u1edbm. \u0110\u1ed9 th\u00e2m nh\u1eadp qu\u00e1 th\u1ea5p.<\/p>\n\n<p>B\u1ea1n kh\u00f4ng c\u00f3, b\u1ea1n kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh v\u1ecb \u0111\u1ecba l\u00fd v\u1edbi \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh. V\u1eady l\u00e0 b\u00e2y gi\u1edd ch\u00fang ta c\u00f3 Chewy. Ch\u00fang ta c\u00f3 th\u1ec3 mua \u0111\u1ed3 ch\u01a1i tr\u1ef1c tuy\u1ebfn tr\u00ean b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, tr\u00ean Amazon.<\/p>\n\n<p>V\u00e0 b\u1ea1n c\u0169ng gi\u1ed1ng nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty giao \u0111\u1ed3 \u0103n, t\u1ea5t c\u1ea3 nh\u1eefng c\u00f4ng ty n\u00e0y \u0111\u1ec1u kh\u1ea3 thi. V\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 2010, b\u1ea1n \u0111\u00e3 c\u00f3 s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u qu\u00e1 m\u1ee9c v\u1ec1 xe t\u1ef1 l\u00e1i. V\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, xe t\u1ef1 l\u00e1i hi\u1ec7n \u0111\u00e3 ho\u00e0n to\u00e0n b\u1ecb b\u1ecf qua.<\/p>\n\n<p>N\u00f3 \u0111\u00e3 \u0111i b\u00ean \u0111\u01b0\u1eddng r\u1ed3i. M\u1ecdi ng\u01b0\u1eddi tin r\u1eb1ng \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra, c\u00f3 th\u1ec3 kh\u00f4ng bao gi\u1edd. Tuy nhi\u00ean, cu\u1ed1i c\u00f9ng ch\u00fang ta c\u0169ng th\u1ea5y nh\u1eefng \u0111i\u1ec1u nh\u01b0, cho \u0111\u1ebfn nay \u0111\u00e3 c\u00f3 m\u1ed9t tri\u1ec7u chuy\u1ebfn giao \u0111\u1ed3 \u0103n b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i \u1edf Th\u00e2m Quy\u1ebfn.<\/p>\n\n<p>V\u00e0 Th\u00e2m Quy\u1ebfn l\u00e0 m\u1ed9t trong nh\u1eefng th\u00e0nh ph\u1ed1 c\u00f3 m\u1eadt \u0111\u1ed9 d\u00e2n s\u1ed1 cao nh\u1ea5t th\u1ebf gi\u1edbi. N\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n giao h\u00e0ng b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i b\u1eb1ng \u0111\u1ed3 \u0103n, ngh\u0129a l\u00e0 giao h\u00e0ng v\u1edbi chi ph\u00ed c\u1eadn bi\u00ean b\u1eb1ng 0 \u1edf Th\u00e2m Quy\u1ebfn, th\u00ec b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n vi\u1ec7c \u0111\u00f3 \u1edf b\u1ea5t c\u1ee9 \u0111\u00e2u. Ch\u00fang ta b\u1eaft \u0111\u1ea7u th\u1ea5y taxi t\u1ef1 l\u00e1i \u1edf Trung Qu\u1ed1c \u0111ang ph\u00e1t tri\u1ec3n.<\/p>\n\n<p>V\u00ec v\u1eady, ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 hi\u1ec3u r\u1eb1ng c\u00f4ng ngh\u1ec7 \u0111\u1ee7 t\u1ed1t \u0111\u1ec3 n\u00f3 tr\u1edf n\u00ean n\u1ed5i b\u1eadt. V\u00ec v\u1eady, AI b\u00e2y gi\u1edd, ngay b\u00e2y gi\u1edd, Nvidia \u0111ang nh\u00ecn th\u1ea5y l\u1ee3i nhu\u1eadn v\u00e0 t\u0103ng tr\u01b0\u1edfng, v.v., b\u1edfi v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111ang mua chip AI v\u00e0 h\u1ecd \u0111ang s\u1eed d\u1ee5ng AI. Khi n\u00e0o n\u00f3 th\u1ef1c s\u1ef1 xu\u1ea5t hi\u1ec7n trong P&amp;L c\u1ee7a c\u00f4ng ty c\u01a1 b\u1ea3n?<\/p>\n\n<p>T\u00f4i ngh\u0129 r\u1eb1ng n\u00f3 s\u1ebd m\u1ea5t m\u1ed9t th\u1eddi gian d\u00e0i. V\u00ec v\u1eady, c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f4ng ngh\u1ec7 c\u1ee7a t\u00f4i l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 s\u1edbm. T\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u1ee7a ch\u00fang t\u00f4i \u0111ang s\u1eed d\u1ee5ng AI cho ba m\u1ee5c \u0111\u00edch.<\/p>\n\n<p>Ch\u00fang t\u00f4i ch\u1eafc ch\u1eafn \u0111ang thay th\u1ebf d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c kh\u00e1ch h\u00e0ng ho\u1eb7c th\u00eam d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c kh\u00e1ch h\u00e0ng. Ch\u00fang t\u00f4i \u0111ang l\u00e0m cho c\u00e1c k\u1ef9 s\u01b0 c\u1ee7a ch\u00fang t\u00f4i l\u00e0m vi\u1ec7c hi\u1ec7u qu\u1ea3 h\u01a1n. C\u00e1c k\u1ef9 s\u01b0 c\u1ee7a ch\u00fang t\u00f4i hi\u1ec7n l\u00e0m vi\u1ec7c hi\u1ec7u qu\u1ea3 h\u01a1n \u00edt nh\u1ea5t 30%, n\u1ebfu kh\u00f4ng mu\u1ed1n n\u00f3i l\u00e0 50% v\u00ec h\u1ecd s\u1eed d\u1ee5ng AI.<\/p>\n\n<p>V\u00ec v\u1eady, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u gi\u1ea3m chi ph\u00ed th\u00f4ng qua AI trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p. \u0110\u1ed3ng th\u1eddi, ch\u00fang t\u00f4i c\u0169ng \u0111ang s\u1eed d\u1ee5ng AI \u0111\u1ec3 c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n tr\u1ea3i nghi\u1ec7m ng\u01b0\u1eddi d\u00f9ng. V\u00ed d\u1ee5: ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty bu\u00f4n b\u00e1n t\u00fai x\u00e1ch t\u00ean l\u00e0 Rebag.<\/p>\n\n<p>V\u00e0 c\u00e1ch c\u0169 \u0111\u1ec3 b\u00e1n m\u1ed9t chi\u1ebfc t\u00fai x\u00e1ch tr\u00ean eBay l\u00e0 b\u1ea1n l\u1ea5y \u0111i\u1ec7n tho\u1ea1i ra, ch\u1ee5p 20 b\u1ee9c \u1ea3nh, vi\u1ebft ti\u00eau \u0111\u1ec1, vi\u1ebft m\u00f4 t\u1ea3, \u0111\u1eb7t gi\u00e1, ch\u1ecdn danh m\u1ee5c. \u0110\u00f3 l\u00e0 r\u1ea5t nhi\u1ec1u c\u00f4ng vi\u1ec7c. Rebag, b\u1ea1n ch\u1ee5p v\u00e0i b\u1ee9c \u1ea3nh, AI, h\u1ecd c\u00f3 t\u1ea5t c\u1ea3 d\u1eef li\u1ec7u v\u00ec h\u1ecd l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00fai x\u00e1ch.<\/p>\n\n<p>Ch\u00fang l\u00e0 cu\u1ed1n s\u00e1ch Kelly Blue Book c\u1ee7a m\u1ed9t th\u1ec3 lo\u1ea1i. H\u1ecd vi\u1ebft ti\u00eau \u0111\u1ec1, ch\u1ee7ng lo\u1ea1i, t\u00ecnh tr\u1ea1ng, cho b\u1ea1n bi\u1ebft n\u00f3 c\u00f3 th\u1eadt hay kh\u00f4ng, r\u1ed3i h\u1ecd b\u00e1n gi\u00e1 v\u00e0 b\u00e1n h\u1ebft trong n\u0103m ph\u00fat. N\u00f3 ho\u00e0n to\u00e0n mang t\u00ednh c\u00e1ch m\u1ea1ng.<\/p>\n\n<p>Nh\u01b0ng n\u1ebfu b\u1ea1n ngh\u0129 xem khi n\u00e0o n\u00f3 th\u1ef1c s\u1ef1 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn n\u1ec1n kinh t\u1ebf ch\u00ednh? N\u1ec1n kinh t\u1ebf ch\u00ednh tr\u00ean th\u1ebf gi\u1edbi l\u00e0 c\u00e1c d\u1ecbch v\u1ee5 c\u00f4ng c\u1ed9ng, ch\u00ednh ph\u1ee7, v\u00e0 B2B, gi\u1ed1ng nh\u01b0 h\u00f3a d\u1ea7u, gi\u1ed1ng nh\u01b0 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la m\u1ed7i danh m\u1ee5c. V\u1eady b\u1ea1n ngh\u0129 khi n\u00e0o m\u1ed9t c\u00f4ng ty nh\u01b0 Mercer s\u1ebd s\u1eed d\u1ee5ng AI \u0111\u1ec3 c\u1ea3i thi\u1ec7n, x\u1eed l\u00fd y\u00eau c\u1ea7u b\u1ed3i th\u01b0\u1eddng?<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, v\u00ec tr\u00e1ch nhi\u1ec7m, h\u1ecd kh\u00f4ng th\u1ec3 b\u1ecb \u1ea3o gi\u00e1c. H\u1ecd s\u1ebd \u0111\u1ee3i cho \u0111\u1ebfn khi \u00fd t\u00f4i l\u00e0, h\u1ecd c\u1ea7n s\u1ef1 ch\u1eafc ch\u1eafn 99,999%. V\u00e0 vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c 0,01 cu\u1ed1i c\u00f9ng c\u00f2n kh\u00f3 h\u01a1n nhi\u1ec1u, ch\u01b0a n\u00f3i \u0111\u1ebfn 20% cu\u1ed1i c\u00f9ng, 80% \u0111\u1ea7u ti\u00ean. V\u00e0 tr\u01b0\u1edbc khi t\u00f4i nh\u00ecn th\u1ea5y n\u00f3, t\u00f4i hy v\u1ecdng n\u00f3 s\u1ebd d\u1eabn \u0111\u1ebfn m\u1ed9t cu\u1ed9c c\u00e1ch m\u1ea1ng v\u1ec1 n\u0103ng su\u1ea5t. N\u00f3 s\u1ebd thay \u0111\u1ed5i b\u1ed9 m\u1eb7t c\u1ee7a tr\u00e1i \u0111\u1ea5t. Tr\u00ean th\u1ef1c t\u1ebf, m\u1ecdi chuy\u1ec7n c\u00f2n s\u00e2u s\u1eafc h\u01a1n nh\u1eefng g\u00ec m\u00e0 nh\u1eefng ng\u01b0\u1eddi l\u1ea1c quan nh\u1ea5t tin t\u01b0\u1edfng s\u1ebd x\u1ea3y ra ng\u00e0y h\u00f4m nay.<\/p>\n\n<p>Nh\u01b0ng n\u00f3 c\u0169ng s\u1ebd m\u1ea5t nhi\u1ec1u th\u1eddi gian h\u01a1n. V\u00ec v\u1eady, t\u00f4i ngh\u0129 b\u1ea1n s\u1ebd kh\u00f4ng b\u1eaft \u0111\u1ea7u nh\u00ecn th\u1ea5y n\u00f3 trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea n\u0103ng su\u1ea5t th\u1ef1c t\u1ebf c\u01a1 b\u1ea3n trong 10, 20 n\u0103m t\u1edbi. V\u00e0 c\u00f4ng ty l\u1edbn v\u00e0 c\u00e1c ch\u00ednh ph\u1ee7 s\u1ebd h\u1ecfi, khi n\u00e0o th\u00ec t\u00f4i ngh\u0129 ch\u00ednh ph\u1ee7 s\u1ebd s\u1eed d\u1ee5ng n\u00f3 m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 gi\u1ea3m chi ph\u00ed?<\/p>\n\n<p>V\u00e0 c\u00f3 l\u1ebd h\u1ecd s\u1ebd l\u00e0 ng\u01b0\u1eddi \u0111i cu\u1ed1i c\u00f9ng. B\u1edfi v\u00ec c\u00f4ng ch\u00fang, h\u1ecd kh\u00f4ng mu\u1ed1n, h\u1ecd kh\u00f4ng t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3. V\u00e0 v\u00ec v\u1eady t\u00f4i kh\u00f4ng ngh\u0129 ch\u00fang ta th\u1ea5y \u0111i\u1ec1u \u0111\u00f3 trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea n\u0103ng su\u1ea5t v\u00e0 s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea GDP trong \u00edt nh\u1ea5t 5 n\u0103m, r\u1ea5t c\u00f3 th\u1ec3 l\u00e0 10 n\u0103m tr\u1edf \u0111i.<\/p>\n\n<p>\u0110i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, v\u00ec v\u1eady trong 5 n\u0103m n\u1eefa, t\u00f4i ngh\u0129 s\u1ebd c\u00f3 m\u1ed9t thung l\u0169ng c\u1ee7a s\u1ef1 v\u1ee1 m\u1ed9ng ho\u1eb7c th\u1ea5t v\u1ecdng, n\u01a1i m\u1ecdi ng\u01b0\u1eddi s\u1ebd gi\u1ed1ng nh\u01b0, \u00f4i Ch\u00faa \u01a1i, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u \u0111\u00e3 l\u00e0m n\u00ean chuy\u1ec7n l\u1edbn v\u00e0 kh\u00f4ng c\u00f3 g\u00ec x\u1ea3y ra. Nh\u01b0ng th\u1ef1c ra, t\u1eebng ch\u00fat m\u1ed9t, ch\u00fang s\u1ebd th\u00e2m nh\u1eadp v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 m\u1ecdi th\u1ee9 s\u1ebd tr\u1edf n\u00ean r\u1ebb h\u01a1n, nhanh h\u01a1n v\u00e0 t\u1ed1t h\u01a1n. V\u00e0 10, 15 n\u0103m sau, b\u1ea1n s\u1ebd th\u1ea5y k\u1ebft qu\u1ea3 c\u1ee7a n\u00f3.<\/p>\n\n<p>V\u00e0 nh\u00e2n ti\u1ec7n, n\u00f3 c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea GDP. \u00dd t\u00f4i l\u00e0, GDP, h\u00e3y ngh\u0129 \u0111\u1ebfn m\u1ed9t s\u1ea3n ph\u1ea9m, h\u00e3y ngh\u0129 \u0111\u1ebfn m\u00e1y t\u00ednh. M\u1ed9t chi\u1ebfc m\u00e1y t\u00ednh c\u00f3 gi\u00e1 2.000 \u0111\u00f4 la, b\u00e2y gi\u1edd l\u00e0 1.000 \u0111\u00f4 la nh\u01b0ng m\u1ea1nh g\u1ea5p \u0111\u00f4i, th\u1ef1c t\u1ebf \u0111i\u1ec1u \u0111\u00f3 s\u1ebd h\u1ee7y b\u1ecf m\u1ee9c gi\u1ea3m GDP 1.000 \u0111\u00f4 la.<\/p>\n\n<p>V\u00ec v\u1eady, s\u1ee9c m\u1ea1nh gi\u1ea3m ph\u00e1t- Trong GDP danh ngh\u0129a, v\u00e2ng. V\u00e2ng. C\u00f4ng ngh\u1ec7 th\u01b0\u1eddng h\u1ee7y b\u1ecf s\u1ef1 s\u1ee5t gi\u1ea3m GDP.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady t\u00f4i ngh\u0129 GDP \u0111ang \u0111\u00e1nh gi\u00e1 th\u1ea5p ch\u1ea5t l\u01b0\u1ee3ng c\u1ea3i thi\u1ec7n cu\u1ed9c s\u1ed1ng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a nh\u1eefng c\u1ea3i thi\u1ec7n v\u1ec1 n\u0103ng su\u1ea5t. V\u00e0 v\u00ec v\u1eady t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u0111o l\u01b0\u1eddng sai s\u1ef1 c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t trong t\u00ednh to\u00e1n GDP b\u1edfi v\u00ec ch\u00fang ta kh\u00f4ng nh\u00ecn th\u1ea5y s\u1ee9c m\u1ea1nh gi\u1ea3m ph\u00e1t ho\u1eb7c t\u00ednh to\u00e1n sai s\u1ee9c m\u1ea1nh gi\u1ea3m ph\u00e1t c\u1ee7a c\u00f4ng ngh\u1ec7. Nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, tr\u01b0\u1edbc khi AI th\u00e2m nh\u1eadp v\u00e0o th\u1ebf gi\u1edbi th\u1ef1c- V\u1eady trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, n\u00f3 c\u00f3 c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t kh\u00f4ng?<\/p>\n\n<p>Tuy\u1ec7t \u0111\u1ed1i. Nh\u01b0ng m\u1ed9t l\u1ea7n n\u1eefa, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea3o lu\u1eadn ngay t\u1eeb \u0111\u1ea7u, c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ch\u1ec9 chi\u1ebfm 2% vi\u1ec7c l\u00e0m. V\u00e0 v\u00ec v\u1eady, t\u00f4i ngh\u0129, n\u00f3 s\u1ebd kh\u00f4ng xu\u1ea5t hi\u1ec7n trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea n\u0103ng su\u1ea5t t\u1ed5ng th\u1ec3 trong m\u1ed9t th\u1eadp k\u1ef7, b\u1edfi v\u00ec b\u1ea1n c\u1ea7n General Electric v\u00e0 b\u1ea1n c\u1ea7n b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, Exxon, \u0111\u1ec3 s\u1eed d\u1ee5ng n\u00f3 m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 v\u00e0 c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t.<\/p>\n\n<p>V\u00e0 t\u00f4i kh\u00f4ng th\u1ea5y \u0111i\u1ec1u \u0111\u00f3 x\u1ea3y ra trong m\u1ed9t th\u1eadp k\u1ef7. Nh\u01b0ng cu\u1ed1i c\u00f9ng, n\u00f3 s\u1ebd c\u00e1ch m\u1ea1ng h\u00f3a th\u1ebf gi\u1edbi theo nh\u1eefng c\u00e1ch m\u00e0 ng\u00e0y nay ch\u00fang ta th\u1eadm ch\u00ed kh\u00f4ng th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c.<\/p>\n\n<p>Jack: \u0110i\u1ec1u \u0111\u00f3 r\u1ea5t th\u00fa v\u1ecb. C\u1ea3m \u01a1n. Tr\u01b0\u1edbc \u0111\u00f3, \u00f4ng n\u00f3i r\u1eb1ng \u00f4 t\u00f4 t\u1ef1 l\u00e1i, xe t\u1ef1 h\u00e0nh \u0111\u00e3 \u0111\u01b0\u1ee3c y\u00eau th\u00edch c\u00e1ch \u0111\u00e2y 5, 10 n\u0103m, c\u00f2n b\u00e2y gi\u1edd th\u00ec kh\u00f4ng c\u00f2n nhi\u1ec1u n\u1eefa.<\/p>\n\n<p>B\u00e2y gi\u1edd h\u1ecd l\u00e0 VC. \u0110\u00f3 l\u00e0 m\u1ed9t th\u1ec3 lo\u1ea1i kh\u00f4ng h\u1ee3p th\u1eddi trang. B\u1ea1n s\u1ebd n\u00f3i ai l\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng trong l\u0129nh v\u1ef1c \u0111\u00f3?<\/p>\n\n<p>Fabrice: V\u1eady c\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 b\u1ea1n \u0111\u1ecbnh ngh\u0129a th\u1ebf n\u00e0o l\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng? C\u00f3 ph\u1ea3i b\u1ea1n \u0111ang n\u00f3i r\u1eb1ng ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng l\u00e0 c\u00f4ng ty \u0111ang x\u00e2y d\u1ef1ng c\u00f4ng ngh\u1ec7 c\u01a1 b\u1ea3n m\u00e0 sau \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong \u00f4 t\u00f4 \u0111\u1ec3 t\u1ef1 l\u00e1i, trong \u0111\u00f3 c\u00f3 hai cu\u1ed9c chi\u1ebfn l\u1edbn \u0111ang di\u1ec5n ra t\u1eeb g\u00f3c \u0111\u1ed9 c\u00f4ng ngh\u1ec7, nh\u01b0 h\u1ec7 th\u1ed1ng d\u1ef1a tr\u00ean LIDAR v\u00e0 d\u1ef1a tr\u00ean webcam h\u1ec7 th\u1ed1ng. V\u00e0 s\u1ef1 \u0111\u1eb7t c\u01b0\u1ee3c l\u1edbn c\u1ee7a Tesla, v\u00e0 tr\u00ean th\u1ef1c t\u1ebf, c\u00e1ch duy nh\u1ea5t t\u00f4i ngh\u0129 b\u1ea1n c\u00f3 th\u1ec3 bi\u1ec7n minh cho vi\u1ec7c \u0111\u1ecbnh gi\u00e1 Tesla l\u00e0 n\u1ebfu b\u1ea1n tin r\u1eb1ng v\u1ec1 c\u01a1 b\u1ea3n, h\u1ecd s\u1ebd th\u1eafng trong l\u0129nh v\u1ef1c xe t\u1ef1 l\u00e1i.<\/p>\n\n<p>V\u00ec v\u1eady, s\u1ef1 \u0111\u1eb7t c\u01b0\u1ee3c l\u1edbn c\u1ee7a Tesla l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa AI, GPU v\u00e0 webcam, r\u1ebb h\u01a1n nhi\u1ec1u, s\u1ebd gi\u00e0nh chi\u1ebfn th\u1eafng tr\u01b0\u1edbc c\u00e1c h\u1ec7 th\u1ed1ng d\u1ef1a tr\u00ean LIDAR. V\u00e0 c\u00e2u tr\u1ea3 l\u1eddi l\u00e0, n\u00f3 c\u00f3 th\u1ec3 r\u1ea5t t\u1ed1t. \u00dd t\u00f4i l\u00e0, n\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 nh\u1eefng n\u0103m 1980, b\u1ea1n c\u00f3 nh\u1eefng chi\u1ebfc m\u00e1y t\u00ednh cao c\u1ea5p, nh\u01b0 \u0110\u1ed3 h\u1ecda Silicon c\u1ee7a th\u1ebf gi\u1edbi so v\u1edbi PC, v\u00e0 PC ng\u00e0y c\u00e0ng m\u1ea1nh h\u01a1n, t\u1ed1t h\u01a1n, nhanh h\u01a1n v\u00e0 v\u1eabn r\u1ebb.<\/p>\n\n<p>V\u00e0 cu\u1ed1i c\u00f9ng, th\u1ebf gi\u1edbi \u0111\u00f3 \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng. Nh\u01b0ng v\u1ea5n \u0111\u1ec1 l\u00e0, n\u00f3i v\u1ec1 c\u00e1c c\u00f4ng ty c\u01a1 b\u1ea3n \u0111ang b\u00e1n nh\u1eefng th\u1ee9 n\u00e0y c\u00f3 l\u1ebd k\u00e9m h\u1ea5p d\u1eabn h\u01a1n so v\u1edbi vi\u1ec7c ai \u0111ang x\u00e2y d\u1ef1ng c\u00e1c \u1ee9ng d\u1ee5ng xe t\u1ef1 l\u00e1i th\u00fa v\u1ecb m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 th\u1ea5y tr\u00ean th\u1ecb tr\u01b0\u1eddng ng\u00e0y nay. V\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u hi\u1ec7n l\u00e0 m\u1ed9t c\u00f4ng ty Trung Qu\u1ed1c t\u00ean l\u00e0 WeRide, c\u00f4ng ty d\u1eabn \u0111\u1ea7u \u1edf Trung Qu\u1ed1c v\u00e0 hi\u1ec7n \u0111ang b\u00e1n cho UAE.<\/p>\n\n<p>B\u00e2y gi\u1edd, t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf th\u1eddi \u0111i\u1ec3m c\u00f4ng ngh\u1ec7 m\u00e0 n\u00f3 th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng \u1edf Hoa K\u1ef3, nh\u01b0ng n\u00f3 thi\u00ean v\u1ec1 m\u1ed9t ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd h\u01a1n. Nh\u00e2n ti\u1ec7n, \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 v\u1edbi m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i. Vi\u1ec7c giao h\u00e0ng b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i l\u00e0 ho\u00e0n to\u00e0n kh\u1ea3 thi.<\/p>\n\n<p>Ch\u1ec9 l\u00e0 FAA y\u00eau c\u1ea7u nh\u1eefng th\u1ee9 nh\u01b0 t\u1ea7m nh\u00ecn v\u00e0 phi c\u00f4ng, \u0111i\u1ec1u n\u00e0y th\u1eadt v\u00f4 ngh\u0129a. B\u1ea1n mu\u1ed1n t\u1ef1 ch\u1ee7 v\u00e0 c\u00f3 ph\u1ea1m vi v\u00f4 h\u1ea1n, n\u1ebfu kh\u00f4ng th\u00ec kh\u00f4ng \u0111\u01b0\u1ee3c. Ho\u1eb7c y\u00eau c\u1ea7u mua quy\u1ec1n s\u1eed d\u1ee5ng kh\u00f4ng kh\u00ed v\u00ec m\u1ed9t l\u00fd do n\u00e0o \u0111\u00f3.<\/p>\n\n<p>T\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y \u0111\u1ec1u ngu ng\u1ed1c v\u00e0 h\u1ea1n ch\u1ebf s\u1ef1 ph\u00e1t tri\u1ec3n m\u1ed9t c\u00e1ch \u1ed3 \u1ea1t. Ng\u00e0y nay ch\u00fang ta ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 v\u1eadn chuy\u1ec3n h\u00e0ng b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 n\u1ebfu kh\u00f4ng c\u00f3 kh\u00f4ng gian ph\u00e1p l\u00fd.<\/p>\n\n<p>Jack: V\u00e0 c\u0169ng gi\u1ed1ng nh\u01b0 trong nh\u1eefng n\u0103m 80 v\u00e0 90, ng\u01b0\u1eddi h\u01b0\u1edfng l\u1ee3i t\u1eeb m\u00e1y t\u00ednh th\u1ef1c s\u1ef1 l\u00e0 Microsoft thi\u1ebft k\u1ebf ph\u1ea7n m\u1ec1m thay v\u00ec Dell s\u1ea3n xu\u1ea5t ph\u1ea7n c\u1ee9ng, m\u1eb7c d\u00f9 Dell hi\u1ec7n \u0111\u00e3 \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai v\u00e0 \u0111ang tr\u00ean \u0111\u00e0 ph\u00e1t tri\u1ec3n nh\u1edd nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb AI. Nh\u01b0ng b\u1ea1n c\u00f3 ngh\u0129 r\u1eb1ng ng\u01b0\u1eddi h\u01b0\u1edfng l\u1ee3i th\u1ef1c s\u1ef1 s\u1ebd thi\u1ebft k\u1ebf ph\u1ea7n m\u1ec1m thay v\u00ec c\u00e1c h\u00e3ng xe h\u01a1i nh\u01b0 Ford hay GM?<\/p>\n\n<p>Fabrice: Th\u1ef1c ra th\u00ec b\u1ea1n c\u00f3 hai ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i. B\u1ea1n c\u00f3 Microsoft v\u00e0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t \u1ee9ng d\u1ee5ng tr\u00ean Microsoft, nh\u01b0ng b\u1ea1n c\u0169ng c\u00f3 Intel. V\u00ec v\u1eady n\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 s\u1ef1 \u0111\u1ed9c quy\u1ec1n c\u1ee7a Wintel trong m\u1ed9t th\u1eddi gian d\u00e0i.<\/p>\n\n<p>V\u00e0 ng\u01b0\u1eddi thua cu\u1ed9c l\u00e0 IBM v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t PC, ph\u1ea3i kh\u00f4ng? Gateway, Dell, v.v. \u00dd t\u00f4i l\u00e0, Dell ng\u00e0y nay kh\u00f4ng gi\u1ed1ng nh\u01b0 nh\u00e0 s\u1ea3n xu\u1ea5t PC ng\u00e0y x\u01b0a.<\/p>\n\n<p>V\u00ec v\u1eady, t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i \u1edf \u0111\u00e2y l\u00e0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t GPU, NVIDIA c\u0169ng v\u1eady, m\u1eb7c d\u00f9 NVIDIA c\u0169ng c\u00f3 th\u1ec3 b\u1ecb ng\u01b0\u1eddi kh\u00e1c thay th\u1ebf trong t\u01b0\u01a1ng lai, m\u1eb7c d\u00f9 c\u00f3 nh\u1eefng hi\u1ec7u \u1ee9ng m\u1ea1ng l\u1edbn v\u00e0 l\u1ee3i \u00edch v\u1ec1 quy m\u00f4 c\u0169ng nh\u01b0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t AI nh\u01b0 OpenAI, ch\u1eafc ch\u1eafn. \u0110\u00fang h\u01a1n l\u00e0. Th\u1ef1c ra, t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i kh\u00e1c.<\/p>\n\n<p>\u00dd t\u00f4i l\u00e0, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty ch\u1ebf t\u1ea1o robot t\u00ean l\u00e0 Fig. H\u00ecnh.ai l\u00e0 thi\u00ean t\u00e0i. T\u00f4i khuy\u1ebfn kh\u00edch t\u1ea5t c\u1ea3 c\u00e1c b\u1ea1n xem ph\u1ea7n tr\u00ecnh di\u1ec5n c\u1ee7a h\u1ecd tr\u00ean YouTube v\u1ec1 robot v\u1ec1 c\u01a1 b\u1ea3n x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c th\u00f4ng qua giao di\u1ec7n gi\u1ecdng n\u00f3i r\u1eb1ng \u0111\u00e2y l\u00e0 Apple, \u0111\u01b0a Apple cho ng\u01b0\u1eddi y\u00eau c\u1ea7u, r\u1eeda ch\u00e9n, gi\u1ea3i th\u00edch l\u00fd do t\u1ea1i sao n\u00f3 l\u00e0m nh\u1eefng g\u00ec n\u00f3 \u0111ang l\u00e0m, hi\u1ec3u ng\u1eef c\u1ea3nh.<\/p>\n\n<p>V\u00e0 nh\u1eefng g\u00ec Fig \u0111ang x\u00e2y d\u1ef1ng v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 nh\u1eefng robot h\u00ecnh ng\u01b0\u1eddi \u0111\u1ec3 thay th\u1ebf con ng\u01b0\u1eddi v\u00e0 c\u00e1c nh\u00e0 m\u00e1y thu gom v\u00e0 \u0111\u00f3ng g\u00f3i ch\u1eb7ng cu\u1ed1i. V\u00ec v\u1eady, vi\u1ec7c thay th\u1ebf con ng\u01b0\u1eddi v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng th\u1ee9 gi\u1ed1ng nh\u01b0 kho h\u00e0ng ki\u1ec3u Amazon, \u0111i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 v\u00e0o cu\u1ed1i ng\u00e0y, con ng\u01b0\u1eddi n\u00ean l\u00e0m nh\u1eefng c\u00f4ng vi\u1ec7c \u0111\u00f2i h\u1ecfi s\u1ef1 \u0111\u1ed3ng c\u1ea3m v\u00e0 c\u1ea3m x\u00fac c\u1ee7a con ng\u01b0\u1eddi.<\/p>\n\n<p>Ch\u00fang ta kh\u00f4ng c\u00f3 \u00fd \u0111\u1ecbnh l\u00e0m nh\u1eefng vi\u1ec7c nh\u01b0 v\u1eb7n m\u1ed9t c\u00e1i bu l\u00f4ng ho\u1eb7c mang nh\u1eefng chi\u1ebfc h\u1ed9p n\u1eb7ng. N\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng cho. V\u00e0 v\u00ec v\u1eady t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng th\u1ee9 nh\u01b0 th\u1ebf, ng\u00e0y nay kh\u00f4ng t\u1ed3n t\u1ea1i.<\/p>\n\n<p>V\u00e2ng, gi\u1ed1ng nh\u01b0 robot ng\u00e0y nay l\u00e0 m\u1ed9t ph\u1ea1m tr\u00f9 nh\u1ecf. T\u00f4i c\u00f3 th\u1ec3 th\u1ea5y n\u00f3 l\u00e0 m\u1ed9t h\u1ea1ng m\u1ee5c tr\u1ecb gi\u00e1 h\u00e0ng ngh\u00ecn t\u1ef7 trong v\u00e0i th\u1eadp k\u1ef7 t\u1edbi kh\u00f4ng? Tuy\u1ec7t \u0111\u1ed1i.<\/p>\n\n<p>V\u00e0 t\u00f4i ngh\u0129 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa GPU c\u1ed9ng v\u1edbi AI s\u1ebd d\u1eabn \u0111\u1ebfn v\u00f4 s\u1ed1 \u1ee9ng d\u1ee5ng m\u1edbi m\u00e0 m\u1ecdi ng\u01b0\u1eddi ch\u01b0a t\u1eebng ngh\u0129 t\u1edbi. V\u00e0 Fig.ai l\u00e0 m\u1ed9t v\u00ed d\u1ee5 nh\u01b0 v\u1eady.<\/p>\n\n<p>Jack: Fabrice Grinda, c\u1ea3m \u01a1n v\u00ec \u0111\u00e3 \u0111\u1ebfn v\u00e0 chia s\u1ebb nh\u1eefng hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc c\u1ee7a b\u1ea1n.<\/p>\n\n<p>Fabrice: C\u1ea3m \u01a1n b\u1ea1n.<\/p>\n\n<p>Jack: C\u1ea3m \u01a1n v\u00ec \u0111\u00e3 xem. H\u00e3y nh\u1edb xem vanek.com motefg \u0111\u1ec3 t\u00ecm hi\u1ec3u th\u00eam v\u1ec1 Vanek Morningstar WideMote ETF, m\u00e3 MOAT. Cu\u1ed1i c\u00f9ng, H\u01b0\u1edbng d\u1eabn chuy\u1ec3n ti\u1ebfp kh\u00f4ng ch\u1ec9 c\u00f3 tr\u00ean YouTube m\u00e0 c\u00f2n c\u00f3 tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c podcast, \u1ee9ng d\u1ee5ng v\u00e0 phi\u00ean b\u1ea3n video c\u00f3 s\u1eb5n tr\u00ean Spotify v\u00e0 Twitter, n\u01a1i t\u00f4i th\u01b0\u1eddng xuy\u00ean \u0111\u0103ng c\u00e1c cu\u1ed9c ph\u1ecfng v\u1ea5n.<\/p>\n\n<p>C\u1ea3m \u01a1n m\u1ed9t l\u1ea7n n\u1eefa. Cho \u0111\u1ebfn l\u1ea7n sau.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00f4i th\u00edch cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u1ee7a t\u00f4i v\u1edbi Jack Farley . \u0110\u00e2y l\u00e0 c\u00e1ch \u00f4ng t\u00f3m t\u1eaft n\u00f3. Sau khi d\u1ef1 \u0111o\u00e1n \u0111\u00fang v\u1ec1 &#8221; bong b\u00f3ng m\u1ecdi th\u1ee9 &#8221; &hellip; <a href=\"https:\/\/grinda.org\/vi\/cuoc-tro-chuyen-thu-vi-voi-jack-farley-ve-vi-mo-tien-dien-tu-dau-tu-mao-hiem-va-nhieu-hon-the-nua\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cu\u1ed9c tr\u00f2 chuy\u1ec7n th\u00fa v\u1ecb v\u1edbi Jack Farley v\u1ec1 v\u0129 m\u00f4, ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 nhi\u1ec1u h\u01a1n th\u1ebf n\u1eefa!&#8221;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":45252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[235,241,253],"tags":[],"class_list":["post-45198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-phong-thi-nghiem-fj","category-nen-kinh-te","category-phong-van-tro-chuyen-ben-lo-suoi"],"acf":[],"contentUpdated":"Cu\u1ed9c tr\u00f2 chuy\u1ec7n th\u00fa v\u1ecb v\u1edbi Jack Farley v\u1ec1 v\u0129 m\u00f4, ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 nhi\u1ec1u h\u01a1n th\u1ebf n\u1eefa!. Categories - Ph\u00f2ng th\u00ed nghi\u1ec7m FJ, N\u1ec1n kinh t\u1ebf, Ph\u1ecfng v\u1ea5n &amp; Tr\u00f2 chuy\u1ec7n b\u00ean l\u00f2 s\u01b0\u1edfi. Date-Posted - 2024-06-25T15:59:20 . \n T\u00f4i th\u00edch cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u1ee7a t\u00f4i v\u1edbi Jack Farley . \u0110\u00e2y l\u00e0 c\u00e1ch \u00f4ng t\u00f3m t\u1eaft n\u00f3.\n Sau khi d\u1ef1 \u0111o\u00e1n \u0111\u00fang v\u1ec1 &#8221; bong b\u00f3ng m\u1ecdi th\u1ee9 &#8221; v\u00e0o n\u0103m 2021, \u0111\u00e2y l\u00e0 c\u00e1ch Fabrice Grinda, huy\u1ec1n tho\u1ea1i th\u1ea7m l\u1eb7ng c\u1ee7a Venture Capital (VC), nh\u00ecn nh\u1eadn m\u1ecdi th\u1ee9:\n th\u1ecb tr\u01b0\u1eddng g\u1ea5u VC n\u0103m 2022-? ch\u01b0a k\u1ebft th\u00fac nh\u01b0ng \u0111\u00e3 t\u1ea1o ra nh\u1eefng c\u01a1 h\u1ed9i tuy\u1ec7t v\u1eddi.\n \u0111\u1ecbnh gi\u00e1 cho c\u00e1c c\u00f4ng ty AI l\u00e0 &#8220;l\u1ed1 b\u1ecbch&#8221; trong khi \u0111\u1ecbnh gi\u00e1 cho c\u00e1c c\u00f4ng ty kh\u00f4ng ph\u1ea3i AI l\u00e0 h\u1ee3p l\u00fd&#8221;.\n Fabrice nh\u00ecn th\u1ea5y nh\u1eefng c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn trong c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng c\u0169ng nh\u01b0 xe t\u1ef1 h\u00e0nh (hi\u1ec7n t\u1ea1i r\u1ea5t kh\u00f4ng \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng).\n H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty AI m\u00e0 anh \u1ea5y th\u1ea5y \u0111\u1ec1u \u0111\u00e3 t\u1ea1o ra \u201cnh\u1eefng s\u1ea3n ph\u1ea9m th\u00fa v\u1ecb\u201d nh\u01b0ng c\u00f3 \u201cm\u00f4 h\u00ecnh kinh doanh kh\u00f4ng r\u00f5 r\u00e0ng\u201d v\u00e0 \u201cs\u1ebd kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u\u201d v\u00e0 \u201ch\u1ea7u h\u1ebft ch\u00fang s\u1ebd v\u1ec1 con s\u1ed1 0\u201d.\n ^a l\u01b0u \u00fd: \u1edf \u0111\u00e2y anh \u1ea5y CH\u1ec8 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c c\u00f4ng ty VC t\u01b0 nh\u00e2n, KH\u00d4NG \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai. anh \u1ea5y th\u01b0\u1eddng tho\u00e1t ra sau khi t\u00ean \u0111\u01b0\u1ee3c c\u00f4ng khai (nh\u01b0 anh \u1ea5y \u0111\u00e3 l\u00e0m trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Alibaba v\u00e0 Palantir $BABA $PLTR).\n \u00f4ng cho r\u1eb1ng chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u c\u1ee7a Gartner \u00e1p d\u1ee5ng cho AI&#8230; trong ng\u1eafn h\u1ea1n, s\u1ef1 chuy\u1ec3n \u0111\u1ed5i s\u1ebd \u00edt h\u01a1n d\u1ef1 ki\u1ebfn \u200b\u200bhi\u1ec7n t\u1ea1i, nh\u01b0ng v\u1ec1 l\u00e2u d\u00e0i, quy m\u00f4 c\u1ee7a \u0111\u1ed9ng th\u00e1i n\u00e0y s\u1ebd v\u01b0\u1ee3t xa s\u1ef1 mong \u0111\u1ee3i c\u1ee7a t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi, tr\u1eeb nh\u1eefng nh\u00e0 ti\u00ean tri AI \u0111i\u00ean cu\u1ed3ng nh\u1ea5t ( l\u1eddi n\u00f3i c\u1ee7a t\u00f4i kh\u00f4ng ph\u1ea3i c\u1ee7a anh \u1ea5y).\n anh \u1ea5y \u0111\u00e3 v\u00e0 v\u1eabn l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111i\u1ec7n t\u1eed. Ngo\u00e0i vi\u1ec7c s\u1edf h\u1eefu nhi\u1ec1u token, anh \u1ea5y c\u00f2n r\u1ea5t quan t\u00e2m \u0111\u1ebfn m\u1ed9t lo\u1ea1i ti\u1ec1n \u1ed5n \u0111\u1ecbnh mang l\u1ea1i l\u1ee3i nhu\u1eadn \u1edf Ch\u00e2u \u00c2u c\u00f3 t\u00ean l\u00e0 Midas (n\u00f3 kh\u00f4ng th\u1ec3 truy c\u1eadp \u0111\u01b0\u1ee3c \u1edf Hoa K\u1ef3 nh\u01b0ng c\u00f3 \u1edf h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia kh\u00e1c), m\u00e0 trong cu\u1ed9c ph\u1ecfng v\u1ea5n m\u00e0 anh \u1ea5y n\u00f3i l\u00e0 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh, ph\u00e1 s\u1ea3n t\u1eeb xa v\u00e0 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 DeFi tr\u00ean chu\u1ed7i.\n B\u1ea1n c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y b\u1ea3n ghi \u0111\u1ea7y \u0111\u1ee7 cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u1ee7a ch\u00fang t\u00f4i \u1edf \u0111\u00e2y.\n Jack: H\u01b0\u1edbng d\u1eabn chuy\u1ec3n ti\u1ebfp \u0111\u01b0\u1ee3c mang \u0111\u1ebfn cho b\u1ea1n b\u1edfi VanEck, c\u00f4ng ty h\u00e0ng \u0111\u1ea7u th\u1ebf gi\u1edbi v\u1ec1 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n t\u1eeb n\u0103m 1955. B\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c nghe nhi\u1ec1u h\u01a1n v\u1ec1 VanEck ETF sau n\u00e0y, nh\u01b0ng b\u00e2y gi\u1edd, h\u00e3y b\u1eaft \u0111\u1ea7u cu\u1ed9c ph\u1ecfng v\u1ea5n ng\u00e0y h\u00f4m nay. T\u00f4i r\u1ea5t vui m\u1eebng \u0111\u01b0\u1ee3c ch\u00e0o \u0111\u00f3n Fabrice Grinda, m\u1ed9t doanh nh\u00e2n v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0.\n Fabrice l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp Auckland, sau n\u00e0y \u0111\u01b0\u1ee3c b\u00e1n cho Bernard Arnault, ng\u01b0\u1eddi s\u00e1ng l\u1eadp OLX, sau \u0111\u00f3 \u0111\u01b0\u1ee3c b\u00e1n cho Naspers v\u00e0 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n n\u1ed1i ti\u1ebfp v\u00e0o c\u00e1c c\u00f4ng ty nh\u01b0 Airbnb, Alibaba v\u00e0 FanDuel. Fabrice, r\u1ea5t vui \u0111\u01b0\u1ee3c g\u1eb7p b\u1ea1n. C\u1ea3m \u01a1n b\u1ea1n \u0111\u00e3 \u0111\u1ebfn.\n C\u1ea3m \u01a1n b\u1ea1n \u0111\u00e3 m\u1eddi t\u00f4i. B\u1ea1n c\u00f3 h\u00e0nh tr\u00ecnh kh\u1edfi nghi\u1ec7p c\u1ee7a m\u00ecnh, \u0111i\u1ec1u \u0111\u00f3 th\u1eadt tuy\u1ec7t v\u1eddi. V\u00e0 sau n\u00e0y t\u00f4i mu\u1ed1n h\u1ecfi b\u1ea1n v\u1ec1 Midas, m\u1ed9t c\u00f4ng ty m\u00e0 b\u1ea1n l\u00e0 ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp v\u00e0 \u0111\u1ea7u t\u01b0, c\u00f4ng ty \u0111ang l\u00e0m \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u tuy\u1ec7t v\u1eddi trong th\u1ebf gi\u1edbi stablecoin.\n Nh\u01b0ng t\u00f4i hi\u1ec3u r\u1eb1ng b\u1ea1n c\u0169ng r\u1ea5t quan t\u00e2m \u0111\u1ebfn kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 nh\u1eefng g\u00ec t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 t\u00e0i s\u1ea3n c\u0169ng nh\u01b0 v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. V\u00ec v\u1eady, tr\u00ean trang web c\u1ee7a b\u1ea1n, b\u1ea1n c\u00f3 c\u00e1c b\u00e0i vi\u1ebft nh\u01b0 Ch\u00e0o m\u1eebng \u0111\u1ebfn v\u1edbi Bong b\u00f3ng m\u1ecdi th\u1ee9, m\u00e0 b\u1ea1n \u0111\u00e3 vi\u1ebft v\u00e0o th\u00e1ng 2 n\u0103m 2021, c\u0169ng nh\u01b0 v\u00e0o th\u00e1ng 2 n\u0103m 2020, b\u1ea1n \u0111\u00e3 vi\u1ebft v\u1ec1 COVID-19, c\u00f3 th\u1ec3 l\u00e0 con thi\u00ean nga \u0111en \u0111\u1ea9y n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u v\u00e0o suy tho\u00e1i . V\u00ec v\u1eady, c\u00e2u h\u1ecfi \u0111\u1ea7u ti\u00ean c\u1ee7a t\u00f4i d\u00e0nh cho b\u1ea1n l\u00e0, kinh t\u1ebf v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty m\u1ea1o hi\u1ec3m c\u0169ng nh\u01b0 vi\u1ec7c tr\u1edf th\u00e0nh m\u1ed9t doanh nh\u00e2n c\u1ee7a b\u1ea1n?\n N\u1ebfu c\u00f4ng vi\u1ec7c c\u1ee7a b\u1ea1n l\u00e0 giao d\u1ecbch l\u00e3i su\u1ea5t c\u1ea3 ng\u00e0y, r\u00f5 r\u00e0ng vi\u1ec7c ch\u00fa \u00fd \u0111\u1ebfn v\u0129 m\u00f4 v\u00e0 nh\u1eefng g\u00ec c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111ang n\u00f3i l\u00e0 \u0111i\u1ec1u h\u1ee3p l\u00fd. Nh\u01b0ng \u0111\u1ed1i v\u1edbi m\u1ed9t ng\u01b0\u1eddi r\u1ed9ng h\u01a1n \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o v\u1ed1n m\u1ea1o hi\u1ec3m ho\u1eb7c b\u1eaft \u0111\u1ea7u kinh doanh, n\u1ec1n kinh t\u1ebf v\u0129 m\u00f4 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn h\u1ecd nh\u01b0 th\u1ebf n\u00e0o?\n Fabrice: Chu k\u1ef3 v\u0129 m\u00f4 quan tr\u1ecdng v\u00ec \u0111i\u1ec3m gi\u00e1 m\u00e0 b\u1ea1n v\u00e0o v\u00e0 \u0111i\u1ec3m tho\u00e1t. V\u00e0 \u0111i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 trong th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, b\u1ea1n kh\u00f4ng ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c l\u1ed1i ra. Sau \u0111\u00f3, h\u00e3y bi\u1ebft b\u1ea1n s\u1ebd \u1edf th\u1eddi \u0111i\u1ec3m n\u00e0o trong chu k\u1ef3.\n Nh\u1eefng g\u00ec b\u1ea1n bi\u1ebft l\u00e0 khi b\u1ea1n \u0111ang \u0111\u1ea7u t\u01b0. V\u00ec v\u1eady, t\u00f4i c\u1ed1 g\u1eafng nh\u1eadn th\u1ee9c r\u00f5 r\u00e0ng v\u1ec1 c\u00e1c m\u1ee9c gi\u00e1 \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o r\u1eb1ng t\u00f4i kh\u00f4ng tr\u1ea3 qu\u00e1 nhi\u1ec1u. V\u00e0 v\u00ec v\u1eady, v\u00e0o n\u0103m 2021, trong khi m\u1ecdi ng\u01b0\u1eddi kh\u00e1c v\u1ec1 c\u01a1 b\u1ea3n \u0111ang ph\u00e1t \u0111i\u00ean, t\u00f4i l\u00f9i l\u1ea1i m\u1ed9t b\u01b0\u1edbc v\u00e0 ngh\u0129, \u0111\u01b0\u1ee3c r\u1ed3i, ch\u00fang ta \u0111ang \u1edf trong bong b\u00f3ng m\u1ecdi th\u1ee9 v\u00ec c\u00f3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 t\u00e0i ch\u00ednh qu\u00e1 l\u1ecfng l\u1ebbo.\n V\u00e0 n\u00f3 d\u1eabn \u0111\u1ebfn l\u1ea1m ph\u00e1t gi\u00e1 t\u00e0i s\u1ea3n \u1edf m\u1ecdi lo\u1ea1i t\u00e0i s\u1ea3n, t\u01b0\u01a1ng quan v\u1edbi m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n \u0111ang tr\u00ean \u0111\u00e0 ph\u00e1t tri\u1ec3n v\u00e0 m\u1ecdi th\u1ee9 t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ebfn tr\u00e1i phi\u1ebfu, c\u1ed5 phi\u1ebfu, t\u01b0 nh\u00e2n, c\u00f4ng ch\u00fang, NFT, ti\u1ec1n \u0111i\u1ec7n t\u1eed, SPAC, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1eb7t t\u00ean cho n\u00f3. V\u00e0 do \u0111\u00f3, h\u00e3y b\u00e1n, th\u1ef1c s\u1ef1. V\u00ec v\u1eady, v\u1ec1 c\u01a1 b\u1ea3n, t\u00f4i \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t ch\u00ednh s\u00e1ch r\u1eb1ng n\u1ebfu n\u00f3 l\u00e0 m\u1ed9t c\u00e1i neo tr\u00ean m\u1eb7t \u0111\u1ea5t, ch\u00fang ta n\u00ean b\u00e1n n\u00f3 \u1edf m\u1ecdi lo\u1ea1i t\u00e0i s\u1ea3n c\u00f3 th\u1ec3.\n T\u1ea5t nhi\u00ean, trong th\u1ebf gi\u1edbi ri\u00eang t\u01b0, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng h\u1ec1 d\u1ec5 d\u00e0ng. Ch\u00fang t\u00f4i ch\u1ec9 b\u00e1n \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n nh\u1ecf nh\u1eefng g\u00ec ch\u00fang t\u00f4i mu\u1ed1n l\u00e0m. Nh\u01b0ng trong khi m\u1ecdi ng\u01b0\u1eddi kh\u00e1c \u0111ang \u0111\u1ea7u t\u01b0 th\u00ec ch\u00fang t\u00f4i l\u1ea1i tho\u00e1i v\u1ed1n.\n V\u00e0 \u0111i\u1ec1u ng\u01b0\u1ee3c l\u1ea1i l\u00e0 \u0111\u00fang. N\u0103m ngo\u00e1i, trong khi m\u1ecdi ng\u01b0\u1eddi trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m v\u1ec1 c\u01a1 b\u1ea3n \u0111\u1ec1u n\u00f3i r\u1eb1ng h\u00e3y th\u1eaft ch\u1eb7t tro t\u00e0n, nh\u01b0ng ch\u00fang t\u00f4i l\u1ea1i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec. T\u00f4i ngh\u0129, kh\u00f4ng, \u0111\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00ec m\u1ee9c \u0111\u1ecbnh gi\u00e1 r\u1ea5t h\u1ee3p l\u00fd.\n \u00dd t\u00f4i l\u00e0, kh\u00f4ng c\u00f3 g\u00ec r\u1ebb trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 nh\u01b0ng l\u1ea1i h\u1ee3p l\u00fd h\u01a1n tr\u01b0\u1edbc \u0111\u00e2y. C\u00f3 \u00edt s\u1ef1 c\u1ea1nh tranh h\u01a1n. V\u00ec v\u1eady, m\u1eb7c d\u00f9 tr\u01b0\u1edbc \u0111\u00e2y c\u00f3 20 c\u00f4ng ty \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng ch\u1ec9 c\u00f3 m\u1ed9t ho\u1eb7c hai c\u00f4ng ty.\n V\u00ec v\u1eady, b\u1ea1n c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng gi\u00e0nh chi\u1ebfn th\u1eafng trong h\u1ea1ng m\u1ee5c n\u00e0y. V\u00e0 nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp hi\u1ec7n \u0111ang t\u1eadp trung v\u00e0o kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb, t\u1ef7 l\u1ec7 chi ti\u00eau, \u0111\u1ea3m b\u1ea3o r\u1eb1ng h\u1ecd c\u00f3 \u0111\u1ee7 ti\u1ec1n m\u1eb7t trong hai n\u0103m v\u00e0 b\u1ecf ch\u1ea1y v\u00e0 s\u1ebd chuy\u1ec3n sang giai \u0111o\u1ea1n ti\u1ebfp theo. V\u00e0 nh\u1eefng \u0111i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a s\u00e2u s\u1eafc.\n N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o th\u1eadp k\u1ef7 tr\u01b0\u1edbc, th\u00ec m\u1ea1o hi\u1ec3m v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n r\u1ea5t kh\u00e1c so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c. N\u00f3 tu\u00e2n theo m\u1ed9t th\u1ee9 g\u1ecdi l\u00e0 \u0111\u1ecbnh lu\u1eadt l\u0169y th\u1eeba so v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c tu\u00e2n theo c\u00e1c \u0111\u01b0\u1eddng cong ph\u00e2n ph\u1ed1i Gaussian b\u00ecnh th\u01b0\u1eddng. V\u00e0 trong quy lu\u1eadt l\u0169y th\u1eeba n\u00e0y, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t s\u1ed1 c\u00f4ng ty h\u00e0ng \u0111\u1ea7u trong danh m\u1ee5c cu\u1ed1i c\u00f9ng s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn.\n V\u00e0 n\u1ebfu b\u1ea1n nh\u00ecn l\u1ea1i nh\u1eefng n\u0103m 2010, nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ed1t nh\u1ea5t \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00e0o n\u0103m 08, 09, 010, 011. V\u00ec v\u1eady, sau cu\u1ed9c \u0111\u1ea1i suy tho\u00e1i ho\u1eb7c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. V\u00e0 v\u00ec v\u1eady, t\u00f4i nghi ng\u1edd \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 s\u1ebd x\u1ea3y ra \u1edf \u0111\u00e2y.\n Th\u1eddi \u0111i\u1ec3m t\u1ed3i t\u1ec7 nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 c\u00f3 l\u1ebd l\u00e0 ng\u00e0y 21 v\u00e0 c\u00f3 th\u1ec3 l\u00e0 n\u0103m 2020. V\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 trong nh\u1eefng n\u0103m 2020 s\u1ebd l\u00e0 v\u00e0o cu\u1ed1i ng\u00e0y 22, 23, 24 cho \u0111\u1ebfn khi th\u1ecb tr\u01b0\u1eddng quay v\u00f2ng. V\u00ec v\u1eady, v\u1ea5n \u0111\u1ec1 v\u0129 m\u00f4.\n Nh\u01b0 \u0111\u00e3 n\u00f3i, t\u00f4i s\u1ebd kh\u00f4ng th\u00e0nh th\u1eadt khi n\u00f3i r\u1eb1ng t\u00f4i l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00ec t\u00f4i ngh\u0129 n\u00f3 gi\u00fap t\u00f4i tr\u1edf th\u00e0nh m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed1t h\u01a1n. T\u00f4i th\u1ef1c s\u1ef1 c\u00f3 nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n m\u00e0 t\u00f4i theo \u0111u\u1ed5i. V\u00e0 v\u00ec v\u1eady, v\u00e0o n\u0103m 21, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t ch\u1ec9 th\u1ecb t\u1eeb tr\u00ean xu\u1ed1ng.\n \u0110\u1ecbnh gi\u00e1 cao. V\u00ec v\u1eady, gi\u1ed1ng nh\u01b0, t\u00f4i tin r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd l\u00e0m \u0111\u01b0\u1ee3c, r\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n c\u1ee7a ch\u00fang t\u00f4i, c\u00e1ch ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty l\u00e0 h\u1ee3p l\u00fd v\u00e0 ch\u00fang t\u00f4i s\u1ebd th\u1ea5y h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty \u0111\u1ec1u \u0111\u1eaft \u0111\u1ecf v\u00e0 do \u0111\u00f3 ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0, v\u00e0 ch\u00fang t\u00f4i s\u1ebd ch\u1ecdn r\u00fat lui khi c\u00f3 c\u01a1 h\u1ed9i. V\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi t\u00f4i \u0111\u00f3 l\u00e0 m\u1ed9t b\u00e0i t\u1eadp tr\u00ed tu\u1ec7 h\u01a1n b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c.\n V\u00ec v\u1eady, t\u00f4i \u0111\u00e3 t\u1eebng l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc. T\u00f4i \u0111\u00e3 d\u00e0nh r\u1ea5t nhi\u1ec1u th\u1eddi gian \u0111\u1ec3 suy ngh\u0129 v\u1ec1 n\u00f3, vi\u1ebft v\u1ec1 n\u00f3, \u0111\u1ecdc v\u1ec1 n\u00f3. V\u00e0 t\u00ecnh c\u1edd n\u00f3 g\u00e2y ra nh\u1eefng h\u1eadu qu\u1ea3 c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng \u0111\u01b0\u1ee3c trong l\u0129nh v\u1ef1c m\u1ea1o hi\u1ec3m.\n Nh\u01b0ng \u0111\u1ed1i v\u1edbi h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi, t\u00f4i \u0111o\u00e1n h\u1ecd c\u00f3 th\u1ec3 b\u1ecf qua n\u00f3 n\u1ebfu h\u1ecd th\u1ef1c s\u1ef1 nghi\u00eam kh\u1eafc v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n c\u1ee7a m\u00ecnh, \u0111\u1eb7c bi\u1ec7t l\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1.\n Jack: T\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec3m th\u1ef1c s\u1ef1 quan tr\u1ecdng. B\u1ea1n y\u00eau th\u00edch v\u0129 m\u00f4. T\u00f4i y\u00eau macro v\u00e0 n\u00f3 ch\u1eafc ch\u1eafn \u0111\u00e3 gi\u00fap \u00edch cho b\u1ea1n.\n Nh\u01b0ng t\u00f4i ngh\u0129, ch\u00fang t\u00f4i nghi\u00ean c\u1ee9u n\u00f3 v\u00ec ch\u00fang t\u00f4i y\u00eau th\u00edch n\u00f3, kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 v\u00ec n\u00f3 s\u1ebd cho ch\u00fang t\u00f4i c\u00e1i nh\u00ecn to\u00e0n c\u1ea3nh ho\u1eb7c t\u1ea1o ra m\u1ed9t s\u1ed1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 tuy\u1ec7t v\u1eddi. V\u00ec v\u1eady, Febreze, \u0111\u1ec3 chu\u1ea9n b\u1ecb, t\u00f4i \u0111\u1ecdc tr\u00ean m\u1ea1ng, b\u1ea1n \u0111\u00e3 b\u00e1n c\u00f4ng ty c\u1ee7a m\u00ecnh, c\u00f4ng ty \u0111\u1ea7u ti\u00ean c\u1ee7a b\u1ea1n cho Bernard Arnault c\u1ee7a LVMH v\u00e0o n\u0103m 2000. V\u00ec v\u1eady, t\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 l\u00fac bong b\u00f3ng \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1ee1 tung.\n V\u00ec v\u1eady, khi b\u1ea1n c\u00f3 c\u00f4ng vi\u1ec7c \u0111\u1ea7u ti\u00ean sau khi t\u1ed1t nghi\u1ec7p ho\u1eb7c khi b\u1ea1n \u0111ang h\u1ecdc \u0111\u1ea1i h\u1ecdc, \u0111\u00f3 l\u00e0 l\u00fac bong b\u00f3ng \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ea7u ti\u00ean, b\u1ea1n kh\u00f4ng \u1edf trong th\u1ebf gi\u1edbi \u0111\u00f3. V\u00ec v\u1eady, khi b\u1ea1n, th\u1ebf gi\u1edbi \u0111\u1ea7u ti\u00ean c\u1ee7a b\u1ea1n gi\u1ed1ng nh\u01b0 bong b\u00f3ng \u0111\u00f3 \u0111ang v\u1ee1. V\u00e0 sau \u0111\u00f3 t\u00f4i t\u01b0\u1edfng t\u01b0\u1ee3ng t\u1eeb n\u0103m 2010 \u0111\u1ebfn nay, VC, v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u00e3 th\u1ef1c s\u1ef1 t\u0103ng cao nh\u01b0 m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n, nhi\u1ec1u ti\u1ec1n h\u01a1n ch\u1ea3y v\u00e0o kh\u00f4ng gian, \u0111\u1ecbnh gi\u00e1 t\u0103ng l\u00ean, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 v\u00e0o Uber khi b\u1ea1n l\u00e0m vi\u1ec7c hi\u1ec7u qu\u1ea3, sau \u0111\u00f3 h\u1ecd c\u00f3 nhi\u1ec1u h\u01a1n ti\u1ec1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty kh\u00e1c.\n V\u00ec v\u1eady, ch\u1eb3ng h\u1ea1n nh\u01b0 r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi \u0111ang n\u00e9m ti\u1ec1n lung tung, t\u00f4i ch\u1eafc ch\u1eafn r\u1eb1ng m\u00ecnh kh\u00f4ng hi\u1ec3u \u0111\u00fang m\u1ecdi chi ti\u1ebft, nh\u01b0ng \u0111\u00f3 c\u00f3 ph\u1ea3i l\u00e0 s\u1ef1 t\u00f3m t\u1eaft s\u01a1 b\u1ed9 v\u1ec1 d\u00f2ng th\u1eddi gian c\u1ee7a b\u1ea1n v\u00e0 d\u00f2ng th\u1eddi gian c\u1ee7a VC kh\u00f4ng?\n Fabrice: Ngay c\u1ea3 v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990, t\u00f4i \u0111\u00e3 t\u1ed1t nghi\u1ec7p \u0111\u1ea1i h\u1ecdc n\u0103m 96. T\u00f4i \u0111\u00e3 l\u00e0m vi\u1ec7c cho McKinsey v\u00e0 c\u00f4ng ty 96, 98, bi\u1ebft r\u1eb1ng c\u00f3 m\u1ed9t bong b\u00f3ng \u0111ang di\u1ec5n ra, nh\u01b0ng t\u00f4i ngh\u0129 r\u1eb1ng m\u00ecnh c\u1ea7n nhi\u1ec1u k\u1ef9 n\u0103ng h\u01a1n \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00f4ng ty c\u1ee7a m\u00ecnh. V\u00e0 t\u00f4i mu\u1ed1n x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty c\u00f4ng ngh\u1ec7.\n T\u00f4i bi\u1ebft r\u1eb1ng. V\u00e0 t\u00f4i \u0111\u00e3 ngh\u0129 m\u00ecnh s\u1ebd b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i th\u1ef1c s\u1ef1 \u0111\u1ebfn v\u1edbi McKinsey, nh\u01b0ng l\u1ea1 thay, t\u00f4i \u0111\u00e3 kh\u00f4ng l\u00e0m v\u1eady. V\u00ec v\u1eady, t\u00f4i th\u1ef1c s\u1ef1 \u0111\u00e3 nh\u00ecn th\u1ea5y \u0111\u00eam h\u01b0ng ph\u1ea5n khi x\u00e2y d\u1ef1ng c\u00f4ng ty \u0111\u1ea7u ti\u00ean c\u1ee7a m\u00ecnh, 98, 99, 2000.\n V\u00e0 t\u00f4i \u0111\u00e3 nh\u00ecn th\u1ea5y m\u1eb7t tr\u00e1i c\u1ee7a bong b\u00f3ng. T\u00f4i x\u00e2y d\u1ef1ng c\u00f4ng ty ti\u1ebfp theo c\u1ee7a m\u00ecnh v\u00e0o n\u0103m 2001. V\u00e0 v\u00e0o n\u0103m 2001, khi \u0111\u00f3, t\u00f4i \u0111\u00e3 g\u1ecdi \u0111i\u1ec7n cho m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ec3 n\u00f3i v\u1edbi h\u1ecd r\u1eb1ng, &#8220;N\u00e0y, t\u00f4i c\u00f3 \u00fd t\u01b0\u1edfng tuy\u1ec7t v\u1eddi n\u00e0y.&#8221;\n N\u00f3 ho\u1ea1t \u0111\u1ed9ng c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 \u1edf Ch\u00e2u \u00c2u v\u00e0 Ch\u00e2u \u00c1. C\u00f3 m\u1ed9t m\u00f4 h\u00ecnh kinh doanh h\u1ee3p l\u1ec7. T\u00f4i bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n v\u00e0 t\u00f4i l\u00e0 m\u1ed9t doanh nh\u00e2n \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh v\u1edbi th\u00e0nh t\u00edch \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh.\n T\u00f4i kh\u00f4ng ngh\u0129 m\u00ecnh \u0111\u00e3 n\u00f3i h\u1ebft c\u00e2u m\u00e0 h\u1ecd \u0111\u00e3 c\u00fap m\u00e1y b\u1edfi v\u00ec, b\u1ea1n bi\u1ebft \u0111\u1ea5y, m\u1ecdi ng\u01b0\u1eddi kh\u00e1c \u0111\u1ec1u ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1edbi Pets.com, e-toys, webvan, MCI, WorldCom, v\u00e0 kh\u00f4ng c\u00f3 c\u00e1ch n\u00e0o \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty . V\u00e0 v\u00ec v\u1eady, t\u00f4i bi\u1ebft r\u1eb1ng nh\u1eefng \u0111i\u1ec1u n\u00e0y di\u1ec5n ra theo chu k\u1ef3 v\u00e0 nh\u1eefng chu k\u1ef3 n\u00e0y k\u00e9o d\u00e0i nhi\u1ec1u n\u0103m. V\u00ec v\u1eady, t\u00f4i \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bs\u1ef1 b\u00f9ng n\u1ed5 v\u00e0 ph\u00e1 s\u1ea3n v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990, \u0111\u1ea7u n\u0103m 2000.\n T\u00f4i l\u1ea1i th\u1ea5y n\u00f3, gi\u1ed1ng nh\u01b0 h\u01b0ng ph\u1ea5n t\u1eeb n\u0103m 2004 \u0111\u1ebfn 2007 \u0111\u1ebfn n\u0103m 2007, 2010, gi\u1ed1ng nh\u01b0 xe bu\u00fdt. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, s\u1ef1 b\u00f9ng n\u1ed5 n\u0103m 2021. V\u00e0 sau \u0111\u00f3 l\u00e0 v\u1ee5 b\u00e1n th\u00e2n th\u1ee9 22, 23 trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m, nh\u00e2n ti\u1ec7n, ph\u1ea7n l\u1edbn v\u1eabn \u0111ang ti\u1ebfp t\u1ee5c, ph\u1ea3i kh\u00f4ng?\n Gi\u1ed1ng nh\u01b0 m\u1ecdi ng\u01b0\u1eddi \u1edf ch\u1ee3 c\u00f4ng c\u1ed9ng s\u1ebd n\u00f3i, \u1ed2, m\u1ecdi th\u1ee9 th\u1eadt tuy\u1ec7t v\u1eddi. Ch\u00fang t\u00f4i c\u00f3 s\u1ed1 b\u1ea3y tuy\u1ec7t v\u1eddi ho\u1eb7c b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec c\u00f3 gi\u00e1 tr\u1ecb. Nh\u01b0ng n\u1ebfu b\u1ea1n th\u1ef1c s\u1ef1 nh\u00ecn v\u00e0o v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 c\u00f3 c\u1ed5 phi\u1ebfu d\u01b0\u1edbi 20 t\u1ef7, h\u1ea7u h\u1ebft ch\u00fang \u0111\u1ec1u gi\u1ea3m 80%.\n H\u1ecd \u0111\u00e3 t\u1eebng gi\u1ea3m 95%. B\u00e2y gi\u1edd h\u1ecd \u0111\u00e3 gi\u1ea3m 80%. V\u00ec v\u1eady, h\u1ecd \u0111\u00e3 giao d\u1ecbch ngo\u1ea1i h\u1ed1i k\u1ec3 t\u1eeb \u0111\u00f3, nh\u01b0ng h\u1ecd v\u1eabn \u0111i xu\u1ed1ng, b\u1ea1n bi\u1ebft \u0111\u1ea5y, chia b\u00f3ng \u0111\u00e1 v\u1eabn \u0111\u01b0\u1ee3c chia cho b\u1ed1n ho\u1eb7c n\u0103m k\u1ec3 t\u1eeb \u0111\u1ec9nh.\n V\u00e0 n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o th\u1ecb tr\u01b0\u1eddng m\u1ea1o hi\u1ec3m m\u1ed9t c\u00e1ch t\u1ed5ng th\u1ec3, s\u1ed1 ti\u1ec1n LP \u0111\u1ed5 v\u00e0o kh\u00f4ng gian m\u1ea1o hi\u1ec3m \u0111\u00e3 gi\u1ea3m \u0111\u00e1ng k\u1ec3. V\u00e0 b\u1ea3n th\u00e2n c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1eabn gi\u1ea3m 75% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y. V\u1eady l\u00e0 ch\u00fang ta v\u1eabn \u0111ang \u1edf gi\u1eefa m\u1ed9t v\u1ee5 ph\u00e1 s\u1ea3n.\n V\u00e0 \u0111\u00e2y l\u00e0 chu k\u1ef3 b\u00f9ng n\u1ed5 b\u00f9ng n\u1ed5 l\u1edbn th\u1ee9 ba m\u00e0 t\u00f4i t\u1eebng ch\u1ee9ng ki\u1ebfn \u200b\u200btrong l\u0129nh v\u1ef1c m\u1ea1o hi\u1ec3m.\n Jack: V\u00e0 trong th\u1eddi k\u1ef3 b\u00f9ng n\u1ed5 c\u1ee7a n\u0103m 2020 v\u00e0 2021, b\u1ea1n \u0111\u00e3 th\u1ea5y nh\u1eefng m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0o \u1edf c\u00e1c c\u00f4ng ty kh\u00e1c nhau m\u00e0 b\u1ea1n \u0111\u00e3 xem x\u00e9t, b\u1ea1n bi\u1ebft \u0111\u1ea5y, vui l\u00f2ng kh\u00f4ng ti\u1ebft l\u1ed9 b\u1ea5t k\u1ef3 chi ti\u1ebft c\u1ee5 th\u1ec3 n\u00e0o m\u00e0 b\u1ea1n kh\u00f4ng c\u1ea3m th\u1ea5y tho\u1ea3i m\u00e1i khi ti\u1ebft l\u1ed9 v\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ti\u1ebft l\u1ed9 h\u1ecd so s\u00e1nh v\u1edbi th\u1eadp k\u1ef7 tr\u01b0\u1edbc? Ngo\u00e0i ra, c\u00f3 c\u00e2u chuy\u1ec7n c\u1ee5 th\u1ec3 n\u00e0o c\u00f3 th\u1ec3 c\u00f3, b\u1ea1n bi\u1ebft \u0111\u1ea5y, d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng ho\u1eb7c, b\u1ea1n bi\u1ebft \u0111\u1ea5y, lu\u00f4n c\u00f3 m\u1ed9t c\u1eeda h\u00e0ng l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a \u0111\u1ec9nh cao.\n Fabrice: V\u00ec v\u1eady, m\u1ee9c \u0111\u1ecbnh gi\u00e1 trung b\u00ecnh v\u1ec1 c\u01a1 b\u1ea3n \u0111\u00e3 b\u00f9ng n\u1ed5 ho\u00e0n to\u00e0n. V\u00ec v\u1eady, s\u1ed1 h\u1ea1t gi\u1ed1ng trung b\u00ecnh tr\u01b0\u1edbc n\u0103m 2013, 2019 l\u00e0 m\u1ed9t l\u00fac n\u0103m tr\u01b0\u1edbc h\u1ea1t gi\u1ed1ng trung b\u00ecnh gi\u1ed1ng nh\u01b0 ba l\u00fac ch\u00edn tr\u01b0\u1edbc s\u1ed1 trung b\u00ecnh a l\u00e0 b\u1ea3y l\u00fac 23 tr\u01b0\u1edbc 30 b\u00e0i. B trung b\u00ecnh c\u00f3 l\u1ebd l\u00e0 15 \u1edf 50 v\u1edbi l\u1ef1c k\u00e9o t\u01b0\u01a1ng x\u1ee9ng.\n V\u00ec v\u1eady, kh\u00f4ng c\u00f3 l\u1ef1c k\u00e9o, 150 tr\u00ean GMV 600 K v\u00e0 GMV 2,5 tri\u1ec7u. \u00dd t\u00f4i l\u00e0, trong doanh thu c\u1ee7a SAS, c\u00f3 th\u1ec3 l\u00e0 20% trong s\u1ed1 \u0111\u00f3.\n Jack: V\u1eady \u0111\u00e2y l\u00e0 gi\u00e1 tr\u1ecb v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00ean doanh thu trong th\u1ebf gi\u1edbi ch\u1ee9ng kho\u00e1n, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 gi\u00e1 tr\u00ean doanh s\u1ed1 b\u00e1n.\n Fabrice: V\u00e2ng. \u00dd t\u00f4i l\u00e0, \u0111\u00f3 l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa doanh thu v\u00e0 t\u1ed5ng doanh thu. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ho\u1eb7c doanh thu SAS c\u1ee7a b\u1ea1n l\u00e0 ti\u1ec1n h\u1ea1t gi\u1ed1ng, gi\u1ea3 s\u1eed kh\u00f4ng c\u00f3 h\u1ea1t gi\u1ed1ng, ch\u1eb3ng h\u1ea1n nh\u01b0 30 K a s\u1ebd l\u00e0 m\u1ed9t tr\u0103m, 150 K v\u00e0 B s\u1ebd l\u00e0 500 K \u1edf c\u00e1c lo\u1ea1i \u0111\u1ecbnh gi\u00e1 n\u00e0y.\n V\u00e0 \u0111i\u1ec1u b\u1eaft \u0111\u1ea7u x\u1ea3y ra trong nh\u1eefng ng\u00e0y bong b\u00f3ng l\u00e0 ch\u00fang ta th\u1ea5y c\u00e1c c\u00f4ng ty t\u0103ng doanh thu g\u1ea5p 100 l\u1ea7n trong t\u01b0\u01a1ng lai. Nh\u01b0ng nh\u1eefng d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng kh\u00f4ng c\u00f3, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a bong b\u00f3ng. \u00dd t\u00f4i l\u00e0, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 th\u1eadt \u0111i\u00ean r\u1ed3.\n Ch\u00fang t\u00f4i \u0111\u00e3 t\u0103ng doanh thu t\u1eeb kho\u1ea3ng 10, 15, 20 X l\u00ean t\u1edbi 100 X trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p. Nh\u01b0ng v\u1ea5n \u0111\u1ec1 l\u00e0 t\u1ed1c \u0111\u1ed9 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch nhi\u1ec1u h\u01a1n, \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y kh\u00f4ng c\u00f3 s\u1ef1 th\u1ea9m \u0111\u1ecbnh, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0, \u1ed2, t\u00f4i mu\u1ed1n nh\u1eadn m\u1ed9t cu\u1ed9c g\u1ecdi \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00f4ng ty.\n V\u00e0 c\u00f3 th\u1ec3 ch\u00fang ta s\u1ebd c\u00f3 cu\u1ed9c g\u1ecdi ti\u1ebfp theo. Ch\u00e0, c\u00f3 th\u1ec3 l\u00e0 ng\u01b0\u1eddi \u0111\u1ea7u ti\u00ean, m\u1ed9t c\u1ed9ng s\u1ef1 ho\u1eb7c hi\u1ec7u tr\u01b0\u1edfng nh\u1eadn cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean v\u00e0 t\u00f4i mu\u1ed1n nh\u1eadn cu\u1ed9c g\u1ecdi v\u00e0o tu\u1ea7n t\u1edbi cho cu\u1ed9c g\u1ecdi th\u1ee9 hai. V\u00e0 ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh, v\u00e0 ch\u00fang t\u00f4i l\u00e0 nh\u1eefng ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh c\u1ef1c k\u1ef3 nhanh ch\u00f3ng.\n Hai tu\u1ea7n, hai cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i m\u1ed9t gi\u1edd trong m\u1ed9t tu\u1ea7n, ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh xem m\u00ecnh c\u00f3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng. V\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, gi\u1eefa cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean, cu\u1ed9c g\u1ecdi th\u1ee9 hai, h\u1ecd s\u1ebd n\u00f3i, \u1ed2, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u0103ng k\u00fd xong r\u1ed3i. B\u1ea1n bi\u1ebft \u0111\u1ea5y, ch\u00fang ta c\u00f3 \u0111\u1ea7u m\u1ed1i.\n Ch\u00fang t\u00f4i \u0111ang huy \u0111\u1ed9ng m\u1ed9t tr\u0103m tri\u1ec7u \u0111\u00f4 la v\u1edbi gi\u00e1 m\u1ed9t t\u1ef7 \u0111\u00f4 la t\u1eeb Tiger ho\u1eb7c SoftBank, t\u00f4i \u0111o\u00e1n l\u00e0 hai nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean, nh\u1eefng ng\u01b0\u1eddi v\u1ec1 c\u01a1 b\u1ea3n kh\u00f4ng h\u1ec1 th\u1ea9m \u0111\u1ecbnh v\u00e0 vi\u1ebft s\u00e9c l\u1edbn cho h\u1ecd ch\u1ec9 sau m\u1ed9t cu\u1ed9c g\u1ecdi. V\u00e0 th\u1ebf l\u00e0 c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi t\u1ed1c \u0111\u1ed9 cho th\u1ea5y kh\u00f4ng c\u00f3 c\u00f4ng vi\u1ec7c n\u00e0o \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. V\u00e0 b\u1ea1n ph\u1ea3i tin r\u1eb1ng t\u1ea5t c\u1ea3 c\u00e1c ng\u00f4i sao \u0111\u1ec1u th\u1eb3ng h\u00e0ng v\u00e0 m\u1ee9c gi\u00e1 m\u00e0 h\u1ecd ph\u1ea3i tr\u1ea3, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi m\u1ecdi ng\u01b0\u1eddi l\u1ea1c quan \u0111\u1ebfn m\u1ee9c h\u1ecd s\u1ebd t\u00e0i tr\u1ee3 ngay l\u1eadp t\u1ee9c ho\u1eb7c c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00e1c s\u1ebd t\u00e0i tr\u1ee3 cho c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh.\n V\u00e0 v\u00ec v\u1eady, cu\u1ed1i c\u00f9ng b\u1ea1n s\u1ebd c\u00f3 kho\u1ea3ng 10, 15 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 r\u1ea5t t\u1ed1t \u0111ang theo \u0111u\u1ed5i c\u00f9ng m\u1ed9t kh\u00f4ng gian v\u1edbi m\u1ee9c gi\u00e1 \u0111i\u00ean r\u1ed3. V\u00e0 v\u00ec v\u1eady, kh\u00e1 r\u00f5 r\u00e0ng l\u00e0 h\u1ea7u nh\u01b0 kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 h\u1ecd \u0111\u1ec1u th\u00e0nh c\u00f4ng v\u00ec gi\u00e1 qu\u00e1 cao. N\u1ebfu n\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c ho\u00e0n h\u1ea3o v\u00e0 c\u00f3 t\u00ednh m\u1ea1o hi\u1ec3m, th\u00ec r\u1ea5t hi\u1ebfm khi b\u1ea1n th\u1ea5y c\u00e1c v\u00f2ng gi\u1ea3m gi\u00e1 v\u00ec th\u00f4ng th\u01b0\u1eddng khi b\u1ea1n th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng \u0111\u1ea7u t\u01b0, s\u1ebd c\u00f3 m\u1ed9t \u0111i\u1ec1u kho\u1ea3n ch\u1ed1ng pha lo\u00e3ng, ngh\u0129a l\u00e0 n\u1ebfu b\u1ea1n th\u1ef1c hi\u1ec7n v\u00f2ng ti\u1ebfp theo v\u1edbi m\u1ee9c gi\u00e1 th\u1ea5p h\u01a1n th\u00ec v\u00f2ng tr\u01b0\u1edbc \u0111\u00f3 s\u1ebd \u0111\u1ecbnh gi\u00e1 l\u1ea1i v\u00e0 th\u1ef1c s\u1ef1 l\u00e0m lo\u00e3ng \u0111i nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp v\u00ec nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng mu\u1ed1n \u0111i\u1ec1u \u0111\u00f3.\n N\u1ebfu b\u1ea1n huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao, \u0111i\u1ec1u \u0111\u00f3 s\u1ebd gi\u1ebft ch\u1ebft c\u00f4ng ty. V\u00ec v\u1eady, trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m, \u0111i\u1ec1u gi\u1ebft ch\u1ebft c\u00e1c c\u00f4ng ty, ba l\u00fd do ch\u00ednh d\u1eabn \u0111\u1ebfn c\u00e1i ch\u1ebft l\u00e0 s\u1ed1 m\u1ed9t, r\u00f5 r\u00e0ng l\u00e0 kh\u00f4ng t\u00ecm \u0111\u01b0\u1ee3c s\u1ea3n ph\u1ea9m ph\u00f9 h\u1ee3p v\u1edbi th\u1ecb tr\u01b0\u1eddng. Th\u1ee9 hai, \u0111\u1ea5u tranh v\u1edbi nh\u1eefng ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp c\u1ee7a b\u1ea1n, m\u1eb7c d\u00f9 vi\u1ec7c c\u00f3 nh\u1eefng ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp s\u1ebd l\u00e0m t\u0103ng kh\u1ea3 n\u0103ng th\u00e0nh c\u00f4ng c\u1ee7a b\u1ea1n.\n V\u00ec v\u1eady, n\u00f3 l\u00e0 m\u1ed9t con dao hai l\u01b0\u1ee1i. V\u00e0 s\u1ed1 ba th\u1ef1c s\u1ef1 l\u00e0 huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao. V\u1ea5n \u0111\u1ec1 l\u00e0 kh\u00f4ng ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n \u0111\u1ea7u n\u00e0o s\u1ebd n\u00f3i, kh\u00f4ng, n\u00f3 gi\u1ed1ng nh\u01b0 ai \u0111\u00f3 \u0111\u01b0a ra m\u1ee9c gi\u00e1 50 \u1edf m\u1ee9c 150 tr\u01b0\u1edbc, \u0111\u1ed9 pha lo\u00e3ng 25%, 50 tri\u1ec7u, ho\u1eb7c l\u1eddi \u0111\u1ec1 ngh\u1ecb c\u1ee7a ai \u0111\u00f3, b\u1ea1n bi\u1ebft \u0111\u1ea5y, t\u00f4i kh\u00f4ng bi\u1ebft, 10 \u1edf m\u1ee9c 50.\n H\u1ecd lu\u00f4n l\u1ea5y 50 \u1edf 150, nh\u01b0ng, ho\u1eb7c 10 \u1edf 40 ho\u1eb7c 50 b\u00e0i. V\u1ea5n \u0111\u1ec1 l\u00e0 n\u1ebfu b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c n\u00f3, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 gi\u1ebft ch\u1ebft c\u00f4ng ty c\u1ee7a m\u00ecnh. V\u00e0 do \u0111\u00f3 b\u1ea1n t\u0103ng kh\u1ea3 n\u0103ng th\u1ea5t b\u1ea1i l\u00ean \u0111\u00e1ng k\u1ec3.\n Nh\u01b0ng c\u0169ng c\u00f3 \u0111\u1ed9ng l\u1ef1c x\u1ea5u. N\u1ebfu m\u1ecdi ng\u01b0\u1eddi kh\u00e1c \u0111ang k\u00eau g\u1ecdi, b\u1ea1n c\u1ea3m th\u1ea5y bu\u1ed9c ph\u1ea3i \u0111\u01b0\u1ee3c n\u00e2ng l\u00ean. B\u1ea1n c\u1ea3m th\u1ea5y bu\u1ed9c ph\u1ea3i chi ti\u00eau n\u00f3.\n \u00dd t\u00f4i l\u00e0, v\u00e2ng, t\u00f4i ngh\u0129 t\u1ed1c \u0111\u1ed9 th\u1ef1c hi\u1ec7n th\u1ef1c s\u1ef1 l\u00e0 r\u1ea5t l\u1edbn, v\u00e0 m\u1ee9c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 100 X trong t\u01b0\u01a1ng lai th\u1ef1c s\u1ef1 l\u00e0 nh\u1eefng g\u00ec n\u00f3 g\u1ee3i \u00fd l\u00e0 c\u1ef1c k\u1ef3 vi\u1ec3n v\u00f4ng.\n Jack: T\u1ea1i sao vi\u1ec7c huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n l\u1ea1i \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 qu\u00e1 cao? Nghe c\u00f3 v\u1ebb nh\u01b0 \u0111\u00f3 l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 kh\u00e1 hay. T\u1ea1i sao \u0111i\u1ec1u \u0111\u00f3 l\u1ea1i \u0111\u1ed9c h\u1ea1i \u0111\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 c\u00f4ng ty?\n Fabrice: \u0110\u00fang v\u1eady, h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111\u1ec1u kh\u00f4ng c\u00f3 l\u00e3i v\u00e0 ng\u01b0\u1eddi ta kh\u00f4ng k\u1ef3 v\u1ecdng h\u1ecd s\u1ebd c\u00f3 l\u00e3i v\u1edbi s\u1ed1 ti\u1ec1n h\u1ecd v\u1eeba huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c. V\u00e0 v\u00ec v\u1eady h\u1ecd \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao v\u00e0 sau \u0111\u00f3 h\u1ecd c\u1ea7n ph\u1ea3i huy \u0111\u1ed9ng \u1edf v\u00f2ng ti\u1ebfp theo. N\u1ebfu h\u1ecd kh\u00f4ng th\u1ec3 t\u0103ng \u1edf v\u00f2ng ti\u1ebfp theo v\u1edbi \u00edt nh\u1ea5t m\u1ee9c gi\u00e1 t\u01b0\u01a1ng t\u1ef1, b\u1ea1n c\u1ea7n ph\u1ea3i th\u1ef1c hi\u1ec7n c\u00e1i g\u1ecdi l\u00e0 gi\u1ea3m gi\u00e1.\n V\u00e0 \u0111\u1ee3t gi\u1ea3m gi\u00e1, nh\u01b0 t\u00f4i \u0111\u00e3 n\u00f3i, s\u1ebd k\u00edch ho\u1ea1t c\u00e1c \u0111i\u1ec1u kho\u1ea3n ch\u1ed1ng pha lo\u00e3ng n\u00e0y trong l\u1ea7n ch\u1ea1y tr\u01b0\u1edbc, v\u00ec v\u1eady gi\u1ea3 s\u1eed b\u1ea1n v\u1eeba huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 200 tri\u1ec7u \u1edf m\u1ee9c 800 tr\u01b0\u1edbc, 1 t\u1ef7 b\u00e0i \u0111\u0103ng, pha lo\u00e3ng 20% \u200b\u200bl\u00e0 200 tri\u1ec7u, nh\u01b0ng c\u00f4ng ty c\u1ee7a b\u1ea1n ch\u1ec9 tr\u1ecb gi\u00e1 200 tri\u1ec7u tri\u1ec7u. V\u00f2ng ti\u1ebfp theo, b\u1ea1n ph\u1ea3i l\u00e0m v\u1eady, h\u1ecd \u0111\u1ec1 ngh\u1ecb t\u0103ng 50 \u1edf m\u1ee9c 150 ho\u1eb7c b\u1ea5t k\u1ef3 m\u1ee9c n\u00e0o tr\u01b0\u1edbc \u0111\u00f3. M\u1ed9t s\u1ed1 \u0111i\u1ec1u c\u00f3 th\u1ec3 x\u1ea3y ra.\n M\u1ed9t l\u00e0 nh\u1eefng ng\u01b0\u1eddi tr\u01b0\u1edbc 200 c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 l\u1ea1i \u1edf m\u1ee9c 200, trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3 b\u1ea1n v\u1eeba th\u1ea5y c\u00f4ng ty c\u1ee7a m\u00ecnh b\u1ecb pha lo\u00e3ng 50%. V\u00e0 do \u0111\u00f3, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp m\u1ea5t r\u1ea5t nhi\u1ec1u c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng c\u1ee7a h\u1ecd, ho\u1eb7c c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb ng\u01b0\u1eddi trong cu\u1ed9c trong vi\u1ec7c h\u1ed7 tr\u1ee3 c\u00f4ng ty, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi s\u1ebd kh\u00f4ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3. H\u1ecd t\u1ea1o ra vi\u1ec7c tr\u1ea3 ti\u1ec1n \u0111\u1ec3 ch\u01a1i.\n \u00dd t\u00f4i l\u00e0, n\u00f3 th\u1ef1c s\u1ef1 ph\u00e1 h\u1ee7y c\u00e1c c\u00f4ng ty v\u00ec b\u1ea3ng gi\u1edbi h\u1ea1n cu\u1ed1i c\u00f9ng b\u1ecb r\u1ed1i tung. C\u00f3 qu\u00e1 nhi\u1ec1u \u01b0u ti\u00ean thanh l\u00fd. V\u00e0 v\u00ec v\u1eady b\u1ea1n c\u1ea7n ph\u1ea3i th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c d\u1ecdn d\u1eb9p l\u1edbn \u1edf \u0111\u00e2u \u0111\u00f3 v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 x\u00f3a s\u1ed5 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.\n V\u00e0 nh\u01b0 v\u1eady, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng sao c\u1ea3, nh\u01b0ng n\u00f3 c\u0169ng c\u00f3 th\u1ec3 x\u00f3a s\u1ed5 c\u00e1c c\u00f4ng ty. V\u00ec v\u1eady, ch\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn \u200b\u200br\u1ea5t nhi\u1ec1u c\u00e1i ch\u1ebft gi\u1ea3 c\u1ee7a k\u1ef3 l\u00e2n \u0111\u00e3 x\u1ea3y ra trong v\u00e0i n\u0103m g\u1ea7n \u0111\u00e2y v\u00ec nh\u1eefng c\u00f4ng ty n\u00e0y kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb nhi\u1ec1u nh\u01b0 h\u1ecd \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c ho\u1eb7c c\u00f3 quy m\u00f4 l\u1edbn, ho\u1eb7c h\u1ecd ph\u00e1 s\u1ea3n ho\u1eb7c h\u1ecd \u0111ang chi\u1ebfm t\u1eebng xu trong th\u1ecb tr\u01b0\u1eddng. \u0111\u00f4 la v\u00e0 th\u1ef1c s\u1ef1 \u0111\u00e3 thu\u00ea ho\u1eb7c, ho\u1eb7c ho\u00e0n to\u00e0n thu h\u1ed3i n\u00f3. V\u00e0 t\u00f4i \u0111o\u00e1n l\u00e0 ch\u00fang ta \u0111ang th\u1ea5y ba k\u1ecbch b\u1ea3n.\n M\u1ed9t k\u1ecbch b\u1ea3n m\u00e0 ch\u00fang t\u00f4i \u0111ang th\u1ea5y l\u00e0 x\u00f3a s\u1ed5 ho\u00e0n to\u00e0n trong \u0111\u00f3 ch\u00fang t\u00f4i hi\u1ec7n \u0111ang huy \u0111\u1ed9ng s\u1ed1 ti\u1ec1n \u1edf m\u1ee9c kho\u1ea3ng 5 l\u1ea7n tr\u01b0\u1edbc khi pha lo\u00e3ng ti\u1ec1n tr\u01b0\u1edbc \u0111\u00e2y, chuy\u1ec3n \u0111\u1ed5i t\u1ea5t c\u1ea3 ng\u0103n x\u1ebfp th\u00e0nh ti\u1ec1n chung v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c b\u1ea5t k\u1ef3 t\u1ef7 l\u1ec7 20, 30, 40, 50%. Ch\u00fang t\u00f4i \u0111ang t\u1ea1o l\u1ea1i nh\u00f3m t\u00f9y ch\u1ecdn cho nh\u00f3m qu\u1ea3n l\u00fd. V\u00ec v\u1eady, \u0111\u00e2y l\u00e0 s\u1ef1 kh\u1edfi \u0111\u1ed9ng l\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty nh\u01b0 th\u1ec3 ti\u1ec1n thu\u00ea tr\u01b0\u1edbc \u0111\u00f3 kh\u00f4ng t\u1ed3n t\u1ea1i, kh\u00f4ng t\u1ed3n t\u1ea1i.\n V\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111ang x\u1ea3y ra \u0111\u1ec3 qu\u00e9t s\u1ea1ch nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng mu\u1ed1n vi\u1ebft s\u00e9c n\u1eefa. V\u00ec v\u1eady, \u0111i\u1ec1u n\u00e0y ch\u1ee7 y\u1ebfu x\u1ea3y ra v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00e9o \u0111\u00e3 ho\u00e0n to\u00e0n r\u1eddi \u0111i. V\u00ec v\u1eady, b\u1ea5t k\u1ec3 D1, Co2, v\u00e0 \u1edf m\u1ed9t m\u1ee9c \u0111\u1ed9 n\u00e0o \u0111\u00f3 l\u00e0 SoftBank v\u00e0 Tiger.\n Th\u1ee9 hai, \u0111i\u1ec1u m\u00e0 ch\u00fang ta th\u01b0\u1eddng th\u1ea5y h\u01a1n l\u00e0 c\u00f4ng ty kh\u00f4ng mu\u1ed1n th\u1ef1c hi\u1ec7n c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1. V\u00ec v\u1eady, h\u1ecd th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng \u1edf m\u1ee9c gi\u00e1 c\u1ed1 \u0111\u1ecbnh, nh\u01b0ng h\u1ecd \u0111\u01b0a ra c\u01a1 c\u1ea5u, h\u1ecd \u0111\u01b0a ra \u01b0u ti\u00ean thanh l\u00fd. V\u00ec v\u1eady, h\u1ecd n\u00f3i, \u0111\u01b0\u1ee3c th\u00f4i, b\u00e2y gi\u1edd v\u00f2ng m\u1edbi n\u00e0y \u0111ang di\u1ec5n ra, nh\u01b0ng b\u1ea5t k\u1ef3 s\u1ed1 ti\u1ec1n m\u1edbi n\u00e0o t\u00f4i b\u1ecf v\u00e0o, t\u00f4i s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c ba ch\u1eef X.\n Nh\u01b0ng nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 b\u1ea1n \u0111ang gi\u1edbi h\u1ea1n k\u1ebft qu\u1ea3 c\u1ee7a m\u00ecnh. C\u00f3 ngh\u0129a l\u00e0 b\u00e2y gi\u1edd c\u00f4ng ty s\u1ebd c\u1ed1 g\u1eafng b\u00e1n ch\u00ednh m\u00ecnh v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u1edf v\u00f2ng cu\u1ed1i c\u00f9ng s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c hai ho\u1eb7c ba X v\u00e0 m\u1ecdi ng\u01b0\u1eddi tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 b\u1ecb x\u00f3a s\u1ed5. Ch\u00fang t\u00f4i v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec1u t\u00f4i \u0111ang b\u1ea3o l\u00e3nh.\n T\u00f4i mu\u1ed1n b\u1ea3o l\u00e3nh cho 10 X. V\u00e0 do \u0111\u00f3, vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch ki\u1ec3u c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n n\u00e0y v\u1edbi c\u1ea5u tr\u00fac kh\u00f4ng th\u1ef1c s\u1ef1 l\u00e0 \u0111i\u1ec1u kh\u00f3 kh\u0103n c\u1ee7a t\u00f4i. V\u00e0 th\u1ee9 ba, t\u1ea5t nhi\u00ean, nh\u1eefng ng\u01b0\u1eddi \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u1ee7 ti\u1ec1n \u0111\u1ec3 h\u1ecd th\u1ef1c s\u1ef1 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n v\u00e0 gi\u00e0nh chi\u1ebfn th\u1eafng, nh\u01b0ng h\u1ecd r\u1ea5t \u00edt \u1edf gi\u1eefa.\n Jack: C\u00f3 m\u1ed9t t\u00e1c \u0111\u1ed9ng khi c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m huy \u0111\u1ed9ng ti\u1ec1n, tr\u00ean th\u1ef1c t\u1ebf, h\u1ecd ph\u1ea7n n\u00e0o b\u00e1n kh\u1ed1ng n\u1ebfu v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u0103ng v\u00e0 h\u1ecd huy \u0111\u1ed9ng m\u1ed9t v\u00f2ng gi\u1ea3m gi\u00e1, \u0111i\u1ec1u \u0111\u00f3 g\u00e2y t\u1ed5n h\u1ea1i cho nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp v\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf, LP ho\u1eb7c GP, nh\u1eefng ng\u01b0\u1eddi b\u1ecf ti\u1ec1n v\u00e0o c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u00e3 t\u1ef1 b\u1ea3o v\u1ec7 m\u00ecnh. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n huy \u0111\u1ed9ng ti\u1ec1n \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 sau \u0111\u00f3 b\u1ea1n ph\u1ea3i th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng gi\u1ea3m gi\u00e1, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 th\u1ef1c s\u1ef1 \u0111\u1ed9c h\u1ea1i. V\u00e0 t\u00f4i c\u0169ng t\u01b0\u1edfng t\u01b0\u1ee3ng l\u00e0 nh\u01b0 v\u1eady, n\u1ebfu b\u1ea1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 200 tri\u1ec7u, c\u00f4ng ty c\u1ee7a b\u1ea1n s\u1ebd quen v\u1edbi l\u1ed1i s\u1ed1ng 200 tri\u1ec7u v\u00e0 b\u1ea1n b\u1eaft \u0111\u1ea7u thu\u00ea t\u1ea5t c\u1ea3 nh\u1eefng tr\u1ee3 l\u00fd n\u00e0y v\u00e0 b\u1ea1n b\u1eaft \u0111\u1ea7u \u0111i du l\u1ecbch v\u00e0 nh\u1eefng th\u1ee9 t\u01b0\u01a1ng t\u1ef1.\n Fabrice: M\u1ecdi ng\u01b0\u1eddi c\u00f3 xu h\u01b0\u1edbng chi ti\u00eau n\u1ebfu h\u1ecd c\u00f3 n\u00f3. V\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i l\u00e0 l\u1ed1i s\u1ed1ng \u0111\u00f3, nh\u01b0ng h\u01a1n th\u1ebf n\u1eefa, \u0111\u01b0\u1ee3c th\u00f4i, h\u00e3y thu\u00ea ng\u01b0\u1eddi, h\u00e3y ph\u00e1t tri\u1ec3n nhanh h\u01a1n, v.v. V\u00e0 r\u1ed3i \u0111\u1ed9t nhi\u00ean chuy\u1ec3n t\u1eeb ch\u1ebf \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng sang ch\u1ebf \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng, h\u00e3y t\u1eadp trung v\u00e0o kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb.\n \u00dd t\u00f4i l\u00e0, s\u1ed1 l\u01b0\u1ee3ng c\u00e1c c\u00f4ng ty thu\u1ed9c Series B tr\u1edf \u0111i, kh\u00e1 mu\u1ed9n \u0111\u1ebfn m\u1ee9c t\u00f4i ph\u1ea3i gi\u1edbi thi\u1ec7u 65% nh\u00e2n vi\u00ean tr\u1edf l\u00ean c\u1ee7a h\u1ecd l\u00e0 \u0111i\u1ec1u kh\u00e1 \u0111\u00e1ng kinh ng\u1ea1c. V\u00e0 nh\u00e2n ti\u1ec7n, n\u1ebfu bu\u1ed9c ph\u1ea3i l\u00e0m, b\u1ea1n th\u00e0 l\u00e0m m\u1ed9t l\u1ea7n c\u00f2n h\u01a1n. V\u00e0 h\u1ecd s\u1eb5n s\u00e0ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 nhi\u1ec1u l\u1ea7n v\u00ec n\u00f3 h\u1ee7y ho\u1ea1i tinh th\u1ea7n.\n V\u00e0 b\u1ea1n th\u1ef1c hi\u1ec7n m\u1ed9t l\u01b0\u1ee3t gi\u1edbi thi\u1ec7u l\u1edbn, gi\u1ed1ng nh\u01b0 b\u1ea1n v\u1eeba \u0111\u1ec3 70% s\u1ed1 ng\u01b0\u1eddi r\u1eddi \u0111i v\u00e0 b\u1ea1n gi\u1ed1ng nh\u01b0, nh\u00ecn n\u00e0y, m\u1ecdi ng\u01b0\u1eddi \u0111\u00e3 r\u1eddi \u0111i. \u0110\u00f3 l\u00e0 n\u00f3. Ch\u00fang ta l\u00e0 m\u1ed9t nh\u00f3m v\u00e0 b\u1ea1n s\u1eed d\u1ee5ng n\u00f3 nh\u01b0 m\u1ed9t tr\u1ea3i nghi\u1ec7m n\u00e2ng cao tinh th\u1ea7n, m\u1eb7c d\u00f9 \u0111\u00f3 l\u00e0 m\u1ed9t tr\u1ea3i nghi\u1ec7m \u0111au th\u01b0\u01a1ng so v\u1edbi vi\u1ec7c th\u1ef1c hi\u1ec7n n\u00f3 5%, 5% v\u00e0 5%.\n \u0110\u00f3 th\u1ef1c s\u1ef1 l\u00e0 \u0111i\u1ec1u t\u1ed3i t\u1ec7 nh\u1ea5t v\u00ec khi \u0111\u00f3 m\u1ecdi ng\u01b0\u1eddi t\u1ef1 h\u1ecfi h\u1ecd s\u1ebd \u0111\u1ebfn khi n\u00e0o v\u00e0 \u1edf \u0111\u00e2u.\n Jack: V\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 b\u1ea1n gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c m\u1ee9c gi\u1ea3m t\u00e0n b\u1ea1o trong l\u1ef1c l\u01b0\u1ee3ng ng\u01b0\u1eddi b\u1ecb sa th\u1ea3i v\u1edbi b\u1ee9c tranh v\u0129 m\u00f4 t\u1ed5ng th\u1ec3 v\u1ec1 t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p v\u1eabn \u1edf m\u1ee9c th\u1ea5p 3,9%. N\u1ec1n kinh t\u1ebf M\u1ef9 d\u01b0\u1eddng nh\u01b0 ti\u1ebfp t\u1ee5c t\u1ea1o th\u00eam vi\u1ec7c l\u00e0m v\u00e0 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u0111ang m\u1edf r\u1ed9ng. B\u1ea1n c\u00f3 th\u1ea5y s\u1ef1 m\u1ea5t k\u1ebft n\u1ed1i gi\u1eefa nh\u1eefng g\u00ec b\u1ea1n \u0111ang th\u1ea5y \u1edf Thung l\u0169ng Silicon v\u00e0 th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1edbi n\u1ec1n kinh t\u1ebf v\u0129 m\u00f4 r\u1ed9ng l\u1edbn h\u01a1n kh\u00f4ng?\n Fabrice: Ch\u1eafc ch\u1eafn r\u1ed3i. \u00dd t\u00f4i l\u00e0, \u0111i\u1ec1u n\u00e0y ch\u1ee9ng t\u1ecf r\u1eb1ng Thung l\u0169ng Silicon, m\u1eb7c d\u00f9 n\u00f3 l\u00e0 \u0111\u1ed9ng c\u01a1 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf v\u00e0 t\u0103ng n\u0103ng su\u1ea5t, nh\u01b0ng th\u1ef1c t\u1ebf n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ed9ng c\u01a1 t\u0103ng tr\u01b0\u1edfng vi\u1ec7c l\u00e0m. V\u00ec v\u1eady, con s\u1ed1, t\u1ef7 l\u1ec7 d\u00e2n s\u1ed1 Hoa K\u1ef3 l\u00e0m vi\u1ec7c cho c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u1eabn \u1edf m\u1ee9c th\u1ea5p m\u1ed9t con s\u1ed1.\n V\u00e0 v\u00ec v\u1eady b\u1ea1n c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i m\u1ed9t cu\u1ed9c suy tho\u00e1i l\u1edbn v\u1ec1 c\u00f4ng ngh\u1ec7, \u0111i\u1ec1u m\u00e0 ch\u00fang ta \u0111\u00e3 t\u1eebng tr\u1ea3i qua. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, kh\u00f4ng ph\u1ea3i trong t\u1ea5t c\u1ea3 c\u00e1c l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, r\u00f5 r\u00e0ng l\u00e0 c\u00e1c c\u00f4ng ty AI ch\u1ee7 y\u1ebfu tuy\u1ec3n d\u1ee5ng v\u00e0 \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c l\u00e0m n\u00f3i chung. V\u00e0 n\u1ec1n kinh t\u1ebf n\u00f3i chung th\u1ef1c s\u1ef1 \u0111\u00e3 ki\u00ean c\u01b0\u1eddng h\u01a1n nhi\u1ec1u so v\u1edbi nh\u1eefng g\u00ec m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i.\n N\u1ebfu b\u1ea1n l\u00f9i l\u1ea1i m\u1ed9t b\u01b0\u1edbc v\u00e0o n\u0103m 22, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u d\u1ef1 \u0111o\u00e1n r\u1eb1ng Hoa K\u1ef3 s\u1ebd r\u01a1i v\u00e0o suy tho\u00e1i l\u00e0 c\u00f3 l\u00fd do ch\u00ednh \u0111\u00e1ng. Ch\u00fang ta \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bm\u1ee9c t\u0103ng l\u00e3i su\u1ea5t nhanh nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u1ea7u nh\u1eefng n\u0103m 1980, l\u00e3i su\u1ea5t danh ngh\u0129a. V\u00e0 ch\u00fang ta c\u00f9ng l\u00fac b\u1ecb qu\u00e1 t\u1ea3i m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd \u1edf m\u1ecdi h\u1ea1ng m\u1ee5c t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i \u0111\u1ebfn n\u1ee3 ti\u00eau d\u00f9ng, n\u1ee3 th\u1ebb t\u00edn d\u1ee5ng, n\u1ee3 sinh vi\u00ean v\u00e0 n\u1ee3 th\u1ebf ch\u1ea5p.\n Th\u00eam v\u00e0o \u0111\u00f3, m\u1ed9t s\u1ed1 s\u1ef1 ch\u1eadm l\u1ea1i \u0111\u00e3 x\u1ea3y ra \u1edf nhi\u1ec1u l\u0129nh v\u1ef1c kh\u00e1c nhau. V\u00ec v\u1eady, k\u1ef3 v\u1ecdng l\u00e0 m\u1ed9t cu\u1ed9c suy tho\u00e1i, nh\u01b0ng vi\u1ec7c l\u00e0m th\u1ef1c s\u1ef1 \u0111\u00e3 ti\u1ebfn tri\u1ec3n t\u1ed1t h\u01a1n nhi\u1ec1u so v\u1edbi nh\u1eefng g\u00ec m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i. Thu nh\u1eadp c\u1ee7a ng\u01b0\u1eddi d\u00e2n \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 m\u1eb7c d\u00f9 c\u00f3 ph\u1ea7n ch\u00eanh l\u1ec7ch.\n V\u00e0 v\u1ec1 m\u1eb7t l\u1ecbch s\u1eed, khi b\u1ea1n c\u00f3 \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t \u0111\u1ea3o ng\u01b0\u1ee3c v\u00e0 l\u00e3i su\u1ea5t t\u0103ng nhanh nh\u1ea5t, b\u1ea1n s\u1ebd mong \u0111\u1ee3i m\u1ed9t cu\u1ed9c suy tho\u00e1i. Ch\u00fang ta ch\u1ec9 h\u1ea1 c\u00e1nh nh\u1eb9 nh\u00e0ng m\u1ed9t l\u1ea7n trong 70 n\u0103m qua, \u0111\u00f3 l\u00e0 v\u00e0o n\u0103m 1994. V\u00e0 v\u00ec v\u1eady ti\u1ec1n th\u00f4ng minh \u0111\u00e3 suy tho\u00e1i.\n Tuy nhi\u00ean, th\u00f4ng th\u01b0\u1eddng c\u00e2u chuy\u1ec7n \u0111\u00f3 s\u1ebd thay \u0111\u1ed5i t\u1eeb suy tho\u00e1i kinh t\u1ebf sang c\u00f3 th\u1ec3 h\u1ea1 c\u00e1nh m\u1ec1m sang c\u00f3 th\u1ec3 kh\u00f4ng h\u1ea1 c\u00e1nh, gi\u1ed1ng nh\u01b0 t\u00ecnh h\u00ecnh hi\u1ec7n t\u1ea1i c\u1ee7a ch\u00fang ta, v\u00e2ng, v\u00ec CPI v\u1eabn cao h\u01a1n m\u1ee9c m\u1ecdi ng\u01b0\u1eddi mong mu\u1ed1n. C\u00f3 l\u1ebd ch\u00fang ta kh\u00f4ng th\u1ea5y, v\u00e0 tr\u00ean th\u1ef1c t\u1ebf, \u0111\u00f3 l\u00e0 n\u01a1i m\u00e0 c\u00e1c chuy\u00ean gia, n\u01a1i m\u00e0 s\u1ef1 \u0111\u1ed3ng thu\u1eadn \u0111\u00e3 sai, r\u1eb1ng t\u1ef7 gi\u00e1 s\u1ebd \u1edf m\u1ee9c cao h\u01a1n l\u00e2u h\u01a1n l\u00e0 \u0111i\u1ec1u t\u00f4i \u0111\u00e3 n\u00f3i t\u1eeb l\u00e2u, d\u01b0\u1eddng nh\u01b0 gi\u1edd \u0111\u00e2y \u0111ang tr\u1edf n\u00ean \u0111\u1ed3ng thu\u1eadn h\u01a1n. Ban \u0111\u1ea7u m\u1ecdi ng\u01b0\u1eddi d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t b\u1ed1n, n\u0103m, s\u00e1u l\u1ea7n trong n\u0103m nay, v\u00e0 c\u00f3 l\u1ebd b\u00e2y gi\u1edd ch\u00fang ta \u0111ang \u1edf m\u1ee9c hai, nh\u01b0ng kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u1ed1t h\u01a1n nhi\u1ec1u v\u00e0 c\u00f3 th\u1ec3 s\u1ebd kh\u00f4ng c\u00f3 chuy\u1ec7n h\u1ea1 c\u00e1nh \u1edf ph\u00eda ch\u00e2n tr\u1eddi.\n T\u00f4i ngh\u0129 hi\u1ec7n t\u1ea1i, r\u1ee7i ro l\u1edbn h\u01a1n th\u1ef1c ra kh\u00f4ng c\u00f2n l\u00e0 kinh t\u1ebf v\u0129 m\u00f4 n\u1eefa. N\u00f3 th\u1ef1c s\u1ef1 l\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb. N\u1ebfu t\u00f4i nh\u00ecn th\u1ea5y thi\u00ean nga x\u00e1m ho\u1eb7c thi\u00ean nga \u0111en \u1edf ph\u00eda ch\u00e2n tr\u1eddi th\u00ec c\u00f2n h\u01a1n th\u1ebf n\u1eefa, ch\u00fang ta \u0111ang \u1edf hi\u1ec7p \u0111\u1ea7u ti\u00ean ph\u1ea3i kh\u00f4ng?\n \u00dd t\u00f4i l\u00e0, ch\u00fang ta ch\u1eafc ch\u1eafn \u0111ang \u1edf trong Chi\u1ebfn tranh L\u1ea1nh th\u1ee9 hai, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 \u1edf m\u1ed9t \u0111\u1ea7u, b\u1ea1n c\u00f3 Nga, Trung Qu\u1ed1c, Iran v\u00e0 Tri\u1ec1u Ti\u00ean. M\u1eb7t kh\u00e1c, b\u1ea1n c\u00f3 ph\u01b0\u01a1ng T\u00e2y n\u00f3i chung v\u00e0 hy v\u1ecdng r\u1eb1ng ch\u00fang ta c\u00f3 th\u1ec3 l\u00f4i k\u00e9o \u1ea4n \u0110\u1ed9 v\u1ec1 ph\u00eda m\u00ecnh, nh\u01b0ng \u0111\u00e3 c\u00f3 nh\u1eefng cu\u1ed9c \u0111\u1ed1i \u0111\u1ea7u r\u1ed3i.\n \u0110ang c\u00f3 nh\u1eefng cu\u1ed9c chi\u1ebfn tranh n\u00f3ng b\u1ecfng \u1edf Ukraine v\u00e0 Trung \u0110\u00f4ng, v\u00e0 c\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 li\u1ec7u \u0111i\u1ec1u \u0111\u00f3 c\u00f3 leo thang kh\u00f4ng? T\u00f4i kh\u00f4ng ngh\u0129 r\u1eb1ng Trung Qu\u1ed1c c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ed5 b\u1ed9 \u0111\u1ec3 x\u00e2m chi\u1ebfm \u0110\u00e0i Loan, nh\u01b0ng nh\u1eefng g\u00ec h\u1ecd l\u00e0m g\u1ea7n \u0111\u00e2y v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 h\u1ecd \u0111ang th\u1eed nghi\u1ec7m b\u1ea3n beta v\u1ec1 vi\u1ec7c phong t\u1ecfa \u0110\u00e0i Loan, v\u00e0 n\u1ebfu h\u1ecd phong t\u1ecfa \u0110\u00e0i Loan th\u00ec chuy\u1ec7n g\u00ec s\u1ebd x\u1ea3y ra sau \u0111\u00f3? L\u00e0m th\u1ebf n\u00e0o \u0111i\u1ec1u \u0111\u00f3 leo thang?\n M\u1ed1i quan t\u00e2m v\u0129 m\u00f4 c\u1ee7a t\u00f4i ng\u00e0y nay trong ng\u1eafn h\u1ea1n b\u1ecb chi ph\u1ed1i nhi\u1ec1u h\u01a1n b\u1edfi \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb c\u0169ng nh\u01b0 r\u1ee7i ro x\u1ea3y ra tai n\u1ea1n, r\u00f5 r\u00e0ng l\u00e0 cao h\u01a1n m\u1ee9c c\u01a1 b\u1ea3n, m\u1eb7c d\u00f9, v\u00e2ng, ch\u00fang ta c\u00f3 th\u00e2m h\u1ee5t kh\u00f4ng b\u1ec1n v\u1eefng \u1edf M\u1ef9 kh\u00f4ng? C\u00f3, nh\u01b0ng th\u1ef1c t\u1ebf l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 kh\u1eafc ph\u1ee5c n\u00f3 m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng. B\u00e2y gi\u1edd, \u00fd ch\u00ed ch\u00ednh tr\u1ecb \u0111\u1ec3 s\u1eeda ch\u1eefa n\u00f3 kh\u00f4ng c\u00f2n n\u1eefa, nh\u01b0ng n\u1ebfu b\u1ea1n \u0111\u01b0a cho t\u00f4i c\u00e2y \u0111\u0169a th\u1ea7n v\u00e0 t\u00f4i c\u00f3 th\u1ec3 thay \u0111\u1ed5i m\u1ed9t v\u00e0i th\u1ee9, t\u00f4i \u0111\u00e3 thay \u0111\u1ed5i c\u00e1ch t\u00ednh COLA c\u1ee7a m\u00ecnh \u0111\u1ec3 l\u1ea5y ph\u00fac l\u1ee3i, b\u1ea1n chuy\u1ec3n t\u1ea5t c\u1ea3 l\u01b0\u01a1ng h\u01b0u c\u00f4ng sang kho\u1ea3n \u0111\u00f3ng g\u00f3p ph\u1ea1t, v\u00e0 b\u1ea1n \u0111\u00e3 t\u0103ng tu\u1ed5i ngh\u1ec9 h\u01b0u \u0111\u1ebfn b\u1ea5t c\u1ee9 m\u1ee9c n\u00e0o, 70, ho\u1eb7c \u00edt nh\u1ea5t l\u00e0 67, 68, v\u00e0 b\u1ea1n li\u1ec7t k\u00ea n\u00f3 v\u1edbi tu\u1ed5i th\u1ecd d\u1ef1 ki\u1ebfn, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 c\u00e1c v\u1ea5n \u0111\u1ec1 th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch kh\u00e1c nhau, v\u00e0 th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, tr\u00ean di\u1ec7n r\u1ed9ng \u1edf ph\u01b0\u01a1ng T\u00e2y. \u0110\u1ed3ng \u0111\u00f4 la so v\u1edbi c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 \u0111\u1ed3ng Euro, hi\u1ec7n c\u00f3 v\u1ebb an to\u00e0n h\u01a1n nhi\u1ec1u. N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o t\u00ecnh h\u00ecnh n\u1ee3 c\u00f4ng \u1edf \u00dd, ch\u1ee9 \u0111\u1eebng n\u00f3i \u0111\u1ebfn Hy L\u1ea1p v\u00e0 c\u00e1c n\u01b0\u1edbc kh\u00e1c, t\u00ecnh h\u00ecnh c\u00f3 v\u1ebb c\u00f2n t\u1ed3i t\u1ec7 h\u01a1n nhi\u1ec1u.\n Nh\u1eefng m\u1ed1i lo ng\u1ea1i v\u1ec1 v\u0129 m\u00f4, th\u1eadt th\u00fa v\u1ecb, v\u1eabn ch\u01b0a bi\u1ebfn m\u1ea5t m\u00e0 gi\u1edd \u0111\u00e2y ch\u1ec9 l\u00e0 m\u1ed1i quan t\u00e2m th\u1ee9 y\u1ebfu so v\u1edbi nh\u1eefng m\u1ed1i lo ng\u1ea1i v\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb.\n Jack: B\u1ea1n ngh\u0129 m\u1ed1i quan t\u00e2m c\u1ea5p b\u00e1ch h\u01a1n \u0111\u1ed1i v\u1edbi b\u1ea1n s\u1ebd l\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb h\u01a1n l\u00e0 kinh t\u1ebf v\u0129 m\u00f4. T\u00f4i bi\u1ebft b\u1ea1n ch\u01b0a, ho\u1eb7c v\u1eabn l\u00e0, t\u00f4i kh\u00f4ng bi\u1ebft, b\u1ea1n n\u00f3i v\u1edbi t\u00f4i, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 \u1edf Palantir, c\u00f4ng ty r\u00f5 r\u00e0ng r\u1ea5t li\u00ean quan \u0111\u1ebfn c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng c\u0169ng nh\u01b0 c\u00e1c m\u1ed1i \u0111e d\u1ecda \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 an ninh qu\u1ed1c gia c\u1ee7a Hoa K\u1ef3. C\u00f3 \u0111i\u1ec1u g\u00ec b\u1ea1n t\u1eebng th\u1ea5y khi l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o Palantir ho\u1eb7c b\u1ea5t k\u1ef3 c\u00f4ng ty n\u00e0o kh\u00e1c m\u00e0 ai \u0111\u00f3 \u0111ang theo d\u00f5i c\u00f4ng vi\u1ec7c n\u00e0y, ng\u01b0\u1eddi \u0111\u1ecdc b\u00e1o v\u00e0 \u0111ang theo d\u00f5i n\u1ed9i dung nh\u01b0ng kh\u00f4ng c\u00f3 kinh nghi\u1ec7m nh\u01b0 b\u1ea1n c\u00f3 th\u1ec3 kh\u00f4ng bi\u1ebft kh\u00f4ng?\n Fabrice: H\u00e3y nh\u00ecn xem, t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o Palantir khi n\u00f3 c\u00f2n l\u00e0 t\u01b0 nh\u00e2n. Sau \u0111\u00f3, t\u00f4i \u01b0u ti\u00ean ti\u1ebfp c\u1eadn nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp. V\u1ea5n \u0111\u1ec1 l\u00e0, khi c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang, t\u00f4i m\u1ea5t quy\u1ec1n truy c\u1eadp \u0111\u1eb7c quy\u1ec1n c\u1ee7a m\u00ecnh, b\u1edfi v\u00ec t\u1ea5t nhi\u00ean, b\u00e2y gi\u1edd b\u1ea1n ch\u1ec9 c\u00f3 quy\u1ec1n truy c\u1eadp v\u00e0o b\u1ea5t k\u1ef3 th\u00f4ng tin th\u1ecb tr\u01b0\u1eddng c\u00f4ng khai n\u00e0o.\n T\u00f4i ngh\u0129 vi\u1ec7c \u0111\u1ea7u t\u01b0 ng\u00e0y nay th\u00fa v\u1ecb h\u01a1n, v\u00ec v\u1eady t\u00f4i \u0111\u00e3 b\u00e1n t\u1ea5t c\u1ea3, t\u00f4i th\u01b0\u1eddng b\u00e1n c\u1ed5 phi\u1ebfu \u0111\u1ea1i ch\u00fang c\u1ee7a m\u00ecnh sau khi th\u1eddi h\u1ea1n kh\u00f3a h\u1ebft h\u1ea1n, v\u00ec v\u1eady c\u00e1c c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft, t\u00f4i b\u1ecb kh\u00f3a trong s\u00e1u th\u00e1ng, sau \u0111\u00f3 t\u00f4i b\u00e1n. Kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00fa v\u1ecb nh\u1ea5t trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a t\u00f4i v\u00e0o l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng hi\u1ec7n nay l\u00e0 m\u1ed9t c\u00f4ng ty c\u00f3 t\u00ean Anduril, ANDURIL. T\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u b\u1ea1n \u0111\u00e3 t\u1eebng nghe \u0111\u1ebfn n\u00f3 ch\u01b0a.\n T\u00f4i ngh\u0129 l\u00e0 t\u00f4i c\u00f3. V\u1ec1 c\u01a1 b\u1ea3n, h\u1ecd \u0111ang t\u00e1i t\u1ea1o l\u1ea1i nh\u00e0 th\u1ea7u ch\u00ednh, nh\u00e0 th\u1ea7u qu\u1ed1c ph\u00f2ng cho ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a ch\u00ednh ph\u1ee7, tr\u00e1nh xa Lockheed Martin, Raytheons, v.v. tr\u00ean th\u1ebf gi\u1edbi, b\u1edfi v\u00ec nh\u1eefng k\u1ebb n\u00e0y c\u00f3 c\u01a1 c\u1ea5u chi ph\u00ed \u0111i\u00ean r\u1ed3 ho\u1eb7c kh\u00f4ng hi\u1ec7u qu\u1ea3. H\u1ecd \u0111ang x\u00e2y d\u1ef1ng m\u1ed9t nh\u00e0 th\u1ea7u hi\u1ec7n \u0111\u1ea1i, \u0111\u00e8n axit, ti\u1ebft ki\u1ec7m v\u1ed1n, ti\u1ebfn nhanh, chuy\u1ec3n ti\u1ebfp c\u00f4ng ngh\u1ec7.\n \u0110\u00f3 l\u00e0 gi\u00e0nh \u0111\u01b0\u1ee3c h\u1ee3p \u0111\u1ed3ng ph\u1ea3i v\u00e0 tr\u00e1i. H\u1ecd \u0111ang t\u1ea1o ra nh\u1eefng ph\u01b0\u01a1ng ti\u1ec7n t\u1ef1 \u0111\u1ed9ng phi th\u01b0\u1eddng, d\u01b0\u1edbi n\u01b0\u1edbc, tr\u00ean kh\u00f4ng, th\u1ef1c hi\u1ec7n nhi\u1ec7m v\u1ee5 ph\u00f2ng th\u1ee7, v.v., \u0111i\u1ec1u \u0111\u00f3 th\u1eadt tuy\u1ec7t v\u1eddi. H\u1ecd \u0111ang gi\u00e0nh \u0111\u01b0\u1ee3c h\u1ee3p \u0111\u1ed3ng ph\u1ea3i v\u00e0 tr\u00e1i.\n Ch\u1eafc ch\u1eafn \u0111\u00e3 c\u00f3 s\u1ef1 gia t\u0103ng l\u1edbn v\u1ec1 c\u00f4ng ngh\u1ec7 qu\u1ed1c ph\u00f2ng. B\u00e2y gi\u1edd, chuy\u00ean m\u00f4n ho\u1eb7c ph\u00e2n t\u00edch \u0111\u1ecba ch\u00ednh tr\u1ecb c\u1ee7a t\u00f4i, n\u00ean t\u00f4i \u0111\u00e3 tham gia m\u1ed9t lo\u1ea1t nh\u00f3m, v\u00e0 \u0111\u00f3 l\u00e0 s\u1ef1 t\u00f2 m\u00f2 tr\u00ed tu\u1ec7 h\u01a1n b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c, nh\u01b0ng c\u00f3 m\u1ed9t nh\u00f3m t\u00ean l\u00e0 Ergo, ERGO, \u0111\u00f3 l\u00e0 c\u00e1c c\u1ef1u \u0111\u1eb7c v\u1ee5 t\u00ecnh b\u00e1o Hoa K\u1ef3 v\u00e0 CIA, v.v., \u0111\u00e3 t\u1ea1o ra v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 m\u1ed9t doanh nghi\u1ec7p t\u01b0 v\u1ea5n cho h\u1ea7u h\u1ebft c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111ang kinh doanh trong l\u0129nh v\u1ef1c kinh doanh v\u0129 m\u00f4 to\u00e0n c\u1ea7u, nh\u01b0ng \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi nh\u01b0 t\u00f4i, nh\u1eefng ng\u01b0\u1eddi t\u00f2 m\u00f2 v\u1ec1 m\u1eb7t tr\u00ed tu\u1ec7 v\u1ec1 kh\u00f4ng gian n\u00e0y, b\u1ea1n c\u00f3 quy\u1ec1n truy c\u1eadp \u0111\u1ed9c quy\u1ec1n v\u00e0o c\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u00ecnh b\u00e1o, nh\u00e0 ph\u00e2n t\u00edch qu\u1ed1c ph\u00f2ng v\u00e0 nh\u1eefng ng\u01b0\u1eddi \u1edf gi\u1eefa chuy\u1ec7n g\u00ec \u0111ang x\u1ea3y ra, ai l\u00e0 ng\u01b0\u1eddi ph\u1ea3n \u0111\u1ed1i v\u00e0 \u0111\u01b0a ra k\u1ebft qu\u1ea3 th\u1ef1c t\u1ebf v\u1ec1 x\u00e1c su\u1ea5t cho nh\u1eefng g\u00ec s\u1eafp x\u1ea3y ra v\u00e0 m\u1ecdi th\u1ee9, t\u1eeb c\u00e1c cu\u1ed9c b\u1ea7u c\u1eed kh\u00e1c nhau \u0111\u1ebfn c\u00e1c s\u1ef1 ki\u1ec7n \u0111\u1ecba ch\u00ednh tr\u1ecb.\n H\u00e3y nh\u00ecn xem, t\u00f4i l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00ec s\u1ef1 t\u00f2 m\u00f2 tr\u00ed tu\u1ec7. N\u00f3 kh\u00f4ng thay \u0111\u1ed5i nh\u1eefng g\u00ec t\u00f4i l\u00e0m trong l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh. V\u1ec1 m\u1eb7t \u0111\u1ea7u t\u01b0, x\u00e9t cho c\u00f9ng, t\u00f4i tin r\u1eb1ng c\u00f4ng ngh\u1ec7, th\u1ee9 v\u1ed1n c\u00f3 t\u00e1c d\u1ee5ng gi\u1ea3m ph\u00e1t, s\u1ebd gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c h\u1ea7u h\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a th\u1ebf gi\u1edbi.\n L\u00fd do t\u00f4i l\u00e0m vi\u1ec7c trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp, l\u00e0 v\u00ec t\u00f4i nh\u00ecn th\u1ea5y c\u00e1c v\u1ea5n \u0111\u1ec1 v\u1ec1 s\u1ef1 b\u1ea5t b\u00ecnh \u0111\u1eb3ng v\u1ec1 c\u01a1 h\u1ed9i, bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu v\u00e0 kh\u1ee7ng ho\u1ea3ng s\u1ee9c kh\u1ecfe tinh th\u1ea7n v\u1ec1 th\u1ec3 ch\u1ea5t. T\u00f4i ngh\u0129 r\u1eb1ng c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng gi\u1ea3i quy\u1ebft ch\u00fang v\u1ec1 m\u1eb7t c\u01a1 c\u1ea5u, \u0111\u1eb7c bi\u1ec7t v\u00ec nhi\u1ec1u v\u1ea5n \u0111\u1ec1 trong s\u1ed1 n\u00e0y mang t\u00ednh to\u00e0n c\u1ea7u v\u00e0 c\u00f3 nh\u1eefng t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c t\u1eeb b\u00ean ngo\u00e0i nh\u01b0 bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu. V\u00ec v\u1eady, thay v\u00e0o \u0111\u00f3, t\u00f4i t\u00e0i tr\u1ee3 cho c\u00e1c gi\u1ea3i ph\u00e1p v\u00ec l\u1ee3i nhu\u1eadn c\u00f3 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng \u0111\u1ec3 gi\u1ea3i quy\u1ebft t\u1eebng v\u1ea5n \u0111\u1ec1 n\u00e0y.\n \u0110\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o 11 c\u00f4ng ty \u0111\u1ec3 c\u1ed1 g\u1eafng gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 \u0111\u00f3. B\u1ea5t k\u1ec3 m\u00f4i tr\u01b0\u1eddng \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 m\u00f4i tr\u01b0\u1eddng ch\u00ednh tr\u1ecb ra sao, t\u00f4i coi \u0111\u00f3 l\u00e0 s\u1ef1 ki\u1ec7t s\u1ee9c \u0111\u1ed1i v\u1edbi c\u00e1c m\u00f4 h\u00ecnh c\u1ee7a m\u00ecnh. T\u00f4i s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0m nh\u1eefng g\u00ec t\u00f4i l\u00e0m b\u1edfi v\u00ec t\u00f4i l\u00e0m n\u00f3, A, n\u00f3 c\u1ef1c k\u1ef3 sinh l\u1ee3i, nh\u01b0ng B, quan tr\u1ecdng h\u01a1n v\u00e0 quan tr\u1ecdng nh\u1ea5t, t\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 \u0111i\u1ec1u \u0111\u00fang \u0111\u1eafn n\u00ean l\u00e0m.\n T\u00f4i \u0111\u00e3 ngh\u1ec9 h\u01b0u c\u00e1ch \u0111\u00e2y 20 n\u0103m nh\u01b0ng t\u00f4i v\u1eabn theo \u0111u\u1ed5i s\u1ee9 m\u1ec7nh. T\u00f4i mu\u1ed1n gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a th\u1ebf gi\u1edbi. T\u00f4i ngh\u0129 c\u00f4ng ngh\u1ec7 l\u00e0 c\u00e1ch \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00ec n\u00f3 c\u00f3 t\u00e1c d\u1ee5ng gi\u1ea3m ph\u00e1t.\n Tr\u00ean th\u1ef1c t\u1ebf, \u0111\u00f3 c\u0169ng l\u00e0 c\u00e1ch gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 l\u1ea1m ph\u00e1t m\u00e0 ch\u00fang ta \u0111ang g\u1eb7p ph\u1ea3i \u1edf M\u1ef9. N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o h\u1ea7u h\u1ebft c\u00e1c h\u1ea1ng m\u1ee5c, n\u1ebfu c\u00f4ng ngh\u1ec7 \u0111\u00e3 ch\u1ea1m t\u1edbi n\u00f3 th\u00ec \u0111\u00f3 l\u00e0 t\u00ecnh tr\u1ea1ng gi\u1ea3m ph\u00e1t. H\u00e3y ngh\u0129 \u0111\u1ebfn ch\u1ea5t l\u01b0\u1ee3ng v\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a m\u00e1y t\u00ednh, \u0111i\u1ec7n tho\u1ea1i di \u0111\u1ed9ng c\u1ee7a b\u1ea1n trong 40 n\u0103m qua, nh\u01b0ng c\u0169ng \u0111\u00fang v\u1edbi c\u00e1c t\u1ea5m pin m\u1eb7t tr\u1eddi, pin.\n C\u00e1c t\u1ea5m pin m\u1eb7t tr\u1eddi \u0111\u00e3 \u0111\u01b0\u1ee3c chia theo gi\u00e1 10 trong th\u1eadp k\u1ef7 qua, cho m\u1ed7i th\u1eadp k\u1ef7 trong b\u1ed1n th\u1eadp k\u1ef7 qua. \u0110\u00f3 l\u00e0 gi\u00e1 gi\u1ea3m chia cho 10.000. Gi\u00e1 pin chia cho 42 k\u1ec3 t\u1eeb n\u0103m 1991.\n Tr\u00ean th\u1ef1c t\u1ebf, ch\u00fang \u0111\u00e3 gi\u1ea3m 50% trong m\u1ed9t n\u0103m, ch\u1ee7 y\u1ebfu l\u00e0 do s\u1ea3n xu\u1ea5t qu\u00e1 m\u1ee9c. \u1ede Trung Qu\u1ed1c, n\u00f3 v\u1eabn ti\u1ebfp t\u1ee5c gi\u1ea3m r\u1ea5t nhanh, \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y ch\u00fang ta s\u1eafp c\u00f3 nh\u1eefng gi\u1ea3i ph\u00e1p xanh, gi\u1ea3i ph\u00e1p c\u00f4ng ngh\u1ec7 cho v\u1ea5n \u0111\u1ec1 bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu. M\u1eb7c d\u00f9 t\u00f4i theo d\u00f5i nh\u1eefng v\u1ea5n \u0111\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb v\u1edbi nh\u1eefng th\u1ee9 nh\u01b0 Ergo v\u00e0 nh\u1eefng th\u1ee9 nh\u01b0 Green Mantle, cu\u1ed9c g\u1eb7p g\u1ee1 ho\u1eb7c \u0111\u1ed1i tho\u1ea1i c\u1ee7a Neil Ferguson, nh\u01b0ng n\u00f3 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh cu\u1ed1i c\u00f9ng c\u1ee7a t\u00f4i.\n T\u00f4i mu\u1ed1n \u0111i v\u00e0 s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 \u0111\u1ec3 gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee7a th\u1ebf gi\u1edbi.\n Jack: B\u1ea1n s\u1ebd lu\u00f4n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ngh\u1ec7, b\u1ea5t k\u1ec3 t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb nh\u01b0 th\u1ebf n\u00e0o, nh\u01b0ng c\u00f3 l\u1ebd n\u00f3 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn n\u01a1i b\u1ea1n th\u1ef1c hi\u1ec7n nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00f3. Theo Wikipedia c\u1ee7a b\u1ea1n, m\u00e0 t\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u n\u00f3 c\u00f3 ch\u00ednh x\u00e1c hay kh\u00f4ng, b\u1ea1n c\u00f3 th\u1ec3 s\u1eeda cho t\u00f4i, kho\u1ea3ng 70% kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n l\u00e0 \u1edf M\u1ef9 v\u00e0 30% \u1edf ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a th\u1ebf gi\u1edbi, bao g\u1ed3m Brazil, Ph\u00e1p, \u0110\u1ee9c, V\u01b0\u01a1ng qu\u1ed1c Anh , Nga, Trung Qu\u1ed1c v\u00e0 Th\u1ed5 Nh\u0129 K\u1ef3. C\u00f3 ph\u1ea3i t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb, nh\u1eadn th\u1ee9c c\u1ee7a b\u1ea1n v\u1ec1 m\u1ed1i \u0111e d\u1ecda c\u00f3 ph\u1ea3i l\u00e0 do b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o Alibaba, r\u00f5 r\u00e0ng l\u00e0 \u1edf Trung Qu\u1ed1c kh\u00f4ng?\n N\u1ebfu b\u00e2y gi\u1edd b\u1ea1n nh\u00ecn th\u1ea5y m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7y h\u1ee9a h\u1eb9n v\u1edbi b\u1ea1n nh\u01b0 Alibaba, b\u1ea1n \u0111\u00e3 kh\u00f4ng bi\u1ebft n\u00f3 s\u1ebd th\u00e0nh c\u00f4ng nh\u01b0 Alibaba, nh\u01b0ng n\u00f3 c\u0169ng h\u1ea5p d\u1eabn, thuy\u1ebft ph\u1ee5c b\u1ea1n nh\u01b0 khi b\u1ea1n nh\u00ecn th\u1ea5y n\u00f3 nh\u01b0 Alibaba khi b\u1ea1n nh\u00ecn th\u1ea5y n\u00f3. ng\u00e0y x\u01b0a \u0111\u00e3 th\u1ea5y \u0111i\u1ec1u \u0111\u00f3. B\u1ea1n v\u1eabn s\u1ebd th\u1ef1c hi\u1ec7n kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00f3 hay t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u1ee7 nghi\u00eam tr\u1ecdng \u0111\u1ebfn m\u1ee9c b\u1ea1n c\u00f3 th\u1ec3 ph\u1ea3i suy ngh\u0129 k\u1ef9 v\u1ec1 vi\u1ec7c vi\u1ebft t\u1ea5m s\u00e9c \u0111\u00f3? Ngo\u00e0i ra, t\u00f4i c\u00f3 th\u1ec3 h\u1ecfi b\u1ea1n m\u1ed9t c\u00e2u h\u1ecfi v\u1ec1 n\u01b0\u1edbc Nga, t\u00f4i cho r\u1eb1ng c\u00e2u tr\u1ea3 l\u1eddi c\u1ee7a b\u1ea1n l\u00e0 ch\u1eafc ch\u1eafn.\n Fabrice: B\u1ea1n th\u1ef1c s\u1ef1 \u0111\u00fang. N\u00f3 cho bi\u1ebft n\u01a1i ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u1ea7n l\u1edbn n\u01a1i ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 l\u00e0 M\u1ef9 v\u00e0 T\u00e2y \u00c2u, nh\u01b0ng ch\u00fang t\u00f4i \u0111\u00e3 t\u1eebng \u0111\u1ea7u t\u01b0 m\u1ea1nh m\u1ebd v\u00e0o Th\u1ed5 Nh\u0129 K\u1ef3, Nga v\u00e0 Trung Qu\u1ed1c. V\u00ec l\u00fd do \u0111\u1ecba ch\u00ednh tr\u1ecb, v\u00ec nh\u1eefng l\u00fd do ho\u00e0n to\u00e0n kh\u00e1c nhau, t\u00f4i \u0111\u00e3 r\u1eddi xa c\u1ea3 ba.\n Ch\u00fang t\u00f4i \u0111\u00e3 ng\u0103n ch\u1eb7n Nga sau khi Putin quy\u1ebft \u0111\u1ecbnh x\u00e2m chi\u1ebfm Crimea, n\u00ean t\u00f4i ngh\u0129 n\u00f3 gi\u1ed1ng nh\u01b0 n\u0103m 2014 v\u1eady. Ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u00f4ng ty \u0111\u1eb7c bi\u1ec7t \u1edf \u0111\u00f3. Ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng B2B gi\u1ed1ng nh\u01b0 Alibaba c\u1ee7a Trung Qu\u1ed1c.\n N\u00f3 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi Tiger Investor. T\u1ea5t nhi\u00ean, h\u1ecd s\u1ee3 h\u00e3i, v\u00e0 \u0111\u00fang nh\u01b0 v\u1eady. \u0110\u1ed9t nhi\u00ean, c\u00f4ng ty tr\u1ecb gi\u00e1 h\u00e0ng t\u1ef7 \u0111\u00f4 la kh\u00f4ng c\u00f2n nh\u00e0 t\u00e0i tr\u1ee3 n\u00e0o n\u1eefa v\u00e0 m\u1ed9t s\u1ed1 nh\u00e0 t\u00e0i phi\u1ec7t \u0111\u00e3 ti\u1ebfp qu\u1ea3n n\u00f3 m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng.\n Ch\u00fang t\u00f4i ch\u1eafc ch\u1eafn kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o Nga n\u1eefa. Trung Qu\u1ed1c, \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1. Sau khi Jokhma bi\u1ebfn m\u1ea5t \u0111\u01b0\u1ee3c v\u00e0i th\u00e1ng, t\u00f4i s\u1ebd h\u1ecdc ti\u1ebfng Quan Tho\u1ea1i t\u1ea1i \u0110\u1ea1i h\u1ecdc S\u01b0 ph\u1ea1m B\u1eafc Kinh.\n T\u00f4i y\u00eau Trung Qu\u1ed1c. T\u00f4i th\u00edch c\u00e2u chuy\u1ec7n \u0111\u01b0a m\u1ed9t t\u1ef7 ng\u01b0\u1eddi tho\u00e1t kh\u1ecfi \u0111\u00f3i ngh\u00e8o. \u0110\u1eb7ng Ti\u1ec3u B\u00ecnh l\u00e0 m\u1ed9t trong nh\u1eefng anh h\u00f9ng c\u1ee7a t\u00f4i v\u1ec1 nh\u1eefng g\u00ec \u00f4ng \u0111\u00e3 l\u00e0m \u0111\u1ec3 hi\u1ec7n \u0111\u1ea1i h\u00f3a Trung Qu\u1ed1c.\n V\u1ea5n \u0111\u1ec1 v\u1edbi c\u00e1c ch\u1ebf \u0111\u1ed9 chuy\u00ean quy\u1ec1n v\u00e0 \u0111\u1ed9c t\u00e0i l\u00e0 b\u1ea1n ch\u1ec9 t\u1ed1t nh\u01b0 nh\u00e0 \u0111\u1ed9c t\u00e0i c\u1ee7a m\u00ecnh. B\u1ea1n ch\u1eafc ch\u1eafn \u0111\u00e3 nh\u00ecn th\u1ea5y n\u00f3 \u1edf \u0110\u1ebf ch\u1ebf La M\u00e3 n\u01a1i b\u1ea1n c\u00f3 Augustus ho\u1eb7c Marcus Aurelius v\u00e0 Trajan, nh\u01b0ng b\u1ea1n c\u0169ng c\u00f3 Commodus v\u00e0 Nero. D\u00f9 y\u00eau \u0110\u1eb7ng Ti\u1ec3u B\u00ecnh bao nhi\u00eau, t\u00f4i ngh\u0129 T\u1eadp C\u1eadn B\u00ecnh b\u00ecnh th\u01b0\u1eddng b\u1ea5t t\u00e0i nh\u01b0ng nguy hi\u1ec3m, nguy hi\u1ec3m cho th\u1ebf gi\u1edbi.\n \u00d4ng \u1ea5y c\u00f3 quan \u0111i\u1ec3m sai l\u1ea7m v\u1ec1 ngu\u1ed3n g\u1ed1c s\u1ee9c m\u1ea1nh c\u1ee7a c\u00e1c qu\u1ed1c gia, nh\u00e2n ti\u1ec7n, t\u00f4i ngh\u0129 \u0111i\u1ec1u n\u00e0y c\u0169ng \u0111\u00fang v\u1edbi Putin, v\u00e0 kh\u00f4ng tin v\u00e0o di s\u1ea3n c\u1ee7a nh\u1eefng g\u00ec \u0110\u1eb7ng Ti\u1ec3u B\u00ecnh v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c \u0111\u00e3 l\u00e0m. T\u00f4i th\u1ef1c s\u1ef1 tin r\u1eb1ng n\u1ebfu ai \u0111\u00f3 nh\u01b0 \u0110\u1eb7ng n\u1eafm quy\u1ec1n ng\u00e0y nay \u1edf Trung Qu\u1ed1c, ch\u00fang ta s\u1ebd kh\u00f4ng x\u1ea3y ra Chi\u1ebfn tranh L\u1ea1nh l\u1ea7n th\u1ee9 hai v\u00e0 cu\u1ed9c xung \u0111\u1ed9t n\u1ea3y sinh gi\u1eefa M\u1ef9 v\u00e0 Trung Qu\u1ed1c, v\u00e0 th\u1ef1c s\u1ef1 s\u1ebd c\u00f9ng t\u1ed3n t\u1ea1i t\u1ed1t h\u01a1n nhi\u1ec1u. T\u1eadp c\u00f3 th\u1ebf gi\u1edbi quan c\u1ee7a \u00f4ng \u1ea5y, xung \u0111\u1ed9t tr\u1ef1c ti\u1ebfp v\u1edbi th\u1ebf gi\u1edbi quan c\u1ee7a t\u00f4i, v\u00e0 v\u00ec v\u1eady kh\u00f4ng, t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o Trung Qu\u1ed1c n\u1eefa.\n Th\u1ed5 Nh\u0129 K\u1ef3, Erdogan, \u0111\u1ed1i v\u1edbi t\u00f4i \u0111ang vi ph\u1ea1m di s\u1ea3n c\u1ee7a Ataturk. Ataturk l\u00e0 m\u1ed9t trong nh\u1eefng ch\u00ednh kh\u00e1ch v\u0129 \u0111\u1ea1i c\u1ee7a th\u1ebf k\u1ef7 20. T\u00f4i y\u00eau nh\u1eefng g\u00ec anh \u1ea5y \u0111\u00e3 l\u00e0m v\u1edbi Th\u1ed5 Nh\u0129 K\u1ef3 c\u0169ng nh\u01b0 c\u00e1ch anh \u1ea5y c\u1ea3i c\u00e1ch v\u00e0 hi\u1ec7n \u0111\u1ea1i h\u00f3a n\u00f3.\n Erdogan v\u1eeba nh\u00ecn t\u1eeb g\u00f3c \u0111\u1ed9 ch\u00ednh tr\u1ecb, nh\u01b0ng n\u00f3i th\u1eb3ng ra, th\u1eadm ch\u00ed l\u00e0 g\u00f3c \u0111\u1ed9 v\u0129 m\u00f4. \u00d4ng tin r\u1eb1ng vi\u1ec7c in th\u00eam ti\u1ec1n s\u1ebd l\u00e0m gi\u1ea3m l\u1ea1m ph\u00e1t. Ch\u00fang t\u00f4i \u0111\u00e3 th\u1ea5y t\u00e1c \u0111\u1ed9ng l\u00ean ti\u1ec1n t\u1ec7 \u1edf \u0111\u00e2u.\n Ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1eb7c bi\u1ec7t v\u00e0o Th\u1ed5 Nh\u0129 K\u1ef3 v\u00e0 c\u00e1c c\u00f4ng ty nh\u01b0 Trendule, gi\u1ed1ng nh\u01b0 Amazon c\u1ee7a Th\u1ed5 Nh\u0129 K\u1ef3. V\u1ea5n \u0111\u1ec1 l\u00e0 khi b\u1ea1n c\u00f3 m\u1ee9c l\u1ea1m ph\u00e1t cao nh\u01b0 v\u1eady, \u0111\u1ed3ng lira s\u1ebd m\u1ea5t gi\u00e1 \u0111\u1ebfn m\u1ee9c ngay c\u1ea3 khi b\u1ea1n t\u0103ng doanh thu t\u00ednh b\u1eb1ng \u0111\u00f4 la th\u00ec cu\u1ed1i c\u00f9ng, b\u1ea1n v\u1eabn b\u1ecb thu h\u1eb9p l\u1ea1i. Ngay c\u1ea3 khi b\u1ea1n t\u0103ng g\u1ea5p \u0111\u00f4i so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc t\u00ednh theo \u0111\u1ed3ng \u0111\u00f4 la, th\u00ec s\u1ef1 m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng ti\u1ec1n n\u00e0y v\u1eabn t\u00e1c \u0111\u1ed9ng nhi\u1ec1u h\u01a1n \u0111\u1ebfn n\u00f3.\n T\u00f4i s\u1eed d\u1ee5ng l\u0103ng k\u00ednh \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o \u0111\u00e2u v\u00e0 b\u1ea1n \u0111\u00e3 \u0111\u00fang. Hi\u1ec7n t\u1ea1i t\u00f4i kh\u00f4ng ch\u1ec9 tr\u00e1nh xa ba qu\u1ed1c gia n\u00e0y m\u00e0 c\u00f2n tr\u00e1nh xa c\u1ea3 Trung Qu\u1ed1c, Nga v\u00e0 Th\u1ed5 Nh\u0129 K\u1ef3.\n Jack: Hi\u1ec3u r\u1ed3i. C\u1ea3m \u01a1n. Tr\u01b0\u1edbc \u0111\u00f3, b\u1ea1n \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m.\n B\u1ea1n n\u00f3i Tiger Global, CO2. T\u00f4i ngh\u0129 \u0111\u00e2y l\u00e0 nh\u1eefng qu\u1ef9 ph\u00f2ng h\u1ed9, theo truy\u1ec1n th\u1ed1ng qu\u1ea3n l\u00fd m\u1ed9t qu\u1ef9 ph\u00f2ng h\u1ed9 n\u1eafm gi\u1eef v\u1ecb th\u1ebf b\u00e1n kh\u1ed1ng, \u0111\u1eb7t c\u01b0\u1ee3c kinh t\u1ebf v\u0129 m\u00f4, kh\u00f4ng ph\u1ea3i \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, nh\u01b0ng sau \u0111\u00f3 h\u1ecd tham gia \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, v\u00e0 b\u1ea1n \u0111\u00e3 \u00e1m ch\u1ec9 \u0111\u1ebfn n\u00f3. Nh\u1eadn th\u1ee9c c\u1ee7a t\u00f4i l\u00e0 h\u1ecd vi\u1ebft s\u00e9c m\u00e0 kh\u00f4ng th\u1ef1c hi\u1ec7n nhi\u1ec1u c\u00f4ng vi\u1ec7c th\u1ea9m \u0111\u1ecbnh, v\u00e0 h\u1ecd l\u00e0 kh\u00e1ch du l\u1ecbch, l\u1eddi n\u00f3i c\u1ee7a t\u00f4i ch\u1ee9 kh\u00f4ng ph\u1ea3i c\u1ee7a b\u1ea1n.\n H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft, b\u1ea1n quan s\u00e1t th\u1ea5y h\u1ecd tham gia v\u00e0o l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m trong 10 n\u0103m qua nh\u01b0 th\u1ebf n\u00e0o? H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft th\u00eam m\u1ed9t ch\u00fat th\u00f4ng tin chi ti\u1ebft v\u1ec1 s\u1ef1 tham gia c\u1ee7a h\u1ecd v\u00e0o th\u1eddi k\u1ef3 \u0111\u1ec9nh \u0111i\u1ec3m c\u1ee7a vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c v\u1ea5n \u0111\u1ec1 bong b\u00f3ng v\u00e0o n\u0103m 2020 v\u00e0 2021, v\u00e0 hi\u1ec7n t\u1ea1i h\u1ecd \u0111ang \u1edf \u0111\u00e2u? H\u1ecd v\u1eabn vi\u1ebft s\u00e9c \u00e0?\n H\u1ecd \u0111\u00e3 vi\u1ebft ch\u00fang ra ch\u01b0a? H\u1ecd \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c b\u00e0i h\u1ecdc c\u1ee7a m\u00ecnh hay chuy\u1ec7n g\u00ec \u0111ang x\u1ea3y ra?\n Fabrice: Tr\u01b0\u1edbc h\u1ebft, r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi trong s\u1ed1 n\u00e0y tr\u01b0\u1edbc \u0111\u00e2y t\u1eebng l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7. H\u1ecd \u0111\u00e3 c\u00f3 m\u1ed9t l\u1ecbch s\u1eed. Ch\u1ec9 l\u00e0 ch\u00fang t\u0103ng v\u1ecdt r\u1ea5t nhi\u1ec1u trong nh\u1eefng ng\u00e0y bong b\u00f3ng, hay bong b\u00f3ng 21.\n Nh\u1eefng ng\u01b0\u1eddi l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eddi ti\u1ebft c\u00f4ng b\u1eb1ng nh\u1ea5t th\u1ef1c s\u1ef1 l\u00e0 nh\u1eefng ng\u01b0\u1eddi ch\u00e9o. \u00dd t\u01b0\u1edfng c\u1ee7a h\u1ecd l\u00e0 ch\u00fang t\u00f4i s\u1ebd c\u00f4ng khai mu\u1ed9n v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao, t\u1ea5t nhi\u00ean l\u00e0 v\u00ec th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang v\u00e0 ch\u00fang t\u00f4i s\u1ebd tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n khi b\u1ea1n c\u00f4ng khai v\u00e0 ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang. V\u1ea5n \u0111\u1ec1 l\u00e0, t\u00f4i kh\u00f4ng ngh\u0129 h\u1ecd hi\u1ec3u th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o v\u00e0 nhi\u1ec1u c\u00f4ng ty trong s\u1ed1 n\u00e0y ch\u01b0a s\u1eb5n s\u00e0ng.\n M\u1ed9t khi th\u1ecb tr\u01b0\u1eddng quay \u0111\u1ea7u v\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang c\u0169ng quay \u0111\u1ea7u, h\u1ea7u h\u1ebft h\u1ecd \u0111\u1ec1u r\u1eddi \u0111i. B\u00e2y gi\u1edd, t\u00f4i kh\u00f4ng theo d\u00f5i ch\u1eb7t ch\u1ebd l\u1eafm, b\u1edfi v\u00ec \u0111\u00e2y l\u00e0 n\u01a1i t\u00f4i th\u01b0\u1eddng ch\u01a1i mu\u1ed9n h\u01a1n nhi\u1ec1u, m\u1eb7c d\u00f9 h\u1ecd l\u00e0 nh\u1eefng ng\u01b0\u1eddi mua trong c\u00f4ng ty c\u1ee7a t\u00f4i. R\u1ea5t th\u01b0\u1eddng xuy\u00ean, khi t\u00f4i mu\u1ed1n, m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y qu\u00e1 cao, c\u00f3 m\u1ed9t \u0111o\u1ea1n \u0111\u01b0\u1eddng n\u1ed1i m\u1edbi \u0111ang di\u1ec5n ra, ch\u00fang ta c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n b\u01b0\u1edbc th\u1ee9 hai kh\u00f4ng?\n H\u1ecd mu\u1ed1n s\u1edf h\u1eefu nhi\u1ec1u h\u01a1n, b\u1edfi v\u00ec h\u1ecd \u0111ang c\u1ea1nh tranh v\u1edbi nhau, nh\u01b0 SoftBank v\u00e0 Tiger thay v\u00ec ph\u00e2n b\u1ed5 c\u1ee7a ch\u00fang t\u00f4i, ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng b\u00e1n v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh cho h\u1ecd. T\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u h\u1ecd c\u00f3 r\u00fat lui hay kh\u00f4ng, nh\u01b0ng h\u1ecd ch\u1eafc ch\u1eafn \u0111\u00e3 thu h\u1eb9p quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng v\u00e0 c\u00f3 th\u1ec3 h\u1ecd l\u1ea1i nh\u00fang tay v\u00e0o, nh\u01b0ng th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, t\u00f4i ch\u01b0a theo d\u00f5i. T\u00f4i ngh\u0129 SoftBank v\u1eabn c\u00f2n ho\u1ea1t \u0111\u1ed9ng m\u1ed9t ch\u00fat, m\u1eb7c d\u00f9 c\u00f3 th\u1ec3 h\u1ecd c\u00f3 c\u00e1c qu\u1ef9 kh\u00e1c nhau d\u00e0nh cho Geos \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ee3p nh\u1ea5t, nh\u01b0ng t\u00f4i ch\u1eafc ch\u1eafn kh\u00f4ng th\u1ea5y ch\u00fang nhi\u1ec1u nh\u01b0 v\u1eady.\n Hi\u1ec7n t\u1ea1i, ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u1eabn \u0111ang trong giai \u0111o\u1ea1n tr\u00ec tr\u1ec7. Nh\u01b0 t\u00f4i \u0111\u00e3 n\u00f3i, ch\u00fang t\u00f4i v\u1eabn gi\u1ea3m 70% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y trong l\u0129nh v\u1ef1c li\u00ean doanh, v\u1edbi nhi\u1ec1u LP v\u1eabn c\u1ea3m th\u1ea5y \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 qu\u00e1 m\u1ee9c cho li\u00ean doanh v\u00e0 t\u01b0 nh\u00e2n, do \u0111\u00f3 r\u1ea5t kh\u00f3 \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 c\u00e1c GP kh\u00f4ng c\u00f3 b\u1ea5y nhi\u00eau v\u1ed1n \u0111\u1ec3 tri\u1ec3n khai.\n Jack: B\u1ea1n ngh\u0129 \u0111\u00e1y c\u1ee7a v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m n\u0103m 2022 l\u00e0 g\u00ec? C\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 t\u0103ng tr\u01b0\u1edfng cao tr\u00ean th\u1ebf gi\u1edbi \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai \u0111\u00e3 gi\u1ea3m, nh\u01b0 b\u1ea1n \u0111\u00e3 n\u00f3i, 80%, 90%. Nh\u01b0ng vi\u1ec7c kh\u00e1m ph\u00e1 gi\u00e1 trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m nh\u01b0 th\u1ebf n\u00e0o v\u00e0 n\u0103m 2023 nh\u01b0 th\u1ebf n\u00e0o, v\u00e0 b\u00e2y gi\u1edd ch\u00fang ta \u0111ang \u1edf \u0111\u00e2u?\n Fabrice: T\u00f4i mu\u1ed1n n\u00f3i r\u1eb1ng t\u1eeb cu\u1ed1i ng\u00e0y 22 \u0111\u1ebfn Q1, ng\u00e0y 24 th\u1eadt t\u1ed3i t\u1ec7. Th\u1eadt kh\u1ee7ng khi\u1ebfp, ngo\u1ea1i tr\u1eeb c\u00e2u chuy\u1ec7n v\u1ec1 hai th\u00e0nh ph\u1ed1. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t AI, n\u00f3 c\u1ef1c k\u1ef3 s\u1ee7i b\u1ecdt v\u00e0 g\u1ee3i nh\u1edb \u0111\u1ebfn bong b\u00f3ng n\u0103m 21.\n Trong h\u1ea7u h\u1ebft c\u00e1c h\u1ea1ng m\u1ee5c, n\u00f3 th\u1eadt kh\u1ee7ng khi\u1ebfp. Th\u1eadt kh\u00f3 \u0111\u1ec3 n\u00e2ng l\u00ean, xu\u1ed1ng tr\u00f2n, b\u1ea1n c\u1ea7n th\u00eam l\u1ef1c k\u00e9o \u0111\u1ec3 n\u00e2ng b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec l\u00ean. M\u1ecdi ng\u01b0\u1eddi mu\u1ed1n b\u1ea1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c s\u1ed1 ti\u1ec1n m\u1eb7t tr\u1ecb gi\u00e1 hai ho\u1eb7c ba n\u0103m, v.v., ngo\u1ea1i tr\u1eeb AI. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t c\u00f4ng ty li\u00ean quan \u0111\u1ebfn AI, \u0111i\u1ec1u \u0111\u00f3 gi\u1ed1ng nh\u01b0 b\u1ea1n \u0111ang \u1edf \u0111\u1ec9nh cao c\u1ee7a chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u h\u00f3a. Th\u1eadt th\u00fa v\u1ecb, trong khi h\u1ea7u h\u1ebft c\u00f4ng ngh\u1ec7 \u0111ang \u1edf trong t\u00ecnh tr\u1ea1ng suy tho\u00e1i s\u00e2u s\u1eafc th\u00ec AI l\u1ea1i \u1edf trong m\u1ed9t bong b\u00f3ng \u0111i\u00ean cu\u1ed3ng. B\u00e2y gi\u1edd, c\u1ea3 hai \u0111\u1ec1u \u0111ang s\u1eeda ch\u1eefa m\u1ed9t ch\u00fat.\n T\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf th\u1eddi k\u1ef3 h\u1eadu \u0111\u1ec9nh cao c\u1ee7a bong b\u00f3ng AI trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, x\u00e9t v\u1ec1 kh\u00eda c\u1ea1nh m\u1ecdi ng\u01b0\u1eddi \u0111ang huy \u0111\u1ed9ng v\u1ed1n cho c\u00e1c c\u00f4ng ty AI m\u1edbi. \u00dd t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 Tr\u00f2 ch\u01a1i c\u1ee7a c\u00e1c v\u1ecb vua. \u00dd t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ec3u AI c\u1edfi m\u1edf.\n \u00dd t\u00f4i l\u00e0 c\u00e1c \u1ee9ng d\u1ee5ng c\u1ee7a AI v\u00e0 c\u00e1c c\u00f4ng ty \u0111ang ph\u00e1t tri\u1ec3n xung quanh n\u00f3. Ch\u00fang t\u00f4i \u0111ang th\u1ea5y m\u1ed9t s\u1ed1 s\u1ef1 ph\u1ee5c h\u1ed3i trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 kh\u00e1m ph\u00e1 gi\u00e1 v\u00e0 vi\u1ec7c d\u1ec5 d\u00e0ng th\u1ef1c hi\u1ec7n c\u00e1c v\u00f2ng trong l\u0129nh v\u1ef1c li\u00ean doanh, nh\u01b0ng ch\u00fang t\u00f4i v\u1eabn c\u00f2n r\u1ea5t xa so v\u1edbi m\u1ee9c b\u00ecnh th\u01b0\u1eddng. N\u00f3 v\u1eabn kh\u00f3 h\u01a1n t\u00f4i t\u01b0\u1edfng.\n M\u1ed9t s\u1ed1 danh m\u1ee5c ho\u00e0n to\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c y\u00eau th\u00edch, ch\u1eb3ng h\u1ea1n nh\u01b0 giao \u0111\u1ed3 \u0103n v\u00e0 c\u00f4ng ngh\u1ec7 th\u1ef1c ph\u1ea9m n\u00f3i chung, v\u1ec1 c\u01a1 b\u1ea3n, v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u \u0111\u1ebfn v\u00e0 \u0111\u1eb7t \u0111\u1ed3 \u0103n tr\u1ef1c tuy\u1ebfn trong nh\u1eefng ng\u00e0y bong b\u00f3ng, n\u00ean c\u00e1c c\u00f4ng ty \u0111\u00e3 ph\u00e1t tri\u1ec3n h\u01a1n r\u1ea5t nhi\u1ec1u v\u00e0 m\u1ee9c \u0111\u1ed9 th\u00e2m nh\u1eadp c\u0169ng t\u0103ng l\u00ean nhi\u1ec1u h\u01a1n, v\u00e0 m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i \u0111i\u1ec1u \u0111\u00f3 tr\u1edf n\u00ean b\u00ecnh th\u01b0\u1eddng. Khi ch\u00fang co l\u1ea1i l\u1ea7n n\u1eefa, n\u00f3 nh\u00e2n v\u1edbi 5 r\u1ed3i chia cho 2. V\u1ea5n \u0111\u1ec1 l\u00e0 s\u1ef1 chia \u0111\u00f4i \u0111au \u0111\u1edbn \u0111\u1ebfn m\u1ee9c h\u1ea1ng m\u1ee5c n\u00e0y tr\u1edf n\u00ean kh\u00f4ng \u0111\u01b0\u1ee3c y\u00eau th\u00edch.\n B\u1ea5t c\u1ee9 th\u1ee9 g\u00ec li\u00ean quan \u0111\u1ebfn th\u1ef1c ph\u1ea9m, ch\u1eb3ng h\u1ea1n nh\u01b0 giao \u0111\u1ed3 \u0103n, c\u00f4ng ngh\u1ec7 th\u1ef1c ph\u1ea9m \u0111\u1ec1u ho\u00e0n to\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau th\u00edch v\u00e0 s\u1ebd ph\u1ea3i m\u1ea5t m\u1ed9t th\u1eddi gian \u0111\u1ec3 ph\u1ee5c h\u1ed3i.\n Jack: C\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng khi n\u00f3i r\u1eb1ng trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m, b\u1edfi v\u00ec t\u1ea5t c\u1ea3 \u0111\u1ec1u xoay quanh t\u0103ng tr\u01b0\u1edfng, n\u1ebfu m\u1ed9t c\u00f4ng ty ng\u1eebng ph\u00e1t tri\u1ec3n, \u0111\u00f3 ch\u1ec9 l\u00e0 \u0111i\u1ec1u t\u1ed3i t\u1ec7 nh\u1ea5t m\u00e0 m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 l\u00e0m theo quan \u0111i\u1ec3m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0? N\u00f3i nh\u01b0 v\u1eady c\u00f3 c\u00f4ng b\u1eb1ng hay kh\u00f4ng?\n Fabrice: Ph\u1ee5 thu\u1ed9c v\u00e0o s\u00e2n kh\u1ea5u. N\u1ebfu b\u1ea1n \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u, ch\u1eafc ch\u1eafn. N\u1ebfu b\u1ea1n \u0111ang \u1edf giai \u0111o\u1ea1n mu\u1ed9n v\u00e0 m\u1ea5t m\u1ed9t n\u0103m m\u00e0 b\u1ea1n t\u0103ng tr\u01b0\u1edfng 10%, 20%, nh\u01b0ng b\u1ea1n \u0111i\u1ec1u ch\u1ec9nh kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u1ee7a m\u00ecnh, \u0111\u1ec3 b\u1ea1n chuy\u1ec3n t\u1eeb \u0111\u1ed1t 100 tri\u1ec7u sang h\u00f2a v\u1ed1n, \u0111i\u1ec1u \u0111\u00f3 th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 \u1ed5n.\n N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t c\u00f4ng ty giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng ho\u1eb7c m\u1ed9t c\u00f4ng ty giai \u0111o\u1ea1n \u0111\u1ea7u, b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n th\u00ec \u0111\u00fang v\u1eady, \u0111\u00f3 l\u00e0 b\u1ea3n \u00e1n t\u1eed h\u00ecnh v\u00ec ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 PE. Ch\u00fang t\u00f4i c\u1ea7n b\u1ea3o l\u00e3nh s\u1ed1 ti\u1ec1n g\u1ea5p 10 l\u1ea7n tr\u1edf l\u00ean. N\u1ebfu b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n, b\u1ea1n s\u1ebd kh\u00f4ng th\u1ec3 th\u00e0nh c\u00f4ng.\n \u1ede giai \u0111o\u1ea1n \u0111\u1ea7u, ch\u1eafc ch\u1eafn \u0111i\u1ec1u \u0111\u00f3 l\u00e0 \u0111\u00fang.\n Jack: Th\u1ebf c\u00f2n ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u00ec sao? B\u1ea1n \u0111\u00e3 tham gia v\u00e0o vi\u1ec7c \u0111\u00f3 nh\u01b0 th\u1ebf n\u00e0o? H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1ea1n bi\u1ebft v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed nh\u01b0 th\u1ebf n\u00e0o.\n Fabrice: T\u00f4i l\u00e0 m\u1ed9t game th\u1ee7. T\u00f4i c\u00f3 GPU r\u1ea5t m\u1ea1nh. L\u00e0 m\u1ed9t b\u00e0i t\u1eadp tr\u00ed tu\u1ec7, t\u00f4i \u0111\u00e3 khai th\u00e1c Bitcoin tr\u00ean GPU c\u1ee7a m\u00ecnh, t\u00f4i kh\u00f4ng bi\u1ebft, v\u00e0o n\u0103m 2010, 2011, r\u1ea5t, r\u1ea5t, r\u1ea5t s\u1edbm.\n L\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, chuy\u00ean m\u00f4n c\u1ee7a t\u00f4i l\u00e0 c\u00e1c doanh nghi\u1ec7p v\u00e0 th\u1ecb tr\u01b0\u1eddng hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi. Ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 hi\u1ec7u \u1ee9ng m\u1ea1ng c\u1ef1c k\u1ef3 s\u00e2u s\u1eafc. N\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 s\u1ef1 t\u01b0\u01a1ng t\u1ef1 c\u1ee7a c\u00e1c h\u1ec7 \u0111i\u1ec1u h\u00e0nh c\u00f3 th\u1ec3 nh\u01b0 Microsoft Windows, s\u1ebd c\u00f3 nh\u1eefng hi\u1ec7u \u1ee9ng m\u1ea1ng \u0111\u1eb7c bi\u1ec7t v\u00ec khi b\u1ea1n c\u00f3 nh\u00e0 ph\u00e1t tri\u1ec3n tr\u00ean n\u1ec1n t\u1ea3ng v\u00e0 c\u00f4ng c\u1ee5 d\u00e0nh cho nh\u00e0 ph\u00e1t tri\u1ec3n, m\u1ecdi ng\u01b0\u1eddi x\u00e2y d\u1ef1ng \u1ee9ng d\u1ee5ng v\u00ec h\u1ecd c\u00f3 \u1ee9ng d\u1ee5ng, nhi\u1ec1u ng\u01b0\u1eddi t\u1ea3i \u1ee9ng d\u1ee5ng \u0111\u00f3 h\u01a1n, v.v.\n \u0110i\u1ec1u t\u01b0\u01a1ng t\u1ef1 c\u0169ng x\u1ea3y ra \u1edf l\u1edbp m\u1ed9t, Solana ho\u1eb7c Ethereum, sau \u0111\u00f3 m\u1ecdi ng\u01b0\u1eddi t\u1ef1 x\u00e2y d\u1ef1ng c\u00e1c \u1ee9ng d\u1ee5ng n\u00e0y ho\u1eb7c th\u1ecb tr\u01b0\u1eddng. N\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 th\u1ee9 g\u00ec \u0111\u00f3 gi\u1ed1ng nh\u01b0 Uniswap, th\u00ec \u0111\u00f3 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng n\u01a1i t\u00ednh thanh kho\u1ea3n r\u1ea5t quan tr\u1ecdng. B\u1ea1n c\u1ea7n ph\u1ea3i k\u1ebft h\u1ee3p cung v\u00e0 c\u1ea7u.\n N\u00f3 tu\u00e2n theo \u0111\u1ed9ng l\u1ef1c gi\u1ed1ng h\u1ec7t nh\u01b0 Alibaba, eBay ho\u1eb7c Airbnb v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i h\u00ecnh kinh doanh n\u00e0y. Ch\u00fang t\u00f4i b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0o kh\u00eda c\u1ea1nh ri\u00eang t\u01b0 c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00e1 s\u1edbm v\u00e0o n\u0103m 2016 ho\u1eb7c 2017. T\u00f4i ngh\u0129 hi\u1ec7n t\u1ea1i ch\u00fang t\u00f4i c\u00f3 70 kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u1edf ph\u00eda t\u01b0 nh\u00e2n, chi\u1ebfm kho\u1ea3ng 10% qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i.\n Ch\u00fang t\u00f4i \u0111\u00e3 \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a Figment v\u00e0 l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u v\u00e0o Animoca c\u0169ng nh\u01b0 m\u1ed9t s\u1ed1 c\u00f4ng ty thu\u1ed9c l\u1edbp c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u01a1 b\u1ea3n v\u00e0 c\u00e1c c\u00f4ng ty \u1ee9ng d\u1ee5ng trong kh\u00f4ng gian. Ch\u00fang t\u00f4i l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edbm. Ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 trong kh\u00f4ng gian.\n Tr\u00ean h\u1ebft, hi\u1ec7n nay, do nhi\u1ec1u \u1ee9ng d\u1ee5ng c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed, gi\u00e1 tr\u1ecb t\u00edch l\u0169y v\u00e0o m\u00e3 th\u00f4ng b\u00e1o ch\u1ee9 kh\u00f4ng ph\u1ea3i v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, n\u00ean ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0o m\u00e3 th\u00f4ng b\u00e1o v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, ngh\u0129a l\u00e0 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 cao \u0111\u1ed9i ng\u0169, ch\u00fang t\u00f4i coi tr\u1ecdng kinh t\u1ebf h\u1ecdc m\u00e3 th\u00f4ng b\u00e1o, ch\u00fang t\u00f4i \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty, ch\u00fang t\u00f4i mua token v\u00e0 n\u1eafm gi\u1eef. Ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t qu\u1ef9 ph\u00f2ng h\u1ed9. Ch\u00fang t\u00f4i kh\u00f4ng giao d\u1ecbch.\n Ch\u00fang t\u00f4i kh\u00f4ng l\u00e0m g\u00ec c\u1ea3 m\u00e0 ch\u1ec9 mua v\u00e0 n\u1eafm gi\u1eef. Ch\u00fang t\u00f4i \u0111\u00e3 mua 30 token, trong \u0111\u00f3, ch\u00fang t\u00f4i \u0111\u00e3 tri\u1ec3n khai 10% qu\u1ef9 m\u1edbi nh\u1ea5t c\u1ee7a m\u00ecnh, \u0111\u00f3 l\u00e0 qu\u1ef9 290 tri\u1ec7u \u0111\u00f4 la, t\u1ee9c l\u00e0 29 tri\u1ec7u \u0111\u00f4 la, nh\u01b0ng h\u00f4m nay n\u00f3 c\u00f3 gi\u00e1 tr\u1ecb, t\u00f4i kh\u00f4ng bi\u1ebft, 50 tri\u1ec7u \u0111\u00f4 la. N\u00f3 \u0111\u00e3 tr\u1edf n\u00ean l\u1edbn nh\u01b0 v\u1eady.\n Ch\u00fang t\u00f4i nh\u1eadn ra r\u1eb1ng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u1ee7a Hoa K\u1ef3, nh\u1eefng h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi vi\u1ec7c s\u1edf h\u1eefu ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh thanh kho\u1ea3n l\u00e0 kh\u00e1 cao. Ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i RIA v\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i ch\u1ec9 c\u00f3 th\u1ec3 c\u00f3 20% cu\u1ed1n s\u00e1ch c\u1ee7a m\u00ecnh l\u00e0 c\u00f4ng khai v\u00e0 th\u1ee9 c\u1ea5p, \u0111\u1ed3ng th\u1eddi ch\u00fang t\u00f4i c\u0169ng mua r\u1ea5t nhi\u1ec1u s\u00e1ch th\u1ee9 c\u1ea5p. Th\u1eadt kh\u00f3 \u0111\u1ec3 ch\u00fang t\u00f4i t\u00e1i ch\u1ebf.\n \u0110i\u1ec1u \u0111\u00f3 th\u1eadt kh\u00f3 kh\u0103n v\u00e0 \u1edf Hoa K\u1ef3, vi\u1ec7c mua b\u1ea5t k\u1ef3 token n\u00e0o l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p. \u1ede Hoa K\u1ef3, vi\u1ec7c \u0111\u1eb7t c\u01b0\u1ee3c nhi\u1ec1u token l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p, v\u00ec v\u1eady b\u1ea1n \u0111ang b\u1ecf l\u1ee1 r\u1ea5t nhi\u1ec1u l\u1ee3i nhu\u1eadn. Nh\u1eefng g\u00ec ch\u00fang t\u00f4i v\u1eeba l\u00e0m c\u00e1ch \u0111\u00e2y v\u00e0i tu\u1ea7n l\u00e0 chuy\u1ec3n t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh thanh kho\u1ea3n cao v\u00e0o qu\u1ef9 ri\u00eang c\u1ee7a n\u00f3.\n N\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ch\u1ea5t l\u1ecfng \u0111inh ba. Ch\u00fang t\u00f4i \u0111\u00e3 huy \u0111\u1ed9ng to\u00e0n b\u1ed9 nh\u00f3m ti\u1ec1n \u0111i\u1ec7n t\u1eed thanh kho\u1ea3n c\u1ee7a FDA v\u00e0 \u0111\u01b0a n\u00f3 v\u00e0o qu\u1ef9 ri\u00eang c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i \u0111\u00e3 gieo m\u1ea7m cho n\u00f3 v\u1edbi s\u1ed1 ti\u1ec1n 50 tri\u1ec7u \u0111\u00f4 la hay b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, t\u00f4i kh\u00f4ng bi\u1ebft ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o \u0111\u00f3 l\u00e0 45 hay 50 \u0111\u00f4 la v\u00e0 b\u00e2y gi\u1edd s\u1ed1 ti\u1ec1n \u0111\u00f3 \u0111ang s\u1ed1ng cu\u1ed9c s\u1ed1ng c\u1ee7a ch\u00ednh n\u00f3.\n Tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i hi\u1ec7n \u0111ang t\u1ed5 ch\u1ee9c m\u1ed9t h\u1ed9i ngh\u1ecb v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed Trident Liquid v\u1edbi r\u1ea5t nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd ti\u1ec1n \u0111i\u1ec7n t\u1eed thanh kho\u1ea3n \u1edf Turks v\u00e0 Caicos. \u0110\u00f3 l\u00e0 \u0111i\u1ec1u ti\u1ebfp theo ch\u00fang t\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n v\u1ec1 m\u1eb7t ti\u1ec1n \u0111i\u1ec7n t\u1eed. Sau \u0111\u00f3, \u0111i\u1ec1u th\u1ee9 ba l\u00e0 ch\u00fang t\u00f4i c\u00f3 m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh studio n\u01a1i ch\u00fang t\u00f4i x\u00e2y d\u1ef1ng c\u00e1c c\u00f4ng ty v\u00e0 t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed trong v\u00e0i n\u0103m qua, v\u1ec1 c\u01a1 b\u1ea3n, c\u00f4ng ty n\u00e0y hi\u1ec7n \u0111ang tr\u1edf n\u00ean n\u1ed5i ti\u1ebfng.\n \u0110\u00f3 l\u00e0 Midas? \u0110\u00f3 l\u00e0 Midas. H\u00e3y k\u1ec3 cho ch\u00fang t\u00f4i v\u1ec1 \u0111i\u1ec1u \u0111\u00f3.\n \u0110\u0103ng ph\u00e2n t\u00edch v\u0129 m\u00f4 c\u1ee7a t\u00f4i v\u1ec1 ng\u00e0y 21, t\u00f4i th\u1ea5y r\u00f5 r\u1eb1ng khi l\u00e3i su\u1ea5t t\u0103ng l\u00ean, ch\u00fang ta s\u1ebd c\u00f3 m\u1ed9t \u0111\u1ee3t gi\u1ea3m gi\u00e1, m\u1ed9t m\u00f9a \u0111\u00f4ng ti\u1ec1n \u0111i\u1ec7n t\u1eed, n\u1ebfu b\u1ea1n mu\u1ed1n, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea5y tr\u01b0\u1edbc \u0111\u00e2y. Nh\u1eefng g\u00ec t\u00f4i \u0111\u00e3 m\u00f4 t\u1ea3 tr\u01b0\u1edbc \u0111\u00f3 trong kh\u00f4ng gian m\u1ea1o hi\u1ec3m, n\u01a1i ch\u00fang ta \u0111ang \u1edf trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng ho\u00e0n to\u00e0n v\u00e0o ng\u00e0y 22, 23 v\u00e0 Q1, 24, \u0111ang b\u1eaft \u0111\u1ea7u quay v\u00f2ng, th\u1eadm ch\u00ed c\u00f2n h\u01a1n th\u1ebf n\u1eefa trong kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed thanh kho\u1ea3n, b\u1edfi v\u00ec ti\u1ec1n \u0111i\u1ec7n t\u1eed, b\u1ea5t k\u1ec3 th\u1ee9 g\u00ec lu\u1eadn \u0111i\u1ec3m t\u0103ng gi\u00e1 xung quanh n\u00f3 cu\u1ed1i c\u00f9ng l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n r\u1ee7i ro v\u00e0 n\u00f3 c\u00f3 th\u1ec3 l\u00e0 t\u00e0i s\u1ea3n r\u1ee7i ro cu\u1ed1i c\u00f9ng. N\u00f3 ho\u00e0n to\u00e0n c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan ngh\u1ecbch v\u1edbi l\u00e3i su\u1ea5t c\u1ee7a M\u1ef9.\n T\u00f4i c\u00f3 th\u1ec3 n\u00f3i v\u1edbi b\u1ea1n r\u1eb1ng \u0111\u1ec9nh cao c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t ng\u00e0y tr\u01b0\u1edbc khi l\u00e3i su\u1ea5t \u1edf M\u1ef9 b\u1eaft \u0111\u1ea7u t\u0103ng. Th\u00e1ng 3 n\u0103m 2022? Kh\u00f4ng, t\u00f4i ngh\u0129 l\u1ea7n \u0111\u1ea7u ti\u00ean ho\u1eb7c \u00edt nh\u1ea5t l\u00e0 l\u1ea7n c\u00f4ng b\u1ed1 l\u00e3i su\u1ea5t \u0111\u1ea7u ti\u00ean l\u00e0 ng\u00e0y 21 th\u00e1ng 11.\n V\u1ec1 c\u01a1 b\u1ea3n, ngay khi l\u00e3i su\u1ea5t b\u1eaft \u0111\u1ea7u t\u0103ng, ti\u1ec1n \u0111i\u1ec7n t\u1eed b\u1eaft \u0111\u1ea7u gi\u1ea3m. N\u00f3 \u0111\u00e3 gi\u1ea3m \u1ed3 \u1ea1t. H\u1ea7u h\u1ebft m\u1ecdi th\u1ee9 \u0111\u1ec1u gi\u1ea3m 90%, 95%.\n Nhi\u1ec1u d\u1ef1 \u00e1n \u0111\u00e3 ch\u1ebft. T\u1ea5t nhi\u00ean, nhi\u1ec1u d\u1ef1 \u00e1n ch\u1ec9 l\u00e0 meme, coin-ish v\u00e0 kh\u00f4ng th\u1ef1c s\u1ef1 kh\u1ea3 thi. N\u00f3 khi\u1ebfn t\u00f4i v\u00e0 \u0111\u1ed1i t\u00e1c c\u1ee7a t\u00f4i, v\u00e0 t\u00f4i s\u1ebd k\u1ec3 cho b\u1ea1n nghe v\u1ec1 anh \u1ea5y sau m\u1ed9t gi\u00e2y, \u0111\u1ec3 suy ngh\u0129 k\u1ef9, \u0111\u01b0\u1ee3c r\u1ed3i, tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 g\u00ec?\n Tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 g\u00ec? B\u1ecf qua v\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1, Bitcoin, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng sao c\u1ea3, nh\u01b0ng c\u0169ng kh\u00f4ng sao n\u1ebfu b\u1ea1n c\u1ea7n m\u1ed9t s\u1ea3n ph\u1ea9m ti\u1ebft ki\u1ec7m v\u00e0 b\u1ea1n \u0111ang \u1edf Argentina v\u00e0 \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi l\u1ea1m ph\u00e1t, nh\u01b0ng \u1edf M\u1ef9, n\u00f3 kh\u00f4ng qu\u00e1 h\u1eefu \u00edch. Cu\u1ed1i c\u00f9ng, tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng duy nh\u1ea5t, tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng duy nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang th\u1ef1c s\u1ef1 l\u00e0 ti\u1ec1n \u1ed5n \u0111\u1ecbnh.\n \u0110\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, USDC v\u00e0 USDT, l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa ph\u01b0\u01a1ng ti\u1ec7n trao \u0111\u1ed5i v\u00e0 ph\u01b0\u01a1ng ti\u1ec7n thanh to\u00e1n, \u0111\u1ed3ng th\u1eddi l\u00e0 n\u01a1i l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb v\u00e0 c\u1ef1c k\u1ef3 h\u1eefu \u00edch. M\u1ed9t l\u1ea7n n\u1eefa, \u0111i\u1ec1u n\u00e0y kh\u00f4ng th\u1ef1c s\u1ef1 h\u1eefu \u00edch \u1edf M\u1ef9 hay T\u00e2y \u00c2u, n\u01a1i b\u1ea1n c\u00f3 \u0111\u1ed3ng ti\u1ec1n kh\u00e1 \u1ed5n \u0111\u1ecbnh, nh\u01b0ng \u1edf Argentina, \u1edf Ch\u00e2u Phi, \u1edf h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia, l\u1ea1i c\u1ef1c k\u1ef3 h\u1eefu \u00edch. Ngay c\u1ea3 \u1edf \u0111\u00e1y c\u1ee7a th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, v\u1eabn c\u00f3 kho\u1ea3ng 130 t\u1ef7 \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh.\n Ph\u00e2n t\u00edch c\u1ee7a t\u00f4i cho th\u1ea5y ch\u00fang ta kh\u00f4ng c\u00f2n \u1edf trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t b\u1eb1ng 0 n\u1eefa. L\u00e3i su\u1ea5t qu\u1ef9 d\u00e0i h\u1ea1n c\u1ee7a FED s\u1ebd kh\u00f4ng \u1edf m\u1ee9c 0%. C\u00f3 th\u1ec3 n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 n\u0103m v\u00e0 m\u1ed9t ph\u1ea7n t\u01b0, c\u00f3 th\u1ec3 l\u00e0 300 \u0111i\u1ec3m c\u01a1 b\u1ea3n, 200 \u0111i\u1ec3m c\u01a1 b\u1ea3n, nh\u01b0ng n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 0, trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3, m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh kh\u00f4ng mang l\u1ea1i l\u1ee3i nhu\u1eadn, nh\u01b0 USDC v\u00e0 USDT, s\u1ebd kh\u00f4ng c\u00f3 \u00fd ngh\u0129a g\u00ec.\n Ngay b\u00e2y gi\u1edd, b\u1ea1n c\u00f3 Tether v\u00e0 sau \u0111\u00f3 l\u00e0 USDC, n\u01a1i b\u1ea1n \u0111\u01b0a cho h\u1ecd 100 USD, h\u1ecd \u0111i mua t\u00edn phi\u1ebfu kho b\u1ea1c, h\u1ecd ki\u1ebfm \u0111\u01b0\u1ee3c 5,5 \u0111\u00f4 la, b\u1ea1n kh\u00f4ng ki\u1ebfm \u0111\u01b0\u1ee3c g\u00ec. T\u00f4i ngh\u0129, \u0111i\u1ec1u \u0111\u00f3 ch\u1eb3ng c\u00f3 \u00fd ngh\u0129a g\u00ec c\u1ea3. C\u1ea7n c\u00f3 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh mang l\u1ea1i l\u1ee3i nhu\u1eadn.\n Nh\u00e2n ti\u1ec7n, \u00fd t\u01b0\u1edfng r\u1eb1ng ch\u00fang ta \u0111ang thanh to\u00e1n trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng b\u1eb1ng t\u00e0i kho\u1ea3n s\u00e9c v\u00e0 t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m \u0111\u00f3, s\u1ef1 ph\u00e2n bi\u1ec7t t\u00e0i kho\u1ea3n s\u00e9c, \u0111\u00f3 th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t m\u1ee5c s\u1ed5 c\u00e1i trong ng\u00e2n h\u00e0ng nh\u1eb1m t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn ng\u00e2n h\u00e0ng. \u0110\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1ch n\u00f3 ph\u1ea3i nh\u01b0 v\u1eady. Tr\u00ean th\u1ef1c t\u1ebf, c\u00f3 l\u00fd do khi\u1ebfn b\u1ea1n kh\u00f4ng th\u1ec3 thanh to\u00e1n h\u00f3a \u0111\u01a1n ho\u1eb7c t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m c\u1ee7a m\u00ecnh.\n N\u00f3 ch\u1ec9 l\u00e0 ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 ng\u00e2n h\u00e0ng t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn. T\u00f4i ngh\u0129, \u0111\u01b0\u1ee3c th\u00f4i, r\u00f5 r\u00e0ng, ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t kh\u00f4ng gian \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd. C\u00e2u h\u1ecfi m\u00e0 t\u00f4i \u0111\u00e3 h\u1ecfi \u0111\u1ed1i t\u00e1c c\u1ee7a m\u00ecnh v\u00e0 t\u00f4i s\u1ebd k\u1ec3 cho b\u1ea1n v\u1ec1 n\u00f3 sau, \u0111\u00f3 l\u00e0, c\u00f3 c\u00e1ch n\u00e0o h\u1ee3p ph\u00e1p \u0111\u1ec3 c\u00f3 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh mang l\u1ea1i l\u1ee3i nhu\u1eadn m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 cung c\u1ea5p ph\u1ea7n l\u1edbn l\u1ee3i nhu\u1eadn cho ng\u01b0\u1eddi d\u00f9ng cu\u1ed1i kh\u00f4ng?\n Anh \u1ea5y \u0111\u1ebfn t\u1eeb Goldman Sachs, t\u00ean anh \u1ea5y l\u00e0 Dennis. Ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m vi\u1ec7c c\u00f9ng nhau trong vi\u1ec7c ni\u00eam y\u1ebft xe, ch\u00fang t\u00f4i \u0111\u00e3 mua 200 tri\u1ec7u tr\u00e1i phi\u1ebfu kho b\u1ea1c, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u0103ng k\u00fd v\u1edbi SEC. Ch\u00fang t\u00f4i nh\u1eadn ra r\u1eb1ng tr\u00ean th\u1ef1c t\u1ebf, \u1edf \u0110\u1ee9c, h\u1ecd c\u00f3 khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd v\u1ec1 tr\u00e1i phi\u1ebfu kh\u00f4ng ghi t\u00ean, trong \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n, h\u1ecd th\u1ef1c hi\u1ec7n KYC v\u00e0 AML khi ph\u00e1t h\u00e0nh kho\u1ea3n mua l\u1ea1i, nh\u01b0ng t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch c\u1ee7a ng\u01b0\u1eddi k\u00fd th\u00ec kh\u00f4ng.\n Trong ph\u1ea1m vi ch\u00fang t\u00f4i c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh m\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt mang l\u1ea1i l\u1ee3i nhu\u1eadn, trong \u0111\u00f3 ch\u00fang t\u00f4i l\u00e0 nh\u1eefng ng\u01b0\u1eddi KYC v\u00e0 AML khi ph\u00e1t h\u00e0nh quy \u0111\u1ed5i, nh\u01b0ng t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch c\u1ee7a ng\u01b0\u1eddi k\u00fd th\u00ec kh\u00f4ng, KYC v\u00e0 AML, c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 t\u00edch h\u1ee3p trong DeFi v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch d\u00e0i h\u1ea1n , v\u00e2n v\u00e2n. N\u00f3 c\u00f3 r\u1ea5t nhi\u1ec1u \u00fd ngh\u0129a. Ch\u00fang t\u00f4i \u0111\u00e3 m\u1ea5t m\u1ed9t th\u1eddi gian v\u00ec b\u1ea1n ph\u1ea3i tu\u00e2n th\u1ee7 Mifit, b\u1ea1n c\u1ea7n \u0111\u01b0\u1ee3c c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd Ch\u00e2u \u00c2u ch\u1ea5p thu\u1eadn, ch\u00fang t\u00f4i ph\u1ea3i tu\u00e2n th\u1ee7 c\u1ee7a t\u00f4i, nh\u01b0ng cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty t\u00ean l\u00e0 Midas, n\u01a1i s\u1ea3n ph\u1ea9m \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 MT Bill.\n \u0110\u00f3 l\u00e0 m\u1ed9t h\u00f3a \u0111\u01a1n T-bill \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a t\u1eeb xa \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a t\u1eeb xa, tu\u00e2n th\u1ee7 \u0111\u1ea7y \u0111\u1ee7 quy \u0111\u1ecbnh m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n nhi\u1ec1u vi\u1ec7c, bao g\u1ed3m c\u1ea3 vi\u1ec7c ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p v\u00e0o c\u00e1c kho cho vay nh\u01b0 Morpho, n\u01a1i b\u1ea1n c\u00f3 th\u1ec3 vay d\u1ef1a tr\u00ean n\u00f3 ho\u1eb7c cho vay d\u1ef1a tr\u00ean n\u00f3. B\u1edfi v\u00ec t\u1ea5t nhi\u00ean, n\u1ebfu b\u1ea1n \u0111\u1ecbnh cho vay, b\u1ea1n c\u0169ng ph\u1ea3i c\u00f3 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p mang l\u1ea1i l\u1ee3i t\u1ee9c. V\u00e0 trong nh\u1eefng th\u1eddi \u0111i\u1ec3m m\u00e0 t\u1ef7 l\u1ec7 DeFi th\u1ea5p h\u01a1n t\u1ef7 l\u1ec7 T-bill, b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch mua c\u00f3 \u0111\u00f2n b\u1ea9y v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c 15-20% tr\u00ean c\u00e1c h\u00f3a \u0111\u01a1n c\u1ee7a m\u00ecnh.\n V\u00e0 ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 \u0111ang trong qu\u00e1 tr\u00ecnh tri\u1ec3n khai s\u1eed d\u1ee5ng c\u00f9ng m\u1ed9t khung ph\u00e1p l\u00fd, giao d\u1ecbch c\u01a1 s\u1edf trung l\u1eadp \u0111\u1ed3ng b\u1eb1ng. V\u00ec v\u1eady, trong m\u1ed9t s\u1ea3n ph\u1ea9m c\u00f3 t\u00ean N-basic. V\u00ec v\u1eady, nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra, c\u00f4ng ty c\u00f3 l\u1ebd th\u00e0nh c\u00f4ng nh\u1ea5t trong n\u0103m ngo\u00e1i trong l\u0129nh v\u1ef1c ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 c\u00f4ng ty c\u00f3 t\u00ean Athena, c\u00f4ng ty thu th\u1eadp \u0111\u01b0\u1ee3c 3 t\u1ef7 t\u00e0i s\u1ea3n nhanh nh\u1ea5t.\n V\u00e0 \u0111i\u1ec1u g\u00ec x\u1ea3y ra trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean? V\u00ec v\u1eady, \u0111i\u1ec1u t\u00f4i mu\u1ed1n Midas tr\u1edf th\u00e0nh l\u00e0 m\u1ed9t c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed an to\u00e0n cho ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 cung c\u1ea5p c\u00e1c s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0 c\u1ea5p t\u1ed5 ch\u1ee9c ho\u1ea1t \u0111\u1ed9ng \u1edf c\u1ea3 th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng v\u00e0 th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean. V\u00ec v\u1eady, trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, b\u1ea1n c\u00f3 m\u1ed9t s\u1ea3n ph\u1ea9m T-bill, cung c\u1ea5p cho b\u1ea1n t\u1ef7 gi\u00e1 T-bill, v\u00e0 sau \u0111\u00f3 l\u00e0 th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m nh\u1eefng \u0111i\u1ec1u th\u00fa v\u1ecb trong DeFi.\n V\u00e0 sau \u0111\u00f3 l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng, b\u1ea1n c\u00f3 m\u1ed9t s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 b\u1ea3n. V\u00ec v\u1eady, c\u00e1ch n\u00f3 ho\u1ea1t \u0111\u1ed9ng l\u00e0 b\u1edfi v\u00ec m\u1ecdi ng\u01b0\u1eddi tin v\u00e0o th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean r\u1eb1ng Bitcoin, Ethereum v\u00e0 c\u00e1c lo\u1ea1i ti\u1ec1n kh\u00e1c s\u1ebd c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n trong t\u01b0\u01a1ng lai so v\u1edbi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, \u0111i\u1ec1u b\u1ea1n l\u00e0m l\u00e0 t\u1ea1o ra m\u1ed9t giao d\u1ecbch c\u01a1 b\u1ea3n n\u01a1i b\u1ea1n&#8217; N\u1ebfu mua v\u1ecb th\u1ebf, b\u1ea1n s\u1edf h\u1eefu v\u1ecb th\u1ebf v\u00e0 b\u1ea1n b\u00e1n kh\u1ed1ng t\u1ef7 gi\u00e1 t\u01b0\u01a1ng lai. V\u00e0 v\u00ec \u0111i\u1ec1u \u0111\u00f3, v\u00e0 b\u1ea1n t\u1ea1o ra m\u1ed9t s\u1ea3n ph\u1ea9m trong t\u01b0\u01a1ng lai, v\u00ec \u0111i\u1ec1u \u0111\u00f3, m\u1ecdi ng\u01b0\u1eddi r\u1ea5t l\u1ea1c quan, h\u1ecd ngh\u0129 BTC s\u1ebd c\u00f3 gi\u00e1 tr\u1ecb 100k, 120k, m\u1ed9t tri\u1ec7u, b\u1ea5t k\u1ec3 gi\u00e1 tr\u1ecb \u0111\u00f3 l\u00e0 bao nhi\u00eau trong t\u01b0\u01a1ng lai, b\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c m\u1ee9c ch\u00eanh l\u1ec7ch \u0111\u00f3.\n V\u00e0 m\u1ee9c ch\u00eanh l\u1ec7ch \u0111\u00f3 trong c\u00e1c th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean c\u00f3 th\u1ec3 c\u00f3 gi\u00e1 tr\u1ecb l\u00ean t\u1edbi 50% m\u1ed9t n\u0103m. V\u00ec n\u1ebfu b\u1ea1n cho r\u1eb1ng n\u00f3 t\u0103ng g\u1ea5p \u0111\u00f4i th\u00ec b\u1ea1n s\u1eb5n s\u00e0ng tr\u1ea3 50%. B\u00e2y gi\u1edd, r\u00f5 r\u00e0ng l\u00e0 n\u00f3 di chuy\u1ec3n l\u00ean xu\u1ed1ng d\u1ef1a tr\u00ean k\u1ef3 v\u1ecdng trong t\u01b0\u01a1ng lai c\u1ee7a m\u1ecdi ng\u01b0\u1eddi v\u1ec1 gi\u00e1 c\u1ea3.\n Nh\u01b0ng \u0111\u00f3 l\u00e0 s\u1ea3n ph\u1ea9m ch\u00fang t\u00f4i s\u1ebd tung ra trong v\u00e0i tu\u1ea7n t\u1edbi. V\u00ec v\u1eady, Midas th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m b\u1ea3o m\u1eadt \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c, ho\u00e0n to\u00e0n tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh, ph\u00e1 s\u1ea3n t\u1eeb xa, v\u1edbi hai s\u1ea3n ph\u1ea9m ch\u00ednh, h\u00f3a \u0111\u01a1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 s\u1edf \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a, s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 s\u1edf trung l\u1eadp delta.\n Jack: Trong ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y, ch\u00fang t\u00f4i n\u00f3i r\u1ea5t nhi\u1ec1u v\u1ec1 t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng. V\u00ec v\u1eady, giao d\u1ecbch c\u01a1 b\u1ea3n m\u00e0 ch\u00fang ta \u0111\u00e3 n\u00f3i \u0111\u1ebfn l\u00e0 b\u00e1n kh\u1ed1ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu kho b\u1ea1c v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n. Nh\u1eefng g\u00ec b\u1ea1n \u0111ang \u0111\u1ec1 c\u1eadp \u0111\u1ebfn l\u00e0 m\u1ed9t lo\u1ea1i ti\u1ec1n \u0111i\u1ec7n t\u1eed t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi \u0111i\u1ec1u \u0111\u00f3, l\u00e0 b\u00e1n kh\u1ed1ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai Bitcoin v\u00e0 s\u1edf h\u1eefu Bitcoin th\u1ef1c t\u1ebf.\n Ch\u00ednh x\u00e1c. V\u00e0 l\u00fd do khi\u1ebfn giao d\u1ecbch \u0111\u00f3 c\u00f3 l\u1ee3i nhu\u1eadn l\u00e0 v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u l\u1ea1c quan v\u1ec1 Bitcoin \u0111\u1ebfn m\u1ee9c h\u1ecd ch\u1ec9 mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai Bitcoin. Ch\u00ednh x\u00e1c.\n Fabrice: V\u00e0 do \u0111\u00f3, giao d\u1ecbch theo xu h\u01b0\u1edbng t\u0103ng gi\u00e1 hi\u1ec7n t\u1ea1i ch\u1ec9 mang l\u1ea1i l\u1ee3i nhu\u1eadn, \u00fd t\u00f4i l\u00e0, ch\u1ec9 15% ho\u1eb7c h\u01a1n. Nh\u01b0ng gi\u1ed1ng nh\u01b0 v\u00e0i th\u00e1ng tr\u01b0\u1edbc, khi m\u1ecdi ng\u01b0\u1eddi th\u1ef1c s\u1ef1 l\u1ea1c quan th\u00ec t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn l\u00e0 50%. V\u00e0 s\u1ea3n ph\u1ea9m t\u01b0\u01a1ng lai v\u0129nh vi\u1ec5n th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t ph\u00e1t minh v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed, n\u01a1i n\u00f3 \u0111\u1ecbnh gi\u00e1 l\u1ea1i sau m\u1ed7i t\u00e1m gi\u1edd ho\u1eb7c l\u00e2u h\u01a1n.\n Nh\u01b0ng m\u1ecdi ng\u01b0\u1eddi th\u00edch \u0111\u00f2n b\u1ea9y trong l\u0129nh v\u1ef1c kinh doanh n\u00e0y ho\u1eb7c trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, v\u00e0 c\u00f3 r\u1ea5t nhi\u1ec1u y\u1ebfu t\u1ed1 tho\u00e1i h\u00f3a. V\u00e0 v\u00ec v\u1eady \u0111\u00e2y l\u00e0 m\u1ed9t giao d\u1ecbch c\u00f3 l\u1ee3i nhu\u1eadn c\u1ef1c k\u1ef3 cao. B\u00e2y gi\u1edd, n\u00f3 ch\u1ec9 c\u00f3 t\u00e1c d\u1ee5ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean, ph\u1ea3i kh\u00f4ng?\n Gi\u1ed1ng nh\u01b0 n\u00f3 ch\u1eafc ch\u1eafn s\u1ebd kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, nh\u01b0ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng, khi \u0111\u00f3 b\u1ea1n chuy\u1ec3n sang s\u1ea3n ph\u1ea9m T-bill \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a, \u0111\u00e2y ch\u1ec9 l\u00e0 s\u1ea3n ph\u1ea9m ti\u1ebft ki\u1ec7m, an to\u00e0n c\u1ee7a b\u1ea1n cho \u0111\u1ebfn khi b\u1ea1n c\u1ea3m th\u1ea5y l\u1ea1c quan h\u01a1n. V\u00e0 giao d\u1ecbch \u0111\u00f3 c\u00f3 hi\u1ec7u qu\u1ea3, c\u1ea3 hai s\u1ea3n ph\u1ea9m n\u00e0y \u0111\u1ec1u l\u00e0 nh\u1eefng c\u00f4ng c\u1ee5 c\u01a1 b\u1ea3n m\u00e0 nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n tham gia DeFi v\u00e0 h\u1ec7 sinh th\u00e1i ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u00ean s\u1eed d\u1ee5ng.\n Jack: o MT-bill \u0111ang ho\u1ea1t \u0111\u1ed9ng, M-basis \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai.\n Fabrice: \u0110\u00fang. MT-bill \u0111ang ho\u1ea1t \u0111\u1ed9ng, M-basis s\u1ebd ho\u1ea1t \u0111\u1ed9ng trong v\u00f2ng m\u1ed9t th\u00e1ng ho\u1eb7c l\u00e2u h\u01a1n. V\u00e2ng, v\u1ec1 c\u01a1 b\u1ea3n, ch\u00fang t\u00f4i hi\u1ec7n \u0111ang \u0111\u00e0m ph\u00e1n v\u1ec1 vi\u1ec7c ai trong s\u1ed1 ba nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n m\u00e0 ch\u00fang t\u00f4i s\u1ebd h\u1ee3p t\u00e1c \u0111\u1ec3 th\u1ef1c hi\u1ec7n t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch.\n Jack: Hi\u1ec3u r\u1ed3i. V\u00ec v\u1eady, trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng, v\u00e0o th\u00e1ng 3 n\u0103m 2020, Fed \u0111\u00e3 \u0111\u01b0a l\u00e3i su\u1ea5t v\u1ec1 0 v\u00e0 l\u00e3i su\u1ea5t tr\u00ean \u0111\u01b0\u1eddng cong v\u1ec1 0, th\u1ef1c hi\u1ec7n nhi\u1ec1u bi\u1ec7n ph\u00e1p n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng, \u0111i\u1ec1u n\u00e0y gi\u00e1n ti\u1ebfp khi\u1ebfn d\u1ef1 tr\u1eef tr\u00e0n ng\u1eadp h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. V\u00e0 k\u1ebft qu\u1ea3 l\u00e0 r\u1ea5t nhi\u1ec1u ti\u1ec1n g\u1eedi \u0111\u00e3 \u0111\u01b0\u1ee3c t\u1ea1o ra.\n V\u00ec v\u1eady, c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 r\u1ea5t nhi\u1ec1u t\u00e0i s\u1ea3n v\u00e0 c\u00f3 m\u1ed9t l\u01b0\u1ee3ng l\u1edbn ti\u1ec1n g\u1eedi NIB kh\u00f4ng ch\u1ecbu l\u00e3i su\u1ea5t trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. V\u00e0, b\u1ea1n bi\u1ebft \u0111\u1ea5y, b\u1ea1n c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c s\u00e1u \u0111i\u1ec3m c\u01a1 b\u1ea3n, nh\u01b0ng b\u1ea1n kh\u00f4ng th\u1ef1c s\u1ef1 quan t\u00e2m v\u00ec kh\u00f4ng, s\u00e1u \u0111i\u1ec3m c\u01a1 b\u1ea3n, ai quan t\u00e2m ch\u1ee9? V\u00e0 v\u00e0o n\u0103m 2022, khi l\u00e3i su\u1ea5t t\u0103ng, \u0111\u00e3 c\u00f3 m\u1ed9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u1edbn, m\u1ed9t d\u00f2ng ti\u1ec1n ch\u1ea3y ra ngo\u00e0i ti\u1ec1n g\u1eedi kh\u00f4ng ch\u1ecbu l\u00e3i v\u00e0o c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i t\u1ee9c c\u0169ng nh\u01b0 ti\u1ec1n g\u1eedi ch\u1ecbu l\u00e3i.\n V\u00ec v\u1eady, lu\u1eadn \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed s\u1ebd tr\u1ea3i qua qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i \u0111\u00f3 v\u00e0 ti\u1ec1n s\u1ebd ch\u1ea3y ra t\u1eeb c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh kh\u00f4ng ch\u1ecbu l\u00e3i su\u1ea5t nh\u01b0 tether ho\u1eb7c khoanh tr\u00f2n USDT ho\u1eb7c USDC v\u00e0 \u0111i v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 mang l\u1ea1i l\u1ee3i nhu\u1eadn.\n Fabrice: \u0110\u00fang. T\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a b\u1ea1n, ch\u1ec9 c\u1ea7n h\u00f3a \u0111\u01a1n ho\u1eb7c lo\u1ea1i s\u1ea3n ph\u1ea9m giao d\u1ecbch c\u01a1 b\u1ea3n. Tuy\u1ec7t \u0111\u1ed1i.\n V\u00e0 n\u00f3 c\u00f3 \u00fd ngh\u0129a, ph\u1ea3i kh\u00f4ng? Hi\u1ec7n t\u1ea1i, Tether l\u00e0 c\u00f4ng ty c\u00f3 l\u1ee3i nhu\u1eadn cao nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi t\u00ednh tr\u00ean m\u1ed7i nh\u00e2n vi\u00ean. \u0110i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 \u00fd ngh\u0129a.\n Jack: V\u00e2ng. V\u00ec v\u1eady, Tether v\u00e0 t\u00f4i mu\u1ed1n chia s\u1ebb tr\u1ea3i nghi\u1ec7m c\u1ee7a m\u00ecnh v\u1ec1 n\u00f3, khi nghe, b\u1ea1n bi\u1ebft \u0111\u1ea5y, m\u1ed9t s\u1ed1 \u0111i\u1ec1u ho\u00e0i nghi v\u1ec1 Tether v\u00e0 c\u0169ng n\u00f3i r\u1eb1ng, h\u00e3y nh\u00ecn xem, n\u1ebfu h\u1ecd c\u00f3 t\u1ea5t c\u1ea3 ti\u1ec1n, 60 t\u1ef7 ho\u1eb7c b\u00e2y gi\u1edd l\u00e0 h\u01a1n m\u1ed9t tr\u0103m t\u1ef7 \u0111\u00f4 la, t\u1ea1i sao kh\u00f4ng kh\u00f4ng ph\u1ea3i h\u1ecd v\u1eeba \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh sao? T\u1ea1i sao h\u1ecd kh\u00f4ng \u0111i ki\u1ec3m tra v\u00e0 ch\u1ee9ng minh r\u1eb1ng h\u1ecd c\u00f3 n\u00f3?\n H\u1ecd ph\u00e1t h\u00e0nh nh\u1eefng ch\u1ee9ng th\u1ef1c n\u00e0y. \u0110\u1ee7 th\u00fa v\u1ecb, h\u00e0i h\u01b0\u1edbc khi ti\u1ebft l\u1ed9 r\u1eb1ng m\u1ecdi chuy\u1ec7n kh\u00f4ng bao gi\u1edd k\u1ebft th\u00fac nh\u01b0 b\u1ea1n ngh\u0129. T\u00f4i nh\u1edb \u0111\u00e3 nghe m\u1ed9t podcast r\u1ea5t n\u1ed5i ti\u1ebfng trong \u0111\u00f3 Sam Baikman Freed \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 b\u00e1o r\u1ea5t gi\u1ecfi h\u1ecfi, chuy\u1ec7n g\u00ec x\u1ea3y ra v\u1edbi Tether v\u1eady?\n Tether c\u00f3 ph\u1ea3i l\u00e0 l\u1eeba \u0111\u1ea3o kh\u00f4ng? Tether s\u1eafp n\u1ed5 tung? T\u1ea5t nhi\u00ean, Tether v\u1eabn c\u00f2n \u1edf \u0111\u00e2y v\u00e0 \u0111\u1ebf ch\u1ebf c\u1ee7a Sam Baikman Freed \u0111\u00e3 ho\u00e0n to\u00e0n s\u1ee5p \u0111\u1ed5 v\u00e0 anh ta \u0111ang ph\u1ea3i ng\u1ed3i t\u00f9.\n Fabrice: N\u1ebfu c\u00f3 l\u1ed7 h\u1ed5ng n\u00e0o trong b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n ng\u00e2n h\u00e0ng Tether do s\u1ed1 ti\u1ec1n h\u1ecd in mu\u1ed9n g\u1ea7n \u0111\u00e2y, t\u00f4i c\u00e1 l\u00e0 h\u1ecd \u0111\u00e3 b\u1ecbt l\u1ed7 h\u1ed5ng.\n Jack: V\u00e2ng. B\u1edfi v\u00ec h\u1ecd c\u00f3 chi ph\u00ed th\u1ea5p nh\u01b0 v\u1eady v\u00e0 h\u1ecd kh\u00f4ng ph\u1ea3i tr\u1ea3 b\u1ea5t k\u1ef3 kho\u1ea3n ti\u1ec1n g\u1eedi n\u00e0o v\u00e0 h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c l\u00e3i su\u1ea5t hi\u1ec7n \u1edf m\u1ee9c 5,3%. Ch\u00ednh x\u00e1c. Hi\u1ec3u r\u1ed3i.\n V\u00e0 sau \u0111\u00f3 Circle, USDC, h\u00e3y n\u00f3i cho t\u00f4i bi\u1ebft v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 b\u1edfi v\u00ec, b\u1ea1n bi\u1ebft \u0111\u1ea5y, t\u00f4i ngh\u0129 v\u1ec1 \u0111i\u1ec1u \u0111\u00f3, \u0111\u01b0\u1ee3c th\u00f4i, ch\u00fang ta s\u1ebd h\u1ee3p ph\u00e1p h\u00f3a c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, ch\u00fang ta s\u1ebd \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n, ch\u00fang ta s\u1ebd c\u00f3 m\u1eb7t tr\u00ean \u0111\u1ea5t li\u1ec1n. V\u00e0 v\u00ec v\u1eady h\u1ecd c\u00f3 Kho b\u1ea1c Hoa K\u1ef3, nh\u01b0ng t\u00f4i ngh\u0129 h\u1ecd c\u0169ng c\u00f3 th\u1ec3 c\u00f3 th\u1ee9 g\u00ec \u0111\u00f3 b\u1eb1ng ti\u1ec1n \u0111\u1ec3 ch\u1ed1ng l\u1ea1i c\u00e1c qu\u1ef9. T\u00f4i bi\u1ebft th\u1ef1c t\u1ebf l\u00e0 h\u1ecd c\u00f3 ti\u1ec1n g\u1eedi t\u1ea1i Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon.\n V\u00ec v\u1eady, \u0111\u00e3 c\u00f3 m\u1ed9t \u0111\u1ee3t gi\u1ea3m gi\u00e1 v\u00e0o th\u00e1ng 3 n\u0103m 2023 v\u00ec c\u00f3 nh\u1eefng lo ng\u1ea1i v\u1ec1 vi\u1ec7c li\u1ec7u kho\u1ea3n ti\u1ec1n n\u00e0y c\u00f3 quay tr\u1edf l\u1ea1i kh\u00f4ng, kho\u1ea3n ti\u1ec1n g\u1eedi n\u00e0y c\u00f3 t\u1ed1t kh\u00f4ng? R\u00f5 r\u00e0ng l\u00e0 h\u1ecd \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 gi\u1edbi h\u1ea1n m\u1ed9t ph\u1ea7n t\u01b0 tri\u1ec7u \u0111\u00f4 la. Cu\u1ed1i c\u00f9ng, t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u00e3 b\u1ecb ch\u1eb7n l\u1ea1i.\n Fabrice: B\u1ea1n c\u00f3 ngh\u0129 Circle \u0111\u00e3 c\u1ea3i ti\u1ebfn kh\u00f4ng, nh\u01b0ng b\u1ea1n ch\u1ec9 \u0111ang t\u00ecm ki\u1ebfm- \u0110\u00fang v\u1eady, Circle ch\u1eafc ch\u1eafn t\u1ed1t h\u01a1n nhi\u1ec1u, nh\u01b0ng h\u1ecd kh\u00f4ng th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn cho b\u1ea1n v\u00ec n\u1ebfu h\u1ecd mang l\u1ea1i cho b\u1ea1n l\u1ee3i nhu\u1eadn th\u00ec \u0111\u00f3 s\u1ebd l\u00e0 m\u1ed9t m\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt v\u00e0 h\u1ecd th\u00ec kh\u00f4ng&#8217; T\u00f4i kh\u00f4ng mu\u1ed1n tr\u1edf th\u00e0nh c\u01a1 quan \u0111\u0103ng k\u00fd b\u1ea3o m\u1eadt \u1edf M\u1ef9. N\u00f3 th\u1ef1c s\u1ef1 s\u1ebd ph\u00e1 v\u1ee1 m\u1ee5c \u0111\u00edch c\u1ee7a m\u1ecdi th\u1ee9 h\u1ecd \u0111\u00e3 x\u00e2y d\u1ef1ng. Hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 s\u1eb5n \u1edf Hoa K\u1ef3 v\u00ec l\u00fd do ch\u00ednh x\u00e1c \u0111\u00f3, ch\u00fang t\u00f4i l\u00e0 m\u1ed9t gi\u1ea3i ph\u00e1p \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u1edf c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c nh\u01b0ng kh\u00f4ng ph\u1ea3i \u1edf Hoa K\u1ef3.\n V\u00e0 v\u1edbi nh\u1eefng g\u00ec Circle mu\u1ed1n l\u00e0m, t\u00f4i kh\u00f4ng ngh\u0129 \u0111\u00f3 l\u00e0 con \u0111\u01b0\u1eddng h\u1ecd c\u00f3 th\u1ec3 \u0111i theo ho\u1eb7c \u0111i tr\u1eeb khi ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd t\u1ea1i Hoa K\u1ef3 c\u1ee7a h\u1ecd thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3. Trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3 th\u00ec c\u00f3, ho\u1eb7c nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m c\u00f3 v\u1ecb tr\u00ed t\u1ed1t h\u01a1n \u0111\u1ec3 l\u00e0m vi\u1ec7c n\u00e0y h\u01a1n ch\u00fang t\u00f4i. V\u1ec1 l\u00fd thuy\u1ebft, c\u00e2u tr\u1ea3 l\u1eddi l\u00e0 c\u00f3, nh\u01b0ng v\u1ec1 m\u1eb7t quy \u0111\u1ecbnh, t\u00f4i kh\u00f4ng ngh\u0129 h\u1ecd c\u00f3 th\u1ec3 thay \u0111\u1ed5i c\u1ea5u tr\u00fac th\u00e0nh m\u1ed9t trong hai c\u1ea5u tr\u00fac \u0111\u00f3 v\u00e0 ch\u00fang kh\u00f4ng th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn.\n V\u00e0 SEC \u0111\u00e3 nh\u1eafm v\u00e0o b\u1ea5t k\u1ef3 ai \u0111ang c\u1ed1 g\u1eafng \u0111\u01b0a ra s\u1ed1 l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn kh\u00e1 t\u00edch c\u1ef1c t\u1eeb Coinbase \u0111\u1ebfn BlockFi, b\u1ea1n c\u00f3 th\u1ec3 k\u1ec3 t\u00ean n\u00f3.\n Jack: B\u1ea1n \u0111ang \u1edf trong ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd n\u00e0o v\u00e0 m\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 tham gia v\u00e0o h\u00f3a \u0111\u01a1n MT \u1edf \u0111\u00e2u?\n Fabrice: V\u00ec v\u1eady, h\u1ecd kh\u00f4ng th\u1ec3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 \u1edf M\u1ef9, nh\u01b0ng \u1edf kh\u1eafp Ch\u00e2u \u00c2u- B\u1ea5t k\u1ef3 qu\u1ed1c gia n\u00e0o ngo\u00e0i Hoa K\u1ef3 v\u00e0 c\u00e1c qu\u1ed1c gia b\u1ecb tr\u1eebng ph\u1ea1t. V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u1edf Ch\u00e2u \u00c2u, c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 mua ch\u00fang t\u00f4i \u1edf b\u1ea5t k\u1ef3 \u0111\u00e2u t\u1eeb Ch\u00e2u M\u1ef9 Latinh \u0111\u1ebfn Ch\u00e2u Phi. \u00dd t\u00f4i l\u00e0, \u1edf b\u1ea5t c\u1ee9 \u0111\u00e2u tr\u1eeb khi b\u1ea1n b\u1ecb tr\u1eebng ph\u1ea1t ho\u1eb7c Hoa K\u1ef3.\n Hi\u1ec3u r\u1ed3i. V\u1eady c\u00f2n Trung Qu\u1ed1c th\u00ec sao? T\u00f4i ngh\u0129 Trung Qu\u1ed1c c\u0169ng l\u00e0 m\u1ed9t n\u01a1i kh\u00f4ng n\u00ean \u0111i, nh\u01b0ng t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 chuy\u00ean gia v\u1ec1 qu\u1ea3n l\u00fd.\n C\u00f3 l\u1ebd t\u00f4i n\u00ean bi\u1ebft c\u00e2u tr\u1ea3 l\u1eddi cho c\u00e2u h\u1ecfi \u0111\u00f3. Tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i nghi ng\u1edd c\u00e2u tr\u1ea3 l\u1eddi c\u00f3 l\u1ebd l\u00e0 kh\u00f4ng.\n Jack: Hi\u1ec3u r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, c\u00f3 an to\u00e0n kh\u00f4ng khi n\u00f3i r\u1eb1ng Hoa K\u1ef3 c\u00f3 cu\u1ed9c \u0111\u00e0n \u00e1p ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u1ee9ng r\u1eafn h\u01a1n, \u00edt khoan dung h\u01a1n h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia kh\u00e1c tr\u00ean th\u1ebf gi\u1edbi?\n Fabrice: \u1ed2, ch\u1eafc ch\u1eafn r\u1ed3i. \u00dd t\u00f4i l\u00e0, th\u1ef1c t\u1ebf l\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m \u1edf Ch\u00e2u \u00c2u, tu\u00e2n th\u1ee7 ho\u00e0n to\u00e0n c\u00e1c quy \u0111\u1ecbnh, v.v., th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t minh h\u1ecda cho \u0111i\u1ec1u \u0111\u00f3. Kh\u00f4ng c\u00f3- \u00dd t\u00f4i l\u00e0, nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111ang ch\u00e0o b\u00e1n, h\u00e3y ngh\u0129 m\u00e0 xem, ch\u00fang t\u00f4i \u0111ang mua t\u00edn phi\u1ebfu kho b\u1ea1c M\u1ef9.\n \u0110\u00e2y l\u00e0 \u0111i\u1ec1u tuy\u1ec7t v\u1eddi cho ch\u00ednh ph\u1ee7 M\u1ef9. Ch\u00fang t\u00f4i \u0111ang t\u00e0i tr\u1ee3 cho kho\u1ea3n n\u1ee3 c\u1ee7a n\u00f3. B\u1ea1n s\u1ebd ngh\u0129 r\u1eb1ng \u0111\u00e2y l\u00e0 s\u1ea3n ph\u1ea9m duy nh\u1ea5t h\u1ecd y\u00eau th\u00edch nh\u01b0ng l\u1ea1i b\u1ea5t h\u1ee3p ph\u00e1p \u1edf M\u1ef9.\n \u00dd t\u00f4i l\u00e0, n\u00f3 th\u1eadt bu\u1ed3n c\u01b0\u1eddi. V\u00ec v\u1eady, Hoa K\u1ef3 c\u1ef1c k\u1ef3 b\u1ea3o th\u1ee7 v\u00e0 l\u1ea1c h\u1eadu, v\u00e0 t\u00f4i th\u00edch h\u1ecd, v\u00e0 t\u00f4i hy v\u1ecdng r\u1eb1ng \u0111\u1ebfn m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3 h\u1ecd s\u1ebd c\u00f3 t\u01b0 duy ti\u1ebfn b\u1ed9 h\u01a1n. Ph\u1ea3i th\u1eeba nh\u1eadn r\u1eb1ng \u0111\u00e3 c\u00f3 r\u1ea5t nhi\u1ec1u v\u1ee5 gian l\u1eadn li\u00ean quan \u0111\u1ebfn ti\u1ec1n \u0111i\u1ec7n t\u1eed trong nh\u1eefng n\u0103m qua?\n Tuy\u1ec7t \u0111\u1ed1i. ICO, \u0111\u1ed3ng meme, nh\u1eefng th\u1ee9 kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n, nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 lo\u1ea1i b\u1ecf to\u00e0n b\u1ed9 danh m\u1ee5c n\u00e0y. N\u00f3 c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t ng\u01b0\u1eddi \u0111i\u1ec1u ch\u1ec9nh th\u00f4ng minh.\n \u0110\u00e1ng bu\u1ed3n thay, v\u1ea5n \u0111\u1ec1 l\u00e0 c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd ch\u01b0a th\u1ef1c s\u1ef1 \u0111\u1ee7 n\u0103ng l\u1ef1c v\u00e0\/ho\u1eb7c th\u00f4ng minh. V\u00ec v\u1eady, t\u00f4i mu\u1ed1n c\u00f3 quy \u0111\u1ecbnh th\u00f4ng minh h\u01a1n \u1edf Hoa K\u1ef3, n\u01a1i b\u1ea1n th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 ng\u0103n ch\u1eb7n c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng gian l\u1eadn m\u00e0 v\u1eabn cho ph\u00e9p \u0111\u1ed5i m\u1edbi. V\u00e0 t\u00f4i hy v\u1ecdng \u0111i\u1ec1u \u0111\u00f3 s\u1ebd \u0111\u1ebfn v\u00e0o m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3.\n Trong l\u1ecbch s\u1eed, Hoa K\u1ef3 t\u1eebng l\u00e0 trung t\u00e2m \u0111\u1ed5i m\u1edbi h\u1ea1nh ph\u00fac. V\u00e0 r\u1ea5t nhi\u1ec1u s\u1ef1 \u0111\u1ed5i m\u1edbi v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u1ef1c s\u1ef1 di\u1ec5n ra \u1edf New York, trong m\u1ed9t ti\u1ec3u bang m\u00e0 tr\u00ean th\u1ef1c t\u1ebf, h\u1ea7u h\u1ebft c\u00e1c ho\u1ea1t \u0111\u1ed9ng n\u00e0y th\u1ef1c s\u1ef1 l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p. V\u00ec v\u1eady, n\u00f3 kh\u00e1 k\u1ef3 l\u1ea1.\n Ch\u00fang t\u00f4i c\u00f3 s\u1ef1 \u0111\u1ed3ng thu\u1eadn \u1edf \u0111\u00f3. Ch\u00fang t\u00f4i c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00e1c nh\u01b0ng b\u1ea1n kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p ho\u1ea1t \u0111\u1ed9ng. V\u00ec v\u1eady, n\u00f3 r\u1ea5t k\u1ef3 qu\u1eb7c.\n Jack: V\u00e0 nh\u01b0 v\u1eady b\u1ea1n \u0111\u00e3 n\u00f3i tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh v\u00e0 ph\u00e1 s\u1ea3n t\u1eeb xa. H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 g\u00ec, b\u1edfi v\u00ec nh\u01b0 b\u1ea1n \u0111\u00e3 \u0111\u1ec1 c\u1eadp tr\u01b0\u1edbc \u0111\u00f3 trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u00e0o n\u0103m 2020, 2021, th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 r\u1ea5t nhi\u1ec1u giao th\u1ee9c mang l\u1ea1i l\u1ee3i nhu\u1eadn 10%, 20%, 30% d\u01b0\u1eddng nh\u01b0 c\u00f3 r\u1ee7i ro th\u1ea5p ho\u1eb7c \u0111\u01b0\u1ee3c ng\u1ee5 \u00fd l\u00e0 c\u00f3 nguy c\u01a1 th\u1ea5p. V\u1eady th\u1ef1c ra b\u1ea1n \u0111ang n\u00f3i r\u1eb1ng \u0111\u00e2y l\u00e0 ch\u1ee9ng kho\u00e1n Kho b\u1ea1c Hoa K\u1ef3 m\u00e0 b\u1ea1n s\u1edf h\u1eefu, lo\u1ea1i ch\u1ee9ng kho\u00e1n \u00edt r\u1ee7i ro nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi, t\u00edn phi\u1ebfu Kho b\u1ea1c.\n Fabrice: V\u00e2ng. V\u00ec v\u1eady, ph\u00e1 s\u1ea3n t\u1eeb xa, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu ch\u00fang t\u00f4i ph\u00e1 s\u1ea3n, t\u00e0i s\u1ea3n c\u1ee7a b\u1ea1n s\u1ebd l\u00e0 c\u1ee7a b\u1ea1n. V\u00e0 b\u1edfi v\u00ec ch\u00fang t\u00f4i s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n ho\u1eb7c t\u00edn phi\u1ebfu kho b\u1ea1c n\u00ean b\u1ea1n c\u00f3 t\u00e0i s\u1ea3n c\u1ee7a ri\u00eang m\u00ecnh.\n V\u00ec v\u1eady, ngay c\u1ea3 khi c\u00f4ng ty ph\u00e1 s\u1ea3n, b\u1ea1n v\u1eabn c\u00f3 quy\u1ec1n truy c\u1eadp, b\u1ea1n v\u1eabn s\u1edf h\u1eefu c\u00e1c t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 thu h\u1ed3i ch\u00fang. V\u00ec v\u1eady, r\u1ee7i ro duy nh\u1ea5t b\u1ea1n \u0111ang g\u1eb7p ph\u1ea3i l\u00e0 t\u00ecnh tr\u1ea1ng v\u1ee1 n\u1ee3 c\u1ee7a ch\u00ednh ph\u1ee7 Hoa K\u1ef3. V\u00ec v\u1eady, r\u1ee7i ro h\u00f3a \u0111\u01a1n T th\u1ef1c t\u1ebf.\n V\u00ec v\u1eady, ch\u00fang t\u00f4i kh\u00f4ng h\u1ee3p t\u00e1c, qu\u1ef9 kh\u00f4ng \u0111\u1ee9ng t\u00ean ch\u00fang t\u00f4i. Ch\u00fang th\u1ef1c s\u1ef1 n\u1eb1m trong v\u00ed c\u1ee7a b\u1ea1n. N\u00f3 kh\u00f4ng gi\u1ed1ng nh\u01b0 SBF, n\u1ebfu b\u1ea1n mu\u1ed1n, v\u00e0 khi h\u1ecd l\u00e0m FTX, v\u1ec1 c\u01a1 b\u1ea3n h\u1ecd \u0111ang \u1edf \u0111\u00f3, h\u1ecd \u0111ang ch\u01a1i b\u1eb1ng ti\u1ec1n c\u1ee7a kh\u00e1ch h\u00e0ng.\n V\u00e0 n\u1ebfu h\u1ecd ph\u00e1 s\u1ea3n, h\u1ecd s\u1ebd m\u1ea5t ti\u1ec1n c\u1ee7a kh\u00e1ch h\u00e0ng. V\u00ec v\u1eady, vi\u1ec7c ph\u00e1 s\u1ea3n t\u1eeb xa l\u00e0 m\u1ed9t \u0111i\u1ec1u kh\u00e1 hi\u1ebfm trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u01b0ng t\u00f4i ngh\u0129, \u0111\u00f3 ph\u1ea3i l\u00e0 ti\u00eau chu\u1ea9n m\u00e0 ngay c\u1ea3 khi b\u1ea1n ph\u00e1 s\u1ea3n, kh\u00e1ch h\u00e0ng v\u1eabn s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n c\u1ee7a h\u1ecd v\u00e0 h\u1ecd c\u00f3 th\u1ec3 thu l\u1ea1i ch\u00fang.\n Jack: \u1eea. V\u00e0 trong tr\u01b0\u1eddng h\u1ee3p ph\u00e1 s\u1ea3n t\u1eeb xa, trong th\u1ebf gi\u1edbi m\u00f4i gi\u1edbi TradFi, t\u00f4i ngh\u0129 s\u1ef1 hi\u1ec3u bi\u1ebft c\u1ee7a t\u00f4i l\u00e0 n\u1ebfu b\u1ea1n c\u00f3 t\u00e0i kho\u1ea3n ti\u1ec1n m\u1eb7t, ngh\u0129a l\u00e0 b\u1ea1n ch\u1ec9 mua ch\u1ee9ng kho\u00e1n b\u1eb1ng s\u1ed1 ti\u1ec1n m\u00e0 b\u1ea1n th\u1ef1c s\u1ef1 c\u00f3, \u0111i\u1ec1u \u0111\u00f3 l\u00e0 ph\u1ed5 bi\u1ebfn nh\u1ea5t, b\u1ea1n bi\u1ebft \u0111\u1ea5y, n\u1ebfu Morgan State, n\u1ebfu b\u1ea1n c\u00f3 giao d\u1ecbch thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a Morgan Stanley, n\u1ebfu Morgan Stanley ph\u00e1 s\u1ea3n, \u0111i\u1ec1u n\u00e0y s\u1ebd kh\u00f4ng x\u1ea3y ra, r\u1ea5t r\u1ea5t kh\u00f3 x\u1ea3y ra, nh\u01b0ng n\u1ebfu h\u1ecd ph\u00e1 s\u1ea3n v\u00e0 b\u1ea1n c\u00f3 t\u00e0i kho\u1ea3n ti\u1ec1n m\u1eb7t, th\u00ec b\u1ea1n v\u1eabn s\u1edf h\u1eefu Apple, b\u1ea1n v\u1eabn c\u00f3 m\u00e0 Apple chia s\u1ebb. Nh\u01b0ng n\u1ebfu b\u1ea1n c\u00f3 t\u00e0i kho\u1ea3n k\u00fd qu\u1ef9, m\u1ecdi vi\u1ec7c s\u1ebd ph\u1ee9c t\u1ea1p h\u01a1n m\u1ed9t ch\u00fat. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 gi\u1ed1ng nhau trong ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00f4ng?\n V\u00e0 t\u00f4i th\u1eadm ch\u00ed c\u00f2n kh\u00f4ng bi\u1ebft li\u1ec7u m\u00ecnh c\u00f3 \u0111\u00fang v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 hay kh\u00f4ng.\n Fabrice: Trong ti\u1ec1n \u0111i\u1ec7n t\u1eed, nhi\u1ec1u giao th\u1ee9c hi\u1ec7n kh\u00f4ng c\u00f3, ch\u1ec9 l\u00e0 ch\u01b0a \u0111\u1ebfn m\u1ee9c ph\u00e1 s\u1ea3n. V\u00e0 v\u00ec v\u1eady n\u1ebfu giao th\u1ee9c \u0111\u00f3 b\u1ecb h\u1ecfng, b\u1ea1n s\u1ebd m\u1ea5t t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh. V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111\u1ea3m b\u1ea3o r\u1eb1ng b\u1ea1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u1ee7a ri\u00eang m\u00ecnh, b\u1ea5t k\u1ec3 \u0111i\u1ec1u g\u00ec x\u1ea3y ra v\u1edbi ch\u00fang t\u00f4i.\n V\u00e0 b\u1ea1n kh\u00f4ng k\u00fd qu\u1ef9 v\u1edbi ch\u00fang t\u00f4i, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0, b\u1ea1n c\u00f3 th\u1ec3 \u0111ang vay t\u1eeb b\u00ean th\u1ee9 ba, nh\u01b0 Morpho, nh\u01b0ng b\u1ea1n kh\u00f4ng l\u00e0m vi\u1ec7c \u0111\u00f3 v\u1edbi ch\u00fang t\u00f4i. Ch\u00fang t\u00f4i l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ch\u00ednh, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ch\u00ednh.\n Gi\u1ed1ng nh\u01b0 b\u1ea1n \u0111\u1ebfn v\u1edbi ch\u00fang t\u00f4i \u0111\u1ec3 mua b\u1ea3o hi\u1ec3m ch\u00ednh ho\u1eb7c mua l\u1ea1i.\n Jack: \u0110\u01b0\u1ee3c r\u1ed3i. Hi\u1ec3u r\u1ed3i. V\u00e0 m\u1ecdi ng\u01b0\u1eddi s\u1ebd vay ti\u1ec1n nh\u01b0 th\u1ebf n\u00e0o v\u1edbi MT?\n Nh\u01b0ng li\u1ec7u h\u1ecd s\u1ebd vay ti\u1ec1n \u1ed5n \u0111\u1ecbnh hay h\u1ecd s\u1ebd vay ti\u1ec1n \u0111i\u1ec7n t\u1eed hay g\u00ec?\n Fabrice: V\u1eady \u0111i\u1ec1u \u0111\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c b\u1ea1n mu\u1ed1n l\u00e0m g\u00ec, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 n\u1ebfu b\u1ea1n mua ETH ho\u1eb7c BTC qu\u00e1 l\u00e2u, \u0111i\u1ec1u b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m l\u00e0, thay v\u00ec th\u00edch, b\u1ea1n g\u1eedi MT c\u1ee7a m\u00ecnh, \u00e0, n\u1ebfu b\u1ea1n \u0111i \u0111\u1ebfn \u0111\u00fang kho ti\u1ec1n, v\u00ec v\u1eady n\u1ebfu ch\u00fang t\u00f4i c\u00f3 kho ti\u1ec1n thanh kho\u1ea3n ph\u00f9 h\u1ee3p, t\u00f9y thu\u1ed9c v\u00e0o gi\u00e1, c\u00e1ch d\u1ec5 nh\u1ea5t l\u00e0 b\u1ea1n v\u00e0o Morpho. Gi\u1ea3 s\u1eed m\u1ecdi ng\u01b0\u1eddi \u0111ang \u1edf trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng gi\u1ea3m gi\u00e1 v\u1edbi t\u1ef7 l\u1ec7 DeFi th\u1ea5p.\n B\u1ea1n g\u1eedi h\u00f3a \u0111\u01a1n MT, b\u1ea1n vay USDC ho\u1eb7c Tether v\u1edbi l\u00e3i su\u1ea5t gi\u1ea3 s\u1eed l\u00e0 2%, sau \u0111\u00f3 b\u1ea1n mua h\u00f3a \u0111\u01a1n MT v\u1edbi gi\u00e1 5 v\u00e0 15. V\u00e0 sau \u0111\u00f3 b\u1ea1n gi\u1eef l\u1ea1i, v\u00e0 b\u1ea1n c\u00f3 th\u1ec3, b\u1edfi v\u00ec ch\u00ednh ph\u1ee7 Hoa K\u1ef3, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u00edn phi\u1ebfu kho b\u1ea1c l\u00e0 b\u1eb1ng kh\u00f4ng. V\u00e0 v\u00ec v\u1eady b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c LTV c\u00f3 th\u1ec3 l\u00e0 90%.\n V\u00ec v\u1eady, b\u1ea1n \u0111\u1eb7t m\u1ed9t ngh\u00ecn \u0111\u00f4 la, b\u1ea1n vay 900 \u0111\u00f4 la v\u1edbi gi\u00e1 hai, t\u00f4i \u0111ang t\u00ednh l\u00e3i su\u1ea5t v\u00ec hi\u1ec7n t\u1ea1i ch\u00fang cao, nh\u01b0ng \u1edf m\u1ee9c 2%. C\u00f9ng v\u1edbi \u0111\u00f3, b\u1ea1n mua h\u00f3a \u0111\u01a1n MT c\u00f3 l\u00e3i su\u1ea5t 5,5%. B\u1ea1n g\u1eedi 900 \u0111\u00f4 la v\u00e0 sau \u0111\u00f3 b\u1ea1n vay 810 v\u1edbi gi\u00e1 hai gi\u1edd v\u00e0 b\u1ea1n ti\u1ebfp t\u1ee5c l\u1eb7p l\u1ea1i s\u1ed1 ti\u1ec1n \u0111\u00f3.\n V\u00ec v\u1eady, b\u1ea1n th\u1ef1c hi\u1ec7n \u0111\u00f2n b\u1ea9y 10 tr\u00ean 1, gi\u1ea3 s\u1eed ch\u00fang ta \u1edf m\u1ee9c 90%. V\u00e0 n\u0103m ph\u1ea7n t\u01b0 c\u1ee7a b\u1ea1n s\u1ebd tr\u1edf th\u00e0nh 15 ho\u1eb7c 20. V\u00ec v\u1eady, \u0111\u00f3 l\u00e0 m\u1ed9t tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng.\n V\u00e0 b\u1ea1n c\u00f3 th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t giao d\u1ecbch d\u00e0i h\u1ea1n mang l\u1ea1i l\u1ee3i nhu\u1eadn c\u1ef1c k\u1ef3 cao. M\u1ed9t tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng kh\u00e1c l\u00e0 n\u1ebfu b\u1ea1n mu\u1ed1n l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p cho m\u1ed9t th\u1ee9 g\u00ec \u0111\u00f3, thay v\u00ec \u0111\u0103ng USDC ho\u1eb7c USDT l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, th\u00ec vi\u1ec7c \u0111\u1eb7t h\u00f3a \u0111\u01a1n MT l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p s\u1ebd t\u1ed1t h\u01a1n v\u00ec gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u1ee7a b\u1ea1n t\u0103ng l\u00ean theo th\u1eddi gian v\u00ec b\u1ea1n \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n l\u00e3i. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n l\u00e0 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ec3 vay b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, BDC, ETH, b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, b\u1ea1n v\u1eabn n\u00ean \u0111\u1eb7t h\u00f3a \u0111\u01a1n MT h\u01a1n USDC l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p.\n Jack: T\u00f4i hi\u1ec3u r\u1eb1ng t\u00edn phi\u1ebfu kho b\u1ea1c l\u00e0 c\u00f4ng c\u1ee5 kh\u00f4ng c\u00f3 phi\u1ebfu l\u00e3i. N\u00f3i c\u00e1ch kh\u00e1c, n\u1ebfu l\u00e3i su\u1ea5t l\u00e0 4%, b\u1ea1n mua t\u00edn phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n m\u1ed9t n\u0103m. Kh\u00f4ng ph\u1ea3i l\u00e0 n\u00f3 tr\u1ea3 cho b\u1ea1n 4% h\u00e0ng n\u0103m m\u1ed7i qu\u00fd hay g\u00ec \u0111\u00f3.\n B\u1ea1n ch\u1ec9 c\u1ea7n mua n\u00f3 v\u1edbi gi\u00e1 96 v\u00e0 b\u1ea1n \u0111\u1ed5i n\u00f3 l\u1ea5y m\u1ed9t \u0111\u00f4 la. Kh\u00eda c\u1ea1nh \u0111\u00f3 \u00e1p d\u1ee5ng cho h\u00f3a \u0111\u01a1n MT nh\u01b0 th\u1ebf n\u00e0o? \u0110i\u1ec1u t\u01b0\u01a1ng t\u1ef1 c\u00f3 x\u1ea3y ra khi h\u00f3a \u0111\u01a1n MT t\u0103ng gi\u00e1 hay ch\u1ee7 s\u1edf h\u1eefu h\u00f3a \u0111\u01a1n MT th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c tr\u1ea3 l\u00e3i kh\u00f4ng gi\u1ed1ng nh\u01b0 ch\u1ee7 s\u1edf h\u1eefu h\u00f3a \u0111\u01a1n kho b\u1ea1c?\n Fabrice: V\u00ec v\u1eady, b\u1ea1n c\u00f3 nhi\u1ec1u c\u00e1ch \u0111\u1ec3 thi\u1ebft k\u1ebf m\u00e3 th\u00f4ng b\u00e1o c\u1ee7a m\u00ecnh. B\u1ea1n c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 rebasing. V\u00ec v\u1eady, c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n mua, n\u00f3 lu\u00f4n c\u00f3 gi\u00e1 tr\u1ecb b\u1eb1ng m\u1ed9t v\u00e0 ti\u1ec1n l\u00e3i ch\u1ec9 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u h\u01a1n ho\u1eb7c n\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00edch l\u0169y, c\u00f3 ngh\u0129a l\u00e0 ti\u1ec1n l\u00e3i t\u00edch l\u0169y t\u1eebng ch\u00fat m\u1ed9t v\u00e0 ti\u1ebfp t\u1ee5c c\u1ed9ng d\u1ed3n.\n V\u00ec m\u1ed9t s\u1ed1 l\u00fd do, ch\u00fang ta \u0111\u00e3 ch\u1ecdn t\u00edch l\u0169y. V\u00ec v\u1eady, gi\u00e1 tr\u1ecb c\u1ee9 ti\u1ebfp t\u1ee5c t\u00edch l\u0169y. V\u00ec v\u1eady, b\u1ea1n c\u00f3 m\u1ed9t \u0111\u00f4 la, n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t \u0111\u00f4 la n\u0103m, n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t \u0111\u00f4 la 11 v\u00e0 v\u1ec1 c\u01a1 b\u1ea3n n\u00f3 ti\u1ebfp t\u1ee5c t\u0103ng l\u00ean.\n V\u00ec v\u1eady, n\u00f3 ng\u00e0y c\u00e0ng t\u0103ng gi\u00e1 tr\u1ecb, t\u00edch l\u0169y gi\u00e1 tr\u1ecb.\n Jack: V\u1eady n\u00f3 gi\u1ed1ng v\u1edbi t\u00edn phi\u1ebfu kho b\u1ea1c \u00e0? \u0110\u00fang. V\u00e2ng.\n V\u00ec v\u1eady, m\u1ed7i ng\u00e0y, ch\u1ec9 c\u1ea7n t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 l\u00ean m\u1ed9t ch\u00fat khi n\u00f3 \u0111\u01b0\u1ee3c cu\u1ed9n l\u1ea1i, k\u00e9o ra. Ch\u00ednh x\u00e1c. Hi\u1ec3u r\u1ed3i.\n H\u1ea5p d\u1eabn. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, \u0111i\u1ec1u ti\u1ebfp theo b\u1ea1n s\u1eafp tri\u1ec3n khai l\u00e0 c\u01a1 s\u1edf M.\n B\u1ea1n c\u00f3 th\u1ec3 ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec v\u1ec1 k\u1ebf ho\u1ea1ch d\u00e0i h\u1ea1n cho t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n c\u1ee7a m\u00ecnh \u0111\u1ed1i v\u1edbi Midas kh\u00f4ng?\n Fabrice: V\u00e2ng. H\u00e3y nh\u00ecn xem, t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1ed5i m\u1edbi, ph\u1ea3i kh\u00f4ng?\n Gi\u1ed1ng nh\u01b0 c\u00e1ch n\u00e0y, h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng, \u0111\u1ed1i v\u1edbi t\u00f4i, \u0111i\u1ec1u \u0111\u00f3 th\u1eadt v\u00f4 ngh\u0129a khi v\u00e0o n\u0103m 2024, n\u1ebfu t\u00f4i mu\u1ed1n mua c\u1ed5 phi\u1ebfu Apple v\u00e0 b\u1ea1n mu\u1ed1n b\u00e1n c\u1ed5 phi\u1ebfu Apple, ch\u00fang t\u00f4i g\u1ecdi cho nh\u00e2n vi\u00ean ng\u00e2n h\u00e0ng c\u1ee7a m\u00ecnh, h\u1ecd th\u1ef1c hi\u1ec7n giao d\u1ecbch. C\u00f3 ng\u01b0\u1eddi gi\u00e1m s\u00e1t, ng\u01b0\u1eddi m\u00f4i gi\u1edbi, ch\u1ee7 ng\u00e2n h\u00e0ng v\u00e0 s\u1ed1 ti\u1ec1n thanh to\u00e1n l\u00e0 T c\u1ed9ng 72. V\u00e0 n\u00f3 ch\u1ec9 x\u1ea3y ra trong gi\u1edd l\u00e0m vi\u1ec7c.\n \u00dd t\u00f4i l\u00e0, \u0111i\u1ec1u \u0111\u00f3 v\u00f4 ngh\u0129a, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 t\u1ea1i sao b\u1ea1n kh\u00f4ng th\u1ec3 l\u00e0m vi\u1ec7c \u0111\u00f3 24\/7 m\u00e0 kh\u00f4ng c\u00f3 trung gian trong th\u1eddi gian th\u1ef1c? N\u1ebfu t\u00f4i chuy\u1ec3n ti\u1ec1n cho ai \u0111\u00f3, s\u1ebd kh\u00f4ng c\u00f3 s\u1ef1 theo d\u00f5i th\u1eddi gian th\u1ef1c.\n V\u00e0 do \u0111\u00f3, vi\u1ec7c t\u1ea1o ra c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh sang th\u1ebf gi\u1edbi k\u1ef9 thu\u1eadt s\u1ed1, s\u1ed1 h\u00f3a v\u00e0 di\u1ec5n ra tr\u00ean c\u01a1 s\u1edf th\u1eddi gian th\u1ef1c, t\u00f4i ngh\u0129 \u0111\u00f3 l\u00e0 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n. Ch\u00fang ta c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng token h\u00f3a tr\u00e1i phi\u1ebfu. Ch\u00fang ta c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng token h\u00f3a c\u1ed5 phi\u1ebfu.\n B\u00e2y gi\u1edd, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ef1c s\u1ef1 h\u1ee3p l\u00fd kh\u00f4ng khi \u1edf ph\u01b0\u01a1ng T\u00e2y, b\u1ea1n c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng truy c\u1eadp Robinhood ho\u1eb7c E-Trade? Kh\u00f4ng c\u1ea7n thi\u1ebft. Nh\u01b0ng t\u1eeb g\u00f3c \u0111\u1ed9 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n, ch\u00fang ta c\u1ea7n ph\u00e1t minh l\u1ea1i \u0111\u01b0\u1eddng ray c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng sao cho n\u00f3 tr\u1edf th\u00e0nh k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 ho\u1ea1t \u0111\u1ed9ng 24\/7 m\u00e0 kh\u00f4ng c\u00f3 t\u1ea5t c\u1ea3 c\u00e1c l\u1edbp trung gian, ph\u00ed v\u00e0 \u0111\u01b0\u1eddng ray ti\u1ec1n \u0111i\u1ec7n t\u1eed ho\u1eb7c c\u00e1ch th\u1ee9c \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3.\n B\u00e2y gi\u1edd, v\u1ec1 thanh to\u00e1n, t\u00f4i nghi ng\u1edd ch\u00fang ta s\u1ebd kh\u00f4ng \u0111i theo con \u0111\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed. V\u00e0 t\u00f4i ngh\u0129 ch\u00fang ta s\u1ebd sao ch\u00e9p c\u00e1c v\u00ed d\u1ee5 c\u1ee7a Brazil v\u00e0 Nga b\u1eb1ng PIX v\u00e0 UPI. \u00d4i, Nga, \u1ea4n \u0110\u1ed9.\n V\u00ec v\u1eady, \u1ea4n \u0110\u1ed9 v\u1edbi UPI l\u00e0 h\u1ec7 th\u1ed1ng thanh to\u00e1n theo th\u1eddi gian th\u1ef1c ho\u00e0n to\u00e0n mi\u1ec5n ph\u00ed, ho\u1ea1t \u0111\u1ed9ng gi\u1eefa ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng, ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 doanh nghi\u1ec7p, doanh nghi\u1ec7p v\u00e0 ch\u00ednh ph\u1ee7, B2B. N\u00f3 gi\u1ed1ng nh\u01b0 m\u1ecdi th\u1ee9. V\u00e0 n\u00f3 mi\u1ec5n ph\u00ed trong th\u1eddi gian th\u1ef1c.\n V\u00e0 n\u00f3 th\u1eadt phi th\u01b0\u1eddng. V\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, thu\u1ebf trao \u0111\u1ed5i MasterCard Visa \u0111\u00e3 bi\u1ebfn m\u1ea5t. V\u00e0 n\u00f3 \u0111\u00e3 d\u1eabn \u0111\u1ebfn m\u1ed9t s\u1ef1 \u0111\u1ed5i m\u1edbi phi th\u01b0\u1eddng nh\u01b0 giao d\u1ecbch vi m\u00f4, m\u00f4 h\u00ecnh kinh doanh tr\u00ean giao d\u1ecbch vi m\u00f4 v\u00e0 s\u1ef1 b\u00f9ng n\u1ed5 t\u00e0i ch\u00ednh v\u00e0 h\u00f2a nh\u1eadp t\u00e0i ch\u00ednh th\u1eadt \u0111\u1eb9p \u0111\u1ebd v\u00e0 k\u1ef3 di\u1ec7u m\u00e0 t\u00f4i n\u00f3ng l\u00f2ng ch\u1edd \u0111\u1ee3i n\u00f3 x\u1ea3y ra \u1edf ph\u01b0\u01a1ng T\u00e2y.\n V\u00e0 v\u00ec v\u1eady t\u00f4i ngh\u0129 nh\u1eefng th\u1ee9 nh\u01b0 th\u1ebf c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd b\u1ecb thay th\u1ebf h\u01a1n. V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng c\u00e1c ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 ki\u1ec3m so\u00e1t v\u00e0 s\u1ebd kh\u00f4ng n\u1eb1m trong c\u00e1c ph\u01b0\u01a1ng th\u1ee9c ti\u1ec1n \u0111i\u1ec7n t\u1eed. Nh\u01b0ng khi n\u00f3i \u0111\u1ebfn vi\u1ec7c thanh to\u00e1n c\u00e1c t\u00e0i s\u1ea3n nh\u01b0 tr\u00e1i phi\u1ebfu, v.v., kh\u00f4ng c\u00f3 l\u00fd do g\u00ec n\u00f3 kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong ti\u1ec1n \u0111i\u1ec7n t\u1eed.\n \u00dd t\u00f4i l\u00e0, r\u00f5 r\u00e0ng l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m th\u1ef1c s\u1ef1 kh\u00f4ng mu\u1ed1n \u0111i\u1ec1u \u0111\u00f3, nh\u01b0ng n\u00f3 r\u1ea5t c\u00f3 \u00fd ngh\u0129a. V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd \u0111\u01b0\u1ee3c token h\u00f3a ngo\u00e0i vi\u1ec7c c\u1ed1 g\u1eafng s\u1eed d\u1ee5ng c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh kh\u00f4ng mang l\u1ea1i l\u1ee3i nhu\u1eadn. Ch\u00fang t\u00f4i s\u1ebd m\u00e3 h\u00f3a c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh kh\u00e1c trong th\u1ebf gi\u1edbi th\u1ef1c.\n Jack: V\u1eady l\u00e0 b\u1ea1n n\u00f3i r\u1eb1ng b\u1ea1n l\u1ea1c quan v\u1ec1 vi\u1ec7c token h\u00f3a t\u00e0i s\u1ea3n v\u00e0 c\u00e1c kho\u1ea3n thanh to\u00e1n, \u0111\u00f3 l\u00e0 nh\u1eefng g\u00ec Midas \u0111ang l\u00e0m, nh\u01b0ng kh\u00f4ng ph\u1ea3i v\u1ec1 thanh to\u00e1n. V\u00ec v\u1eady, b\u1ea1n kh\u00f4ng coi \u0111\u00e2y l\u00e0 kho\u1ea3n thanh to\u00e1n v\u00e0 b\u1ea1n kh\u00f4ng th\u1ea5y ti\u1ec1n \u0111i\u1ec7n t\u1eed ho\u1eb7c ti\u1ec1n \u1ed5n \u0111\u1ecbnh \u0111\u00f3ng vai tr\u00f2 l\u1edbn trong t\u01b0\u01a1ng lai c\u1ee7a thanh to\u00e1n. T\u00f4i kh\u00f4ng mu\u1ed1n nh\u00e9t ch\u1eef v\u00e0o mi\u1ec7ng b\u1ea1n.\n Fabrice: Kh\u00f4ng, t\u00f4i kh\u00f4ng n\u00f3i th\u1ebf, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 ch\u00fang l\u00e0 nh\u1eefng \u1ee9ng d\u1ee5ng thanh to\u00e1n li\u1ec1n k\u1ec1 b\u1eb1ng ti\u1ec1n \u0111i\u1ec7n t\u1eed tuy\u1ec7t v\u1eddi nh\u01b0 Dollar App. \u1ee8ng d\u1ee5ng Dollar c\u00f3 m\u1ed9t \u0111\u01b0\u1eddng ray ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 h\u1ecd \u0111ang th\u1ef1c hi\u1ec7n thanh to\u00e1n h\u01a1n m\u1ed9t t\u1ef7 \u0111\u00f4 la.\n V\u00ec v\u1eady, h\u1ecd cho ph\u00e9p b\u1ea1n chuy\u1ec3n ti\u1ec1n t\u1eeb M\u1ef9 sang Mexico v\u00e0 t\u1eeb peso sang \u0111\u00f4 la, v.v., nh\u01b0 c\u00e1ch r\u1ebb nh\u1ea5t cho \u0111\u1ebfn nay v\u00e0 r\u1ebb h\u01a1n m\u1ecdi th\u1ee9 kh\u00e1c t\u1eeb chuy\u1ec3n kho\u1ea3n kh\u00f4n ngoan, v.v. V\u00e0 t\u1eeb quan \u0111i\u1ec3m \u0111\u00f3, n\u00f3 mang t\u00ednh c\u00e1ch m\u1ea1ng. T\u00f4i \u0111ang n\u00f3i, nh\u01b0ng trong n\u01b0\u1edbc, c\u00f2n nhi\u1ec1u th\u1ee9 h\u01a1n n\u1eefa, thanh to\u00e1n cho \u0111\u01b0\u1eddng s\u1eaft, \u0111i\u1ec1u t\u00f4i kh\u00f4ng th\u00edch \u1edf ph\u01b0\u01a1ng T\u00e2y l\u00e0 m\u1ecdi ng\u01b0\u1eddi thanh to\u00e1n b\u1eb1ng th\u1ebb t\u00edn d\u1ee5ng b\u1eb1ng Visa, MasterCard v\u00e0 American Express, v\u1edbi m\u1ee9c thu\u1ebf hi\u1ec7u qu\u1ea3, t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i t\u01b0\u01a1ng t\u1ef1 , gi\u1ea3 s\u1eed, 0,8% \u0111\u1ebfn 3%, t\u00f9y thu\u1ed9c v\u00e0o qu\u1ed1c gia, danh m\u1ee5c, ng\u01b0\u1eddi b\u00e1n, ng\u01b0\u1eddi mua, v.v. T\u00f4i nghi ng\u1edd r\u1eb1ng n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 chuy\u1ec3n n\u00f3 \u0111\u1ebfn m\u1ed9t th\u1ebf gi\u1edbi n\u01a1i n\u00f3 b\u1eb1ng 0, n\u00f3 s\u1ebd gi\u1ea3i ph\u00f3ng gi\u00e1 tr\u1ecb phi th\u01b0\u1eddng. V\u00e0 c\u00f3 hai v\u00ed d\u1ee5 v\u1ec1 c\u00e1c qu\u1ed1c gia \u0111\u00e3 x\u1ea3y ra \u0111i\u1ec1u \u0111\u00f3. B\u00e2y gi\u1edd, t\u00f4i c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng n\u00f3 tr\u00ean ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00f4ng, \u0111\u1eb7c bi\u1ec7t n\u1ebfu t\u00f4i s\u1eed d\u1ee5ng th\u1ee9 g\u00ec \u0111\u00f3 r\u1ea5t r\u1ebb nh\u01b0 Solana?\n Solana Pay c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t c\u01a1 ch\u1ebf thanh to\u00e1n tuy\u1ec7t v\u1eddi kh\u00f4ng? C\u00e2u tr\u1ea3 l\u1eddi l\u00e0 c\u00f3. V\u00e0 PayPal \u0111ang l\u00e0m \u0111i\u1ec1u \u0111\u00f3, ph\u1ea3i kh\u00f4ng?\n Ch\u00ednh x\u00e1c. V\u1eady t\u00f4i ngh\u0129 \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c kh\u00f4ng? T\u00f4i ngh\u0129 c\u00e2u tr\u1ea3 l\u1eddi l\u00e0 ho\u00e0n to\u00e0n c\u00f3.\n V\u00e0 \u0111\u00f3 ch\u1ec9 l\u00e0 nh\u1eefng g\u00ec t\u00f4i ngh\u0129 th\u00f4ng qua vi\u1ec7c c\u00e1c ch\u00ednh ph\u1ee7 s\u1eb5n s\u00e0ng t\u1eeb b\u1ecf quy\u1ec1n ki\u1ec3m so\u00e1t nh\u1eefng g\u00ec v\u00e0 nh\u1eefng g\u00ec t\u00f4i ngh\u0129 c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng x\u1ea3y ra nh\u1ea5t? T\u00f4i nghi ng\u1edd r\u1eb1ng c\u00e2u tr\u1ea3 l\u1eddi c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng x\u1ea3y ra h\u01a1n v\u1ec1 m\u1eb7t k\u1ebft qu\u1ea3 l\u00e0 th\u1ee9 g\u00ec \u0111\u00f3 nh\u01b0 UPI ho\u1eb7c PICS, cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 ki\u1ec3m so\u00e1t v\u00e0 qu\u1ea3n l\u00fd, l\u00e0 nh\u1eefng g\u00ec x\u1ea3y ra trong thanh to\u00e1n thay v\u00ec h\u1ec7 th\u1ed1ng thanh to\u00e1n \u0111\u01b0\u1eddng s\u1eaft b\u1eb1ng ti\u1ec1n \u0111i\u1ec7n t\u1eed. T\u00f4i kh\u00f4ng n\u00f3i l\u00e0 kh\u00f4ng th\u1ec3 x\u1ea3y ra.\n T\u00f4i ch\u1ec9 n\u00f3i m\u1ed9t c\u00e1ch x\u00e1c su\u1ea5t, t\u00f4i nghi ng\u1edd \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra, m\u1eb7c d\u00f9 ch\u00fang s\u1ebd c\u00f3 vai tr\u00f2 v\u00e0 vai tr\u00f2 c\u00f3 \u00fd ngh\u0129a, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi n\u00f3i \u0111\u1ebfn thanh to\u00e1n v\u00e0 trao \u0111\u1ed5i gi\u1eefa c\u00e1c qu\u1ed1c gia c\u0169ng nh\u01b0 c\u00e1c h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7. \u00dd t\u00f4i l\u00e0, Dollar App, n\u1ebfu b\u1ea1n ch\u01b0a ch\u01a1i th\u00ec \u0111\u00f3 l\u00e0 1L, DOLARAPP, th\u1eadt phi th\u01b0\u1eddng. V\u00e0 nh\u00e2n ti\u1ec7n, to\u00e0n b\u1ed9 \u0111\u01b0\u1eddng ray ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 b\u1ecb x\u00e1o tr\u1ed9n.\n B\u1ea1n kh\u00f4ng bi\u1ebft r\u1eb1ng c\u00f3 m\u1ed9t th\u00e0nh ph\u1ea7n m\u1eadt m\u00e3 trong \u0111\u00f3. N\u00f3 v\u1eeba \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n cho b\u1ea1n v\u00e0 n\u00f3 th\u1eadt \u0111\u1eb9p.\n Jack: V\u1eady UPI, Giao di\u1ec7n thanh to\u00e1n h\u1ee3p nh\u1ea5t, b\u1ea1n c\u00f3 cho r\u1eb1ng Trung Qu\u1ed1c c\u0169ng c\u00f3 \u0111i\u1ec1u \u0111\u00f3 v\u1edbi UnionPay kh\u00f4ng?\n Fabrice: C\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u1ee7a Trung Qu\u1ed1c, nh\u1eefng c\u00f4ng ty l\u1edbn, th\u1ef1c s\u1ef1 l\u00e0 t\u01b0 nh\u00e2n, hay WePay, c\u1ee7a Tencent v\u00e0 Alipay c\u1ee7a Alibaba. Nh\u01b0ng ch\u00ednh ph\u1ee7 gh\u00e9t h\u1ecd n\u00ean r\u00f5 r\u00e0ng l\u00e0 h\u1ecd \u0111\u00e3 \u0111\u00f3ng c\u1eeda \u0111\u1ee3t IPO. V\u00e0 \u00fd t\u00f4i l\u00e0 v\u1ec1 t\u00e0i ch\u00ednh, n\u00ean t\u00f4i l\u00e0 m\u1ed9t con ki\u1ebfn \u200b\u200b\u0111\u1ea7u t\u01b0, m\u1ed9t con ki\u1ebfn \u200b\u200b\u0111\u1ea7u t\u01b0 r\u1ea5t th\u1ea5t v\u1ecdng.\n V\u00ec v\u1eady, \u1edf Trung Qu\u1ed1c, n\u00f3 xu\u1ea5t ph\u00e1t t\u1eeb ph\u00eda t\u01b0 nh\u00e2n, nh\u01b0ng ch\u00ednh ph\u1ee7 gh\u00e9t h\u1ecd v\u00e0 \u0111\u00e3 c\u1ed1 g\u1eafng h\u1ebft s\u1ee9c \u0111\u1ec3 ti\u00eau di\u1ec7t h\u1ecd v\u00e0 thay th\u1ebf h\u1ecd b\u1eb1ng n\u1ed9i b\u1ed9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng. Nh\u01b0ng v\u00e2ng, t\u00f4i mu\u1ed1n th\u1ee9 g\u00ec \u0111\u00f3 nh\u01b0 th\u1ebf t\u1ed3n t\u1ea1i \u1edf M\u1ef9. M\u1ed9t th\u1ee9 thu\u1ed9c lo\u1ea1i UnionPay ho\u1eb7c a- \u00dd t\u00f4i l\u00e0, UPI.\n V\u00e2ng, UPI, n\u1ebfu ch\u00fang t\u00f4i c\u00f3 th\u1ec3 sao ch\u00e9p v\u00e0 d\u00e1n UPI ho\u1eb7c PIX cho v\u1ea5n \u0111\u1ec1 \u0111\u00f3, th\u00ec t\u00f4i s\u1ebd v\u00f4 c\u00f9ng vui m\u1eebng v\u00e0 h\u1ea1nh ph\u00fac. V\u00e0 Fed \u0111\u00e3 c\u1ed1 g\u1eafng t\u1ea1o ra m\u1ed9t s\u1ea3n ph\u1ea9m t\u00ean l\u00e0 FedNow, nh\u01b0ng n\u00f3 ch\u1ec9 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng khu v\u1ef1c, b\u1edfi v\u00ec r\u00f5 r\u00e0ng r\u1ea5t nhi\u1ec1u ng\u00e2n h\u00e0ng kh\u00f4ng mu\u1ed1n m\u1ea5t trao \u0111\u1ed5i, m\u1ed9t ph\u1ea7n l\u1edbn c\u1ee7a m\u00f4 h\u00ecnh kinh doanh, v\u00e0 \u0111\u00e3 kh\u00f4ng v\u1eabn ch\u01b0a \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eadn th\u1ee9c c\u1ee7a c\u00f4ng ch\u00fang. Nh\u01b0ng c\u00f3, nh\u01b0ng n\u00f3 v\u1eabn ch\u01b0a th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u1ed1i m\u1eb7t.\n V\u00ec v\u1eady, c\u00f3 nh\u1eefng n\u1ed7 l\u1ef1c theo h\u01b0\u1edbng \u0111\u00f3, nh\u01b0ng t\u00f4i ngh\u0129 s\u1ebd ph\u1ea3i m\u1ea5t m\u1ed9t th\u1eadp k\u1ef7 ho\u1eb7c h\u01a1n n\u1eefa \u1edf ph\u01b0\u01a1ng T\u00e2y.\n Jack: V\u00ec v\u1eady, k\u1ec3 t\u1eeb khi IPO v\u00e0o nh\u1eefng n\u0103m 2000, Visa v\u00e0 MasterCard \u0111\u00e3 tr\u1edf th\u00e0nh nh\u1eefng c\u1ed5 phi\u1ebfu ho\u1ea1t \u0111\u1ed9ng c\u1ef1c k\u1ef3 t\u1ed1t v\u00ec ch\u00fang c\u00f3 ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u1ea5t l\u01b0\u1ee3ng cao. V\u00e0 n\u1ebfu h\u1ecd ti\u1ebfp t\u1ee5c, h\u1ecd c\u00f3 th\u1ec3 s\u1ebd c\u00f3 m\u1ed9t doanh nghi\u1ec7p ch\u1ea5t l\u01b0\u1ee3ng cao. C\u00f3 v\u1ebb nh\u01b0 b\u1ea1n ngh\u0129 r\u1eb1ng nh\u1eefng ng\u00e0y t\u01b0\u01a1i \u0111\u1eb9p nh\u1ea5t c\u1ee7a nh\u1eefng c\u00f4ng ty \u0111\u00f3 \u0111\u00e3 \u1edf ph\u00eda sau?\n Fabrice: Ch\u00e0, h\u1ecd kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i nh\u01b0 v\u1eady v\u00ec h\u1ecd c\u00f3 r\u1ea5t nhi\u1ec1u quy\u1ec1n l\u1ef1c v\u00e0 n\u1eafm b\u1eaft theo quy \u0111\u1ecbnh, v\u00e0 t\u00f4i ch\u1eafc ch\u1eafn r\u1eb1ng h\u1ecd s\u1ebd chi\u1ebfn \u0111\u1ea5u \u0111\u1ebfn c\u00f9ng, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 \u0111\u00e2y l\u00e0 \u0111i\u1ec1u cu\u1ed1i c\u00f9ng h\u1ecd mu\u1ed1n x\u1ea3y ra. V\u00e0 \u1edf nh\u1eefng n\u01a1i \u0111i\u1ec1u \u0111\u00f3 x\u1ea3y ra, t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng th\u1ebb t\u00edn d\u1ee5ng th\u1ea5p ph\u1ea3i kh\u00f4ng?\n V\u00ec v\u1eady, l\u00fd do t\u00f4i kh\u00f4ng ngh\u0129 cu\u1ed1i c\u00f9ng h\u1ecd \u0111\u00e3 \u0111\u1ea5u tranh h\u1ebft m\u00ecnh \u1edf Brazil v\u00e0 \u1ea4n \u0110\u1ed9 kh\u00f4ng ph\u1ea3i l\u00e0 v\u00ec nhi\u1ec1u ng\u01b0\u1eddi \u0111\u1ee7 gi\u00e0u \u0111\u1ec3 c\u00f3 th\u1ebb t\u00edn d\u1ee5ng v\u00e0 c\u00f3 \u0111i\u1ec3m t\u00edn d\u1ee5ng t\u1ed1t \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c s\u1edf h\u1eefu th\u1ebb t\u00edn d\u1ee5ng. V\u00e0 do \u0111\u00f3, b\u1ea1n c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t \u0111\u01b0\u1eddng ray thanh to\u00e1n t\u00edn d\u1ee5ng \u0111\u1ed9c l\u1eadp ho\u00e0n to\u00e0n m\u1edbi. \u1ede \u0111\u00e2y c\u00f3 m\u1ed9t ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m, hai ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m, t\u00f4i nghi ng\u1edd \u0111i\u1ec1u \u0111\u00f3 s\u1ebd r\u1ea5t, r\u1ea5t kh\u00f3 kh\u0103n.\n V\u00ec v\u1eady, n\u1ebfu t\u00f4i \u0111\u1eb7t c\u01b0\u1ee3c, t\u00f4i s\u1ebd n\u00f3i r\u1eb1ng \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra trong th\u1eadp k\u1ef7 t\u1edbi v\u00e0 ch\u00fang v\u1eabn l\u00e0 ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n ch\u00ednh. V\u00ec v\u1eady, t\u00f4i ch\u1eafc ch\u1eafn kh\u00f4ng b\u00e1n kh\u1ed1ng trong ng\u1eafn h\u1ea1n, c\u1ea3 hai \u0111i\u1ec1u n\u00e0y, nh\u01b0ng d\u00f9 sao th\u00ec t\u00f4i c\u0169ng s\u1ebd kh\u00f4ng tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0. T\u00f4i th\u00edch nh\u1eefng th\u1ee9 \u0111i t\u1eeb 0 \u0111\u1ebfn 1000, nh\u1eefng th\u1ee9 \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp s\u1eb5n.\n Jack: \u0110\u00fang r\u1ed3i. Ch\u1ec9 v\u00ec b\u1ea1n ngh\u0129 r\u1eb1ng b\u1ea1n \u0111ang n\u00f3i r\u1eb1ng s\u1ebd l\u00e0 m\u1ed9t \u0111i\u1ec1u t\u1ed1t cho n\u01b0\u1edbc M\u1ef9 n\u1ebfu ch\u00fang ta c\u00f3 UPI, nh\u01b0ng b\u1ea1n ngh\u0129 \u0111\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u t\u1ed1t kh\u00f4ng c\u00f3 ngh\u0129a \u0111\u00f3 nh\u1ea5t thi\u1ebft l\u00e0 \u0111i\u1ec1u s\u1ebd x\u1ea3y ra. \u1ed2 v\u00e2ng.\n Fabrice: C\u00f3 r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u t\u1ed1t cho n\u01b0\u1edbc M\u1ef9. Ch\u00fang ta n\u00ean c\u00f3 ch\u00ednh s\u00e1ch nh\u1eadp c\u01b0 v\u00e0 ch\u00ednh s\u00e1ch nh\u1eadp c\u01b0 c\u1edfi m\u1edf h\u01a1n cho c\u1ea3 ng\u01b0\u1eddi c\u00f3 tay ngh\u1ec1 th\u1ea5p v\u00e0 tay ngh\u1ec1 cao, b\u1edfi v\u00ec n\u00f3 th\u1ef1c s\u1ef1 l\u00e0m t\u0103ng ph\u00fac l\u1ee3i qu\u1ed1c gia v\u00e0 c\u1ea3i thi\u1ec7n nh\u00e2n kh\u1ea9u h\u1ecdc c\u1ee7a ch\u00fang ta m\u1ed9t c\u00e1ch \u0111\u00e1ng k\u1ec3. Ch\u00fang ta n\u00ean c\u00f3 m\u1ed9t h\u1ec7 th\u1ed1ng thu\u1ebf \u0111\u01a1n gi\u1ea3n h\u01a1n nhi\u1ec1u v\u1edbi m\u1ee9c thu\u1ebf c\u1ed1 \u0111\u1ecbnh.\n \u00dd t\u00f4i l\u00e0, c\u00f3 r\u1ea5t nhi\u1ec1u th\u1ee9 b\u1ea1n n\u00ean c\u00f3 m\u00e0 ch\u00fang t\u00f4i kh\u00f4ng c\u00f3. V\u00ec v\u1eady, c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa suy ngh\u0129 m\u01a1 \u01b0\u1edbc m\u00e0 t\u00f4i ngh\u0129 s\u1ebd x\u1ea3y ra. T\u00f4i kh\u00f4ng ngh\u0129 n\u00f3 s\u1ebd x\u1ea3y ra s\u1edbm.\n Jack: \u0110\u00fang v\u1eady. V\u00ec v\u1eady, trang web c\u1ee7a b\u1ea1n r\u1ea5t d\u1ec5 t\u00ecm th\u1ea5y, FabriceGrinda.com. M\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 t\u00ecm th\u00eam th\u00f4ng tin v\u1ec1 Midas \u1edf \u0111\u00e2u?\n Fabrice: \u0110\u00f3 l\u00e0 Midas.app. \u0110\u00fang v\u1eady, MIDAS.APP. V\u00e0 n\u1ebfu b\u1ea1n mu\u1ed1n t\u00ecm hi\u1ec3u v\u1ec1 qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u1ee7a t\u00f4i, h\u00e3y truy c\u1eadp FJLabs.com.\n Jack: Hi\u1ec3u r\u1ed3i. Fabrice, t\u00f4i ch\u1ec9 mu\u1ed1n h\u1ecfi m\u1ed9t c\u00e2u, chuy\u1ec3n t\u1eeb ti\u1ec1n \u0111i\u1ec7n t\u1eed sang \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m. T\u00f4i \u0111\u00e3 ph\u1ecfng v\u1ea5n v\u00e0 n\u00f3i chuy\u1ec7n v\u1edbi r\u1ea5t nhi\u1ec1u ch\u1ee7 ng\u00e2n h\u00e0ng t\u1eeb g\u00f3c \u0111\u1ed9 ng\u00e2n h\u00e0ng, Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon l\u00e0 nh\u01b0 th\u1ebf n\u00e0o, ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m r\u1ea5t l\u1edbn \u0111\u00e3 s\u1ee5p \u0111\u1ed5 h\u01a1n m\u1ed9t n\u0103m tr\u01b0\u1edbc.\n Nh\u01b0ng t\u00f4i ch\u01b0a th\u1ef1c s\u1ef1 n\u00f3i chuy\u1ec7n, t\u00f4i kh\u00f4ng bi\u1ebft nhi\u1ec1u ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m nh\u01b0 v\u1eady. T\u00f4i \u0111\u00e3 quen v\u1edbi vi\u1ec7c c\u00f3 tin \u0111\u1ed3n r\u1eb1ng m\u1ecdi ng\u01b0\u1eddi tham gia \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ec1u c\u00f3 m\u1eb7t tr\u00ean Twitter v\u00e0 h\u1ecd \u1edf trong t\u1ea5t c\u1ea3 c\u00e1c ph\u00f2ng tr\u00f2 chuy\u1ec7n gi\u1ed1ng nhau v\u00e0 h\u1ecd \u0111ang n\u00f3i v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 v\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, l\u1eddi n\u00f3i lan truy\u1ec1n r\u1ea5t nhanh. Nh\u01b0ng t\u00f4i tin r\u1eb1ng v\u00e0o th\u1ee9 T\u01b0, Goldman \u0111\u00e3 th\u00f4ng b\u00e1o r\u1eb1ng h\u1ecd \u0111ang ph\u00e1t h\u00e0nh th\u1ee9 n\u00e0y v\u00e0 sau \u0111\u00f3 l\u00e0 s\u1ef1 \u0111\u1ea7u c\u01a1 v\u00e0o t\u1ed1i th\u1ee9 T\u01b0 v\u00e0 ng\u00e2n h\u00e0ng \u0111\u00e3 ph\u00e1 s\u1ea3n v\u00e0o s\u00e1ng mu\u1ed9n, \u0111\u1ea7u gi\u1edd chi\u1ec1u th\u1ee9 S\u00e1u.\n V\u00ec v\u1eady, n\u00f3 \u0111\u00e3 x\u1ea3y ra th\u1ef1c s\u1ef1 nhanh ch\u00f3ng. Kho\u1ea3ng th\u1eddi gian 50 gi\u1edd \u0111\u00f3 \u0111\u1ed1i v\u1edbi b\u1ea1n nh\u01b0 th\u1ebf n\u00e0o?\n Fabrice: V\u00ec v\u1eady, ch\u00fang t\u00f4i ngay l\u1eadp t\u1ee9c r\u00fat ti\u1ec1n c\u1ee7a m\u00ecnh. V\u00ec v\u1eady, th\u1ef1c t\u1ebf l\u00e0 ch\u00fang t\u00f4i, v\u00ec r\u00f5 r\u00e0ng l\u00e0 ch\u00fang t\u00f4i c\u00f3 h\u01a1n 250K, gi\u1edbi h\u1ea1n FDIC. V\u00e0 ch\u00fang t\u00f4i bi\u1ebft r\u1eb1ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 l\u00e0 m\u1ed9t n\u1ed7 l\u1ef1c m\u00e0 n\u1ebfu kh\u00f4ng th\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 x\u1ea3y ra, nh\u1eefng ng\u01b0\u1eddi \u0111i\u1ec1u h\u00e0nh ng\u00e2n h\u00e0ng s\u1ebd khi\u1ebfn ng\u00e2n h\u00e0ng ph\u00e1 s\u1ea3n.\n Nh\u01b0ng n\u1ebfu ch\u00fang ta kh\u00f4ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3, r\u00f5 r\u00e0ng \u0111\u00f3 l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 l\u00fd thuy\u1ebft v\u1ec1 l\u1ee3i \u00edch c\u01a1 b\u1ea3n trong \u0111\u00f3 c\u00e2n b\u1eb1ng Nash l\u00e0 m\u1ed9t k\u1ebft qu\u1ea3 ti\u00eau c\u1ef1c khi m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u r\u00fat ti\u1ec1n v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 t\u1ed1t. V\u00ec v\u1eady, n\u1ebfu kh\u00f4ng ai r\u00fat ti\u1ec1n, n\u00f3 s\u1ebd t\u1ed3n t\u1ea1i. Nh\u01b0ng n\u1ebfu c\u00f3 ai \u0111\u00f3 l\u00e0m v\u1eady c\u00f2n b\u1ea1n th\u00ec kh\u00f4ng, b\u1ea1n s\u1ebd m\u1ea5t ti\u1ec1n.\n V\u00ec th\u1ebf m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u l\u00e0m \u0111i\u1ec1u \u0111\u00f3. V\u00e0 c\u00e2n b\u1eb1ng Nash l\u00e0 m\u1ed9t k\u1ebft qu\u1ea3 ti\u00eau c\u1ef1c. Th\u1ebf l\u00e0 ch\u00fang t\u00f4i r\u00fat ti\u1ec1n ngay l\u1eadp t\u1ee9c.\n Th\u1ebf l\u00e0 ch\u00fang t\u00f4i \u1ed5n. Nh\u01b0ng sau \u0111\u00f3 ch\u00fang t\u00f4i nh\u1eadn ra r\u1eb1ng r\u1ea5t nhi\u1ec1u c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau \u0111\u00fang h\u1ea1n. V\u00e0 v\u00e0o th\u1eddi \u0111i\u1ec3m h\u1ecd c\u1ed1 g\u1eafng, ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t v\u00e0i c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 kho\u1ea3ng 100% s\u1ed1 d\u01b0 \u1edf \u0111\u00f3.\n V\u00ec v\u1eady, c\u00e1c cu\u1ed9c h\u1ecdp h\u1ed9i \u0111\u1ed3ng kh\u1ea9n c\u1ea5p v\u00e0o Ch\u1ee7 nh\u1eadt ch\u1eb3ng h\u1ea1n, ch\u00fang ta ph\u1ea3i l\u00e0m g\u00ec? Ch\u00fang t\u00f4i ph\u1ea3i l\u1eadp b\u1ea3ng l\u01b0\u01a1ng v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 ti\u1ec1n v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n v\u00ec ph\u1ea3i m\u1ea5t ba, b\u1ed1n, n\u0103m, s\u00e1u th\u00e1ng \u0111\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n. V\u00ec v\u1eady, \u0111\u00f3 l\u00e0 m\u1ed9t kho\u1ea3ng th\u1eddi gian kh\u00e1 \u0111au kh\u1ed5.\n V\u00e0 nh\u00e2n ti\u1ec7n, t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i x\u1ea3y ra. \u0110i\u1ec1u \u0111\u00e3 x\u1ea3y ra l\u00e0 c\u00e1c quy t\u1eafc k\u1ebf to\u00e1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u0111\u00e3 \u0111\u01b0\u1ee3c thay \u0111\u1ed5i sao cho n\u1ebfu b\u1ea1n c\u00f3 \u00fd \u0111\u1ecbnh gi\u1eef k\u1ef3 h\u1ea1n ch\u1ee9ng kho\u00e1n, b\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i vi\u1ebft \u0111\u1ec3 vi\u1ebft th\u1ecb tr\u01b0\u1eddng. V\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng g\u00ec ti\u1ebfp t\u1ee5c t\u1ea1o ra khi l\u00e3i su\u1ea5t b\u1eaft \u0111\u1ea7u gi\u1ea3m v\u00e0 gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu b\u1eaft \u0111\u1ea7u gi\u1ea3m, t\u00f4i xin l\u1ed7i, l\u00e3i su\u1ea5t t\u0103ng v\u00e0 gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu gi\u1ea3m, s\u1ef1 gia t\u0103ng l\u1edbn h\u01a1n bao gi\u1edd h\u1ebft v\u1ec1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch v\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng .\n V\u00e0 t\u00f4i ngh\u0129 t\u1ea5t c\u1ea3 \u0111i\u1ec1u \u0111\u00f3 l\u00e0 do s\u1ef1 thay \u0111\u1ed5i lu\u1eadt k\u1ebf to\u00e1n \u0111\u00e3 \u0111\u01b0\u1ee3c Qu\u1ed1c h\u1ed9i th\u00f4ng qua v\u00e0o n\u0103m 2017 \u0111\u1ebfn n\u0103m 2018. N\u1ebfu ch\u00fang ta ch\u1ec9 ti\u1ebfp t\u1ee5c b\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng, th\u00ec kho\u1ea3ng c\u00e1ch v\u00e0 Delta l\u1edbn \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra, c\u0169ng nh\u01b0 \u0111\u1ed9ng c\u01a1 mua tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t cao h\u01a1n, r\u1ee7i ro h\u01a1n, cao h\u01a1n \u0111\u00e3 kh\u00f4ng t\u1ed3n t\u1ea1i ngay t\u1eeb \u0111\u1ea7u. V\u00e0 \u0111\u00f3 l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n, b\u00e2y gi\u1edd c\u00e1c ch\u00e0ng trai SVB c\u00f3 th\u1eadn tr\u1ecdng kh\u00f4ng?\n Kh\u00f4ng, l\u1ebd ra h\u1ecd ph\u1ea3i th\u1eadn tr\u1ecdng h\u01a1n. \u0110i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, t\u00f4i c\u00f3 ph\u1ea3i l\u00e0 kh\u00e1ch h\u00e0ng h\u1ea1nh ph\u00fac c\u1ee7a SVB kh\u00f4ng? \u0110\u00fang.\n T\u00f4i kh\u00f4ng h\u00e0i l\u00f2ng v\u1edbi h\u1ecd v\u00ec h\u1ecd \u0111\u01b0a ra m\u1ee9c l\u00e3i su\u1ea5t cao h\u01a1n cho kho\u1ea3n ti\u1ebft ki\u1ec7m trung b\u00ecnh c\u1ee7a t\u00f4i, v.v. Kh\u00f4ng, ch\u00fang ch\u1ec9 d\u1ec5 l\u00e0m vi\u1ec7c h\u01a1n th\u00f4i. T\u1ea5t c\u1ea3 ch\u00fang t\u00f4i \u0111\u1ec1u giao d\u1ecbch t\u1ea1i SVB v\u00ec h\u1ecd th\u00e2n thi\u1ec7n v\u00e0 d\u1ec5 l\u00e0m vi\u1ec7c h\u01a1n.\n \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 g\u00ec, d\u1ec5 l\u00e0m vi\u1ec7c h\u01a1n? \u0110i\u1ec1u \u0111\u00f3 ngh\u0129a l\u00e0 g\u00ec? B\u1ea1n m\u1edf t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng nhanh nh\u01b0 th\u1ebf n\u00e0o?\n N\u1ebfu b\u1ea1n c\u1ea7n m\u1ed9t s\u1ee3i d\u00e2y \u0111\u1ec3 c\u00f3 n\u00f3, h\u1ecd s\u1ebd n\u1ed1i d\u00e2y nhanh nh\u01b0 th\u1ebf n\u00e0o? N\u1ebfu b\u1ea1n h\u1ecfi m\u1ed9t c\u00e2u h\u1ecfi, h\u1ecd c\u00f3 nh\u1ea5c m\u00e1y kh\u00f4ng? H\u00e3y th\u1eed m\u1edf m\u1ed9t t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng t\u1ea1i Citibank v\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh \u0111au \u0111\u1edbn k\u00e9o d\u00e0i h\u00e0ng ng\u00e0y v\u00e0 c\u00e1c th\u1ee7 t\u1ee5c gi\u1ea5y t\u1edd v\u00e0 c\u1ed1 g\u1eafng n\u00f3i chuy\u1ec7n v\u1edbi ai \u0111\u00f3 \u1edf \u0111\u00f3 nh\u01b0ng kh\u00f4ng ai tr\u1ea3 l\u1eddi.\n Gi\u1ed1ng nh\u01b0 m\u1ed9t ng\u01b0\u1eddi v\u00f4 danh \u1edf \u1ea4n \u0110\u1ed9, \u1edf \u0111\u00e2u \u0111\u00f3 t\u1ea1i trung t\u00e2m cu\u1ed9c g\u1ecdi c\u00f3 th\u1ec3 n\u00f3i chuy\u1ec7n v\u1edbi b\u1ea1n. Ch\u1ec9 c\u1ea7n m\u1ed9t ng\u01b0\u1eddi l\u1ea5y ng\u01b0\u1eddi ti\u00eau d\u00f9ng l\u00e0m trung t\u00e2m v\u00e0 th\u00e2n thi\u1ec7n. Ch\u00fang t\u00f4i kh\u00f4ng giao d\u1ecbch v\u1edbi h\u1ecd v\u00ec h\u1ecd \u0111\u01b0a ra m\u1ee9c gi\u00e1 t\u1ed1t h\u01a1n cho ch\u00fang t\u00f4i.\n Ch\u00fang t\u00f4i giao d\u1ecbch v\u1edbi h\u1ecd v\u00ec h\u1ecd th\u00e2n thi\u1ec7n v\u1edbi kh\u00e1ch h\u00e0ng. \u0110i\u1ec3m NPS c\u1ee7a h\u1ecd, tr\u1ea3i nghi\u1ec7m r\u1ea5t cao. V\u00e0 tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i ngh\u0129 ch\u00fang t\u00f4i v\u1eabn h\u1ee3p t\u00e1c v\u1edbi h\u1ecd v\u00ec h\u1ecd v\u1eabn th\u00e2n thi\u1ec7n v\u00e0 tuy\u1ec7t v\u1eddi khi l\u00e0m vi\u1ec7c c\u00f9ng.\n Jack: V\u00e0 th\u1ebf l\u00e0 h\u1ecd th\u1ea5t b\u1ea1i, b\u1ecb FDIC ti\u1ebfp qu\u1ea3n. T\u00e0i s\u1ea3n v\u00e0 quy\u1ec1n kinh doanh c\u1ee7a h\u1ecd cu\u1ed1i c\u00f9ng \u0111\u00e3 \u0111\u01b0\u1ee3c chuy\u1ec3n giao cho First Citizens Bank Shares. M\u00e3 ch\u1ee9ng kho\u00e1n l\u00e0 FCNCA, m\u00e0 t\u00f4i kh\u00f4ng s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu, nh\u01b0ng n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o bi\u1ec3u \u0111\u1ed3 ch\u1ee9ng kho\u00e1n, b\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i r\u1ea5t nhi\u1ec1u t\u1eeb kho\u1ea3n l\u00e3i n\u00e0y.\n V\u00ec v\u1eady, gi\u1edd \u0111\u00e2y h\u1ecd s\u1edf h\u1eefu Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon v\u00e0 nhi\u1ec1u \u0111\u01a1n v\u1ecb c\u1ee7a h\u1ecd. V\u00e0 v\u00ec v\u1eady b\u1ea1n v\u00e0 nhi\u1ec1u c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n v\u1eabn l\u00e0m vi\u1ec7c t\u1ea1i Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon, thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a FCNNCA. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ch\u00ednh x\u00e1c kh\u00f4ng?\n V\u00e0 r\u1ea5t nhi\u1ec1u \u0111\u1ed3ng nghi\u1ec7p c\u1ee7a b\u1ea1n l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00e1c, c\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng khi n\u00f3i r\u1eb1ng h\u1ecd \u0111\u00e3 g\u1eafn b\u00f3 v\u1edbi th\u01b0\u01a1ng hi\u1ec7u Ng\u00e2n h\u00e0ng Thung l\u0169ng Silicon, ngay c\u1ea3 sau khi n\u00f3- \u0110i\u1ec1u \u0111\u00f3 ch\u00ednh x\u00e1c, nh\u01b0ng c\u00f3 m\u1ed9t \u0111i\u1ec1u kh\u00f3 hi\u1ec3u m\u00e0 tr\u01b0\u1edbc \u0111\u00e2y, h\u00e3y nh\u00ecn xem, ch\u00fang t\u00f4i ch\u01b0a bao gi\u1edd th\u1ea5y c\u00f4ng vi\u1ec7c c\u1ee7a ch\u00fang t\u00f4i l\u00e0, ch\u00fang t\u00f4i c\u00f3 n\u00ean ki\u1ec3m tra t\u00edn d\u1ee5ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng m\u00e0 ch\u00fang t\u00f4i giao d\u1ecbch kh\u00f4ng?\n Fabrice: Kh\u00f4ng, ch\u00fang t\u00f4i cho r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng v\u1eabn \u1ed5n, ph\u1ea3i kh\u00f4ng? V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i c\u00f3 t\u1ea5t c\u1ea3 t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh trong m\u1ed9t ng\u00e2n h\u00e0ng v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 ng\u00e2n h\u00e0ng \u0111a ng\u00e2n h\u00e0ng. Gi\u1edd \u0111\u00e2y, t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi trong th\u1ebf gi\u1edbi m\u1ea1o hi\u1ec3m v\u00e0 m\u1ecdi c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u c\u00f3 nhi\u1ec1u m\u1ed1i quan h\u1ec7 ng\u00e2n h\u00e0ng.\n V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i giao d\u1ecbch v\u1edbi JPMorgan Chase v\u00e0 Morgan Stanley. \u00dd t\u00f4i l\u00e0, ch\u00fang t\u00f4i c\u00f3, b\u00e2y gi\u1edd ch\u00fang t\u00f4i c\u00f3 nhi\u1ec1u t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng v\u00ec ch\u00fang t\u00f4i kh\u00f4ng mu\u1ed1n nh\u1eefng g\u00ec \u0111\u00e3 x\u1ea3y ra \u1edf \u0111\u00e2y x\u1ea3y ra l\u1ea7n n\u1eefa. V\u00e0 t\u00f4i r\u1ea5t vui v\u00ec FDIC \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea3m b\u1ea3o to\u00e0n b\u1ed9, t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi, b\u1edfi v\u00ec th\u1ef1c t\u1ebf l\u00e0, m\u1ed9t l\u1ea7n n\u1eefa, t\u00f4i kh\u00f4ng ngh\u0129 vi\u1ec7c c\u1ee7a ch\u00fang ta l\u00e0 nh\u00ecn v\u00e0o b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 quy\u1ebft \u0111\u1ecbnh xem h\u1ecd c\u00f3 \u00e2m thanh.\n Ch\u00fang t\u00f4i ch\u1ec9 mu\u1ed1n m\u1ed9t n\u01a1i \u0111\u1ec3 ti\u1ec1n an to\u00e0n. B\u1edfi v\u00ec m\u1ed9t l\u1ea7n n\u1eefa, ch\u00fang t\u00f4i \u0111ang s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 qu\u1ea3n l\u00fd ti\u1ec1n m\u1eb7t. Ch\u00fang ta kh\u00f4ng l\u00e0m g\u00ec c\u1ea3, ch\u00fang ta l\u00e0 c\u00f4ng ty thua l\u1ed7, ph\u1ea3i kh\u00f4ng?\n Gi\u1ed1ng nh\u01b0, v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 ch\u00fang ta \u0111ang vi\u1ebft s\u00e9c cho nh\u00e2n vi\u00ean, v.v. Ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3 \u0111\u1ec3 m\u1ea5t t\u00e0i s\u1ea3n m\u00e0 ch\u00fang t\u00f4i qu\u1ea3n l\u00fd. Ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u c\u01a1 v\u1edbi s\u1ed1 ti\u1ec1n \u0111\u00f3.\n Theo ngh\u0129a \u0111en, n\u00f3 l\u00e0 ti\u1ec1n m\u1eb7t v\u00ec ch\u00fang ta c\u1ea7n vi\u1ebft s\u00e9c m\u1ed7i ng\u00e0y, nhi\u1ec1u t\u1edd s\u00e9c m\u1ed7i ng\u00e0y v\u00e0 c\u00e1c kho\u1ea3n chuy\u1ec3n kho\u1ea3n, v.v. V\u00ec v\u1eady, ch\u00fang t\u00f4i ch\u1ec9 mu\u1ed1n c\u00e1c ng\u00e2n h\u00e0ng m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 g\u1eedi ti\u1ec1n d\u1ec5 d\u00e0ng. V\u00e0 c\u00e1c ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng khi\u1ebfn vi\u1ec7c g\u1eedi \u0111i\u1ec7n tr\u1edf n\u00ean qu\u00e1 kh\u00f3 kh\u0103n.\n \u00dd t\u00f4i l\u00e0, n\u00f3 \u0111\u01a1n gi\u1ea3n th\u1ebf th\u00f4i.\n Jack: B\u1ea1n c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng khi nh\u00ecn v\u00e0o h\u1ed3 s\u01a1 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u1edf Thung l\u0169ng Silicon v\u00e0 c\u00e1c b\u00e0i thuy\u1ebft tr\u00ecnh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ed1 ti\u1ec1n g\u00e2y qu\u1ef9 kh\u1ed5ng l\u1ed3 di\u1ec5n ra v\u00e0o n\u0103m 2020 v\u00e0 2021 \u0111\u00e3 khi\u1ebfn ti\u1ec1n g\u1eedi t\u0103ng v\u1ecdt khi ti\u1ec1n tr\u00e0n v\u00e0o t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c VC h\u1eadu thu\u1eabn. Sau \u0111\u00f3, khi vi\u1ec7c g\u00e2y qu\u1ef9 ch\u1eadm l\u1ea1i, v\u1eabn c\u00f3 m\u1ed9t d\u00f2ng ti\u1ec1n \u0111\u1ed5 v\u00e0o nh\u01b0ng \u00edt h\u01a1n r\u1ea5t nhi\u1ec1u. V\u00e0 s\u1ed1 ti\u1ec1n g\u1eedi \u0111\u00e3 gi\u1ea3m \u0111i r\u1ea5t nhi\u1ec1u v\u00ec v\u1ed1n m\u1ea1o hi\u1ec3m, nh\u01b0 b\u1ea1n \u0111\u00e3 n\u00f3i, h\u1ecd th\u01b0\u1eddng xuy\u00ean ho\u1eb7c g\u1ea7n nh\u01b0 lu\u00f4n \u0111\u1ed1t ti\u1ec1n v\u00e0 thua l\u1ed7.\n V\u00ec v\u1eady, ti\u1ec1n g\u1eedi c\u1ee7a h\u1ecd s\u1ebd gi\u1ea3m xu\u1ed1ng. Ch\u00ednh x\u00e1c.\n Fabrice: V\u00e2ng. V\u00e0 nh\u00e2n ti\u1ec7n, \u00fd t\u00f4i l\u00e0, c\u00e1c ng\u00e2n h\u00e0ng n\u00f3i chung, quay tr\u1edf l\u1ea1i \u0111i\u1ec3m v\u0129 m\u00f4, m\u1ed9t ph\u1ea7n l\u00fd do khi\u1ebfn t\u00f4i lo l\u1eafng v\u1ec1 v\u0129 m\u00f4 l\u00e0 khi l\u00e3i su\u1ea5t t\u0103ng, m\u1ecdi ng\u01b0\u1eddi ch\u1ec9 chuy\u1ec3n ti\u1ec1n ra kh\u1ecfi ng\u00e2n h\u00e0ng v\u00e0o t\u00edn phi\u1ebfu kho b\u1ea1c v\u00e0 qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 . V\u00e0 v\u00ec v\u1eady, ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng, nh\u01b0 ch\u00fang ta s\u1ebd bi\u1ebft l\u00fd do c\u1ee5 th\u1ec3 khi\u1ebfn n\u00f3 gi\u1ea3m gi\u00e1, \u0111\u00f3 l\u00e0 c\u00e1c c\u00f4ng ty \u0111ang \u0111\u1ed1t v\u1ed1n.\n Ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng huy \u0111\u1ed9ng th\u00eam ti\u1ec1n n\u1eefa. V\u00ec v\u1eady, r\u00f5 r\u00e0ng ti\u1ec1n g\u1eedi \u0111ang gi\u1ea3m, nh\u01b0ng ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng l\u1edbn \u0111\u00e3 gi\u1ea3m kh\u00e1 \u0111\u00e1ng k\u1ec3 c\u00f9ng l\u00fac v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i \u0111ang b\u1ecb v\u1ee1 n\u1ee3. V\u00e0 do \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng c\u0169ng \u0111ang trong t\u00ecnh tr\u1ea1ng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a h\u1ecd \u0111ang b\u1ecb ph\u00ecnh to gi\u1ed1ng nh\u01b0 c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i \u0111ang ti\u1ebfp qu\u1ea3n n\u00e0y.\n V\u00e0 \u0111\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao t\u00f4i lo l\u1eafng v\u00ec t\u00f4i ngh\u0129, \u1ed3, vi\u1ec7c cho vay s\u1ebd gi\u1ea3m. V\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t trong nh\u1eefng l\u00fd do khi\u1ebfn t\u00f4i ngh\u0129 c\u00f3 l\u1ebd ch\u00fang ta s\u1ebd suy tho\u00e1i v\u00ec m\u00f4i tr\u01b0\u1eddng c\u00f3 t\u1ef7 l\u1ec7 l\u00e3i su\u1ea5t cao h\u01a1n, nh\u01b0ng \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi ti\u00eau d\u00f9ng, v\u00ec vi\u1ec7c l\u00e0m v\u1eabn m\u1ea1nh v\u00e0 t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng v\u1eabn m\u1ea1nh, \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 kh\u00f4ng x\u1ea3y ra. V\u00ec v\u1eady, n\u00f3 c\u00f2n h\u01a1n c\u1ea3 \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp qu\u00e1 m\u1ee9c, nh\u01b0ng v\u00e2ng, b\u1ea1n \u0111\u00e3 gi\u1ea3i th\u00edch l\u00fd do t\u1ea1i sao ti\u1ec1n g\u1eedi SVP gi\u1ea3m, nh\u01b0ng th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, ti\u1ec1n g\u1eedi \u1edf m\u1ecdi n\u01a1i \u0111\u00e3 gi\u1ea3m kh\u00e1 \u0111\u00e1ng k\u1ec3 v\u00ec b\u1ea1n n\u00ean s\u1eed d\u1ee5ng t\u00edn phi\u1ebfu kho b\u1ea1c v\u00e0 qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 h\u01a1n l\u00e0 trong t\u00e0i kho\u1ea3n s\u00e9c ng\u00e2n h\u00e0ng c\u1ee7a m\u00ecnh.\n Jack: \u0110\u00fang r\u1ed3i. V\u00ec v\u1eady, b\u1ea1n n\u00f3i r\u1eb1ng b\u1ea1n \u0111\u00e3 lo l\u1eafng v\u1ec1 m\u1ed9t cu\u1ed9c suy tho\u00e1i v\u00e0 b\u00e2y gi\u1edd b\u1ea1n \u0111\u00e3 b\u1edbt lo l\u1eafng h\u01a1n v\u1ec1 n\u00f3. T\u00f4i ngh\u0129 nhi\u1ec1u ng\u01b0\u1eddi ch\u1eafc ch\u1eafn, \u00fd t\u00f4i l\u00e0, n\u1ec1n kinh t\u1ebf Bloomberg c\u00f3 99% x\u00e1c su\u1ea5t x\u1ea3y ra suy tho\u00e1i v\u00e0o m\u00f9a thu n\u0103m 2022.\n V\u00ec v\u1eady, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi, bao g\u1ed3m c\u1ea3 t\u00f4i, \u0111\u1ec1u ngh\u0129 nh\u01b0 v\u1eady v\u00e0 cu\u1ed9c suy tho\u00e1i v\u1eabn ch\u01b0a \u0111\u1ebfn. B\u1ea1n \u0111ang ngh\u0129 ch\u00fang ta \u0111ang \u1edf \u0111\u00e2u trong chu k\u1ef3 kinh doanh? B\u1ea1n c\u00f3 ngh\u0129, \u1ed3, cu\u1ed9c suy tho\u00e1i v\u1eabn s\u1ebd \u0111\u1ebfn, n\u00f3 s\u1ebd \u0111\u1ebfn v\u00e0o n\u0103m 2025 th\u00f4i?\n Hay b\u1ea1n \u0111ang ngh\u0129, kh\u00f4ng, ch\u00fang ta \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a m\u1ed9t chu k\u1ef3 kinh t\u1ebf m\u1edbi v\u00e0 b\u1ea7u tr\u1eddi l\u00e0 gi\u1edbi h\u1ea1n?\n Fabrice: Cu\u1ed1i c\u00f9ng s\u1ebd c\u00f3 m\u1ed9t cu\u1ed9c suy tho\u00e1i, nh\u01b0ng n\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i li\u00ean quan c\u1ee5 th\u1ec3 \u0111\u1ebfn chu k\u1ef3 n\u00e0y. C\u00f3 v\u1ebb nh\u01b0 ngay b\u00e2y gi\u1edd, n\u1ebfu ch\u00fang ta k\u1ebft th\u00fac v\u1edbi vi\u1ec7c ki\u1ec3m so\u00e1t gi\u00e1 nhi\u1ec1u h\u01a1n, th\u00ec ch\u00fang ta c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng h\u01b0\u1edbng \u0111\u1ebfn vi\u1ec7c gi\u1ea3m l\u00e3i su\u1ea5t h\u01a1n l\u00e0 t\u0103ng l\u00e3i su\u1ea5t. V\u00e0 v\u00ec v\u1eady, \u00fd t\u00f4i l\u00e0, t\u00f4i kh\u00f4ng b\u1ea3o l\u00e3nh cho nhi\u1ec1u \u0111\u1ee3t gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0 gi\u1ea3m l\u00e3i su\u1ea5t nh\u1ecf trong t\u01b0\u01a1ng lai, nh\u01b0ng t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y ch\u00fang ta trong m\u1ed9t n\u0103m ho\u1eb7c m\u1ed9t n\u0103m r\u01b0\u1ee1i n\u1eefa s\u1ebd \u1edf m\u1ee9c 400 \u0111i\u1ec3m c\u01a1 b\u1ea3n thay v\u00ec 525.\n V\u00e0 t\u00f4i ngh\u0129 n\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 c\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb, t\u00f4i ngh\u0129 ch\u00fang ta s\u1ebd ti\u1ebfp t\u1ee5c ti\u1ebfn b\u01b0\u1edbc. T\u00f4i kh\u00f4ng ngh\u0129 ch\u00fang ta s\u1ebd c\u00f3 s\u1ef1 t\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t b\u1eadc, nh\u01b0ng t\u00f4i c\u0169ng kh\u00f4ng th\u1ea5y suy tho\u00e1i. \u0110i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, t\u00f4i c\u00f3 ngh\u0129 r\u1eb1ng c\u00f3 nguy c\u01a1 th\u1ef1c s\u1ef1 x\u1ea3y ra m\u1ed9t c\u00fa s\u1ed1c ngo\u1ea1i sinh \u0111\u1ed1i v\u1edbi h\u1ec7 th\u1ed1ng t\u1eeb vi\u1ec7c Trung Qu\u1ed1c phong t\u1ecfa \u0110\u00e0i Loan cho \u0111\u1ebfn \u0111i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra n\u1ebfu Trump \u0111\u1eafc c\u1eed hay kh\u00f4ng?\n \u0110\u00fang. V\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng ngo\u1ea1i sinh. Nh\u01b0ng cu\u1ed1i c\u00f9ng, vi\u1ec7c l\u00e0m v\u1eabn m\u1ea1nh, t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng v\u1eabn m\u1ea1nh v\u00e0 d\u01b0\u1eddng nh\u01b0 n\u00f3 \u0111ang c\u00e2n b\u1eb1ng qu\u00e1 m\u1ee9c t\u1ea5t c\u1ea3 nh\u1eefng ti\u00eau c\u1ef1c m\u00e0 ch\u00fang ta c\u00f3 trong h\u1ec7 th\u1ed1ng.\n V\u00e0 c\u00f3 th\u1ec3 cu\u1ed1i c\u00f9ng ch\u00fang ta s\u1ebd thanh to\u00e1n xong b\u1ea3ng c\u00e2n \u0111\u1ed1i ng\u00e2n h\u00e0ng v\u00e0 n\u1ee3 b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i, v.v. Nh\u00e2n ti\u1ec7n, n\u00f3 s\u1ebd m\u1ea5t m\u1ed9t th\u1eddi gian. Nh\u01b0ng t\u00f4i nh\u00ecn th\u1ebf gi\u1edbi theo kh\u00eda c\u1ea1nh x\u00e1c su\u1ea5t, gi\u1ed1ng nh\u01b0 b\u1ea1n.\n V\u00e0 v\u00e0o n\u0103m 22, t\u00f4i ngh\u0129 m\u00ecnh \u0111\u00e3 r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng suy tho\u00e1i 66%, ho\u1eb7c gi\u1ea3 s\u1eed l\u00e0 suy tho\u00e1i 60%, h\u1ea1 c\u00e1nh m\u1ec1m 30%, b\u1eb1ng c\u00e1ch n\u00e0o \u0111\u00f3 10% th\u00ec ch\u00fang t\u00f4i v\u1eabn \u1ed5n. V\u00e0 b\u00e2y gi\u1edd, t\u00f4i kh\u00f4ng bi\u1ebft n\u1eefa, suy tho\u00e1i 10%, 20%, v\u00e0 nhi\u1ec1u kh\u1ea3 n\u0103ng ch\u1ec9 x\u1ea3y ra nh\u01b0 tr\u01b0\u1eddng h\u1ee3p \u0111a s\u1ed1 x\u1ea3y ra h\u1ea1 c\u00e1nh m\u1ec1m v\u00e0 x\u00e1c su\u1ea5t 20%, 30%. V\u00ec v\u1eady, n\u00f3 ch\u1eafc ch\u1eafn \u0111\u00e3 thay \u0111\u1ed5i quan \u0111i\u1ec3m c\u1ee7a t\u00f4i.\n Nh\u01b0ng v\u1edbi thanh ki\u1ebfm \u0111\u1ecba ch\u00ednh tr\u1ecb d\u00e2n ch\u1ee7 n\u00e0y, \u0111i\u1ec1u m\u00e0 t\u00f4i ngh\u0129 c\u00f3 th\u1ec3 khi\u1ebfn ch\u00fang ta ng\u1ea1c nhi\u00ean m\u1ed9t c\u00e1ch ti\u00eau c\u1ef1c b\u1ea5t c\u1ee9 l\u00fac n\u00e0o, nh\u01b0ng ai bi\u1ebft \u0111\u01b0\u1ee3c khi n\u00e0o, t\u1ea1i sao, v.v. V\u00e0 b\u1ea1n kh\u00f4ng th\u1ec3 s\u1ed1ng cu\u1ed9c s\u1ed1ng lo l\u1eafng v\u1ec1 n\u00f3. V\u00e0 th\u1ebf l\u00e0 t\u00f4i c\u1ee9 ti\u1ebfp t\u1ee5c c\u1ed1 g\u1eafng v\u00e0 th\u1ef1c hi\u1ec7n.\n V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, chu k\u1ef3 kinh doanh m\u00e0 t\u00f4i quan t\u00e2m nh\u1ea5t kh\u00f4ng ph\u1ea3i l\u00e0 chu k\u1ef3 t\u00f4i \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o h\u00f4m nay. \u0110\u00f3 l\u00e0 l\u1ed1i tho\u00e1t sau 5, 10, 7, 10 n\u0103m n\u1eefa khi c\u00e1c c\u00f4ng ty n\u00e0y tr\u01b0\u1edfng th\u00e0nh. V\u00ec v\u1eady, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong l\u0129nh v\u1ef1c m\u1ea1o hi\u1ec3m, t\u00f4i th\u1ef1c s\u1ef1 ngh\u0129 b\u00e2y gi\u1edd l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ea1o hi\u1ec3m.\n \u00cdt c\u1ea1nh tranh h\u01a1n, \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111ang t\u1eadp trung v\u00e0o \u0111\u1ed1t ch\u00e1y v\u00e0 kinh t\u1ebf \u0111\u01a1n v\u1ecb, c\u1ed1 g\u1eafng gi\u1ea3i quy\u1ebft nh\u1eefng v\u1ea5n \u0111\u1ec1 l\u1edbn. V\u00ec v\u1eady, t\u00f4i v\u00f4 c\u00f9ng l\u1ea1c quan v\u1ec1 kh\u00f4ng gian m\u1ea1o hi\u1ec3m. V\u00e0 ngay c\u1ea3 khi suy tho\u00e1i kinh t\u1ebf x\u1ea3y ra, ch\u00fang t\u00f4i v\u1eabn gi\u00e0nh \u0111\u01b0\u1ee3c th\u1ecb ph\u1ea7n, ch\u00fang t\u00f4i l\u1ea5y \u0111i th\u1ecb ph\u1ea7n t\u1eeb th\u1ebf gi\u1edbi ngo\u1ea1i tuy\u1ebfn k\u00e9m hi\u1ec7u qu\u1ea3 h\u01a1n v\u00e0 b\u1ea1n ph\u00e1t tri\u1ec3n, c\u00f3 th\u1ec3 b\u1ea1n ph\u00e1t tri\u1ec3n ch\u1eadm h\u01a1n, nh\u01b0ng b\u1ea1n v\u1eabn ph\u00e1t tri\u1ec3n.\n V\u00ec v\u1eady, t\u00f4i kh\u00f4ng c\u00f2n l\u1ea1c quan n\u1eefa.\n Jack: V\u00e0 b\u1ea1n l\u1ea1c quan \u0111\u1ebfn m\u1ee9c n\u00e0o v\u1ec1 ph\u00e2n ng\u00e0nh c\u1ee5 th\u1ec3 c\u1ee7a c\u00e1c c\u00f4ng ty d\u1ef1a tr\u00ean AI? Nh\u1eefng ng\u01b0\u1eddi quan s\u00e1t tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang s\u1ebd l\u01b0u \u00fd r\u1eb1ng ch\u1ec9 c\u00f3 m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng coi l\u00e0 nh\u1eefng ng\u01b0\u1eddi h\u01b0\u1edfng l\u1ee3i t\u1eeb AI. V\u00e0 n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o thu nh\u1eadp r\u00f2ng v\u00e0 doanh thu th\u1ef1c t\u1ebf, th\u1eadm ch\u00ed c\u00f2n nh\u1ecf h\u01a1n v\u00e0 th\u1ef1c s\u1ef1 \u00edt h\u01a1n, Magnificent Seven c\u00f2n h\u01a1n c\u1ea3 Magnificent One, NVIDIA, c\u00f4ng ty c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng \u0111\u00e1ng kinh ng\u1ea1c v\u00e0 t\u00f4i tin r\u1eb1ng ch\u01b0a c\u00f3 c\u00f4ng ty n\u00e0o \u0111\u1ee7 l\u1edbn.\n Nh\u01b0ng \u1edf th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n, t\u00f4i th\u1ef1c s\u1ef1 kh\u00f4ng bi\u1ebft n\u00f3 tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0o. V\u1eady b\u1ea1n c\u00f3 th\u1ec3 mi\u00eau t\u1ea3 m\u00f4i tr\u01b0\u1eddng \u0111\u00f3 m\u1ed9t ch\u00fat \u0111\u01b0\u1ee3c kh\u00f4ng? Tr\u01b0\u1edbc \u0111\u00f3, b\u1ea1n \u0111\u00e3 n\u00f3i r\u1eb1ng l\u0129nh v\u1ef1c AI c\u1ef1c k\u1ef3 n\u00f3ng v\u00e0 c\u00f3 th\u1ec3 b\u1edbt n\u00f3ng h\u01a1n m\u1ed9t ch\u00fat.\n V\u00ec v\u1eady, ch\u1ec9 c\u1ea7n m\u00f4 t\u1ea3 k\u1ecbch b\u1ea3n \u0111\u00f3 c\u0169ng nh\u01b0 quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 n\u00f3.\n Fabrice: V\u00e2ng. V\u00ec v\u1eady, v\u00e0o n\u0103m 23, trong khi t\u00f4i \u0111ang m\u00f4 t\u1ea3 m\u1ee9c t\u0103ng h\u1ea1t gi\u1ed1ng trung b\u00ecnh l\u00e0 3 \u1edf 9 tr\u01b0\u1edbc, 12 sau v\u00e0 trung v\u1ecb A l\u00e0 7 \u1edf 23 tr\u01b0\u1edbc, sau 3D, gi\u00e1 tr\u1ecb trung b\u00ecnh cao h\u01a1n nhi\u1ec1u b\u1edfi v\u00ec, \u0111i\u1ec1u \u0111ang x\u1ea3y ra l\u00e0 b\u1ea1n \u0111\u00e3 c\u00f3 v\u1ebb nh\u01b0 c\u00e1c c\u00f4ng ty AI \u0111ang nu\u00f4i d\u01b0\u1ee1ng h\u1ea1t gi\u1ed1ng nh\u01b0 20 \u1edf m\u1ee9c 80 tr\u01b0\u1edbc v\u00e0 \u0111i\u1ec3m A t\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, 100 \u1edf m\u1ee9c 300 tr\u01b0\u1edbc, m\u1ed9t \u0111i\u1ec1u g\u00ec \u0111\u00f3 ho\u00e0n to\u00e0n l\u1ed1 b\u1ecbch. V\u00e0 t\u00f4i th\u1ea5y r\u1eb1ng h\u1ea7u h\u1ebft trong s\u1ed1 h\u1ecd \u0111\u1ec1u th\u00fa v\u1ecb v\u00e0 x\u00e2y d\u1ef1ng nh\u1eefng s\u1ea3n ph\u1ea9m th\u00fa v\u1ecb, nh\u01b0ng h\u1ecd gi\u1ed1ng nh\u01b0 s\u1eed d\u1ee5ng d\u1eef li\u1ec7u kh\u00f4ng kh\u00e1c bi\u1ec7t v\u00e0 s\u1eed d\u1ee5ng LLM kh\u00f4ng kh\u00e1c bi\u1ec7t v\u1edbi m\u00f4 h\u00ecnh kinh doanh kh\u00f4ng r\u00f5 r\u00e0ng.\n V\u00e0 t\u00f4i ngh\u0129 h\u1ea7u h\u1ebft nh\u1eefng \u0111i\u1ec1u n\u00e0y s\u1ebd nh\u01b0 v\u1eady, ch\u00fang ta s\u1ebd ti\u1ebfn t\u1edbi con s\u1ed1 0. Ch\u1eafc ch\u1eafn h\u1ecd s\u1ebd kh\u00f4ng s\u1ed1ng theo s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u. V\u1eady \u0111i\u1ec1u x\u1ea3y ra v\u1edbi m\u1ecdi c\u00f4ng ngh\u1ec7 l\u00e0 n\u00f3 xu\u1ea5t hi\u1ec7n, m\u1ecdi ng\u01b0\u1eddi c\u1ef1c k\u1ef3 ph\u1ea5n kh\u00edch, v\u00e0 c\u00f3 m\u1ed9t chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u, chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u Gardner, n\u01a1i b\u1ea1n \u1edf tr\u00ean \u0111\u1ec9nh c\u1ee7a chu k\u1ef3 c\u01b0\u1eddng \u0111i\u1ec7u, n\u01a1i m\u00e0 m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u ngh\u0129, n\u00f3 s\u1ebd thay \u0111\u1ed5i th\u1ebf gi\u1edbi, v\u00e2n v\u00e2n.\n Sau \u0111\u00f3 l\u00e0 m\u1ed9t kho\u1ea3ng th\u1eddi gian v\u1ee1 m\u1ed9ng v\u00e0 th\u1ea5t v\u1ecdng k\u00e9o d\u00e0i kh\u00e1 l\u00e2u. V\u00e0 \u0111\u1ec3 t\u00f4i \u0111\u01b0a b\u1ea1n tr\u1edf l\u1ea1i nh\u01b0 n\u0103m 1998, 1999. B\u1ea1n bi\u1ebft \u0111\u1ea5y, m\u1ecdi ng\u01b0\u1eddi tin t\u01b0\u1edfng v\u00e0o pet.com ho\u1eb7c Webvan, ho\u1eb7c th\u1ef1c t\u1ebf l\u00e0 c\u00f3 m\u1ed9t c\u00f4ng ty t\u00ean l\u00e0 Kazoo ho\u1eb7c Kazaa, h\u1ecd giao h\u00e0ng trong 15 ph\u00fat, 20 ph\u00fat, 30 ph\u00fat. T\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y \u0111\u1ec1u di\u1ec5n ra su\u00f4n s\u1ebb, nh\u01b0ng th\u1ef1c ra c\u00e1c \u00fd t\u01b0\u1edfng \u0111\u1ec1u c\u00f3 c\u01a1 s\u1edf. Ch\u1ec9 l\u00e0, c\u00f2n qu\u00e1 s\u1edbm. \u0110\u1ed9 th\u00e2m nh\u1eadp qu\u00e1 th\u1ea5p.\n B\u1ea1n kh\u00f4ng c\u00f3, b\u1ea1n kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh v\u1ecb \u0111\u1ecba l\u00fd v\u1edbi \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh. V\u1eady l\u00e0 b\u00e2y gi\u1edd ch\u00fang ta c\u00f3 Chewy. Ch\u00fang ta c\u00f3 th\u1ec3 mua \u0111\u1ed3 ch\u01a1i tr\u1ef1c tuy\u1ebfn tr\u00ean b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, tr\u00ean Amazon.\n V\u00e0 b\u1ea1n c\u0169ng gi\u1ed1ng nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty giao \u0111\u1ed3 \u0103n, t\u1ea5t c\u1ea3 nh\u1eefng c\u00f4ng ty n\u00e0y \u0111\u1ec1u kh\u1ea3 thi. V\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 2010, b\u1ea1n \u0111\u00e3 c\u00f3 s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u qu\u00e1 m\u1ee9c v\u1ec1 xe t\u1ef1 l\u00e1i. V\u00e0 v\u1ec1 c\u01a1 b\u1ea3n, xe t\u1ef1 l\u00e1i hi\u1ec7n \u0111\u00e3 ho\u00e0n to\u00e0n b\u1ecb b\u1ecf qua.\n N\u00f3 \u0111\u00e3 \u0111i b\u00ean \u0111\u01b0\u1eddng r\u1ed3i. M\u1ecdi ng\u01b0\u1eddi tin r\u1eb1ng \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng x\u1ea3y ra, c\u00f3 th\u1ec3 kh\u00f4ng bao gi\u1edd. Tuy nhi\u00ean, cu\u1ed1i c\u00f9ng ch\u00fang ta c\u0169ng th\u1ea5y nh\u1eefng \u0111i\u1ec1u nh\u01b0, cho \u0111\u1ebfn nay \u0111\u00e3 c\u00f3 m\u1ed9t tri\u1ec7u chuy\u1ebfn giao \u0111\u1ed3 \u0103n b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i \u1edf Th\u00e2m Quy\u1ebfn.\n V\u00e0 Th\u00e2m Quy\u1ebfn l\u00e0 m\u1ed9t trong nh\u1eefng th\u00e0nh ph\u1ed1 c\u00f3 m\u1eadt \u0111\u1ed9 d\u00e2n s\u1ed1 cao nh\u1ea5t th\u1ebf gi\u1edbi. N\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n giao h\u00e0ng b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i b\u1eb1ng \u0111\u1ed3 \u0103n, ngh\u0129a l\u00e0 giao h\u00e0ng v\u1edbi chi ph\u00ed c\u1eadn bi\u00ean b\u1eb1ng 0 \u1edf Th\u00e2m Quy\u1ebfn, th\u00ec b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n vi\u1ec7c \u0111\u00f3 \u1edf b\u1ea5t c\u1ee9 \u0111\u00e2u. Ch\u00fang ta b\u1eaft \u0111\u1ea7u th\u1ea5y taxi t\u1ef1 l\u00e1i \u1edf Trung Qu\u1ed1c \u0111ang ph\u00e1t tri\u1ec3n.\n V\u00ec v\u1eady, ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 hi\u1ec3u r\u1eb1ng c\u00f4ng ngh\u1ec7 \u0111\u1ee7 t\u1ed1t \u0111\u1ec3 n\u00f3 tr\u1edf n\u00ean n\u1ed5i b\u1eadt. V\u00ec v\u1eady, AI b\u00e2y gi\u1edd, ngay b\u00e2y gi\u1edd, Nvidia \u0111ang nh\u00ecn th\u1ea5y l\u1ee3i nhu\u1eadn v\u00e0 t\u0103ng tr\u01b0\u1edfng, v.v., b\u1edfi v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111ang mua chip AI v\u00e0 h\u1ecd \u0111ang s\u1eed d\u1ee5ng AI. Khi n\u00e0o n\u00f3 th\u1ef1c s\u1ef1 xu\u1ea5t hi\u1ec7n trong P&amp;L c\u1ee7a c\u00f4ng ty c\u01a1 b\u1ea3n?\n T\u00f4i ngh\u0129 r\u1eb1ng n\u00f3 s\u1ebd m\u1ea5t m\u1ed9t th\u1eddi gian d\u00e0i. V\u00ec v\u1eady, c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f4ng ngh\u1ec7 c\u1ee7a t\u00f4i l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 s\u1edbm. T\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u1ee7a ch\u00fang t\u00f4i \u0111ang s\u1eed d\u1ee5ng AI cho ba m\u1ee5c \u0111\u00edch.\n Ch\u00fang t\u00f4i ch\u1eafc ch\u1eafn \u0111ang thay th\u1ebf d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c kh\u00e1ch h\u00e0ng ho\u1eb7c th\u00eam d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c kh\u00e1ch h\u00e0ng. Ch\u00fang t\u00f4i \u0111ang l\u00e0m cho c\u00e1c k\u1ef9 s\u01b0 c\u1ee7a ch\u00fang t\u00f4i l\u00e0m vi\u1ec7c hi\u1ec7u qu\u1ea3 h\u01a1n. C\u00e1c k\u1ef9 s\u01b0 c\u1ee7a ch\u00fang t\u00f4i hi\u1ec7n l\u00e0m vi\u1ec7c hi\u1ec7u qu\u1ea3 h\u01a1n \u00edt nh\u1ea5t 30%, n\u1ebfu kh\u00f4ng mu\u1ed1n n\u00f3i l\u00e0 50% v\u00ec h\u1ecd s\u1eed d\u1ee5ng AI.\n V\u00ec v\u1eady, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u gi\u1ea3m chi ph\u00ed th\u00f4ng qua AI trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p. \u0110\u1ed3ng th\u1eddi, ch\u00fang t\u00f4i c\u0169ng \u0111ang s\u1eed d\u1ee5ng AI \u0111\u1ec3 c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n tr\u1ea3i nghi\u1ec7m ng\u01b0\u1eddi d\u00f9ng. V\u00ed d\u1ee5: ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty bu\u00f4n b\u00e1n t\u00fai x\u00e1ch t\u00ean l\u00e0 Rebag.\n V\u00e0 c\u00e1ch c\u0169 \u0111\u1ec3 b\u00e1n m\u1ed9t chi\u1ebfc t\u00fai x\u00e1ch tr\u00ean eBay l\u00e0 b\u1ea1n l\u1ea5y \u0111i\u1ec7n tho\u1ea1i ra, ch\u1ee5p 20 b\u1ee9c \u1ea3nh, vi\u1ebft ti\u00eau \u0111\u1ec1, vi\u1ebft m\u00f4 t\u1ea3, \u0111\u1eb7t gi\u00e1, ch\u1ecdn danh m\u1ee5c. \u0110\u00f3 l\u00e0 r\u1ea5t nhi\u1ec1u c\u00f4ng vi\u1ec7c. Rebag, b\u1ea1n ch\u1ee5p v\u00e0i b\u1ee9c \u1ea3nh, AI, h\u1ecd c\u00f3 t\u1ea5t c\u1ea3 d\u1eef li\u1ec7u v\u00ec h\u1ecd l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00fai x\u00e1ch.\n Ch\u00fang l\u00e0 cu\u1ed1n s\u00e1ch Kelly Blue Book c\u1ee7a m\u1ed9t th\u1ec3 lo\u1ea1i. H\u1ecd vi\u1ebft ti\u00eau \u0111\u1ec1, ch\u1ee7ng lo\u1ea1i, t\u00ecnh tr\u1ea1ng, cho b\u1ea1n bi\u1ebft n\u00f3 c\u00f3 th\u1eadt hay kh\u00f4ng, r\u1ed3i h\u1ecd b\u00e1n gi\u00e1 v\u00e0 b\u00e1n h\u1ebft trong n\u0103m ph\u00fat. N\u00f3 ho\u00e0n to\u00e0n mang t\u00ednh c\u00e1ch m\u1ea1ng.\n Nh\u01b0ng n\u1ebfu b\u1ea1n ngh\u0129 xem khi n\u00e0o n\u00f3 th\u1ef1c s\u1ef1 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn n\u1ec1n kinh t\u1ebf ch\u00ednh? N\u1ec1n kinh t\u1ebf ch\u00ednh tr\u00ean th\u1ebf gi\u1edbi l\u00e0 c\u00e1c d\u1ecbch v\u1ee5 c\u00f4ng c\u1ed9ng, ch\u00ednh ph\u1ee7, v\u00e0 B2B, gi\u1ed1ng nh\u01b0 h\u00f3a d\u1ea7u, gi\u1ed1ng nh\u01b0 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la m\u1ed7i danh m\u1ee5c. V\u1eady b\u1ea1n ngh\u0129 khi n\u00e0o m\u1ed9t c\u00f4ng ty nh\u01b0 Mercer s\u1ebd s\u1eed d\u1ee5ng AI \u0111\u1ec3 c\u1ea3i thi\u1ec7n, x\u1eed l\u00fd y\u00eau c\u1ea7u b\u1ed3i th\u01b0\u1eddng?\n \u00dd t\u00f4i l\u00e0, v\u00ec tr\u00e1ch nhi\u1ec7m, h\u1ecd kh\u00f4ng th\u1ec3 b\u1ecb \u1ea3o gi\u00e1c. H\u1ecd s\u1ebd \u0111\u1ee3i cho \u0111\u1ebfn khi \u00fd t\u00f4i l\u00e0, h\u1ecd c\u1ea7n s\u1ef1 ch\u1eafc ch\u1eafn 99,999%. V\u00e0 vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c 0,01 cu\u1ed1i c\u00f9ng c\u00f2n kh\u00f3 h\u01a1n nhi\u1ec1u, ch\u01b0a n\u00f3i \u0111\u1ebfn 20% cu\u1ed1i c\u00f9ng, 80% \u0111\u1ea7u ti\u00ean. V\u00e0 tr\u01b0\u1edbc khi t\u00f4i nh\u00ecn th\u1ea5y n\u00f3, t\u00f4i hy v\u1ecdng n\u00f3 s\u1ebd d\u1eabn \u0111\u1ebfn m\u1ed9t cu\u1ed9c c\u00e1ch m\u1ea1ng v\u1ec1 n\u0103ng su\u1ea5t. N\u00f3 s\u1ebd thay \u0111\u1ed5i b\u1ed9 m\u1eb7t c\u1ee7a tr\u00e1i \u0111\u1ea5t. Tr\u00ean th\u1ef1c t\u1ebf, m\u1ecdi chuy\u1ec7n c\u00f2n s\u00e2u s\u1eafc h\u01a1n nh\u1eefng g\u00ec m\u00e0 nh\u1eefng ng\u01b0\u1eddi l\u1ea1c quan nh\u1ea5t tin t\u01b0\u1edfng s\u1ebd x\u1ea3y ra ng\u00e0y h\u00f4m nay.\n Nh\u01b0ng n\u00f3 c\u0169ng s\u1ebd m\u1ea5t nhi\u1ec1u th\u1eddi gian h\u01a1n. V\u00ec v\u1eady, t\u00f4i ngh\u0129 b\u1ea1n s\u1ebd kh\u00f4ng b\u1eaft \u0111\u1ea7u nh\u00ecn th\u1ea5y n\u00f3 trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea n\u0103ng su\u1ea5t th\u1ef1c t\u1ebf c\u01a1 b\u1ea3n trong 10, 20 n\u0103m t\u1edbi. V\u00e0 c\u00f4ng ty l\u1edbn v\u00e0 c\u00e1c ch\u00ednh ph\u1ee7 s\u1ebd h\u1ecfi, khi n\u00e0o th\u00ec t\u00f4i ngh\u0129 ch\u00ednh ph\u1ee7 s\u1ebd s\u1eed d\u1ee5ng n\u00f3 m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 gi\u1ea3m chi ph\u00ed?\n V\u00e0 c\u00f3 l\u1ebd h\u1ecd s\u1ebd l\u00e0 ng\u01b0\u1eddi \u0111i cu\u1ed1i c\u00f9ng. B\u1edfi v\u00ec c\u00f4ng ch\u00fang, h\u1ecd kh\u00f4ng mu\u1ed1n, h\u1ecd kh\u00f4ng t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3. V\u00e0 v\u00ec v\u1eady t\u00f4i kh\u00f4ng ngh\u0129 ch\u00fang ta th\u1ea5y \u0111i\u1ec1u \u0111\u00f3 trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea n\u0103ng su\u1ea5t v\u00e0 s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea GDP trong \u00edt nh\u1ea5t 5 n\u0103m, r\u1ea5t c\u00f3 th\u1ec3 l\u00e0 10 n\u0103m tr\u1edf \u0111i.\n \u0110i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, v\u00ec v\u1eady trong 5 n\u0103m n\u1eefa, t\u00f4i ngh\u0129 s\u1ebd c\u00f3 m\u1ed9t thung l\u0169ng c\u1ee7a s\u1ef1 v\u1ee1 m\u1ed9ng ho\u1eb7c th\u1ea5t v\u1ecdng, n\u01a1i m\u1ecdi ng\u01b0\u1eddi s\u1ebd gi\u1ed1ng nh\u01b0, \u00f4i Ch\u00faa \u01a1i, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u \u0111\u00e3 l\u00e0m n\u00ean chuy\u1ec7n l\u1edbn v\u00e0 kh\u00f4ng c\u00f3 g\u00ec x\u1ea3y ra. Nh\u01b0ng th\u1ef1c ra, t\u1eebng ch\u00fat m\u1ed9t, ch\u00fang s\u1ebd th\u00e2m nh\u1eadp v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 m\u1ecdi th\u1ee9 s\u1ebd tr\u1edf n\u00ean r\u1ebb h\u01a1n, nhanh h\u01a1n v\u00e0 t\u1ed1t h\u01a1n. V\u00e0 10, 15 n\u0103m sau, b\u1ea1n s\u1ebd th\u1ea5y k\u1ebft qu\u1ea3 c\u1ee7a n\u00f3.\n V\u00e0 nh\u00e2n ti\u1ec7n, n\u00f3 c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea GDP. \u00dd t\u00f4i l\u00e0, GDP, h\u00e3y ngh\u0129 \u0111\u1ebfn m\u1ed9t s\u1ea3n ph\u1ea9m, h\u00e3y ngh\u0129 \u0111\u1ebfn m\u00e1y t\u00ednh. M\u1ed9t chi\u1ebfc m\u00e1y t\u00ednh c\u00f3 gi\u00e1 2.000 \u0111\u00f4 la, b\u00e2y gi\u1edd l\u00e0 1.000 \u0111\u00f4 la nh\u01b0ng m\u1ea1nh g\u1ea5p \u0111\u00f4i, th\u1ef1c t\u1ebf \u0111i\u1ec1u \u0111\u00f3 s\u1ebd h\u1ee7y b\u1ecf m\u1ee9c gi\u1ea3m GDP 1.000 \u0111\u00f4 la.\n V\u00ec v\u1eady, s\u1ee9c m\u1ea1nh gi\u1ea3m ph\u00e1t- Trong GDP danh ngh\u0129a, v\u00e2ng. V\u00e2ng. C\u00f4ng ngh\u1ec7 th\u01b0\u1eddng h\u1ee7y b\u1ecf s\u1ef1 s\u1ee5t gi\u1ea3m GDP.\n V\u00e0 v\u00ec v\u1eady t\u00f4i ngh\u0129 GDP \u0111ang \u0111\u00e1nh gi\u00e1 th\u1ea5p ch\u1ea5t l\u01b0\u1ee3ng c\u1ea3i thi\u1ec7n cu\u1ed9c s\u1ed1ng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a nh\u1eefng c\u1ea3i thi\u1ec7n v\u1ec1 n\u0103ng su\u1ea5t. V\u00e0 v\u00ec v\u1eady t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u0111o l\u01b0\u1eddng sai s\u1ef1 c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t trong t\u00ednh to\u00e1n GDP b\u1edfi v\u00ec ch\u00fang ta kh\u00f4ng nh\u00ecn th\u1ea5y s\u1ee9c m\u1ea1nh gi\u1ea3m ph\u00e1t ho\u1eb7c t\u00ednh to\u00e1n sai s\u1ee9c m\u1ea1nh gi\u1ea3m ph\u00e1t c\u1ee7a c\u00f4ng ngh\u1ec7. Nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 n\u00f3i l\u00ean r\u1eb1ng, tr\u01b0\u1edbc khi AI th\u00e2m nh\u1eadp v\u00e0o th\u1ebf gi\u1edbi th\u1ef1c- V\u1eady trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, n\u00f3 c\u00f3 c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t kh\u00f4ng?\n Tuy\u1ec7t \u0111\u1ed1i. Nh\u01b0ng m\u1ed9t l\u1ea7n n\u1eefa, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea3o lu\u1eadn ngay t\u1eeb \u0111\u1ea7u, c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ch\u1ec9 chi\u1ebfm 2% vi\u1ec7c l\u00e0m. V\u00e0 v\u00ec v\u1eady, t\u00f4i ngh\u0129, n\u00f3 s\u1ebd kh\u00f4ng xu\u1ea5t hi\u1ec7n trong s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea n\u0103ng su\u1ea5t t\u1ed5ng th\u1ec3 trong m\u1ed9t th\u1eadp k\u1ef7, b\u1edfi v\u00ec b\u1ea1n c\u1ea7n General Electric v\u00e0 b\u1ea1n c\u1ea7n b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec, Exxon, \u0111\u1ec3 s\u1eed d\u1ee5ng n\u00f3 m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 v\u00e0 c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t.\n V\u00e0 t\u00f4i kh\u00f4ng th\u1ea5y \u0111i\u1ec1u \u0111\u00f3 x\u1ea3y ra trong m\u1ed9t th\u1eadp k\u1ef7. Nh\u01b0ng cu\u1ed1i c\u00f9ng, n\u00f3 s\u1ebd c\u00e1ch m\u1ea1ng h\u00f3a th\u1ebf gi\u1edbi theo nh\u1eefng c\u00e1ch m\u00e0 ng\u00e0y nay ch\u00fang ta th\u1eadm ch\u00ed kh\u00f4ng th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c.\n Jack: \u0110i\u1ec1u \u0111\u00f3 r\u1ea5t th\u00fa v\u1ecb. C\u1ea3m \u01a1n. Tr\u01b0\u1edbc \u0111\u00f3, \u00f4ng n\u00f3i r\u1eb1ng \u00f4 t\u00f4 t\u1ef1 l\u00e1i, xe t\u1ef1 h\u00e0nh \u0111\u00e3 \u0111\u01b0\u1ee3c y\u00eau th\u00edch c\u00e1ch \u0111\u00e2y 5, 10 n\u0103m, c\u00f2n b\u00e2y gi\u1edd th\u00ec kh\u00f4ng c\u00f2n nhi\u1ec1u n\u1eefa.\n B\u00e2y gi\u1edd h\u1ecd l\u00e0 VC. \u0110\u00f3 l\u00e0 m\u1ed9t th\u1ec3 lo\u1ea1i kh\u00f4ng h\u1ee3p th\u1eddi trang. B\u1ea1n s\u1ebd n\u00f3i ai l\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng trong l\u0129nh v\u1ef1c \u0111\u00f3?\n Fabrice: V\u1eady c\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 b\u1ea1n \u0111\u1ecbnh ngh\u0129a th\u1ebf n\u00e0o l\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng? C\u00f3 ph\u1ea3i b\u1ea1n \u0111ang n\u00f3i r\u1eb1ng ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng l\u00e0 c\u00f4ng ty \u0111ang x\u00e2y d\u1ef1ng c\u00f4ng ngh\u1ec7 c\u01a1 b\u1ea3n m\u00e0 sau \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong \u00f4 t\u00f4 \u0111\u1ec3 t\u1ef1 l\u00e1i, trong \u0111\u00f3 c\u00f3 hai cu\u1ed9c chi\u1ebfn l\u1edbn \u0111ang di\u1ec5n ra t\u1eeb g\u00f3c \u0111\u1ed9 c\u00f4ng ngh\u1ec7, nh\u01b0 h\u1ec7 th\u1ed1ng d\u1ef1a tr\u00ean LIDAR v\u00e0 d\u1ef1a tr\u00ean webcam h\u1ec7 th\u1ed1ng. V\u00e0 s\u1ef1 \u0111\u1eb7t c\u01b0\u1ee3c l\u1edbn c\u1ee7a Tesla, v\u00e0 tr\u00ean th\u1ef1c t\u1ebf, c\u00e1ch duy nh\u1ea5t t\u00f4i ngh\u0129 b\u1ea1n c\u00f3 th\u1ec3 bi\u1ec7n minh cho vi\u1ec7c \u0111\u1ecbnh gi\u00e1 Tesla l\u00e0 n\u1ebfu b\u1ea1n tin r\u1eb1ng v\u1ec1 c\u01a1 b\u1ea3n, h\u1ecd s\u1ebd th\u1eafng trong l\u0129nh v\u1ef1c xe t\u1ef1 l\u00e1i.\n V\u00ec v\u1eady, s\u1ef1 \u0111\u1eb7t c\u01b0\u1ee3c l\u1edbn c\u1ee7a Tesla l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa AI, GPU v\u00e0 webcam, r\u1ebb h\u01a1n nhi\u1ec1u, s\u1ebd gi\u00e0nh chi\u1ebfn th\u1eafng tr\u01b0\u1edbc c\u00e1c h\u1ec7 th\u1ed1ng d\u1ef1a tr\u00ean LIDAR. V\u00e0 c\u00e2u tr\u1ea3 l\u1eddi l\u00e0, n\u00f3 c\u00f3 th\u1ec3 r\u1ea5t t\u1ed1t. \u00dd t\u00f4i l\u00e0, n\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 nh\u1eefng n\u0103m 1980, b\u1ea1n c\u00f3 nh\u1eefng chi\u1ebfc m\u00e1y t\u00ednh cao c\u1ea5p, nh\u01b0 \u0110\u1ed3 h\u1ecda Silicon c\u1ee7a th\u1ebf gi\u1edbi so v\u1edbi PC, v\u00e0 PC ng\u00e0y c\u00e0ng m\u1ea1nh h\u01a1n, t\u1ed1t h\u01a1n, nhanh h\u01a1n v\u00e0 v\u1eabn r\u1ebb.\n V\u00e0 cu\u1ed1i c\u00f9ng, th\u1ebf gi\u1edbi \u0111\u00f3 \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng. Nh\u01b0ng v\u1ea5n \u0111\u1ec1 l\u00e0, n\u00f3i v\u1ec1 c\u00e1c c\u00f4ng ty c\u01a1 b\u1ea3n \u0111ang b\u00e1n nh\u1eefng th\u1ee9 n\u00e0y c\u00f3 l\u1ebd k\u00e9m h\u1ea5p d\u1eabn h\u01a1n so v\u1edbi vi\u1ec7c ai \u0111ang x\u00e2y d\u1ef1ng c\u00e1c \u1ee9ng d\u1ee5ng xe t\u1ef1 l\u00e1i th\u00fa v\u1ecb m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 th\u1ea5y tr\u00ean th\u1ecb tr\u01b0\u1eddng ng\u00e0y nay. V\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u hi\u1ec7n l\u00e0 m\u1ed9t c\u00f4ng ty Trung Qu\u1ed1c t\u00ean l\u00e0 WeRide, c\u00f4ng ty d\u1eabn \u0111\u1ea7u \u1edf Trung Qu\u1ed1c v\u00e0 hi\u1ec7n \u0111ang b\u00e1n cho UAE.\n B\u00e2y gi\u1edd, t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf th\u1eddi \u0111i\u1ec3m c\u00f4ng ngh\u1ec7 m\u00e0 n\u00f3 th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng \u1edf Hoa K\u1ef3, nh\u01b0ng n\u00f3 thi\u00ean v\u1ec1 m\u1ed9t ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd h\u01a1n. Nh\u00e2n ti\u1ec7n, \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 v\u1edbi m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i. Vi\u1ec7c giao h\u00e0ng b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i l\u00e0 ho\u00e0n to\u00e0n kh\u1ea3 thi.\n Ch\u1ec9 l\u00e0 FAA y\u00eau c\u1ea7u nh\u1eefng th\u1ee9 nh\u01b0 t\u1ea7m nh\u00ecn v\u00e0 phi c\u00f4ng, \u0111i\u1ec1u n\u00e0y th\u1eadt v\u00f4 ngh\u0129a. B\u1ea1n mu\u1ed1n t\u1ef1 ch\u1ee7 v\u00e0 c\u00f3 ph\u1ea1m vi v\u00f4 h\u1ea1n, n\u1ebfu kh\u00f4ng th\u00ec kh\u00f4ng \u0111\u01b0\u1ee3c. Ho\u1eb7c y\u00eau c\u1ea7u mua quy\u1ec1n s\u1eed d\u1ee5ng kh\u00f4ng kh\u00ed v\u00ec m\u1ed9t l\u00fd do n\u00e0o \u0111\u00f3.\n T\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y \u0111\u1ec1u ngu ng\u1ed1c v\u00e0 h\u1ea1n ch\u1ebf s\u1ef1 ph\u00e1t tri\u1ec3n m\u1ed9t c\u00e1ch \u1ed3 \u1ea1t. Ng\u00e0y nay ch\u00fang ta ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 v\u1eadn chuy\u1ec3n h\u00e0ng b\u1eb1ng m\u00e1y bay kh\u00f4ng ng\u01b0\u1eddi l\u00e1i m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 n\u1ebfu kh\u00f4ng c\u00f3 kh\u00f4ng gian ph\u00e1p l\u00fd.\n Jack: V\u00e0 c\u0169ng gi\u1ed1ng nh\u01b0 trong nh\u1eefng n\u0103m 80 v\u00e0 90, ng\u01b0\u1eddi h\u01b0\u1edfng l\u1ee3i t\u1eeb m\u00e1y t\u00ednh th\u1ef1c s\u1ef1 l\u00e0 Microsoft thi\u1ebft k\u1ebf ph\u1ea7n m\u1ec1m thay v\u00ec Dell s\u1ea3n xu\u1ea5t ph\u1ea7n c\u1ee9ng, m\u1eb7c d\u00f9 Dell hi\u1ec7n \u0111\u00e3 \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai v\u00e0 \u0111ang tr\u00ean \u0111\u00e0 ph\u00e1t tri\u1ec3n nh\u1edd nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb AI. Nh\u01b0ng b\u1ea1n c\u00f3 ngh\u0129 r\u1eb1ng ng\u01b0\u1eddi h\u01b0\u1edfng l\u1ee3i th\u1ef1c s\u1ef1 s\u1ebd thi\u1ebft k\u1ebf ph\u1ea7n m\u1ec1m thay v\u00ec c\u00e1c h\u00e3ng xe h\u01a1i nh\u01b0 Ford hay GM?\n Fabrice: Th\u1ef1c ra th\u00ec b\u1ea1n c\u00f3 hai ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i. B\u1ea1n c\u00f3 Microsoft v\u00e0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t \u1ee9ng d\u1ee5ng tr\u00ean Microsoft, nh\u01b0ng b\u1ea1n c\u0169ng c\u00f3 Intel. V\u00ec v\u1eady n\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 s\u1ef1 \u0111\u1ed9c quy\u1ec1n c\u1ee7a Wintel trong m\u1ed9t th\u1eddi gian d\u00e0i.\n V\u00e0 ng\u01b0\u1eddi thua cu\u1ed9c l\u00e0 IBM v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t PC, ph\u1ea3i kh\u00f4ng? Gateway, Dell, v.v. \u00dd t\u00f4i l\u00e0, Dell ng\u00e0y nay kh\u00f4ng gi\u1ed1ng nh\u01b0 nh\u00e0 s\u1ea3n xu\u1ea5t PC ng\u00e0y x\u01b0a.\n V\u00ec v\u1eady, t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i \u1edf \u0111\u00e2y l\u00e0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t GPU, NVIDIA c\u0169ng v\u1eady, m\u1eb7c d\u00f9 NVIDIA c\u0169ng c\u00f3 th\u1ec3 b\u1ecb ng\u01b0\u1eddi kh\u00e1c thay th\u1ebf trong t\u01b0\u01a1ng lai, m\u1eb7c d\u00f9 c\u00f3 nh\u1eefng hi\u1ec7u \u1ee9ng m\u1ea1ng l\u1edbn v\u00e0 l\u1ee3i \u00edch v\u1ec1 quy m\u00f4 c\u0169ng nh\u01b0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t AI nh\u01b0 OpenAI, ch\u1eafc ch\u1eafn. \u0110\u00fang h\u01a1n l\u00e0. Th\u1ef1c ra, t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i kh\u00e1c.\n \u00dd t\u00f4i l\u00e0, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty ch\u1ebf t\u1ea1o robot t\u00ean l\u00e0 Fig. H\u00ecnh.ai l\u00e0 thi\u00ean t\u00e0i. T\u00f4i khuy\u1ebfn kh\u00edch t\u1ea5t c\u1ea3 c\u00e1c b\u1ea1n xem ph\u1ea7n tr\u00ecnh di\u1ec5n c\u1ee7a h\u1ecd tr\u00ean YouTube v\u1ec1 robot v\u1ec1 c\u01a1 b\u1ea3n x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c th\u00f4ng qua giao di\u1ec7n gi\u1ecdng n\u00f3i r\u1eb1ng \u0111\u00e2y l\u00e0 Apple, \u0111\u01b0a Apple cho ng\u01b0\u1eddi y\u00eau c\u1ea7u, r\u1eeda ch\u00e9n, gi\u1ea3i th\u00edch l\u00fd do t\u1ea1i sao n\u00f3 l\u00e0m nh\u1eefng g\u00ec n\u00f3 \u0111ang l\u00e0m, hi\u1ec3u ng\u1eef c\u1ea3nh.\n V\u00e0 nh\u1eefng g\u00ec Fig \u0111ang x\u00e2y d\u1ef1ng v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 nh\u1eefng robot h\u00ecnh ng\u01b0\u1eddi \u0111\u1ec3 thay th\u1ebf con ng\u01b0\u1eddi v\u00e0 c\u00e1c nh\u00e0 m\u00e1y thu gom v\u00e0 \u0111\u00f3ng g\u00f3i ch\u1eb7ng cu\u1ed1i. V\u00ec v\u1eady, vi\u1ec7c thay th\u1ebf con ng\u01b0\u1eddi v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng th\u1ee9 gi\u1ed1ng nh\u01b0 kho h\u00e0ng ki\u1ec3u Amazon, \u0111i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 v\u00e0o cu\u1ed1i ng\u00e0y, con ng\u01b0\u1eddi n\u00ean l\u00e0m nh\u1eefng c\u00f4ng vi\u1ec7c \u0111\u00f2i h\u1ecfi s\u1ef1 \u0111\u1ed3ng c\u1ea3m v\u00e0 c\u1ea3m x\u00fac c\u1ee7a con ng\u01b0\u1eddi.\n Ch\u00fang ta kh\u00f4ng c\u00f3 \u00fd \u0111\u1ecbnh l\u00e0m nh\u1eefng vi\u1ec7c nh\u01b0 v\u1eb7n m\u1ed9t c\u00e1i bu l\u00f4ng ho\u1eb7c mang nh\u1eefng chi\u1ebfc h\u1ed9p n\u1eb7ng. N\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng cho. V\u00e0 v\u00ec v\u1eady t\u00f4i c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng th\u1ee9 nh\u01b0 th\u1ebf, ng\u00e0y nay kh\u00f4ng t\u1ed3n t\u1ea1i.\n V\u00e2ng, gi\u1ed1ng nh\u01b0 robot ng\u00e0y nay l\u00e0 m\u1ed9t ph\u1ea1m tr\u00f9 nh\u1ecf. T\u00f4i c\u00f3 th\u1ec3 th\u1ea5y n\u00f3 l\u00e0 m\u1ed9t h\u1ea1ng m\u1ee5c tr\u1ecb gi\u00e1 h\u00e0ng ngh\u00ecn t\u1ef7 trong v\u00e0i th\u1eadp k\u1ef7 t\u1edbi kh\u00f4ng? Tuy\u1ec7t \u0111\u1ed1i.\n V\u00e0 t\u00f4i ngh\u0129 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa GPU c\u1ed9ng v\u1edbi AI s\u1ebd d\u1eabn \u0111\u1ebfn v\u00f4 s\u1ed1 \u1ee9ng d\u1ee5ng m\u1edbi m\u00e0 m\u1ecdi ng\u01b0\u1eddi ch\u01b0a t\u1eebng ngh\u0129 t\u1edbi. V\u00e0 Fig.ai l\u00e0 m\u1ed9t v\u00ed d\u1ee5 nh\u01b0 v\u1eady.\n Jack: Fabrice Grinda, c\u1ea3m \u01a1n v\u00ec \u0111\u00e3 \u0111\u1ebfn v\u00e0 chia s\u1ebb nh\u1eefng hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc c\u1ee7a b\u1ea1n.\n Fabrice: C\u1ea3m \u01a1n b\u1ea1n.\n Jack: C\u1ea3m \u01a1n v\u00ec \u0111\u00e3 xem. H\u00e3y nh\u1edb xem vanek.com motefg \u0111\u1ec3 t\u00ecm hi\u1ec3u th\u00eam v\u1ec1 Vanek Morningstar WideMote ETF, m\u00e3 MOAT. Cu\u1ed1i c\u00f9ng, H\u01b0\u1edbng d\u1eabn chuy\u1ec3n ti\u1ebfp kh\u00f4ng ch\u1ec9 c\u00f3 tr\u00ean YouTube m\u00e0 c\u00f2n c\u00f3 tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c podcast, \u1ee9ng d\u1ee5ng v\u00e0 phi\u00ean b\u1ea3n video c\u00f3 s\u1eb5n tr\u00ean Spotify v\u00e0 Twitter, n\u01a1i t\u00f4i th\u01b0\u1eddng xuy\u00ean \u0111\u0103ng c\u00e1c cu\u1ed9c ph\u1ecfng v\u1ea5n.\n C\u1ea3m \u01a1n m\u1ed9t l\u1ea7n n\u1eefa. Cho \u0111\u1ebfn l\u1ea7n sau.\n ","Category":["Ph\u00f2ng th\u00ed nghi\u1ec7m FJ","N\u1ec1n kinh t\u1ebf","Ph\u1ecfng v\u1ea5n &amp; Tr\u00f2 chuy\u1ec7n b\u00ean l\u00f2 s\u01b0\u1edfi"],"_links":{"self":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/45198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/comments?post=45198"}],"version-history":[{"count":2,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/45198\/revisions"}],"predecessor-version":[{"id":52822,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/45198\/revisions\/52822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media\/45252"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media?parent=45198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/categories?post=45198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/tags?post=45198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}