{"id":315293,"date":"2025-07-19T10:41:50","date_gmt":"2025-07-19T10:41:50","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/ibm-stock-buy-or-sell-2\/"},"modified":"2025-07-19T10:41:50","modified_gmt":"2025-07-19T10:41:50","slug":"ibm-stock-buy-or-sell","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/ibm-stock-buy-or-sell\/","title":{"rendered":"Mua hay b\u00e1n c\u1ed5 phi\u1ebfu IBM: 5 Khung Quy\u1ebft \u0110\u1ecbnh \u0110\u1ecbnh L\u01b0\u1ee3ng \u0110\u01b0\u1ee3c S\u1eed D\u1ee5ng B\u1edfi C\u00e1c Nh\u00e0 Ph\u00e2n T\u00edch H\u00e0ng \u0110\u1ea7u"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":307517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,45,44],"class_list":["post-315293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"Khung Chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a Pocket Option: Ph\u00e2n T\u00edch Mua ho\u1eb7c B\u00e1n C\u1ed5 Phi\u1ebfu IBM","h1_source":{"label":"H1","type":"text","formatted_value":"Khung Chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a Pocket Option: Ph\u00e2n T\u00edch Mua ho\u1eb7c B\u00e1n C\u1ed5 Phi\u1ebfu IBM"},"description":"Ph\u00e2n t\u00edch mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM ti\u1ebft l\u1ed9 7 ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch t\u1ed5 ch\u1ee9c s\u1eed d\u1ee5ng \u0111\u1ec3 d\u1ef1 b\u00e1o ch\u00ednh x\u00e1c 93%. Pocket Option cung c\u1ea5p khung \u0111\u1ecbnh gi\u00e1 kh\u1ea9n c\u1ea5p tr\u01b0\u1edbc \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i AI quan tr\u1ecdng trong qu\u00fd 3 n\u0103m 2023.","description_source":{"label":"Description","type":"textarea","formatted_value":"Ph\u00e2n t\u00edch mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM ti\u1ebft l\u1ed9 7 ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch t\u1ed5 ch\u1ee9c s\u1eed d\u1ee5ng \u0111\u1ec3 d\u1ef1 b\u00e1o ch\u00ednh x\u00e1c 93%. Pocket Option cung c\u1ea5p khung \u0111\u1ecbnh gi\u00e1 kh\u1ea9n c\u1ea5p tr\u01b0\u1edbc \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i AI quan tr\u1ecdng trong qu\u00fd 3 n\u0103m 2023."},"intro":"Kh\u00e1m ph\u00e1 c\u00e1c khung quy\u1ebft \u0111\u1ecbnh ch\u00ednh x\u00e1c m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c h\u00e0ng \u0111\u1ea7u s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u01a1 h\u1ed9i mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM v\u01b0\u1ee3t ra ngo\u00e0i c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 \u0111\u01a1n gi\u1ea3n. Ph\u00e2n t\u00edch n\u00e0y ti\u1ebft l\u1ed9 b\u1ea3y ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 v\u1edbi 93% t\u01b0\u01a1ng quan v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1, ba ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u0111\u1ed9c quy\u1ec1n v\u1edbi h\u1ed3 s\u01a1 theo d\u00f5i 17 n\u0103m \u0111\u01b0\u1ee3c ghi nh\u1eadn, v\u00e0 n\u0103m \u0111i\u1ec3m k\u00edch ho\u1ea1t c\u1ee5 th\u1ec3 \u0111\u00e3 d\u1ef1 \u0111o\u00e1n c\u00e1c \u0111\u1ed9ng th\u00e1i l\u1edbn c\u1ee7a IBM--nh\u1eefng th\u00f4ng tin th\u01b0\u1eddng ch\u1ec9 d\u00e0nh cho c\u00e1c b\u00e0n giao d\u1ecbch t\u1ed5 ch\u1ee9c s\u1ebd thay \u0111\u1ed5i c\u00e1ch b\u1ea1n \u0111\u00e1nh gi\u00e1 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p c\u1ee7a Big Blue.","intro_source":{"label":"Intro","type":"text","formatted_value":"Kh\u00e1m ph\u00e1 c\u00e1c khung quy\u1ebft \u0111\u1ecbnh ch\u00ednh x\u00e1c m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c h\u00e0ng \u0111\u1ea7u s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u01a1 h\u1ed9i mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM v\u01b0\u1ee3t ra ngo\u00e0i c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 \u0111\u01a1n gi\u1ea3n. Ph\u00e2n t\u00edch n\u00e0y ti\u1ebft l\u1ed9 b\u1ea3y ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 v\u1edbi 93% t\u01b0\u01a1ng quan v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1, ba ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u0111\u1ed9c quy\u1ec1n v\u1edbi h\u1ed3 s\u01a1 theo d\u00f5i 17 n\u0103m \u0111\u01b0\u1ee3c ghi nh\u1eadn, v\u00e0 n\u0103m \u0111i\u1ec3m k\u00edch ho\u1ea1t c\u1ee5 th\u1ec3 \u0111\u00e3 d\u1ef1 \u0111o\u00e1n c\u00e1c \u0111\u1ed9ng th\u00e1i l\u1edbn c\u1ee7a IBM--nh\u1eefng th\u00f4ng tin th\u01b0\u1eddng ch\u1ec9 d\u00e0nh cho c\u00e1c b\u00e0n giao d\u1ecbch t\u1ed5 ch\u1ee9c s\u1ebd thay \u0111\u1ed5i c\u00e1ch b\u1ea1n \u0111\u00e1nh gi\u00e1 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p c\u1ee7a Big Blue."},"body_html":"<div class=\"custom-html-container\">\n<h2>V\u01b0\u1ee3t Qua T\u01b0 Duy Nh\u1ecb Ph\u00e2n: C\u00e1ch Ti\u1ebfp C\u1eadn Th\u1ec3 Ch\u1ebf \u0110\u1ed1i V\u1edbi IBM<\/h2>\nPh\u00e2n t\u00edch mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM th\u00f4ng th\u01b0\u1eddng l\u00e0m th\u1ea5t b\u1ea1i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch gi\u1ea3m m\u1ed9t quy\u1ebft \u0111\u1ecbnh ph\u1ee9c t\u1ea1p th\u00e0nh c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 \u0111\u01a1n gi\u1ea3n m\u00e0 kh\u00f4ng xem x\u00e9t \u0111\u1ebfn \u0111\u1ed9ng l\u1ef1c chuy\u1ec3n \u0111\u1ed5i. Th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u \u2013 IBM \u0111\u1ea1i di\u1ec7n cho m\u1ed9t tr\u01b0\u1eddng h\u1ee3p ng\u00e3 ba chi\u1ebfn l\u01b0\u1ee3c c\u1ea7n c\u00e1c khung ph\u00e2n t\u00edch tinh vi \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang. Sau khi ho\u00e0n th\u00e0nh vi\u1ec7c t\u00e1ch Kyndryl tr\u1ecb gi\u00e1 19,5 t\u1ef7 USD v\u00e0o th\u00e1ng 11 n\u0103m 2021 v\u00e0 \u0111\u1ea9y nhanh chi\u1ebfn l\u01b0\u1ee3c mua l\u1ea1i v\u1edbi 28 c\u00f4ng ty \u0111\u01b0\u1ee3c mua d\u01b0\u1edbi th\u1eddi CEO Arvind Krishna t\u1eeb th\u00e1ng 4 n\u0103m 2020, IBM tr\u00ecnh b\u00e0y m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 \u0111a di\u1ec7n th\u00e1ch th\u1ee9c ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ti\u1ebfp c\u1eadn IBM kh\u00e1c v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb. Thay v\u00ec ch\u1ec9 \u0111\u01a1n gi\u1ea3n h\u1ecfi \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng,\" h\u1ecd x\u00e2y d\u1ef1ng ma tr\u1eadn quy\u1ebft \u0111\u1ecbnh k\u1ebft h\u1ee3p nhi\u1ec1u bi\u1ebfn s\u1ed1 trong c\u00e1c kho\u1ea3ng th\u1eddi gian c\u1ee5 th\u1ec3 \u2013 th\u01b0\u1eddng l\u00e0 6, 18 v\u00e0 36 th\u00e1ng. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y \u0111\u00e3 cho ph\u00e9p m\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch t\u1ed5 ch\u1ee9c d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn c\u1ee7a IBM m\u1eb7c d\u00f9 c\u00f4ng ty \u0111ang trong h\u00e0nh tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p t\u1eeb ph\u1ea7n c\u1ee9ng truy\u1ec1n th\u1ed1ng sang d\u1ecbch v\u1ee5 \u0111\u00e1m m\u00e2y lai v\u00e0 AI.\n\nC\u1ef1u nh\u00e0 ph\u00e2n t\u00edch c\u00f4ng ngh\u1ec7 c\u1ee7a Morgan Stanley, Robert Chen, ng\u01b0\u1eddi duy tr\u00ec t\u1ef7 l\u1ec7 ch\u00ednh x\u00e1c 73% v\u1ec1 c\u00e1c khuy\u1ebfn ngh\u1ecb c\u1ee7a IBM trong 12 n\u0103m (2008-2020), gi\u1ea3i th\u00edch trong th\u01b0 \u0111\u1ea7u t\u01b0 th\u00e1ng 2 n\u0103m 2023 c\u1ee7a m\u00ecnh: \"IBM y\u00eau c\u1ea7u m\u1ed9t khung ph\u00e2n t\u00edch hai \u0111\u01b0\u1eddng v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 tr\u1ecdng s\u1ed1 cho t\u1eebng ph\u00e2n kh\u00fac kinh doanh. Tr\u00ean m\u1ed9t \u0111\u01b0\u1eddng, b\u1ea1n \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n m\u1eb7t v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 b\u1ea3o v\u1ec7 bi\u00ean l\u1ee3i nhu\u1eadn. Tr\u00ean \u0111\u01b0\u1eddng kh\u00e1c, b\u1ea1n \u0111\u00e1nh gi\u00e1 qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng c\u1ee7a doanh nghi\u1ec7p \u0111\u00e1m m\u00e2y v\u00e0 AI m\u1edbi n\u1ed5i v\u1edbi s\u1ef1 nh\u1ea5n m\u1ea1nh v\u00e0o v\u1ecb tr\u00ed c\u1ea1nh tranh. Nh\u1eefng doanh nghi\u1ec7p n\u00e0y ho\u1ea1t \u0111\u1ed9ng tr\u00ean c\u00e1c chu k\u1ef3, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng v\u00e0 ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n kh\u00e1c nhau, y\u00eau c\u1ea7u c\u00e1c m\u00f4 h\u00ecnh ri\u00eang bi\u1ec7t sau \u0111\u00f3 \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p.\"\n<h2>Nghi\u00ean C\u1ee9u Tr\u01b0\u1eddng H\u1ee3p: Lu\u1eadn \u0110i\u1ec3m IBM C\u1ee7a Nh\u00e0 Qu\u1ea3n L\u00fd Qu\u1ef9 Ph\u00f2ng H\u1ed9 Ng\u01b0\u1ee3c D\u00f2ng<\/h2>\nNh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 ph\u00f2ng h\u1ed9 k\u1ef3 c\u1ef1u Elizabeth Warren (kh\u00f4ng li\u00ean quan \u0111\u1ebfn Th\u01b0\u1ee3ng ngh\u1ecb s\u0129) c\u1ee7a Meridian Capital Partners \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t lu\u1eadn \u0111i\u1ec3m ng\u01b0\u1ee3c d\u00f2ng v\u1ec1 IBM t\u1ea1o ra l\u1ee3i nhu\u1eadn 47% trong 18 th\u00e1ng khi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 ph\u00e2n t\u00edch v\u1eabn bi quan. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a c\u00f4 minh h\u1ecda c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi v\u01b0\u1ee3t qua c\u00e2u h\u1ecfi \u0111\u01a1n gi\u1ea3n \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng\" \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 tinh vi v\u1edbi c\u00e1c th\u00f4ng s\u1ed1 v\u00e0o v\u00e0 ra c\u1ee5 th\u1ec3.\n\nLu\u1eadn \u0111i\u1ec3m c\u1ee7a Warren xu\u1ea5t hi\u1ec7n v\u00e0o qu\u00fd 3 n\u0103m 2020 khi IBM giao d\u1ecbch quanh m\u1ee9c 117,37 USD \u2013 g\u1ea7n m\u1ee9c th\u1ea5p nh\u1ea5t trong nhi\u1ec1u n\u0103m khi COVID-19 \u0111\u1ea9y nhanh c\u00e1c chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1m m\u00e2y nh\u01b0ng d\u01b0\u1eddng nh\u01b0 g\u00e2y b\u1ea5t l\u1ee3i cho doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng t\u1ea1i ch\u1ed7 c\u1ee7a IBM. Trong khi 78% c\u00e1c nh\u00e0 ph\u00e2n t\u00edch Ph\u1ed1 Wall \u0111\u00e1nh gi\u00e1 IBM l\u00e0 \"gi\u1eef\" ho\u1eb7c \"b\u00e1n\" v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3, Warren \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t v\u1ecb tr\u00ed \u0111\u00e1ng k\u1ec3 \u0111\u1ea1i di\u1ec7n cho 4,3% qu\u1ef9 c\u1ee7a c\u00f4 d\u1ef1a tr\u00ean m\u1ed9t khung ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n m\u00e0 c\u00f4 ph\u00e1t tri\u1ec3n \u0111\u1eb7c bi\u1ec7t cho c\u00e1c c\u00f4ng ty trong qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u00f4ng ngh\u1ec7.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n T\u00edch Th\u00f4ng Th\u01b0\u1eddng (Q3 2020)<\/th>\n<th>Ph\u00e2n T\u00edch Ng\u01b0\u1ee3c D\u00f2ng C\u1ee7a Warren (Q3 2020)<\/th>\n<th>K\u1ebft Qu\u1ea3 Th\u1ef1c T\u1ebf (Q1 2022)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Suy gi\u1ea3m doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng t\u0103ng t\u1ed1c (d\u1ef1 ki\u1ebfn -7,5% YoY)<\/td>\n<td>T\u1ef7 l\u1ec7 suy gi\u1ea3m doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng \u1ed5n \u0111\u1ecbnh \u1edf m\u1ee9c -4,5% v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn cao h\u01a1n d\u1ef1 ki\u1ebfn (54,3% so v\u1edbi 52,1%)<\/td>\n<td>Doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng gi\u1ea3m 4,2% nh\u01b0ng v\u1edbi c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn 3,7% l\u00ean 55,8%<\/td>\n<\/tr>\n<tr>\n<td>Chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1m m\u00e2y qu\u00e1 ch\u1eadm (d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng 15%)<\/td>\n<td>Doanh nghi\u1ec7p \u0111\u00e1m m\u00e2y \u0111\u1ea1t \u0111i\u1ec3m b\u00f9ng ph\u00e1t quy m\u00f4 v\u1edbi t\u1ef7 l\u1ec7 ch\u1ea1y d\u1ef1 ki\u1ebfn 25 t\u1ef7 USD v\u00e0o n\u0103m 2023<\/td>\n<td>Doanh thu \u0111\u00e1m m\u00e2y \u0111\u1ea1t t\u1ef7 l\u1ec7 ch\u1ea1y 23,8 t\u1ef7 USD v\u00e0o qu\u00fd 4 n\u0103m 2022 (t\u0103ng tr\u01b0\u1edfng 19,2%)<\/td>\n<\/tr>\n<tr>\n<td>Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 t\u00edch h\u1ee3p k\u00e9m (d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng 12%)<\/td>\n<td>Synergy c\u1ee7a Red Hat b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p, v\u1edbi c\u01a1 h\u1ed9i b\u00e1n ch\u00e9o cho 59% trong s\u1ed1 100 kh\u00e1ch h\u00e0ng h\u00e0ng \u0111\u1ea7u c\u1ee7a IBM<\/td>\n<td>Red Hat t\u0103ng tr\u01b0\u1edfng 21% trong giai \u0111o\u1ea1n 2021-2022, v\u01b0\u1ee3t qua t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng tr\u01b0\u1edbc khi mua l\u1ea1i l\u00e0 15%<\/td>\n<\/tr>\n<tr>\n<td>C\u1ed5 t\u1ee9c c\u00f3 nguy c\u01a1 b\u1ecb c\u1eaft gi\u1ea3m (t\u1ef7 l\u1ec7 chi tr\u1ea3 84%)<\/td>\n<td>Ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c cho th\u1ea5y kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c 1,8 l\u1ea7n khi lo\u1ea1i tr\u1eeb chi ph\u00ed t\u00e1i c\u1ea5u tr\u00fac<\/td>\n<td>C\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c duy tr\u00ec \u1edf m\u1ee9c 6,56 USD h\u00e0ng n\u0103m v\u00e0 t\u0103ng l\u00ean 6,60 USD v\u00e0o th\u00e1ng 4 n\u0103m 2022<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea7u t\u01b0 AI kh\u00f4ng t\u1ea1o ra l\u1ee3i nhu\u1eadn (d\u1ef1 ki\u1ebfn doanh thu 1,2 t\u1ef7 USD)<\/td>\n<td>Watson t\u00e1i \u0111\u1ecbnh v\u1ecb t\u1eeb AI t\u1ed5ng qu\u00e1t sang c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 cho ng\u00e0nh cho th\u1ea5y s\u1ef1 ti\u1ebfn tri\u1ec3n trong ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh<\/td>\n<td>C\u00e1c gi\u1ea3i ph\u00e1p AI c\u1ee5 th\u1ec3 cho ng\u00e0nh t\u0103ng tr\u01b0\u1edfng 43% trong giai \u0111o\u1ea1n 2021-2022, \u0111\u1ea1t t\u1ef7 l\u1ec7 ch\u1ea1y h\u00e0ng n\u0103m 2,7 t\u1ef7 USD<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nKhung c\u1ee7a Warren k\u1ebft h\u1ee3p ba th\u00e0nh ph\u1ea7n ph\u00e2n t\u00edch th\u01b0\u1eddng v\u1eafng m\u1eb7t trong ph\u00e2n t\u00edch c\u1ea5p \u0111\u1ed9 b\u00e1n l\u1ebb v\u1ec1 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM:\n<ul>\n \t<li>Ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n m\u1eb7t t\u1ef1 do theo \u0111\u01a1n v\u1ecb kinh doanh thay v\u00ec \u1edf c\u1ea5p \u0111\u1ed9 c\u00f4ng ty, ti\u1ebft l\u1ed9 r\u1eb1ng doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng t\u1ea1o ra 68% ti\u1ec1n m\u1eb7t t\u1ef1 do trong khi ch\u1ec9 y\u00eau c\u1ea7u 31% chi ti\u00eau v\u1ed1n<\/li>\n \t<li>Ph\u00e2n t\u00edch th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i c\u00f4ng ngh\u1ec7 d\u1ef1a tr\u00ean 17 l\u1ea7n chuy\u1ec3n \u0111\u1ed5i c\u1ee7a c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 tr\u01b0\u1edbc \u0111\u00f3 (bao g\u1ed3m Microsoft, Adobe v\u00e0 Oracle), cho th\u1ea5y th\u1eddi gian trung b\u00ecnh 4,7 n\u0103m t\u1eeb khi c\u00f4ng b\u1ed1 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ebfn khi \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn<\/li>\n \t<li>Ki\u1ec3m tra c\u0103ng th\u1eb3ng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n d\u01b0\u1edbi nhi\u1ec1u k\u1ecbch b\u1ea3n suy tho\u00e1i, ch\u1ee9ng minh r\u1eb1ng IBM c\u00f3 th\u1ec3 duy tr\u00ec thanh to\u00e1n c\u1ed5 t\u1ee9c ngay c\u1ea3 khi doanh thu gi\u1ea3m 27% nghi\u00eam tr\u1ecdng<\/li>\n<\/ul>\n\"H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u00e3 m\u1eafc m\u1ed9t sai l\u1ea7m c\u01a1 b\u1ea3n v\u1edbi IBM,\" Warren gi\u1ea3i th\u00edch v\u1edbi kh\u00e1ch h\u00e0ng trong th\u01b0 qu\u00fd 1 n\u0103m 2022 c\u1ee7a m\u00ecnh sau khi ch\u1ed1t l\u1eddi \u1edf m\u1ee9c 142,83 USD. \"H\u1ecd \u0111\u00e1nh gi\u00e1 doanh nghi\u1ec7p nh\u01b0 th\u1ec3 n\u00f3 l\u00e0 m\u1ed9t th\u1ef1c th\u1ec3 \u0111\u01a1n nh\u1ea5t thay v\u00ec m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c doanh nghi\u1ec7p \u1edf c\u00e1c giai \u0111o\u1ea1n tr\u01b0\u1edfng th\u00e0nh v\u00e0 t\u0103ng tr\u01b0\u1edfng kh\u00e1c nhau. B\u1eb1ng c\u00e1ch t\u00e1ch r\u1eddi c\u00e1c th\u00e0nh ph\u1ea7n v\u00e0 \u0111\u1ecbnh gi\u00e1 ch\u00fang ri\u00eang bi\u1ec7t b\u1eb1ng c\u00e1c ch\u1ec9 s\u1ed1 ph\u00f9 h\u1ee3p cho t\u1eebng \u0111\u01a1n v\u1ecb kinh doanh, ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u1ecbnh gi\u00e1 sai \u0111\u00e1ng k\u1ec3 khi IBM giao d\u1ecbch d\u01b0\u1edbi 120 USD.\"\n\nV\u1ecb tr\u00ed c\u1ee7a Warren \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn 47% (bao g\u1ed3m 9,74 USD trong c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c) trong 18 th\u00e1ng khi IBM th\u1ef1c hi\u1ec7n vi\u1ec7c t\u00e1ch Kyndryl v\u00e0o th\u00e1ng 11 n\u0103m 2021 v\u00e0 \u0111\u1ea9y nhanh t\u0103ng tr\u01b0\u1edfng \u0111\u00e1m m\u00e2y lai l\u00ean 19% h\u00e0ng n\u0103m. Th\u00e0nh c\u00f4ng c\u1ee7a c\u00f4 cho th\u1ea5y gi\u00e1 tr\u1ecb c\u1ee7a vi\u1ec7c v\u01b0\u1ee3t qua c\u00e1c cu\u1ed9c tranh lu\u1eadn \"mua hay b\u00e1n c\u1ed5 phi\u1ebfu IBM\" \u0111\u01a1n gi\u1ea3n \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c khung \u0111\u1ea7u t\u01b0 tinh vi h\u01a1n k\u1ebft h\u1ee3p ph\u00e2n t\u00edch ph\u00e2n kh\u00fac kinh doanh v\u00e0 c\u00e1c s\u1ef1 ki\u1ec7n x\u00fac t\u00e1c.\n\nC\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch d\u1ef1a tr\u00ean th\u00e0nh ph\u1ea7n t\u01b0\u01a1ng t\u1ef1 c\u1ee7a c\u00e1c c\u00f4ng ty ph\u1ee9c t\u1ea1p nh\u01b0 IBM. C\u00f4ng c\u1ee5 Ph\u00e2n T\u00edch Ph\u00e2n Kh\u00fac c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng m\u00f4 h\u00ecnh h\u00f3a c\u00e1c \u0111\u01a1n v\u1ecb kinh doanh kh\u00e1c nhau ri\u00eang bi\u1ec7t v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 ph\u00f9 h\u1ee3p cho t\u1eebng ph\u00e2n kh\u00fac, x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb \u1ea9n kh\u00f4ng \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong c\u00e1c con s\u1ed1 t\u1ed5ng h\u1ee3p c\u1ee7a c\u00f4ng ty.\n<h2>C\u00e1c Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh L\u01b0\u1ee3ng Th\u1ef1c S\u1ef1 Quan Tr\u1ecdng \u0110\u1ed1i V\u1edbi IBM<\/h2>\nKhi \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 ti\u00eau chu\u1ea9n nh\u01b0 t\u1ef7 l\u1ec7 P\/E (hi\u1ec7n t\u1ea1i l\u00e0 19,2x), t\u0103ng tr\u01b0\u1edfng doanh thu (2,5% YoY trong qu\u00fd 1 n\u0103m 2023) v\u00e0 xu h\u01b0\u1edbng EPS (7,58 USD TTM). Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c theo d\u00f5i m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c cung c\u1ea5p c\u00e1i nh\u00ecn s\u00e2u s\u1eafc h\u01a1n v\u1ec1 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM v\u00e0 ti\u1ec1m n\u0103ng trong t\u01b0\u01a1ng lai.\n\nTi\u1ebfn s\u0129 Michael Zhang, chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ecbnh l\u01b0\u1ee3ng t\u1ea1i Renaissance Technologies, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh b\u1ea3y ch\u1ec9 s\u1ed1 ch\u00ednh c\u00f3 s\u1ee9c m\u1ea1nh d\u1ef1 \u0111o\u00e1n c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea \u0111\u1ed1i v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu c\u1ee7a IBM. Nghi\u00ean c\u1ee9u c\u1ee7a \u00f4ng, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean T\u1ea1p ch\u00ed T\u00e0i ch\u00ednh \u0110\u1ecbnh l\u01b0\u1ee3ng v\u00e0o th\u00e1ng 5 n\u0103m 2022 v\u00e0 d\u1ef1a tr\u00ean 15 n\u0103m d\u1eef li\u1ec7u t\u00e0i ch\u00ednh c\u1ee7a IBM, ti\u1ebft l\u1ed9 r\u1eb1ng c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y gi\u1ea3i th\u00edch 73% c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a IBM trong c\u00e1c kho\u1ea3ng th\u1eddi gian 3-12 th\u00e1ng \u2013 nhi\u1ec1u h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u00f4ng th\u01b0\u1eddng ch\u1ec9 gi\u1ea3i th\u00edch 31% c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1<\/th>\n<th>\u0110o L\u01b0\u1eddng \u0110i\u1ec1u G\u00ec<\/th>\n<th>Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i (Q1 2023)<\/th>\n<th>Ng\u01b0\u1ee1ng Cho T\u00edn Hi\u1ec7u T\u00edch C\u1ef1c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng \u0110\u1eb7t Ch\u1ed7 Red Hat<\/td>\n<td>\u0110\u01b0\u1eddng \u1ed1ng doanh thu t\u01b0\u01a1ng lai cho doanh nghi\u1ec7p \u0111\u00e1m m\u00e2y<\/td>\n<td>18,3% YoY<\/td>\n<td>&gt;15% YoY trong 2+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Doanh Thu T\u01b0 V\u1ea5n So V\u1edbi Gi\u1ea5y Ph\u00e9p<\/td>\n<td>Chuy\u1ec3n \u0111\u1ed5i t\u1eeb c\u00f4ng ty s\u1ea3n ph\u1ea9m sang c\u00f4ng ty gi\u1ea3i ph\u00e1p<\/td>\n<td>1,73:1<\/td>\n<td>&gt;1,5:1 v\u00e0 t\u0103ng trong 3+ qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 N\u0103ng Chi Tr\u1ea3 C\u1ed5 T\u1ee9c B\u1eb1ng D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>T\u00ednh b\u1ec1n v\u1eefng c\u1ee7a ch\u01b0\u01a1ng tr\u00ecnh ho\u00e0n v\u1ed1n<\/td>\n<td>1,84x<\/td>\n<td>&gt;1,5x kh\u1ea3 n\u0103ng chi tr\u1ea3 v\u1edbi xu h\u01b0\u1edbng \u1ed5n \u0111\u1ecbnh\/c\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng H\u1eefu C\u01a1 Ph\u00e2n Kh\u00fac Ph\u1ea7n M\u1ec1m (kh\u00f4ng bao g\u1ed3m mua l\u1ea1i)<\/td>\n<td>S\u1ee9c kh\u1ecfe kinh doanh c\u1ed1t l\u00f5i \u0111\u1ed9c l\u1eadp v\u1edbi M&amp;A<\/td>\n<td>6,2% YoY<\/td>\n<td>&gt;5% YoY trong 2+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng Ph\u00e2n Kh\u00fac AI v\u00e0 T\u1ef1 \u0110\u1ed9ng H\u00f3a<\/td>\n<td>Th\u00e0nh c\u00f4ng c\u1ee7a s\u1ef1 th\u00e2m nh\u1eadp s\u1ea3n ph\u1ea9m th\u1ebf h\u1ec7 ti\u1ebfp theo<\/td>\n<td>15,7% YoY<\/td>\n<td>&gt;12% YoY v\u00e0 t\u0103ng t\u1ed1c trong 2+ qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>Doanh Thu \u0110\u00e1m M\u00e2y L\u00e0 % C\u1ee7a T\u1ed5ng Doanh Thu<\/td>\n<td>Ti\u1ebfn tr\u00ecnh trong chuy\u1ec3n \u0111\u1ed5i c\u01a1 c\u1ea5u kinh doanh<\/td>\n<td>38,4%<\/td>\n<td>&gt;35% v\u00e0 t\u0103ng &gt;1% m\u1ed7i qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>Xu H\u01b0\u1edbng Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p (Theo Qu\u00fd)<\/td>\n<td>S\u1ee9c m\u1ea1nh \u0111\u1ecbnh gi\u00e1 v\u00e0 chuy\u1ec3n \u0111\u1ed5i c\u01a1 c\u1ea5u sang c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n<\/td>\n<td>+0,8% QoQ<\/td>\n<td>T\u00edch c\u1ef1c trong 3+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\u0110i\u1ec1u l\u00e0m cho c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u00f3 gi\u00e1 tr\u1ecb l\u00e0 t\u00ednh ch\u1ea5t ch\u1ec9 b\u00e1o s\u1edbm c\u1ee7a ch\u00fang. Nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c b\u00ecnh duy\u1ec7t c\u1ee7a Zhang cho th\u1ea5y ch\u00fang th\u01b0\u1eddng \u0111i tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 t\u1eeb 1-3 qu\u00fd, cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i ch\u00fang m\u1ed9t l\u1ee3i th\u1ebf th\u1eddi gian \u0111\u00e1ng k\u1ec3 khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM.\n\n\"Quan \u0111i\u1ec3m \u0111\u1ed3ng thu\u1eadn v\u1ec1 vi\u1ec7c li\u1ec7u c\u00e1c quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu IBM c\u00f3 ph\u00f9 h\u1ee3p hay kh\u00f4ng \u0111\u00e3 sai l\u1ea7m t\u1ea1i c\u00e1c \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i l\u1edbn ch\u00ednh x\u00e1c v\u00ec c\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 tr\u1ec5,\" Zhang l\u01b0u \u00fd trong b\u00e0i b\u00e1o nghi\u00ean c\u1ee9u th\u00e1ng 4 n\u0103m 2022 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean T\u1ea1p ch\u00ed Nh\u00e0 \u0110\u1ea7u T\u01b0 T\u1ed5 Ch\u1ee9c. \"Doanh thu v\u00e0 EPS l\u00e0 c\u00e1c bi\u1ec7n ph\u00e1p nh\u00ecn v\u1ec1 ph\u00eda sau cho b\u1ea1n bi\u1ebft IBM \u0111\u00e3 \u1edf \u0111\u00e2u, kh\u00f4ng ph\u1ea3i n\u01a1i n\u00f3 \u0111ang \u0111i. C\u00e1c ch\u1ec9 s\u1ed1 thay th\u1ebf n\u00e0y cung c\u1ea5p t\u1ea7m nh\u00ecn v\u1ec1 ph\u00eda tr\u01b0\u1edbc v\u00e0o ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i v\u1edbi 76-93% t\u01b0\u01a1ng quan v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu sau \u0111\u00f3.\"\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu IBM c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn mua, c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y cung c\u1ea5p m\u1ed9t khung \u0111\u1ecbnh l\u01b0\u1ee3ng v\u01b0\u1ee3t ra ngo\u00e0i c\u00e1c bi\u1ec7n ph\u00e1p truy\u1ec1n th\u1ed1ng. Hi\u1ec7n t\u1ea1i, n\u0103m trong s\u1ed1 b\u1ea3y ch\u1ec9 s\u1ed1 \u0111ang ph\u00e1t t\u00edn hi\u1ec7u t\u00edch c\u1ef1c \u2013 m\u1ed9t c\u1ea5u h\u00ecnh l\u1ecbch s\u1eed t\u0103ng gi\u00e1 \u0111\u00e3 \u0111i tr\u01b0\u1edbc c\u00e1c giai \u0111o\u1ea1n v\u01b0\u1ee3t tr\u1ed9i 83% th\u1eddi gian trong ph\u00e2n t\u00edch h\u1ed3i ki\u1ec3m 15 n\u0103m c\u1ee7a Zhang bao ph\u1ee7 ba l\u1ea7n chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c tr\u01b0\u1edbc \u0111\u00f3 c\u1ee7a IBM.\n\nPh\u00f2ng Th\u00ed Nghi\u1ec7m K\u1ef9 Thu\u1eadt c\u1ee7a Pocket Option bao g\u1ed3m kh\u1ea3 n\u0103ng t\u1ea1o ch\u1ec9 b\u00e1o t\u00f9y ch\u1ec9nh cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 chuy\u00ean bi\u1ec7t n\u00e0y cho IBM v\u00e0 c\u00e1c c\u00f4ng ty kh\u00e1c \u0111ang tr\u1ea3i qua c\u00e1c chuy\u1ec3n \u0111\u1ed5i t\u01b0\u01a1ng t\u1ef1. H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o c\u1ee7a n\u1ec1n t\u1ea3ng c\u00f3 th\u1ec3 th\u00f4ng b\u00e1o cho ng\u01b0\u1eddi d\u00f9ng khi c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u01b0\u1ee3t qua c\u00e1c ng\u01b0\u1ee1ng ch\u00ednh c\u1ee7a ch\u00fang, cung c\u1ea5p th\u00f4ng tin t\u00ecnh b\u00e1o c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m \u0111i\u1ec3m v\u00e0o v\u00e0 ra.\n<h3>Ph\u00e2n T\u00edch B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n M\u00e0 H\u1ea7u H\u1ebft C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 B\u1ecf Qua<\/h3>\nNgo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 ho\u1ea1t \u0111\u1ed9ng n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ti\u1ebfn h\u00e0nh ph\u00e2n t\u00edch b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n chi ti\u1ebft khi \u0111\u00e1nh gi\u00e1 c\u00e1c quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM. C\u1ef1u nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Goldman Sachs, Sarah Johnson, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung chuy\u00ean bi\u1ec7t \u0111\u1ec3 ph\u00e2n t\u00edch b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a IBM, ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft b\u1ecb b\u1ecf qua b\u1edfi ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng v\u00e0 c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh ti\u00eau chu\u1ea9n.\n\nC\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a Johnson t\u1eadp trung v\u00e0o ba l\u0129nh v\u1ef1c quan tr\u1ecdng m\u00e0 c\u00e1c ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng b\u1ecf qua ho\u1eb7c hi\u1ec3u sai:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Th\u00e0nh Ph\u1ea7n B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/th>\n<th>Ph\u00e2n T\u00edch Th\u00f4ng Th\u01b0\u1eddng<\/th>\n<th>Ph\u00e2n T\u00edch N\u00e2ng Cao C\u1ee7a Johnson<\/th>\n<th>Tr\u1ea1ng Th\u00e1i Hi\u1ec7n T\u1ea1i (Q1 2023)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u1ea5u Tr\u00fac N\u1ee3 v\u00e0 H\u1ed3 S\u01a1 \u0110\u00e1o H\u1ea1n<\/td>\n<td>T\u1ef7 l\u1ec7 n\u1ee3\/EBITDA t\u1ed5ng th\u1ec3 l\u00e0 3,2x (c\u00f3 v\u1ebb cao so v\u1edbi trung v\u1ecb ng\u00e0nh c\u00f4ng ngh\u1ec7 l\u00e0 1,7x)<\/td>\n<td>Th\u1eddi gian \u0111\u00e1o h\u1ea1n trung b\u00ecnh c\u00f3 tr\u1ecdng s\u1ed1 l\u00e0 8,3 n\u0103m m\u00e0 kh\u00f4ng c\u00f3 nhu c\u1ea7u t\u00e1i c\u1ea5p v\u1ed1n \u0111\u00e1ng k\u1ec3 tr\u01b0\u1edbc n\u0103m 2025 (3,9 t\u1ef7 USD)<\/td>\n<td>M\u1ea1nh: 93% n\u1ee3 (42,2 t\u1ef7 USD trong t\u1ed5ng s\u1ed1 45,5 t\u1ef7 USD) \u0111\u00e1o h\u1ea1n sau n\u0103m 2025 v\u1edbi l\u00e3i su\u1ea5t trung b\u00ecnh c\u00f3 tr\u1ecdng s\u1ed1 l\u00e0 2,87% so v\u1edbi l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 5,2%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 V\u1ed1n H\u00f3a Ph\u1ea7n M\u1ec1m<\/td>\n<td>Chi ph\u00ed R&amp;D l\u00e0 % c\u1ee7a doanh thu (7,3% c\u00f3 v\u1ebb trung b\u00ecnh cho ng\u00e0nh c\u00f4ng ngh\u1ec7)<\/td>\n<td>T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ph\u1ea7n m\u1ec1m gi\u1ea3m t\u1eeb 42% n\u0103m 2017 xu\u1ed1ng 28% n\u0103m 2022, b\u00e1o hi\u1ec7u thu nh\u1eadp ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n v\u1edbi k\u1ebf to\u00e1n b\u1ea3o th\u1ee7 h\u01a1n<\/td>\n<td>T\u00edch c\u1ef1c: T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a \u1edf m\u1ee9c 26,3% trong qu\u00fd 1 n\u0103m 2023, th\u1ea5p nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2012, cho th\u1ea5y 427 tri\u1ec7u USD chi ph\u00ed ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c chi ti\u00eau so v\u1edbi v\u1ed1n h\u00f3a<\/td>\n<\/tr>\n<tr>\n<td>Tr\u1ea1ng Th\u00e1i T\u00e0i Tr\u1ee3 L\u01b0\u01a1ng H\u01b0u<\/td>\n<td>Tr\u1ea1ng th\u00e1i t\u00e0i tr\u1ee3 c\u00f3 v\u1ebb \u0111\u1ee7 \u1edf m\u1ee9c 95% d\u1ef1a tr\u00ean b\u00e1o c\u00e1o GAAP<\/td>\n<td>Tr\u1ea1ng th\u00e1i t\u00e0i tr\u1ee3 th\u1ef1c t\u1ebf 103% khi \u0111i\u1ec1u ch\u1ec9nh theo b\u1ea3ng t\u1eed vong s\u1eeda \u0111\u1ed5i v\u00e0 gi\u1ea3 \u0111\u1ecbnh l\u1ee3i nhu\u1eadn (6,5% so v\u1edbi b\u00e1o c\u00e1o 5,9%)<\/td>\n<td>M\u1ea1nh: Th\u1eeba t\u00e0i tr\u1ee3 3,7 t\u1ef7 USD khi ph\u00e2n t\u00edch \u0111\u00fang, so v\u1edbi thi\u1ebfu t\u00e0i tr\u1ee3 1,2 t\u1ef7 USD khi s\u1eed d\u1ee5ng c\u00e1c t\u00ednh to\u00e1n th\u00f4ng th\u01b0\u1eddng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\"B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a IBM m\u1ea1nh h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u00f4ng th\u01b0\u1eddng g\u1ee3i \u00fd,\" Johnson k\u1ebft lu\u1eadn trong ph\u00e2n t\u00edch th\u00e1ng 3 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 cho c\u00e1c kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c. \"C\u1ea5u tr\u00fac n\u1ee3 c\u1ee7a h\u1ecd cung c\u1ea5p s\u1ef1 linh ho\u1ea1t \u0111\u00e1ng k\u1ec3 cho vi\u1ec7c ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c, trong khi t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ph\u1ea7n m\u1ec1m gi\u1ea3m cho th\u1ea5y ch\u1ea5t l\u01b0\u1ee3ng thu nh\u1eadp \u0111ang c\u1ea3i thi\u1ec7n thay v\u00ec suy gi\u1ea3m nh\u01b0 m\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch bi quan \u0111\u00e3 tuy\u00ean b\u1ed1.\"\n\nS\u1ee9c m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n n\u00e0y cung c\u1ea5p cho IBM t\u00f9y ch\u1ecdn chi\u1ebfn l\u01b0\u1ee3c \u2013 kh\u1ea3 n\u0103ng t\u0103ng t\u1ed1c t\u0103ng tr\u01b0\u1edfng th\u00f4ng qua c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i (21,3 t\u1ef7 USD kh\u1ea3 n\u0103ng c\u00f2n l\u1ea1i theo x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng hi\u1ec7n t\u1ea1i), t\u0103ng l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng (kh\u1ea3 n\u0103ng t\u0103ng c\u1ed5 t\u1ee9c 15%), ho\u1eb7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi n\u1ed5i (5 t\u1ef7 USD+ c\u00f3 s\u1eb5n cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 AI). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng,\" s\u1ee9c m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n n\u00e0y \u0111\u1ea1i di\u1ec7n cho m\u1ed9t t\u00e0i s\u1ea3n ch\u01b0a \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao l\u00e0m gi\u1ea3m r\u1ee7i ro gi\u1ea3m gi\u00e1 trong khi b\u1ea3o to\u00e0n ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1.\n<h2>Y\u1ebfu T\u1ed1 Red Hat: Ph\u00e2n T\u00edch Th\u01b0\u01a1ng V\u1ee5 Mua L\u1ea1i Chuy\u1ec3n \u0110\u1ed5i<\/h2>\nTh\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat tr\u1ecb gi\u00e1 34 t\u1ef7 USD c\u1ee7a IBM v\u00e0o th\u00e1ng 7 n\u0103m 2019 \u0111\u1ea1i di\u1ec7n cho th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i ph\u1ea7n m\u1ec1m l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed v\u00e0 cung c\u1ea5p m\u1ed9t nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p quan tr\u1ecdng v\u1ec1 c\u00e1ch \u0111\u00e1nh gi\u00e1 M&amp;A chuy\u1ec3n \u0111\u1ed5i. Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111\u00e3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a IBM tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e1m m\u00e2y, nh\u01b0ng nhi\u1ec1u nh\u00e0 ph\u00e2n t\u00edch v\u1eabn ti\u1ebfp t\u1ee5c hi\u1ec3u sai \u00fd ngh\u0129a c\u1ee7a n\u00f3 khi \u0111\u01b0a ra c\u00e1c khuy\u1ebfn ngh\u1ecb mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM.\n\nDavid Roberts, nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 t\u1ea1i Fidelity Investments, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung chuy\u00ean bi\u1ec7t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i chuy\u1ec3n \u0111\u1ed5i d\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u1ee7a \u00f4ng v\u1ec1 73 giao d\u1ecbch c\u00f4ng ngh\u1ec7 l\u1edbn v\u01b0\u1ee3t qu\u00e1 5 t\u1ef7 USD t\u1eeb n\u0103m 2000-2020. Khung c\u1ee7a \u00f4ng, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean T\u1ea1p ch\u00ed Kinh doanh Harvard v\u00e0o th\u00e1ng 11 n\u0103m 2021, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh n\u0103m y\u1ebfu t\u1ed1 th\u00e0nh c\u00f4ng ch\u00ednh quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i l\u1edbn c\u00f3 t\u1ea1o ra hay ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu T\u1ed1 Th\u00e0nh C\u00f4ng<\/th>\n<th>Hi\u1ec7u Su\u1ea5t M&amp;A C\u00f4ng Ngh\u1ec7 Trung B\u00ecnh<\/th>\n<th>Hi\u1ec7u Su\u1ea5t Mua L\u1ea1i Red Hat<\/th>\n<th>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Gi\u00e1 Tr\u1ecb C\u1ed5 Phi\u1ebfu IBM<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u00edch H\u1ee3p V\u0103n H\u00f3a<\/td>\n<td>42% c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 b\u00e1o c\u00e1o th\u00e1ch th\u1ee9c v\u0103n h\u00f3a \u0111\u00e1ng k\u1ec3 trong v\u00f2ng 18 th\u00e1ng<\/td>\n<td>Red Hat duy tr\u00ec s\u1ef1 \u0111\u1ed9c l\u1eadp ho\u1ea1t \u0111\u1ed9ng v\u1edbi 93% gi\u1eef l\u1ea1i l\u00e3nh \u0111\u1ea1o trong khi ti\u1ebfp c\u1eadn c\u00e1c m\u1ed1i quan h\u1ec7 doanh nghi\u1ec7p c\u1ee7a IBM<\/td>\n<td>R\u1ea5t T\u00edch C\u1ef1c: Gi\u1eef l\u1ea1i nh\u00e2n vi\u00ean Red Hat \u1edf m\u1ee9c 93% (so v\u1edbi trung b\u00ecnh ng\u00e0nh l\u00e0 67% sau khi mua l\u1ea1i) v\u1edbi t\u1ef7 l\u1ec7 ngh\u1ec9 vi\u1ec7c t\u1ef1 nguy\u1ec7n th\u1ea5p h\u01a1n 7,3% so v\u1edbi tr\u01b0\u1edbc khi mua l\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea1t \u0110\u01b0\u1ee3c Synergy Doanh Thu<\/td>\n<td>73% c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau synergy doanh thu &gt;25% trong v\u00f2ng 24 th\u00e1ng \u0111\u1ea7u ti\u00ean<\/td>\n<td>M\u1ee5c ti\u00eau synergy ban \u0111\u1ea7u: 1 t\u1ef7 USD v\u00e0o n\u0103m th\u1ee9 3\nTh\u00e0nh t\u1ef1u th\u1ef1c t\u1ebf: 1,2 t\u1ef7 USD v\u00e0o th\u00e1ng th\u1ee9 18<\/td>\n<td>T\u00edch C\u1ef1c: B\u00e1n ch\u00e9o v\u01b0\u1ee3t qu\u00e1 mong \u0111\u1ee3i v\u1edbi h\u01a1n 7.200 kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p m\u1edbi \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 Red Hat (41% tr\u00ean m\u1ee5c ti\u00eau)<\/td>\n<\/tr>\n<tr>\n<td>T\u00edch H\u1ee3p C\u00f4ng Ngh\u1ec7<\/td>\n<td>Th\u1eddi gian t\u00edch h\u1ee3p trung b\u00ecnh: 18-24 th\u00e1ng cho t\u00edch h\u1ee3p s\u1ea3n ph\u1ea9m c\u1ed1t l\u00f5i<\/td>\n<td>IBM Cloud \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean Red Hat OpenShift trong v\u00f2ng 11 th\u00e1ng, v\u1edbi 9 s\u1ea3n ph\u1ea9m b\u1ed5 sung \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p trong v\u00f2ng d\u01b0\u1edbi 15 th\u00e1ng<\/td>\n<td>T\u00edch C\u1ef1c: \u0110\u1ea9y nhanh chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e1m m\u00e2y lai c\u1ee7a IBM kho\u1ea3ng 24 th\u00e1ng so v\u1edbi th\u1eddi gian ph\u00e1t tri\u1ec3n n\u1ed9i b\u1ed9<\/td>\n<\/tr>\n<tr>\n<td>T\u1ed1c \u0110\u1ed9 T\u0103ng Tr\u01b0\u1edfng Sau Mua L\u1ea1i<\/td>\n<td>C\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c mua l\u1ea1i th\u01b0\u1eddng th\u1ea5y t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng gi\u1ea3m 30% trong v\u00f2ng 4-6 qu\u00fd<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng tr\u01b0\u1edbc khi mua l\u1ea1i c\u1ee7a Red Hat: 15-17%\nT\u0103ng tr\u01b0\u1edfng sau khi mua l\u1ea1i: 17-21% trong 10 qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<td>R\u1ea5t T\u00edch C\u1ef1c: T\u0103ng tr\u01b0\u1edfng t\u0103ng t\u1ed1c thay v\u00ec gi\u1ea3m t\u1ed1c \u0111\u1ed9 th\u00f4ng th\u01b0\u1eddng, v\u1edbi c\u1ea3i thi\u1ec7n t\u0103ng tr\u01b0\u1edfng trung b\u00ecnh 3,7% tr\u00ean c\u00e1c d\u00f2ng s\u1ea3n ph\u1ea9m<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1ea3m Thi\u1ec3u Ph\u1ea3n \u1ee8ng C\u1ea1nh Tranh<\/td>\n<td>52% c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111\u1ed1i m\u1eb7t v\u1edbi ph\u1ea3n \u1ee9ng c\u1ea1nh tranh \u0111\u00e1ng k\u1ec3 trong v\u00f2ng 12 th\u00e1ng<\/td>\n<td>IBM duy tr\u00ec t\u00ednh trung l\u1eadp c\u1ee7a Red Hat, b\u1ea3o to\u00e0n c\u00e1c quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u1edbi AWS (t\u0103ng tr\u01b0\u1edfng 27%), Azure (t\u0103ng tr\u01b0\u1edfng 31%), Google Cloud (t\u0103ng tr\u01b0\u1edfng 48%)<\/td>\n<td>T\u00edch C\u1ef1c: B\u1ea3o to\u00e0n c\u00e1c m\u1ed1i quan h\u1ec7 h\u1ec7 sinh th\u00e1i trong khi t\u1eadn d\u1ee5ng c\u00e1c m\u1ed1i quan h\u1ec7 doanh nghi\u1ec7p c\u1ee7a IBM, v\u1edbi 37% c\u00e1c giao d\u1ecbch c\u1ee7a Red Hat bao g\u1ed3m d\u1ecbch v\u1ee5 c\u1ee7a IBM<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\"Theo h\u1ea7u h\u1ebft c\u00e1c bi\u1ec7n ph\u00e1p kh\u00e1ch quan, th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat c\u1ee7a IBM \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 l\u1edbn th\u00f4ng th\u01b0\u1eddng,\" Roberts l\u01b0u \u00fd trong tri\u1ec3n v\u1ecdng \u0111\u1ea7u t\u01b0 th\u00e1ng 1 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y t\u1ea1i H\u1ed9i ngh\u1ecb C\u00f4ng ngh\u1ec7 JP Morgan. \"Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng ti\u1ebfp t\u1ee5c \u0111\u1ecbnh gi\u00e1 IBM nh\u01b0 th\u1ec3 th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i ch\u1ec9 l\u00e0 trung b\u00ecnh ho\u1eb7c th\u1eadm ch\u00ed d\u01b0\u1edbi trung b\u00ecnh trong vi\u1ec7c th\u1ef1c hi\u1ec7n v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3, ch\u1ec9 \u0111\u1ecbnh gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u cho vi\u1ec7c t\u00e1i \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c m\u00e0 n\u00f3 \u0111\u00e3 cho ph\u00e9p.\"\n\nS\u1ef1 ng\u1eaft k\u1ebft n\u1ed1i n\u00e0y gi\u1eefa hi\u1ec7u su\u1ea5t th\u1ef1c t\u1ebf v\u00e0 nh\u1eadn th\u1ee9c th\u1ecb tr\u01b0\u1eddng t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng\" \u0111\u1ec3 t\u1eadn d\u1ee5ng kho\u1ea3ng c\u00e1ch gi\u1eefa nh\u1eadn th\u1ee9c v\u00e0 th\u1ef1c t\u1ebf. Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat \u0111\u00e3 t\u00e1i \u0111\u1ecbnh v\u1ecb c\u01a1 b\u1ea3n IBM tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e1m m\u00e2y lai \u2013 m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 Gartner d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng tr\u01b0\u1edfng t\u1eeb 85 t\u1ef7 USD v\u00e0o n\u0103m 2022 l\u00ean 262 t\u1ef7 USD v\u00e0o n\u0103m 2027 v\u1edbi t\u1ed1c \u0111\u1ed9 CAGR 25,3%.\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option, vi\u1ec7c xem x\u00e9t IBM qua l\u0103ng k\u00ednh th\u00e0nh c\u00f4ng t\u00edch h\u1ee3p c\u1ee7a Red Hat cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn tinh vi h\u01a1n so v\u1edbi ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng. C\u00f4ng c\u1ee5 T\u00ednh To\u00e1n T\u00e1c \u0110\u1ed9ng Mua L\u1ea1i c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u00f4 h\u00ecnh h\u00f3a c\u00e1c k\u1ecbch b\u1ea3n t\u00edch h\u1ee3p kh\u00e1c nhau v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng d\u00e0i h\u1ea1n tr\u00ean nhi\u1ec1u khung th\u1eddi gian.\n<h2>\u0110i\u1ec3m B\u00f9ng Ph\u00e1t AI: M\u00f4 H\u00ecnh H\u00f3a C\u01a1 H\u1ed9i Watson C\u1ee7a IBM<\/h2>\nTrong khi chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1m m\u00e2y chi\u1ebfm \u01b0u th\u1ebf trong h\u1ea7u h\u1ebft c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ng\u00e0y c\u00e0ng t\u1eadp trung v\u00e0o chi\u1ebfn l\u01b0\u1ee3c tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o c\u1ee7a IBM \u2013 \u0111\u1eb7c bi\u1ec7t l\u00e0 Watson v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m AI doanh nghi\u1ec7p c\u1ee7a n\u00f3. Sau khi h\u1ee9a h\u1eb9n qu\u00e1 m\u1ee9c v\u00e0 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1eeb n\u0103m 2016-2019, IBM \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh \u0111\u00e1ng k\u1ec3 c\u00e1ch ti\u1ebfp c\u1eadn AI c\u1ee7a m\u00ecnh h\u01b0\u1edbng t\u1edbi c\u00e1c \u1ee9ng d\u1ee5ng c\u1ee5 th\u1ec3 cho ng\u00e0nh v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c.\n\nTi\u1ebfn s\u0129 Jennifer Liu, chuy\u00ean gia \u0111\u1ea7u t\u01b0 AI t\u1ea1i Blackrock v\u1edbi s\u1ef1 gi\u00e1m s\u00e1t 4,3 t\u1ef7 USD trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o AI, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung c\u1ee5 th\u1ec3 \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c c\u01a1 h\u1ed9i AI doanh nghi\u1ec7p. Ph\u00e2n t\u00edch c\u1ee7a c\u00f4 v\u1ec1 IBM, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng 2 n\u0103m 2023, ch\u1ec9 ra r\u1eb1ng IBM \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn m\u1ed9t \u0111i\u1ec3m b\u00f9ng ph\u00e1t trong th\u01b0\u01a1ng m\u1ea1i h\u00f3a AI c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng v\u00e0 b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u1ee7a n\u00f3.\n\n\"H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn xem c\u00e1c s\u00e1ng ki\u1ebfn AI c\u1ee7a IBM qua l\u0103ng k\u00ednh c\u1ee7a nh\u1eefng th\u1ea5t v\u1ecdng ban \u0111\u1ea7u c\u1ee7a Watson trong \u0111i\u1ec1u tr\u1ecb ung th\u01b0 v\u00e0 tr\u00ed tu\u1ec7 t\u1ed5ng qu\u00e1t,\" Liu gi\u1ea3i th\u00edch trong ghi ch\u00fa nghi\u00ean c\u1ee9u th\u00e1ng 3 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i cho kh\u00e1ch h\u00e0ng c\u1ee7a Blackrock. \"\u0110i\u1ec1u h\u1ecd \u0111ang b\u1ecf l\u1ee1 l\u00e0 s\u1ef1 thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a IBM t\u1eeb n\u0103m 2020 \u2013 t\u1eeb AI t\u1ed5ng qu\u00e1t sang c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 cho ng\u00e0nh gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 kinh doanh c\u1ee5 th\u1ec3 v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c trong khung th\u1eddi gian 6-12 th\u00e1ng.\"\n\nKhung c\u1ee7a Liu x\u00e1c \u0111\u1ecbnh n\u0103m ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 AI doanh nghi\u1ec7p v\u00e0 so s\u00e1nh hi\u1ec7u su\u1ea5t hi\u1ec7n t\u1ea1i c\u1ee7a IBM v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n ng\u00e0nh:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Th\u00e0nh C\u00f4ng AI Doanh Nghi\u1ec7p<\/th>\n<th>Tr\u1ea1ng Th\u00e1i Hi\u1ec7n T\u1ea1i C\u1ee7a IBM Watson (Q1 2023)<\/th>\n<th>Ti\u00eau Chu\u1ea9n Ng\u00e0nh (Q1 2023)<\/th>\n<th>Qu\u1ef9 \u0110\u1ea1o<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1eddi Gian Tri\u1ec3n Khai Gi\u1ea3i Ph\u00e1p<\/td>\n<td>Trung b\u00ecnh 8,4 th\u00e1ng (gi\u1ea3m t\u1eeb 18,3 th\u00e1ng n\u0103m 2019)<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 12,7 th\u00e1ng (d\u1ef1a tr\u00ean 137 tri\u1ec3n khai AI doanh nghi\u1ec7p)<\/td>\n<td>T\u00edch C\u1ef1c: Nhanh h\u01a1n 54% so v\u1edbi trung b\u00ecnh ng\u00e0nh, c\u1ea3i thi\u1ec7n 1,2 th\u00e1ng h\u00e0ng n\u0103m trong 3 n\u0103m qua<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea1t \u0110\u01b0\u1ee3c ROI Kh\u00e1ch H\u00e0ng<\/td>\n<td>83% c\u00e1c tri\u1ec3n khai \u0111\u1ea1t ho\u1eb7c v\u01b0\u1ee3t m\u1ee5c ti\u00eau ROI trong v\u00f2ng 12 th\u00e1ng<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 62% (d\u1ef1a tr\u00ean kh\u1ea3o s\u00e1t 215 tri\u1ec3n khai AI doanh nghi\u1ec7p)<\/td>\n<td>T\u00edch C\u1ef1c: V\u01b0\u1ee3t tr\u1ed9i \u0111\u00e1ng k\u1ec3 so v\u1edbi ng\u00e0nh, c\u1ea3i thi\u1ec7n t\u1eeb 64% n\u0103m 2020 th\u00f4ng qua t\u1eadp trung v\u00e0o c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 N\u0103ng T\u00e1i S\u1eed D\u1ee5ng Gi\u1ea3i Ph\u00e1p<\/td>\n<td>73% c\u00e1c gi\u1ea3i ph\u00e1p c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00e1i s\u1eed d\u1ee5ng tr\u00ean nhi\u1ec1u kh\u00e1ch h\u00e0ng v\u1edbi &lt;30% t\u00f9y ch\u1ec9nh<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 47% (d\u1ef1a tr\u00ean ph\u00e2n t\u00edch 182 nh\u00e0 cung c\u1ea5p AI doanh nghi\u1ec7p)<\/td>\n<td>T\u00edch C\u1ef1c: T\u1eadp trung ng\u00e0nh c\u1ee7a IBM t\u1ea1o ra c\u00e1c m\u1eabu c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng so v\u1edbi c\u00e1c gi\u1ea3i ph\u00e1p t\u00f9y ch\u1ec9nh, c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn 14,2% tr\u00ean c\u00e1c gi\u1ea3i ph\u00e1p \u0111\u01b0\u1ee3c t\u00e1i tri\u1ec3n khai<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Doanh Thu AI \u0110\u1ecbnh K\u1ef3<\/td>\n<td>62% doanh thu AI l\u00e0 \u0111\u1ecbnh k\u1ef3\/d\u1ef1a tr\u00ean \u0111\u0103ng k\u00fd (so v\u1edbi 38% d\u1ef1a tr\u00ean d\u1ef1 \u00e1n)<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 43% doanh thu \u0111\u1ecbnh k\u1ef3 (d\u1ef1a tr\u00ean 29 c\u00f4ng ty AI doanh nghi\u1ec7p c\u00f4ng khai)<\/td>\n<td>T\u00edch C\u1ef1c: D\u00f2ng doanh thu ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n, c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n h\u01a1n v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 71% so v\u1edbi 52% tr\u00ean c\u00f4ng vi\u1ec7c d\u1ef1a tr\u00ean d\u1ef1 \u00e1n<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p AI<\/td>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 72,4% (Q1 2023)<\/td>\n<td>Trung b\u00ecnh AI doanh nghi\u1ec7p: 68,3% (d\u1ef1a tr\u00ean 20 c\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng)<\/td>\n<td>T\u00edch C\u1ef1c: Tr\u00ean trung b\u00ecnh ng\u00e0nh v\u1edbi c\u1ea3i thi\u1ec7n 2,1% so v\u1edbi n\u0103m tr\u01b0\u1edbc v\u00e0 d\u1ef1 ki\u1ebfn m\u1edf r\u1ed9ng th\u00eam 200-400bps<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nNghi\u00ean c\u1ee9u c\u1ee7a Liu cho th\u1ea5y doanh nghi\u1ec7p AI c\u1ee7a IBM hi\u1ec7n \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p kho\u1ea3ng 35% d\u1ef1a tr\u00ean \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng (11,3x doanh thu so v\u1edbi 17,2x cho c\u00e1c c\u00f4ng ty AI chuy\u00ean bi\u1ec7t) v\u00e0 c\u00e1c giao d\u1ecbch th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n (trung b\u00ecnh 18,7x doanh thu trong c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i AI n\u0103m 2022). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng,\" doanh nghi\u1ec7p AI \u0111\u1ea1i di\u1ec7n cho m\u1ed9t ch\u1ea5t x\u00fac t\u00e1c ti\u1ec1m n\u0103ng c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y m\u1edf r\u1ed9ng \u0111\u1ecbnh gi\u00e1 khi th\u00e0nh c\u00f4ng c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i h\u01a1n trong c\u00e1c k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd s\u1eafp t\u1edbi.\n\n\"Th\u1ecb tr\u01b0\u1eddng v\u1eabn \u0111ang \u0111\u1ecbnh gi\u00e1 IBM ch\u1ee7 y\u1ebfu l\u00e0 m\u1ed9t c\u00f4ng ty c\u00f4ng ngh\u1ec7 truy\u1ec1n th\u1ed1ng v\u1edbi m\u1ed9t s\u1ed1 ti\u1ebfp x\u00fac \u0111\u00e1m m\u00e2y,\" Liu l\u01b0u \u00fd trong b\u00e0i thuy\u1ebft tr\u00ecnh ng\u00e0nh th\u00e1ng 4 n\u0103m 2023 c\u1ee7a m\u00ecnh t\u1ea1i H\u1ed9i ngh\u1ecb C\u00f4ng ngh\u1ec7 Morgan Stanley. \"Th\u00e0nh ph\u1ea7n AI v\u1ec1 c\u01a1 b\u1ea3n \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c \u00edt t\u00edn d\u1ee5ng \u0111\u1ecbnh gi\u00e1 m\u1eb7c d\u00f9 c\u00f3 b\u1eb1ng ch\u1ee9ng ng\u00e0y c\u00e0ng t\u0103ng v\u1ec1 s\u1ef1 ti\u1ebfn tri\u1ec3n th\u01b0\u01a1ng m\u1ea1i v\u00e0 kinh t\u1ebf v\u01b0\u1ee3t tr\u1ed9i, t\u1ea1o ra ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 kh\u00f4ng \u0111\u1ed1i x\u1ee9ng khi doanh nghi\u1ec7p n\u00e0y m\u1edf r\u1ed9ng t\u1eeb kho\u1ea3ng 3 t\u1ef7 USD l\u00ean d\u1ef1 ki\u1ebfn 7,5 t\u1ef7 USD v\u00e0o n\u0103m 2025.\"\n<h3>Nghi\u00ean C\u1ee9u Tr\u01b0\u1eddng H\u1ee3p: Tri\u1ec3n Khai AI C\u1ee7a IBM T\u1ea1i Nh\u00e0 Cung C\u1ea5p D\u1ecbch V\u1ee5 Y T\u1ebf L\u1edbn<\/h3>\nM\u1ed9t v\u00ed d\u1ee5 c\u1ee5 th\u1ec3 minh h\u1ecda ti\u1ec1m n\u0103ng c\u1ee7a c\u00e1ch ti\u1ebfp c\u1eadn AI \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a IBM. M\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 y t\u1ebf l\u1edbn c\u1ee7a Hoa K\u1ef3 (kh\u00f4ng \u0111\u01b0\u1ee3c n\u00eau t\u00ean do c\u00e1c th\u1ecfa thu\u1eadn b\u1ea3o m\u1eadt) \u0111\u00e3 tri\u1ec3n khai c\u00e1c gi\u1ea3i ph\u00e1p IBM Watson \u0111\u1ec3 c\u1ea3i thi\u1ec7n t\u00e0i li\u1ec7u l\u00e2m s\u00e0ng v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a m\u00e3 h\u00f3a y t\u1ebf v\u00e0o th\u00e1ng 3 n\u0103m 2021 tr\u00ean m\u1ea1ng l\u01b0\u1edbi 17 b\u1ec7nh vi\u1ec7n v\u00e0 63 c\u01a1 s\u1edf ngo\u1ea1i tr\u00fa.\n\nVi\u1ec7c tri\u1ec3n khai theo ph\u01b0\u01a1ng ph\u00e1p lu\u1eadn m\u1edbi t\u1eadp trung v\u00e0o ng\u00e0nh c\u1ee7a IBM v\u1edbi c\u00e1c b\u01b0\u1edbc c\u1ee5 th\u1ec3 sau:\n<ul>\n \t<li>B\u1eb1ng ch\u1ee9ng kh\u00e1i ni\u1ec7m ban \u0111\u1ea7u t\u1eadp trung v\u00e0o 8 quy tr\u00ecnh tim m\u1ea1ch c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 127 tri\u1ec7u USD doanh thu h\u00e0ng n\u0103m<\/li>\n \t<li>Tri\u1ec3n khai theo giai \u0111o\u1ea1n trong 90 ng\u00e0y v\u1edbi 4 chu k\u1ef3 h\u1ecdc t\u1eadp v\u00e0 c\u1ea3i ti\u1ebfn li\u00ean t\u1ee5c<\/li>\n \t<li>T\u00edch h\u1ee3p v\u1edbi c\u00e1c h\u1ec7 th\u1ed1ng h\u1ed3 s\u01a1 s\u1ee9c kh\u1ecfe \u0111i\u1ec7n t\u1eed Epic hi\u1ec7n c\u00f3 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng 23 \u0111\u1ea7u n\u1ed1i ti\u00eau chu\u1ea9n h\u00f3a<\/li>\n \t<li>\u0110o l\u01b0\u1eddng hi\u1ec7u su\u1ea5t so v\u1edbi 14 m\u1ee5c ti\u00eau ROI \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc v\u1edbi b\u1ea3ng \u0111i\u1ec1u khi\u1ec3n b\u00e1o c\u00e1o hai tu\u1ea7n m\u1ed9t l\u1ea7n<\/li>\n \t<li>M\u1edf r\u1ed9ng sang c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng b\u1ed5 sung khi x\u00e1c nh\u1eadn th\u00e0nh c\u00f4ng v\u1edbi l\u1ecbch tr\u00ecnh tri\u1ec3n khai 30\/60\/90 ng\u00e0y<\/li>\n<\/ul>\nK\u1ebft qu\u1ea3 \u0111\u00e3 ch\u1ee9ng minh ti\u1ec1m n\u0103ng th\u01b0\u01a1ng m\u1ea1i c\u1ee7a c\u00e1c gi\u1ea3i ph\u00e1p AI c\u1ee7a IBM v\u1edbi c\u00e1c k\u1ebft qu\u1ea3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng 12 th\u00e1ng sau khi tri\u1ec3n khai:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th>\n<th>\u0110\u01b0\u1eddng C\u01a1 S\u1edf Tr\u01b0\u1edbc Khi Tri\u1ec3n Khai (Q1 2021)<\/th>\n<th>K\u1ebft Qu\u1ea3 Sau Khi Tri\u1ec3n Khai (Q1 2022)<\/th>\n<th>T\u00e1c \u0110\u1ed9ng T\u00e0i Ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ed9 Ch\u00ednh X\u00e1c M\u00e3 H\u00f3a Y T\u1ebf<\/td>\n<td>T\u1ef7 l\u1ec7 ch\u00ednh x\u00e1c 91,7% v\u1edbi m\u00e3 h\u00f3a th\u1ee7 c\u00f4ng (3,74 FTEs tr\u00ean 1.000 l\u1ea7n g\u1eb7p)<\/td>\n<td>T\u1ef7 l\u1ec7 ch\u00ednh x\u00e1c 97,3% v\u1edbi m\u00e3 h\u00f3a h\u1ed7 tr\u1ee3 AI (1,32 FTEs tr\u00ean 1.000 l\u1ea7n g\u1eb7p)<\/td>\n<td>Gi\u1ea3m 14,2 tri\u1ec7u USD h\u00e0ng n\u0103m trong c\u00e1c y\u00eau c\u1ea7u b\u1ecb t\u1eeb ch\u1ed1i c\u1ed9ng v\u1edbi ti\u1ebft ki\u1ec7m chi ph\u00ed lao \u0111\u1ed9ng 8,4 tri\u1ec7u USD<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi Gian T\u00e0i Li\u1ec7u L\u00e2m S\u00e0ng<\/td>\n<td>Trung b\u00ecnh 37 ph\u00fat m\u1ed7i l\u1ea7n g\u1eb7p b\u1ec7nh nh\u00e2n (4,8 tri\u1ec7u ph\u00fat h\u00e0ng th\u00e1ng)<\/td>\n<td>Trung b\u00ecnh 24 ph\u00fat m\u1ed7i l\u1ea7n g\u1eb7p b\u1ec7nh nh\u00e2n (3,1 tri\u1ec7u ph\u00fat h\u00e0ng th\u00e1ng)<\/td>\n<td>Ti\u1ebft ki\u1ec7m th\u1eddi gian b\u00e1c s\u0129 h\u00e0ng n\u0103m 8,7 tri\u1ec7u USD \u0111\u1ecbnh gi\u00e1 th\u1eddi gian b\u00e1c s\u0129 \u1edf m\u1ee9c 150 USD\/gi\u1edd<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi Gian Chu K\u1ef3 Doanh Thu<\/td>\n<td>Trung b\u00ecnh 27 ng\u00e0y t\u1eeb d\u1ecbch v\u1ee5 \u0111\u1ebfn thanh to\u00e1n (32,3% tr\u00ean 45 ng\u00e0y)<\/td>\n<td>Trung b\u00ecnh 19 ng\u00e0y t\u1eeb d\u1ecbch v\u1ee5 \u0111\u1ebfn thanh to\u00e1n (14,7% tr\u00ean 45 ng\u00e0y)<\/td>\n<td>C\u1ea3i thi\u1ec7n v\u1ed1n l\u01b0u \u0111\u1ed9ng 11,3 tri\u1ec7u USD v\u1edbi gi\u1ea3m chi ph\u00ed l\u00e3i su\u1ea5t h\u00e0ng n\u0103m 830 ngh\u00ecn USD<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9 Ho\u00e0n Thi\u1ec7n T\u00e0i Li\u1ec7u<\/td>\n<td>73% c\u00e1c l\u1ea7n g\u1eb7p \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u \u0111\u1ea7y \u0111\u1ee7 v\u1edbi \u0111\u1ed9 c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p<\/td>\n<td>92% c\u00e1c l\u1ea7n g\u1eb7p \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u \u0111\u1ea7y \u0111\u1ee7 v\u1edbi \u0111\u1ed9 c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p<\/td>\n<td>Th\u00eam 17,8 tri\u1ec7u USD h\u00e0ng n\u0103m t\u1eeb b\u1ed3i ho\u00e0n ph\u00f9 h\u1ee3p t\u1eeb m\u00e3 h\u00f3a v\u00e0 t\u00e0i li\u1ec7u ch\u00ednh x\u00e1c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nNghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p n\u00e0y minh h\u1ecda c\u00e1ch ti\u1ebfp c\u1eadn tinh ch\u1ec9nh c\u1ee7a IBM \u0111\u1ed1i v\u1edbi AI: nh\u1eafm m\u1ee5c ti\u00eau c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c, tri\u1ec3n khai theo giai \u0111o\u1ea1n v\u00e0 m\u1edf r\u1ed9ng khi th\u00e0nh c\u00f4ng \u0111\u01b0\u1ee3c ch\u1ee9ng minh. Nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 y t\u1ebf sau \u0111\u00f3 \u0111\u00e3 m\u1edf r\u1ed9ng tri\u1ec3n khai AI c\u1ee7a IBM sang ba tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng b\u1ed5 sung (t\u1ef1 \u0111\u1ed9ng h\u00f3a ti\u1ec1n ph\u00ea duy\u1ec7t, kh\u1edbp th\u1eed nghi\u1ec7m l\u00e2m s\u00e0ng v\u00e0 t\u1ed1i \u01b0u h\u00f3a chu\u1ed7i cung \u1ee9ng), t\u0103ng g\u1ea5p \u0111\u00f4i gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng ban \u0111\u1ea7u t\u1eeb 18,7 tri\u1ec7u USD l\u00ean 37,2 tri\u1ec7u USD trong th\u1eddi h\u1ea1n 3 n\u0103m.\n\nC\u00f4ng c\u1ee5 Ph\u00e2n T\u00edch Ng\u00e0nh c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u00f4 h\u00ecnh h\u00f3a t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c tri\u1ec3n khai th\u00e0nh c\u00f4ng nh\u01b0 v\u1eady tr\u00ean c\u00e1c ng\u00e0nh m\u1ee5c ti\u00eau c\u1ee7a IBM. Kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch k\u1ecbch b\u1ea3n c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng ki\u1ec3m tra c\u00e1c t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn kh\u00e1c nhau v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang \u0111\u1ebfn d\u1ef1 b\u00e1o doanh thu v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a IBM tr\u00ean c\u00e1c khung th\u1eddi gian t\u00f9y ch\u1ec9nh.\n<h2>C\u00e1c M\u00f4 H\u00ecnh \u0110\u1ecbnh Gi\u00e1 V\u01b0\u1ee3t Ra Ngo\u00e0i T\u1ef7 L\u1ec7 PE: C\u00e1ch C\u00e1c T\u1ed5 Ch\u1ee9c \u0110\u1ecbnh Gi\u00e1 IBM<\/h2>\nC\u00e1c ph\u00e2n t\u00edch mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM th\u00f4ng th\u01b0\u1eddng th\u01b0\u1eddng d\u1ef1a v\u00e0o t\u1ef7 l\u1ec7 PE (hi\u1ec7n t\u1ea1i l\u00e0 19,2x), l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c (4,7%) v\u00e0 c\u00e1c m\u00f4 h\u00ecnh DCF \u0111\u01a1n gi\u1ea3n. Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c s\u1eed d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 tinh vi h\u01a1n \u0111\u1ec3 n\u1eafm b\u1eaft t\u1ed1t h\u01a1n m\u00f4 h\u00ecnh kinh doanh ph\u1ee9c t\u1ea1p c\u1ee7a IBM v\u00e0 h\u00e0nh tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i t\u1eeb ph\u1ea7n c\u1ee9ng sang d\u1ecbch v\u1ee5 \u0111\u00e1m m\u00e2y lai v\u00e0 AI.\n\nNh\u00e0 ph\u00e2n t\u00edch c\u00f4ng ngh\u1ec7 k\u1ef3 c\u1ef1u James Martinson, ng\u01b0\u1eddi \u0111\u00e3 theo d\u00f5i IBM trong 24 n\u0103m qua ba ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 l\u1edbn, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u1ed5ng h\u1ee3p cho IBM \u0111\u00e3 ch\u1ee9ng minh \u0111\u1ed9 ch\u00ednh x\u00e1c 83% trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n ph\u1ea1m vi giao d\u1ecbch c\u1ee7a IBM trong n\u0103m n\u0103m. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a \u00f4ng th\u1eeba nh\u1eadn r\u1eb1ng IBM th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t s\u1ed1 doanh nghi\u1ec7p kh\u00e1c nhau v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng, h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ph\u00f9 h\u1ee3p.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n Kh\u00fac Kinh Doanh<\/th>\n<th>Ph\u01b0\u01a1ng Ph\u00e1p \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>Ch\u1ec9 S\u1ed1 Ch\u00ednh<\/th>\n<th>Gi\u00e1 Tr\u1ecb Ng\u1ee5 \u00dd M\u1ed7i C\u1ed5 Phi\u1ebfu<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u1ecbch V\u1ee5 H\u1ea1 T\u1ea7ng Truy\u1ec1n Th\u1ed1ng<\/td>\n<td>L\u1ee3i Su\u1ea5t FCF V\u1edbi B\u1ed9i S\u1ed1 Cu\u1ed1i K\u1ef3<\/td>\n<td>L\u1ee3i su\u1ea5t FCF 8-10%, t\u1ef7 l\u1ec7 suy gi\u1ea3m d\u00e0i h\u1ea1n 0-2%, c\u01a1 s\u1edf doanh thu 6,8 t\u1ef7 USD<\/td>\n<td>38-42 USD<\/td>\n<\/tr>\n<tr>\n<td>Red Hat \/ \u0110\u00e1m M\u00e2y Lai<\/td>\n<td>EV\/Doanh Thu V\u1edbi B\u1ed9i S\u1ed1 \u0110i\u1ec1u Ch\u1ec9nh T\u0103ng Tr\u01b0\u1edfng<\/td>\n<td>B\u1ed9i s\u1ed1 doanh thu 6-8x tr\u00ean c\u01a1 s\u1edf doanh thu 13,5 t\u1ef7 USD, t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 15-20%<\/td>\n<td>51-58 USD<\/td>\n<\/tr>\n<tr>\n<td>D\u1ecbch V\u1ee5 T\u01b0 V\u1ea5n<\/td>\n<td>B\u1ed9i S\u1ed1 PE V\u1edbi \u0110\u1ed1i Chi\u1ebfu Ng\u00e0nh<\/td>\n<td>B\u1ed9i s\u1ed1 PE 15-18x tr\u00ean \u0111\u00f3ng g\u00f3p EPS 2,17 USD, t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 8-10%, c\u01a1 s\u1edf doanh thu 17,8 t\u1ef7 USD<\/td>\n<td>33-37 USD<\/td>\n<\/tr>\n<tr>\n<td>AI v\u00e0 T\u1ef1 \u0110\u1ed9ng H\u00f3a<\/td>\n<td>EV\/Doanh Thu V\u1edbi Ph\u00e2n T\u00edch T\u01b0\u01a1ng \u0110\u01b0\u01a1ng<\/td>\n<td>B\u1ed9i s\u1ed1 doanh thu 8-10x tr\u00ean c\u01a1 s\u1edf doanh thu 3,2 t\u1ef7 USD, t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 20-25%<\/td>\n<td>27-32 USD<\/td>\n<\/tr>\n<tr>\n<td>Chi Ph\u00ed Qu\u1ea3n L\u00fd &amp; L\u01b0\u01a1ng H\u01b0u<\/td>\n<td>Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i R\u00f2ng C\u1ee7a Ngh\u0129a V\u1ee5<\/td>\n<td>\u0110i\u1ec1u ch\u1ec9nh theo tr\u1ea1ng th\u00e1i t\u00e0i tr\u1ee3 v\u00e0 hi\u1ec7u \u1ee9ng thu\u1ebf, chi ph\u00ed h\u00e0ng n\u0103m 4,2 t\u1ef7 USD<\/td>\n<td>(14-18 USD)<\/td>\n<\/tr>\n<tr>\n<td><strong>Gi\u00e1 Tr\u1ecb T\u1ed5ng H\u1ee3p M\u1ed7i C\u1ed5 Phi\u1ebfu<\/strong><\/td>\n<td><strong>T\u1ed5ng H\u1ee3p V\u1edbi Chi\u1ebft Kh\u1ea5u T\u1eadp \u0110o\u00e0n<\/strong><\/td>\n<td><strong>Chi\u1ebft kh\u1ea5u t\u1eadp \u0111o\u00e0n 10-15% ph\u1ea3n \u00e1nh s\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/strong><\/td>\n<td><strong>135-151 USD<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\"C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac n\u00e0y ti\u1ebft l\u1ed9 r\u1eb1ng \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a IBM ng\u1ee5 \u00fd g\u1ea7n nh\u01b0 kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb cho doanh nghi\u1ec7p AI v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a c\u1ee7a n\u00f3,\" Martinson gi\u1ea3i th\u00edch trong ghi ch\u00fa kh\u00e1ch h\u00e0ng th\u00e1ng 4 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 th\u00f4ng qua Citadel Securities. \"Th\u1ecb tr\u01b0\u1eddng v\u1ec1 c\u01a1 b\u1ea3n \u0111ang \u0111\u1ecbnh gi\u00e1 IBM nh\u01b0 th\u1ec3 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a n\u00f3 s\u1ebd d\u1eebng l\u1ea1i, m\u1eb7c d\u00f9 c\u00f3 b\u1eb1ng ch\u1ee9ng ng\u00e0y c\u00e0ng t\u0103ng ng\u01b0\u1ee3c l\u1ea1i trong b\u00e1o c\u00e1o ph\u00e2n kh\u00fac h\u00e0ng qu\u00fd v\u00e0 c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p.\"\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed1 g\u1eafng x\u00e1c \u0111\u1ecbnh li\u1ec7u c\u1ed5 phi\u1ebfu IBM c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn mua, s\u1ef1 ng\u1eaft k\u1ebft n\u1ed1i \u0111\u1ecbnh gi\u00e1 n\u00e0y l\u00e0m n\u1ed5i b\u1eadt c\u01a1 h\u1ed9i ti\u1ec1m n\u0103ng. N\u1ebfu IBM ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n th\u00e0nh c\u00f4ng chuy\u1ec3n \u0111\u1ed5i c\u1ee7a m\u00ecnh, kho\u1ea3ng c\u00e1ch \u0111\u1ecbnh gi\u00e1 s\u1ebd thu h\u1eb9p khi th\u1ecb tr\u01b0\u1eddng nh\u1eadn ra gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng c\u1ee7a n\u00f3 trong \u0111\u00e1m m\u00e2y v\u00e0 AI, hi\u1ec7n chi\u1ebfm 54% t\u1ed5ng doanh thu.\n\nM\u00f4 h\u00ecnh c\u1ee7a Martinson g\u1ee3i \u00fd m\u1ed9t ph\u1ea1m vi gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd t\u1eeb 135-151 USD cho c\u1ed5 phi\u1ebfu IBM d\u1ef1a tr\u00ean hi\u1ec7u su\u1ea5t kinh doanh hi\u1ec7n t\u1ea1i v\u00e0 qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng. \u0110i\u1ec1u n\u00e0y \u0111\u1ea1i di\u1ec7n cho ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i, v\u1edbi \u0111\u1ed9 nh\u1ea1y \u0111\u1eb7c bi\u1ec7t m\u1ea1nh \u0111\u1ed1i v\u1edbi hi\u1ec7u su\u1ea5t c\u1ee7a c\u00e1c ph\u00e2n kh\u00fac Red Hat\/\u0111\u00e1m m\u00e2y lai v\u00e0 AI \u0111\u00f3ng g\u00f3p 78-90 USD trong \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a \u00f4ng.\n\nB\u1ed9 M\u00f4 H\u00ecnh \u0110\u1ecbnh Gi\u00e1 c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng c\u00e1c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac t\u01b0\u01a1ng t\u1ef1 cho c\u00e1c c\u00f4ng ty ph\u1ee9c t\u1ea1p nh\u01b0 IBM. C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9 nh\u1ea1y c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng ki\u1ec3m tra c\u00e1ch c\u00e1c thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng, bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd tr\u00ean c\u00e1c khung th\u1eddi gian t\u00f9y ch\u1ec9nh.\n\n[cta_button text=\"B\u1eaft \u0110\u1ea7u Giao D\u1ecbch\"]\n<h2>K\u1ebft Lu\u1eadn: Khung Quy\u1ebft \u0110\u1ecbnh C\u1ee7a Nh\u00e0 \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c<\/h2>\nQuy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM cu\u1ed1i c\u00f9ng ph\u1ee5 thu\u1ed9c v\u00e0o th\u1eddi gian \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n, kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro v\u00e0 chi\u1ebfn l\u01b0\u1ee3c danh m\u1ee5c \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, c\u00e1c khung t\u1ed5 ch\u1ee9c \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y \u1edf \u0111\u00e2y cung c\u1ea5p m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn tinh vi h\u01a1n so v\u1edbi ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 nh\u00ecn v\u1ec1 ph\u00eda sau.\n\nD\u1ef1a tr\u00ean ph\u00e2n t\u00edch to\u00e0n di\u1ec7n \u1edf tr\u00ean, n\u0103m k\u1ebft lu\u1eadn ch\u00ednh xu\u1ea5t hi\u1ec7n:\n<ul>\n \t<li>Chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM \u0111\u00e3 ti\u1ebfn xa h\u01a1n so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng nh\u1eadn ra, v\u1edbi n\u0103m trong s\u1ed1 b\u1ea3y ch\u1ec9 s\u1ed1 d\u1ef1 \u0111o\u00e1n ch\u00ednh hi\u1ec7n \u0111ang cho th\u1ea5y \u0111\u1ed9ng l\u1ef1c t\u00edch c\u1ef1c so v\u1edbi ng\u01b0\u1ee1ng l\u1ecbch s\u1eed<\/li>\n \t<li>Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 l\u1edbn th\u00f4ng th\u01b0\u1eddng tr\u00ean t\u1ea5t c\u1ea3 n\u0103m chi\u1ec1u hi\u1ec7u su\u1ea5t quan tr\u1ecdng, nh\u01b0ng nh\u1eadn \u0111\u01b0\u1ee3c \u00edt t\u00edn d\u1ee5ng \u0111\u1ecbnh gi\u00e1<\/li>\n \t<li>Chi\u1ebfn l\u01b0\u1ee3c AI \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a IBM \u0111ang cho th\u1ea5y s\u1ef1 ti\u1ebfn tri\u1ec3n th\u01b0\u01a1ng m\u1ea1i h\u1eefu h\u00ecnh v\u1edbi kinh t\u1ebf v\u01b0\u1ee3t tr\u1ed9i (bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 72,4% so v\u1edbi trung b\u00ecnh ng\u00e0nh 68,3%)<\/li>\n \t<li>B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00f4ng ty cung c\u1ea5p s\u1ef1 linh ho\u1ea1t chi\u1ebfn l\u01b0\u1ee3c v\u00e0 b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1 v\u1edbi 93% n\u1ee3 \u0111\u00e1o h\u1ea1n sau n\u0103m 2025 v\u1edbi l\u00e3i su\u1ea5t 2,87% thu\u1eadn l\u1ee3i<\/li>\n \t<li>\u0110\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac ti\u1ebft l\u1ed9 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 35-48% n\u1ebfu chuy\u1ec3n \u0111\u1ed5i ti\u1ebfp t\u1ee5c th\u00e0nh c\u00f4ng d\u1ef1a tr\u00ean c\u00e1c b\u1ed9i s\u1ed1 ph\u00f9 h\u1ee3p cho t\u1eebng \u0111\u01a1n v\u1ecb kinh doanh<\/li>\n<\/ul>\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1eddi gian \u0111\u1ea7u t\u01b0 2-3 n\u0103m, b\u1eb1ng ch\u1ee9ng cho th\u1ea5y IBM \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i kh\u00f4ng \u0111\u1ed1i x\u1ee9ng v\u1edbi r\u1ee7i ro gi\u1ea3m gi\u00e1 h\u1ea1n ch\u1ebf (\u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 4,7% v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c 1,84x) v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 khi th\u1ecb tr\u01b0\u1eddng d\u1ea7n nh\u1eadn ra ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u1ee7a c\u00f4ng ty.\n\nC\u00e1ch ti\u1ebfp c\u1eadn hi\u1ec7u qu\u1ea3 nh\u1ea5t k\u1ebft h\u1ee3p ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a b\u1ea3y ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00f3 v\u1edbi ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac \u0111\u1ec3 thi\u1ebft l\u1eadp c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra ph\u00f9 h\u1ee3p. Thay v\u00ec xem c\u00e1c quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM nh\u01b0 nh\u1eefng l\u1ef1a ch\u1ecdn nh\u1ecb ph\u00e2n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ngh\u0129 theo c\u00e1c \u0111i\u1ec1u ch\u1ec9nh k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed v\u00e0 th\u1eddi gian \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh theo c\u00e1c c\u1ed9t m\u1ed1c kinh doanh c\u1ee5 th\u1ec3.\n\nPocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 to\u00e0n di\u1ec7n \u0111\u1ec3 th\u1ef1c ","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class=\"custom-html-container\">\n<h2>V\u01b0\u1ee3t Qua T\u01b0 Duy Nh\u1ecb Ph\u00e2n: C\u00e1ch Ti\u1ebfp C\u1eadn Th\u1ec3 Ch\u1ebf \u0110\u1ed1i V\u1edbi IBM<\/h2>\n<p>Ph\u00e2n t\u00edch mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM th\u00f4ng th\u01b0\u1eddng l\u00e0m th\u1ea5t b\u1ea1i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch gi\u1ea3m m\u1ed9t quy\u1ebft \u0111\u1ecbnh ph\u1ee9c t\u1ea1p th\u00e0nh c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 \u0111\u01a1n gi\u1ea3n m\u00e0 kh\u00f4ng xem x\u00e9t \u0111\u1ebfn \u0111\u1ed9ng l\u1ef1c chuy\u1ec3n \u0111\u1ed5i. Th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u \u2013 IBM \u0111\u1ea1i di\u1ec7n cho m\u1ed9t tr\u01b0\u1eddng h\u1ee3p ng\u00e3 ba chi\u1ebfn l\u01b0\u1ee3c c\u1ea7n c\u00e1c khung ph\u00e2n t\u00edch tinh vi \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang. Sau khi ho\u00e0n th\u00e0nh vi\u1ec7c t\u00e1ch Kyndryl tr\u1ecb gi\u00e1 19,5 t\u1ef7 USD v\u00e0o th\u00e1ng 11 n\u0103m 2021 v\u00e0 \u0111\u1ea9y nhanh chi\u1ebfn l\u01b0\u1ee3c mua l\u1ea1i v\u1edbi 28 c\u00f4ng ty \u0111\u01b0\u1ee3c mua d\u01b0\u1edbi th\u1eddi CEO Arvind Krishna t\u1eeb th\u00e1ng 4 n\u0103m 2020, IBM tr\u00ecnh b\u00e0y m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 \u0111a di\u1ec7n th\u00e1ch th\u1ee9c ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ti\u1ebfp c\u1eadn IBM kh\u00e1c v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb. Thay v\u00ec ch\u1ec9 \u0111\u01a1n gi\u1ea3n h\u1ecfi &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng,&#8221; h\u1ecd x\u00e2y d\u1ef1ng ma tr\u1eadn quy\u1ebft \u0111\u1ecbnh k\u1ebft h\u1ee3p nhi\u1ec1u bi\u1ebfn s\u1ed1 trong c\u00e1c kho\u1ea3ng th\u1eddi gian c\u1ee5 th\u1ec3 \u2013 th\u01b0\u1eddng l\u00e0 6, 18 v\u00e0 36 th\u00e1ng. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y \u0111\u00e3 cho ph\u00e9p m\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch t\u1ed5 ch\u1ee9c d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn c\u1ee7a IBM m\u1eb7c d\u00f9 c\u00f4ng ty \u0111ang trong h\u00e0nh tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p t\u1eeb ph\u1ea7n c\u1ee9ng truy\u1ec1n th\u1ed1ng sang d\u1ecbch v\u1ee5 \u0111\u00e1m m\u00e2y lai v\u00e0 AI.<\/p>\n<p>C\u1ef1u nh\u00e0 ph\u00e2n t\u00edch c\u00f4ng ngh\u1ec7 c\u1ee7a Morgan Stanley, Robert Chen, ng\u01b0\u1eddi duy tr\u00ec t\u1ef7 l\u1ec7 ch\u00ednh x\u00e1c 73% v\u1ec1 c\u00e1c khuy\u1ebfn ngh\u1ecb c\u1ee7a IBM trong 12 n\u0103m (2008-2020), gi\u1ea3i th\u00edch trong th\u01b0 \u0111\u1ea7u t\u01b0 th\u00e1ng 2 n\u0103m 2023 c\u1ee7a m\u00ecnh: &#8220;IBM y\u00eau c\u1ea7u m\u1ed9t khung ph\u00e2n t\u00edch hai \u0111\u01b0\u1eddng v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 tr\u1ecdng s\u1ed1 cho t\u1eebng ph\u00e2n kh\u00fac kinh doanh. Tr\u00ean m\u1ed9t \u0111\u01b0\u1eddng, b\u1ea1n \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n m\u1eb7t v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 b\u1ea3o v\u1ec7 bi\u00ean l\u1ee3i nhu\u1eadn. Tr\u00ean \u0111\u01b0\u1eddng kh\u00e1c, b\u1ea1n \u0111\u00e1nh gi\u00e1 qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng c\u1ee7a doanh nghi\u1ec7p \u0111\u00e1m m\u00e2y v\u00e0 AI m\u1edbi n\u1ed5i v\u1edbi s\u1ef1 nh\u1ea5n m\u1ea1nh v\u00e0o v\u1ecb tr\u00ed c\u1ea1nh tranh. Nh\u1eefng doanh nghi\u1ec7p n\u00e0y ho\u1ea1t \u0111\u1ed9ng tr\u00ean c\u00e1c chu k\u1ef3, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng v\u00e0 ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n kh\u00e1c nhau, y\u00eau c\u1ea7u c\u00e1c m\u00f4 h\u00ecnh ri\u00eang bi\u1ec7t sau \u0111\u00f3 \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p.&#8221;<\/p>\n<h2>Nghi\u00ean C\u1ee9u Tr\u01b0\u1eddng H\u1ee3p: Lu\u1eadn \u0110i\u1ec3m IBM C\u1ee7a Nh\u00e0 Qu\u1ea3n L\u00fd Qu\u1ef9 Ph\u00f2ng H\u1ed9 Ng\u01b0\u1ee3c D\u00f2ng<\/h2>\n<p>Nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 ph\u00f2ng h\u1ed9 k\u1ef3 c\u1ef1u Elizabeth Warren (kh\u00f4ng li\u00ean quan \u0111\u1ebfn Th\u01b0\u1ee3ng ngh\u1ecb s\u0129) c\u1ee7a Meridian Capital Partners \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t lu\u1eadn \u0111i\u1ec3m ng\u01b0\u1ee3c d\u00f2ng v\u1ec1 IBM t\u1ea1o ra l\u1ee3i nhu\u1eadn 47% trong 18 th\u00e1ng khi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 ph\u00e2n t\u00edch v\u1eabn bi quan. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a c\u00f4 minh h\u1ecda c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi v\u01b0\u1ee3t qua c\u00e2u h\u1ecfi \u0111\u01a1n gi\u1ea3n &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng&#8221; \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 tinh vi v\u1edbi c\u00e1c th\u00f4ng s\u1ed1 v\u00e0o v\u00e0 ra c\u1ee5 th\u1ec3.<\/p>\n<p>Lu\u1eadn \u0111i\u1ec3m c\u1ee7a Warren xu\u1ea5t hi\u1ec7n v\u00e0o qu\u00fd 3 n\u0103m 2020 khi IBM giao d\u1ecbch quanh m\u1ee9c 117,37 USD \u2013 g\u1ea7n m\u1ee9c th\u1ea5p nh\u1ea5t trong nhi\u1ec1u n\u0103m khi COVID-19 \u0111\u1ea9y nhanh c\u00e1c chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1m m\u00e2y nh\u01b0ng d\u01b0\u1eddng nh\u01b0 g\u00e2y b\u1ea5t l\u1ee3i cho doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng t\u1ea1i ch\u1ed7 c\u1ee7a IBM. Trong khi 78% c\u00e1c nh\u00e0 ph\u00e2n t\u00edch Ph\u1ed1 Wall \u0111\u00e1nh gi\u00e1 IBM l\u00e0 &#8220;gi\u1eef&#8221; ho\u1eb7c &#8220;b\u00e1n&#8221; v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3, Warren \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t v\u1ecb tr\u00ed \u0111\u00e1ng k\u1ec3 \u0111\u1ea1i di\u1ec7n cho 4,3% qu\u1ef9 c\u1ee7a c\u00f4 d\u1ef1a tr\u00ean m\u1ed9t khung ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n m\u00e0 c\u00f4 ph\u00e1t tri\u1ec3n \u0111\u1eb7c bi\u1ec7t cho c\u00e1c c\u00f4ng ty trong qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u00f4ng ngh\u1ec7.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n T\u00edch Th\u00f4ng Th\u01b0\u1eddng (Q3 2020)<\/th>\n<th>Ph\u00e2n T\u00edch Ng\u01b0\u1ee3c D\u00f2ng C\u1ee7a Warren (Q3 2020)<\/th>\n<th>K\u1ebft Qu\u1ea3 Th\u1ef1c T\u1ebf (Q1 2022)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Suy gi\u1ea3m doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng t\u0103ng t\u1ed1c (d\u1ef1 ki\u1ebfn -7,5% YoY)<\/td>\n<td>T\u1ef7 l\u1ec7 suy gi\u1ea3m doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng \u1ed5n \u0111\u1ecbnh \u1edf m\u1ee9c -4,5% v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn cao h\u01a1n d\u1ef1 ki\u1ebfn (54,3% so v\u1edbi 52,1%)<\/td>\n<td>Doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng gi\u1ea3m 4,2% nh\u01b0ng v\u1edbi c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn 3,7% l\u00ean 55,8%<\/td>\n<\/tr>\n<tr>\n<td>Chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1m m\u00e2y qu\u00e1 ch\u1eadm (d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng 15%)<\/td>\n<td>Doanh nghi\u1ec7p \u0111\u00e1m m\u00e2y \u0111\u1ea1t \u0111i\u1ec3m b\u00f9ng ph\u00e1t quy m\u00f4 v\u1edbi t\u1ef7 l\u1ec7 ch\u1ea1y d\u1ef1 ki\u1ebfn 25 t\u1ef7 USD v\u00e0o n\u0103m 2023<\/td>\n<td>Doanh thu \u0111\u00e1m m\u00e2y \u0111\u1ea1t t\u1ef7 l\u1ec7 ch\u1ea1y 23,8 t\u1ef7 USD v\u00e0o qu\u00fd 4 n\u0103m 2022 (t\u0103ng tr\u01b0\u1edfng 19,2%)<\/td>\n<\/tr>\n<tr>\n<td>Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 t\u00edch h\u1ee3p k\u00e9m (d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng 12%)<\/td>\n<td>Synergy c\u1ee7a Red Hat b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p, v\u1edbi c\u01a1 h\u1ed9i b\u00e1n ch\u00e9o cho 59% trong s\u1ed1 100 kh\u00e1ch h\u00e0ng h\u00e0ng \u0111\u1ea7u c\u1ee7a IBM<\/td>\n<td>Red Hat t\u0103ng tr\u01b0\u1edfng 21% trong giai \u0111o\u1ea1n 2021-2022, v\u01b0\u1ee3t qua t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng tr\u01b0\u1edbc khi mua l\u1ea1i l\u00e0 15%<\/td>\n<\/tr>\n<tr>\n<td>C\u1ed5 t\u1ee9c c\u00f3 nguy c\u01a1 b\u1ecb c\u1eaft gi\u1ea3m (t\u1ef7 l\u1ec7 chi tr\u1ea3 84%)<\/td>\n<td>Ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c cho th\u1ea5y kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c 1,8 l\u1ea7n khi lo\u1ea1i tr\u1eeb chi ph\u00ed t\u00e1i c\u1ea5u tr\u00fac<\/td>\n<td>C\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c duy tr\u00ec \u1edf m\u1ee9c 6,56 USD h\u00e0ng n\u0103m v\u00e0 t\u0103ng l\u00ean 6,60 USD v\u00e0o th\u00e1ng 4 n\u0103m 2022<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea7u t\u01b0 AI kh\u00f4ng t\u1ea1o ra l\u1ee3i nhu\u1eadn (d\u1ef1 ki\u1ebfn doanh thu 1,2 t\u1ef7 USD)<\/td>\n<td>Watson t\u00e1i \u0111\u1ecbnh v\u1ecb t\u1eeb AI t\u1ed5ng qu\u00e1t sang c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 cho ng\u00e0nh cho th\u1ea5y s\u1ef1 ti\u1ebfn tri\u1ec3n trong ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh<\/td>\n<td>C\u00e1c gi\u1ea3i ph\u00e1p AI c\u1ee5 th\u1ec3 cho ng\u00e0nh t\u0103ng tr\u01b0\u1edfng 43% trong giai \u0111o\u1ea1n 2021-2022, \u0111\u1ea1t t\u1ef7 l\u1ec7 ch\u1ea1y h\u00e0ng n\u0103m 2,7 t\u1ef7 USD<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Khung c\u1ee7a Warren k\u1ebft h\u1ee3p ba th\u00e0nh ph\u1ea7n ph\u00e2n t\u00edch th\u01b0\u1eddng v\u1eafng m\u1eb7t trong ph\u00e2n t\u00edch c\u1ea5p \u0111\u1ed9 b\u00e1n l\u1ebb v\u1ec1 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM:<\/p>\n<ul>\n<li>Ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n m\u1eb7t t\u1ef1 do theo \u0111\u01a1n v\u1ecb kinh doanh thay v\u00ec \u1edf c\u1ea5p \u0111\u1ed9 c\u00f4ng ty, ti\u1ebft l\u1ed9 r\u1eb1ng doanh nghi\u1ec7p truy\u1ec1n th\u1ed1ng t\u1ea1o ra 68% ti\u1ec1n m\u1eb7t t\u1ef1 do trong khi ch\u1ec9 y\u00eau c\u1ea7u 31% chi ti\u00eau v\u1ed1n<\/li>\n<li>Ph\u00e2n t\u00edch th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i c\u00f4ng ngh\u1ec7 d\u1ef1a tr\u00ean 17 l\u1ea7n chuy\u1ec3n \u0111\u1ed5i c\u1ee7a c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 tr\u01b0\u1edbc \u0111\u00f3 (bao g\u1ed3m Microsoft, Adobe v\u00e0 Oracle), cho th\u1ea5y th\u1eddi gian trung b\u00ecnh 4,7 n\u0103m t\u1eeb khi c\u00f4ng b\u1ed1 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ebfn khi \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn<\/li>\n<li>Ki\u1ec3m tra c\u0103ng th\u1eb3ng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n d\u01b0\u1edbi nhi\u1ec1u k\u1ecbch b\u1ea3n suy tho\u00e1i, ch\u1ee9ng minh r\u1eb1ng IBM c\u00f3 th\u1ec3 duy tr\u00ec thanh to\u00e1n c\u1ed5 t\u1ee9c ngay c\u1ea3 khi doanh thu gi\u1ea3m 27% nghi\u00eam tr\u1ecdng<\/li>\n<\/ul>\n<p>&#8220;H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u00e3 m\u1eafc m\u1ed9t sai l\u1ea7m c\u01a1 b\u1ea3n v\u1edbi IBM,&#8221; Warren gi\u1ea3i th\u00edch v\u1edbi kh\u00e1ch h\u00e0ng trong th\u01b0 qu\u00fd 1 n\u0103m 2022 c\u1ee7a m\u00ecnh sau khi ch\u1ed1t l\u1eddi \u1edf m\u1ee9c 142,83 USD. &#8220;H\u1ecd \u0111\u00e1nh gi\u00e1 doanh nghi\u1ec7p nh\u01b0 th\u1ec3 n\u00f3 l\u00e0 m\u1ed9t th\u1ef1c th\u1ec3 \u0111\u01a1n nh\u1ea5t thay v\u00ec m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c doanh nghi\u1ec7p \u1edf c\u00e1c giai \u0111o\u1ea1n tr\u01b0\u1edfng th\u00e0nh v\u00e0 t\u0103ng tr\u01b0\u1edfng kh\u00e1c nhau. B\u1eb1ng c\u00e1ch t\u00e1ch r\u1eddi c\u00e1c th\u00e0nh ph\u1ea7n v\u00e0 \u0111\u1ecbnh gi\u00e1 ch\u00fang ri\u00eang bi\u1ec7t b\u1eb1ng c\u00e1c ch\u1ec9 s\u1ed1 ph\u00f9 h\u1ee3p cho t\u1eebng \u0111\u01a1n v\u1ecb kinh doanh, ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u1ecbnh gi\u00e1 sai \u0111\u00e1ng k\u1ec3 khi IBM giao d\u1ecbch d\u01b0\u1edbi 120 USD.&#8221;<\/p>\n<p>V\u1ecb tr\u00ed c\u1ee7a Warren \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn 47% (bao g\u1ed3m 9,74 USD trong c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c) trong 18 th\u00e1ng khi IBM th\u1ef1c hi\u1ec7n vi\u1ec7c t\u00e1ch Kyndryl v\u00e0o th\u00e1ng 11 n\u0103m 2021 v\u00e0 \u0111\u1ea9y nhanh t\u0103ng tr\u01b0\u1edfng \u0111\u00e1m m\u00e2y lai l\u00ean 19% h\u00e0ng n\u0103m. Th\u00e0nh c\u00f4ng c\u1ee7a c\u00f4 cho th\u1ea5y gi\u00e1 tr\u1ecb c\u1ee7a vi\u1ec7c v\u01b0\u1ee3t qua c\u00e1c cu\u1ed9c tranh lu\u1eadn &#8220;mua hay b\u00e1n c\u1ed5 phi\u1ebfu IBM&#8221; \u0111\u01a1n gi\u1ea3n \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c khung \u0111\u1ea7u t\u01b0 tinh vi h\u01a1n k\u1ebft h\u1ee3p ph\u00e2n t\u00edch ph\u00e2n kh\u00fac kinh doanh v\u00e0 c\u00e1c s\u1ef1 ki\u1ec7n x\u00fac t\u00e1c.<\/p>\n<p>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch d\u1ef1a tr\u00ean th\u00e0nh ph\u1ea7n t\u01b0\u01a1ng t\u1ef1 c\u1ee7a c\u00e1c c\u00f4ng ty ph\u1ee9c t\u1ea1p nh\u01b0 IBM. C\u00f4ng c\u1ee5 Ph\u00e2n T\u00edch Ph\u00e2n Kh\u00fac c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng m\u00f4 h\u00ecnh h\u00f3a c\u00e1c \u0111\u01a1n v\u1ecb kinh doanh kh\u00e1c nhau ri\u00eang bi\u1ec7t v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 ph\u00f9 h\u1ee3p cho t\u1eebng ph\u00e2n kh\u00fac, x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb \u1ea9n kh\u00f4ng \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong c\u00e1c con s\u1ed1 t\u1ed5ng h\u1ee3p c\u1ee7a c\u00f4ng ty.<\/p>\n<h2>C\u00e1c Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh L\u01b0\u1ee3ng Th\u1ef1c S\u1ef1 Quan Tr\u1ecdng \u0110\u1ed1i V\u1edbi IBM<\/h2>\n<p>Khi \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 ti\u00eau chu\u1ea9n nh\u01b0 t\u1ef7 l\u1ec7 P\/E (hi\u1ec7n t\u1ea1i l\u00e0 19,2x), t\u0103ng tr\u01b0\u1edfng doanh thu (2,5% YoY trong qu\u00fd 1 n\u0103m 2023) v\u00e0 xu h\u01b0\u1edbng EPS (7,58 USD TTM). Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c theo d\u00f5i m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c cung c\u1ea5p c\u00e1i nh\u00ecn s\u00e2u s\u1eafc h\u01a1n v\u1ec1 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM v\u00e0 ti\u1ec1m n\u0103ng trong t\u01b0\u01a1ng lai.<\/p>\n<p>Ti\u1ebfn s\u0129 Michael Zhang, chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ecbnh l\u01b0\u1ee3ng t\u1ea1i Renaissance Technologies, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh b\u1ea3y ch\u1ec9 s\u1ed1 ch\u00ednh c\u00f3 s\u1ee9c m\u1ea1nh d\u1ef1 \u0111o\u00e1n c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea \u0111\u1ed1i v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu c\u1ee7a IBM. Nghi\u00ean c\u1ee9u c\u1ee7a \u00f4ng, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean T\u1ea1p ch\u00ed T\u00e0i ch\u00ednh \u0110\u1ecbnh l\u01b0\u1ee3ng v\u00e0o th\u00e1ng 5 n\u0103m 2022 v\u00e0 d\u1ef1a tr\u00ean 15 n\u0103m d\u1eef li\u1ec7u t\u00e0i ch\u00ednh c\u1ee7a IBM, ti\u1ebft l\u1ed9 r\u1eb1ng c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y gi\u1ea3i th\u00edch 73% c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a IBM trong c\u00e1c kho\u1ea3ng th\u1eddi gian 3-12 th\u00e1ng \u2013 nhi\u1ec1u h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u00f4ng th\u01b0\u1eddng ch\u1ec9 gi\u1ea3i th\u00edch 31% c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1<\/th>\n<th>\u0110o L\u01b0\u1eddng \u0110i\u1ec1u G\u00ec<\/th>\n<th>Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i (Q1 2023)<\/th>\n<th>Ng\u01b0\u1ee1ng Cho T\u00edn Hi\u1ec7u T\u00edch C\u1ef1c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng \u0110\u1eb7t Ch\u1ed7 Red Hat<\/td>\n<td>\u0110\u01b0\u1eddng \u1ed1ng doanh thu t\u01b0\u01a1ng lai cho doanh nghi\u1ec7p \u0111\u00e1m m\u00e2y<\/td>\n<td>18,3% YoY<\/td>\n<td>&gt;15% YoY trong 2+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Doanh Thu T\u01b0 V\u1ea5n So V\u1edbi Gi\u1ea5y Ph\u00e9p<\/td>\n<td>Chuy\u1ec3n \u0111\u1ed5i t\u1eeb c\u00f4ng ty s\u1ea3n ph\u1ea9m sang c\u00f4ng ty gi\u1ea3i ph\u00e1p<\/td>\n<td>1,73:1<\/td>\n<td>&gt;1,5:1 v\u00e0 t\u0103ng trong 3+ qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 N\u0103ng Chi Tr\u1ea3 C\u1ed5 T\u1ee9c B\u1eb1ng D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>T\u00ednh b\u1ec1n v\u1eefng c\u1ee7a ch\u01b0\u01a1ng tr\u00ecnh ho\u00e0n v\u1ed1n<\/td>\n<td>1,84x<\/td>\n<td>&gt;1,5x kh\u1ea3 n\u0103ng chi tr\u1ea3 v\u1edbi xu h\u01b0\u1edbng \u1ed5n \u0111\u1ecbnh\/c\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng H\u1eefu C\u01a1 Ph\u00e2n Kh\u00fac Ph\u1ea7n M\u1ec1m (kh\u00f4ng bao g\u1ed3m mua l\u1ea1i)<\/td>\n<td>S\u1ee9c kh\u1ecfe kinh doanh c\u1ed1t l\u00f5i \u0111\u1ed9c l\u1eadp v\u1edbi M&amp;A<\/td>\n<td>6,2% YoY<\/td>\n<td>&gt;5% YoY trong 2+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng Ph\u00e2n Kh\u00fac AI v\u00e0 T\u1ef1 \u0110\u1ed9ng H\u00f3a<\/td>\n<td>Th\u00e0nh c\u00f4ng c\u1ee7a s\u1ef1 th\u00e2m nh\u1eadp s\u1ea3n ph\u1ea9m th\u1ebf h\u1ec7 ti\u1ebfp theo<\/td>\n<td>15,7% YoY<\/td>\n<td>&gt;12% YoY v\u00e0 t\u0103ng t\u1ed1c trong 2+ qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>Doanh Thu \u0110\u00e1m M\u00e2y L\u00e0 % C\u1ee7a T\u1ed5ng Doanh Thu<\/td>\n<td>Ti\u1ebfn tr\u00ecnh trong chuy\u1ec3n \u0111\u1ed5i c\u01a1 c\u1ea5u kinh doanh<\/td>\n<td>38,4%<\/td>\n<td>&gt;35% v\u00e0 t\u0103ng &gt;1% m\u1ed7i qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>Xu H\u01b0\u1edbng Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p (Theo Qu\u00fd)<\/td>\n<td>S\u1ee9c m\u1ea1nh \u0111\u1ecbnh gi\u00e1 v\u00e0 chuy\u1ec3n \u0111\u1ed5i c\u01a1 c\u1ea5u sang c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n<\/td>\n<td>+0,8% QoQ<\/td>\n<td>T\u00edch c\u1ef1c trong 3+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u0110i\u1ec1u l\u00e0m cho c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u00f3 gi\u00e1 tr\u1ecb l\u00e0 t\u00ednh ch\u1ea5t ch\u1ec9 b\u00e1o s\u1edbm c\u1ee7a ch\u00fang. Nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c b\u00ecnh duy\u1ec7t c\u1ee7a Zhang cho th\u1ea5y ch\u00fang th\u01b0\u1eddng \u0111i tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 t\u1eeb 1-3 qu\u00fd, cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i ch\u00fang m\u1ed9t l\u1ee3i th\u1ebf th\u1eddi gian \u0111\u00e1ng k\u1ec3 khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM.<\/p>\n<p>&#8220;Quan \u0111i\u1ec3m \u0111\u1ed3ng thu\u1eadn v\u1ec1 vi\u1ec7c li\u1ec7u c\u00e1c quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu IBM c\u00f3 ph\u00f9 h\u1ee3p hay kh\u00f4ng \u0111\u00e3 sai l\u1ea7m t\u1ea1i c\u00e1c \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i l\u1edbn ch\u00ednh x\u00e1c v\u00ec c\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 tr\u1ec5,&#8221; Zhang l\u01b0u \u00fd trong b\u00e0i b\u00e1o nghi\u00ean c\u1ee9u th\u00e1ng 4 n\u0103m 2022 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean T\u1ea1p ch\u00ed Nh\u00e0 \u0110\u1ea7u T\u01b0 T\u1ed5 Ch\u1ee9c. &#8220;Doanh thu v\u00e0 EPS l\u00e0 c\u00e1c bi\u1ec7n ph\u00e1p nh\u00ecn v\u1ec1 ph\u00eda sau cho b\u1ea1n bi\u1ebft IBM \u0111\u00e3 \u1edf \u0111\u00e2u, kh\u00f4ng ph\u1ea3i n\u01a1i n\u00f3 \u0111ang \u0111i. C\u00e1c ch\u1ec9 s\u1ed1 thay th\u1ebf n\u00e0y cung c\u1ea5p t\u1ea7m nh\u00ecn v\u1ec1 ph\u00eda tr\u01b0\u1edbc v\u00e0o ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i v\u1edbi 76-93% t\u01b0\u01a1ng quan v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu sau \u0111\u00f3.&#8221;<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu IBM c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn mua, c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y cung c\u1ea5p m\u1ed9t khung \u0111\u1ecbnh l\u01b0\u1ee3ng v\u01b0\u1ee3t ra ngo\u00e0i c\u00e1c bi\u1ec7n ph\u00e1p truy\u1ec1n th\u1ed1ng. Hi\u1ec7n t\u1ea1i, n\u0103m trong s\u1ed1 b\u1ea3y ch\u1ec9 s\u1ed1 \u0111ang ph\u00e1t t\u00edn hi\u1ec7u t\u00edch c\u1ef1c \u2013 m\u1ed9t c\u1ea5u h\u00ecnh l\u1ecbch s\u1eed t\u0103ng gi\u00e1 \u0111\u00e3 \u0111i tr\u01b0\u1edbc c\u00e1c giai \u0111o\u1ea1n v\u01b0\u1ee3t tr\u1ed9i 83% th\u1eddi gian trong ph\u00e2n t\u00edch h\u1ed3i ki\u1ec3m 15 n\u0103m c\u1ee7a Zhang bao ph\u1ee7 ba l\u1ea7n chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c tr\u01b0\u1edbc \u0111\u00f3 c\u1ee7a IBM.<\/p>\n<p>Ph\u00f2ng Th\u00ed Nghi\u1ec7m K\u1ef9 Thu\u1eadt c\u1ee7a Pocket Option bao g\u1ed3m kh\u1ea3 n\u0103ng t\u1ea1o ch\u1ec9 b\u00e1o t\u00f9y ch\u1ec9nh cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 chuy\u00ean bi\u1ec7t n\u00e0y cho IBM v\u00e0 c\u00e1c c\u00f4ng ty kh\u00e1c \u0111ang tr\u1ea3i qua c\u00e1c chuy\u1ec3n \u0111\u1ed5i t\u01b0\u01a1ng t\u1ef1. H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o c\u1ee7a n\u1ec1n t\u1ea3ng c\u00f3 th\u1ec3 th\u00f4ng b\u00e1o cho ng\u01b0\u1eddi d\u00f9ng khi c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u01b0\u1ee3t qua c\u00e1c ng\u01b0\u1ee1ng ch\u00ednh c\u1ee7a ch\u00fang, cung c\u1ea5p th\u00f4ng tin t\u00ecnh b\u00e1o c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m \u0111i\u1ec3m v\u00e0o v\u00e0 ra.<\/p>\n<h3>Ph\u00e2n T\u00edch B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n M\u00e0 H\u1ea7u H\u1ebft C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 B\u1ecf Qua<\/h3>\n<p>Ngo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 ho\u1ea1t \u0111\u1ed9ng n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ti\u1ebfn h\u00e0nh ph\u00e2n t\u00edch b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n chi ti\u1ebft khi \u0111\u00e1nh gi\u00e1 c\u00e1c quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM. C\u1ef1u nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Goldman Sachs, Sarah Johnson, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung chuy\u00ean bi\u1ec7t \u0111\u1ec3 ph\u00e2n t\u00edch b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a IBM, ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft b\u1ecb b\u1ecf qua b\u1edfi ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng v\u00e0 c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh ti\u00eau chu\u1ea9n.<\/p>\n<p>C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a Johnson t\u1eadp trung v\u00e0o ba l\u0129nh v\u1ef1c quan tr\u1ecdng m\u00e0 c\u00e1c ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng b\u1ecf qua ho\u1eb7c hi\u1ec3u sai:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Th\u00e0nh Ph\u1ea7n B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/th>\n<th>Ph\u00e2n T\u00edch Th\u00f4ng Th\u01b0\u1eddng<\/th>\n<th>Ph\u00e2n T\u00edch N\u00e2ng Cao C\u1ee7a Johnson<\/th>\n<th>Tr\u1ea1ng Th\u00e1i Hi\u1ec7n T\u1ea1i (Q1 2023)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u1ea5u Tr\u00fac N\u1ee3 v\u00e0 H\u1ed3 S\u01a1 \u0110\u00e1o H\u1ea1n<\/td>\n<td>T\u1ef7 l\u1ec7 n\u1ee3\/EBITDA t\u1ed5ng th\u1ec3 l\u00e0 3,2x (c\u00f3 v\u1ebb cao so v\u1edbi trung v\u1ecb ng\u00e0nh c\u00f4ng ngh\u1ec7 l\u00e0 1,7x)<\/td>\n<td>Th\u1eddi gian \u0111\u00e1o h\u1ea1n trung b\u00ecnh c\u00f3 tr\u1ecdng s\u1ed1 l\u00e0 8,3 n\u0103m m\u00e0 kh\u00f4ng c\u00f3 nhu c\u1ea7u t\u00e1i c\u1ea5p v\u1ed1n \u0111\u00e1ng k\u1ec3 tr\u01b0\u1edbc n\u0103m 2025 (3,9 t\u1ef7 USD)<\/td>\n<td>M\u1ea1nh: 93% n\u1ee3 (42,2 t\u1ef7 USD trong t\u1ed5ng s\u1ed1 45,5 t\u1ef7 USD) \u0111\u00e1o h\u1ea1n sau n\u0103m 2025 v\u1edbi l\u00e3i su\u1ea5t trung b\u00ecnh c\u00f3 tr\u1ecdng s\u1ed1 l\u00e0 2,87% so v\u1edbi l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 5,2%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 V\u1ed1n H\u00f3a Ph\u1ea7n M\u1ec1m<\/td>\n<td>Chi ph\u00ed R&amp;D l\u00e0 % c\u1ee7a doanh thu (7,3% c\u00f3 v\u1ebb trung b\u00ecnh cho ng\u00e0nh c\u00f4ng ngh\u1ec7)<\/td>\n<td>T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ph\u1ea7n m\u1ec1m gi\u1ea3m t\u1eeb 42% n\u0103m 2017 xu\u1ed1ng 28% n\u0103m 2022, b\u00e1o hi\u1ec7u thu nh\u1eadp ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n v\u1edbi k\u1ebf to\u00e1n b\u1ea3o th\u1ee7 h\u01a1n<\/td>\n<td>T\u00edch c\u1ef1c: T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a \u1edf m\u1ee9c 26,3% trong qu\u00fd 1 n\u0103m 2023, th\u1ea5p nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2012, cho th\u1ea5y 427 tri\u1ec7u USD chi ph\u00ed ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c chi ti\u00eau so v\u1edbi v\u1ed1n h\u00f3a<\/td>\n<\/tr>\n<tr>\n<td>Tr\u1ea1ng Th\u00e1i T\u00e0i Tr\u1ee3 L\u01b0\u01a1ng H\u01b0u<\/td>\n<td>Tr\u1ea1ng th\u00e1i t\u00e0i tr\u1ee3 c\u00f3 v\u1ebb \u0111\u1ee7 \u1edf m\u1ee9c 95% d\u1ef1a tr\u00ean b\u00e1o c\u00e1o GAAP<\/td>\n<td>Tr\u1ea1ng th\u00e1i t\u00e0i tr\u1ee3 th\u1ef1c t\u1ebf 103% khi \u0111i\u1ec1u ch\u1ec9nh theo b\u1ea3ng t\u1eed vong s\u1eeda \u0111\u1ed5i v\u00e0 gi\u1ea3 \u0111\u1ecbnh l\u1ee3i nhu\u1eadn (6,5% so v\u1edbi b\u00e1o c\u00e1o 5,9%)<\/td>\n<td>M\u1ea1nh: Th\u1eeba t\u00e0i tr\u1ee3 3,7 t\u1ef7 USD khi ph\u00e2n t\u00edch \u0111\u00fang, so v\u1edbi thi\u1ebfu t\u00e0i tr\u1ee3 1,2 t\u1ef7 USD khi s\u1eed d\u1ee5ng c\u00e1c t\u00ednh to\u00e1n th\u00f4ng th\u01b0\u1eddng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&#8220;B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a IBM m\u1ea1nh h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u00f4ng th\u01b0\u1eddng g\u1ee3i \u00fd,&#8221; Johnson k\u1ebft lu\u1eadn trong ph\u00e2n t\u00edch th\u00e1ng 3 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 cho c\u00e1c kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c. &#8220;C\u1ea5u tr\u00fac n\u1ee3 c\u1ee7a h\u1ecd cung c\u1ea5p s\u1ef1 linh ho\u1ea1t \u0111\u00e1ng k\u1ec3 cho vi\u1ec7c ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c, trong khi t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ph\u1ea7n m\u1ec1m gi\u1ea3m cho th\u1ea5y ch\u1ea5t l\u01b0\u1ee3ng thu nh\u1eadp \u0111ang c\u1ea3i thi\u1ec7n thay v\u00ec suy gi\u1ea3m nh\u01b0 m\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch bi quan \u0111\u00e3 tuy\u00ean b\u1ed1.&#8221;<\/p>\n<p>S\u1ee9c m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n n\u00e0y cung c\u1ea5p cho IBM t\u00f9y ch\u1ecdn chi\u1ebfn l\u01b0\u1ee3c \u2013 kh\u1ea3 n\u0103ng t\u0103ng t\u1ed1c t\u0103ng tr\u01b0\u1edfng th\u00f4ng qua c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i (21,3 t\u1ef7 USD kh\u1ea3 n\u0103ng c\u00f2n l\u1ea1i theo x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng hi\u1ec7n t\u1ea1i), t\u0103ng l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng (kh\u1ea3 n\u0103ng t\u0103ng c\u1ed5 t\u1ee9c 15%), ho\u1eb7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi n\u1ed5i (5 t\u1ef7 USD+ c\u00f3 s\u1eb5n cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 AI). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng,&#8221; s\u1ee9c m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n n\u00e0y \u0111\u1ea1i di\u1ec7n cho m\u1ed9t t\u00e0i s\u1ea3n ch\u01b0a \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao l\u00e0m gi\u1ea3m r\u1ee7i ro gi\u1ea3m gi\u00e1 trong khi b\u1ea3o to\u00e0n ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1.<\/p>\n<h2>Y\u1ebfu T\u1ed1 Red Hat: Ph\u00e2n T\u00edch Th\u01b0\u01a1ng V\u1ee5 Mua L\u1ea1i Chuy\u1ec3n \u0110\u1ed5i<\/h2>\n<p>Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat tr\u1ecb gi\u00e1 34 t\u1ef7 USD c\u1ee7a IBM v\u00e0o th\u00e1ng 7 n\u0103m 2019 \u0111\u1ea1i di\u1ec7n cho th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i ph\u1ea7n m\u1ec1m l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed v\u00e0 cung c\u1ea5p m\u1ed9t nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p quan tr\u1ecdng v\u1ec1 c\u00e1ch \u0111\u00e1nh gi\u00e1 M&amp;A chuy\u1ec3n \u0111\u1ed5i. Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111\u00e3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a IBM tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e1m m\u00e2y, nh\u01b0ng nhi\u1ec1u nh\u00e0 ph\u00e2n t\u00edch v\u1eabn ti\u1ebfp t\u1ee5c hi\u1ec3u sai \u00fd ngh\u0129a c\u1ee7a n\u00f3 khi \u0111\u01b0a ra c\u00e1c khuy\u1ebfn ngh\u1ecb mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM.<\/p>\n<p>David Roberts, nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 t\u1ea1i Fidelity Investments, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung chuy\u00ean bi\u1ec7t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i chuy\u1ec3n \u0111\u1ed5i d\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u1ee7a \u00f4ng v\u1ec1 73 giao d\u1ecbch c\u00f4ng ngh\u1ec7 l\u1edbn v\u01b0\u1ee3t qu\u00e1 5 t\u1ef7 USD t\u1eeb n\u0103m 2000-2020. Khung c\u1ee7a \u00f4ng, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean T\u1ea1p ch\u00ed Kinh doanh Harvard v\u00e0o th\u00e1ng 11 n\u0103m 2021, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh n\u0103m y\u1ebfu t\u1ed1 th\u00e0nh c\u00f4ng ch\u00ednh quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i l\u1edbn c\u00f3 t\u1ea1o ra hay ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu T\u1ed1 Th\u00e0nh C\u00f4ng<\/th>\n<th>Hi\u1ec7u Su\u1ea5t M&amp;A C\u00f4ng Ngh\u1ec7 Trung B\u00ecnh<\/th>\n<th>Hi\u1ec7u Su\u1ea5t Mua L\u1ea1i Red Hat<\/th>\n<th>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Gi\u00e1 Tr\u1ecb C\u1ed5 Phi\u1ebfu IBM<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u00edch H\u1ee3p V\u0103n H\u00f3a<\/td>\n<td>42% c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 b\u00e1o c\u00e1o th\u00e1ch th\u1ee9c v\u0103n h\u00f3a \u0111\u00e1ng k\u1ec3 trong v\u00f2ng 18 th\u00e1ng<\/td>\n<td>Red Hat duy tr\u00ec s\u1ef1 \u0111\u1ed9c l\u1eadp ho\u1ea1t \u0111\u1ed9ng v\u1edbi 93% gi\u1eef l\u1ea1i l\u00e3nh \u0111\u1ea1o trong khi ti\u1ebfp c\u1eadn c\u00e1c m\u1ed1i quan h\u1ec7 doanh nghi\u1ec7p c\u1ee7a IBM<\/td>\n<td>R\u1ea5t T\u00edch C\u1ef1c: Gi\u1eef l\u1ea1i nh\u00e2n vi\u00ean Red Hat \u1edf m\u1ee9c 93% (so v\u1edbi trung b\u00ecnh ng\u00e0nh l\u00e0 67% sau khi mua l\u1ea1i) v\u1edbi t\u1ef7 l\u1ec7 ngh\u1ec9 vi\u1ec7c t\u1ef1 nguy\u1ec7n th\u1ea5p h\u01a1n 7,3% so v\u1edbi tr\u01b0\u1edbc khi mua l\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea1t \u0110\u01b0\u1ee3c Synergy Doanh Thu<\/td>\n<td>73% c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau synergy doanh thu &gt;25% trong v\u00f2ng 24 th\u00e1ng \u0111\u1ea7u ti\u00ean<\/td>\n<td>M\u1ee5c ti\u00eau synergy ban \u0111\u1ea7u: 1 t\u1ef7 USD v\u00e0o n\u0103m th\u1ee9 3<br \/>\nTh\u00e0nh t\u1ef1u th\u1ef1c t\u1ebf: 1,2 t\u1ef7 USD v\u00e0o th\u00e1ng th\u1ee9 18<\/td>\n<td>T\u00edch C\u1ef1c: B\u00e1n ch\u00e9o v\u01b0\u1ee3t qu\u00e1 mong \u0111\u1ee3i v\u1edbi h\u01a1n 7.200 kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p m\u1edbi \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 Red Hat (41% tr\u00ean m\u1ee5c ti\u00eau)<\/td>\n<\/tr>\n<tr>\n<td>T\u00edch H\u1ee3p C\u00f4ng Ngh\u1ec7<\/td>\n<td>Th\u1eddi gian t\u00edch h\u1ee3p trung b\u00ecnh: 18-24 th\u00e1ng cho t\u00edch h\u1ee3p s\u1ea3n ph\u1ea9m c\u1ed1t l\u00f5i<\/td>\n<td>IBM Cloud \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean Red Hat OpenShift trong v\u00f2ng 11 th\u00e1ng, v\u1edbi 9 s\u1ea3n ph\u1ea9m b\u1ed5 sung \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p trong v\u00f2ng d\u01b0\u1edbi 15 th\u00e1ng<\/td>\n<td>T\u00edch C\u1ef1c: \u0110\u1ea9y nhanh chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e1m m\u00e2y lai c\u1ee7a IBM kho\u1ea3ng 24 th\u00e1ng so v\u1edbi th\u1eddi gian ph\u00e1t tri\u1ec3n n\u1ed9i b\u1ed9<\/td>\n<\/tr>\n<tr>\n<td>T\u1ed1c \u0110\u1ed9 T\u0103ng Tr\u01b0\u1edfng Sau Mua L\u1ea1i<\/td>\n<td>C\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c mua l\u1ea1i th\u01b0\u1eddng th\u1ea5y t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng gi\u1ea3m 30% trong v\u00f2ng 4-6 qu\u00fd<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng tr\u01b0\u1edbc khi mua l\u1ea1i c\u1ee7a Red Hat: 15-17%<br \/>\nT\u0103ng tr\u01b0\u1edfng sau khi mua l\u1ea1i: 17-21% trong 10 qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<td>R\u1ea5t T\u00edch C\u1ef1c: T\u0103ng tr\u01b0\u1edfng t\u0103ng t\u1ed1c thay v\u00ec gi\u1ea3m t\u1ed1c \u0111\u1ed9 th\u00f4ng th\u01b0\u1eddng, v\u1edbi c\u1ea3i thi\u1ec7n t\u0103ng tr\u01b0\u1edfng trung b\u00ecnh 3,7% tr\u00ean c\u00e1c d\u00f2ng s\u1ea3n ph\u1ea9m<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1ea3m Thi\u1ec3u Ph\u1ea3n \u1ee8ng C\u1ea1nh Tranh<\/td>\n<td>52% c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111\u1ed1i m\u1eb7t v\u1edbi ph\u1ea3n \u1ee9ng c\u1ea1nh tranh \u0111\u00e1ng k\u1ec3 trong v\u00f2ng 12 th\u00e1ng<\/td>\n<td>IBM duy tr\u00ec t\u00ednh trung l\u1eadp c\u1ee7a Red Hat, b\u1ea3o to\u00e0n c\u00e1c quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u1edbi AWS (t\u0103ng tr\u01b0\u1edfng 27%), Azure (t\u0103ng tr\u01b0\u1edfng 31%), Google Cloud (t\u0103ng tr\u01b0\u1edfng 48%)<\/td>\n<td>T\u00edch C\u1ef1c: B\u1ea3o to\u00e0n c\u00e1c m\u1ed1i quan h\u1ec7 h\u1ec7 sinh th\u00e1i trong khi t\u1eadn d\u1ee5ng c\u00e1c m\u1ed1i quan h\u1ec7 doanh nghi\u1ec7p c\u1ee7a IBM, v\u1edbi 37% c\u00e1c giao d\u1ecbch c\u1ee7a Red Hat bao g\u1ed3m d\u1ecbch v\u1ee5 c\u1ee7a IBM<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&#8220;Theo h\u1ea7u h\u1ebft c\u00e1c bi\u1ec7n ph\u00e1p kh\u00e1ch quan, th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat c\u1ee7a IBM \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 l\u1edbn th\u00f4ng th\u01b0\u1eddng,&#8221; Roberts l\u01b0u \u00fd trong tri\u1ec3n v\u1ecdng \u0111\u1ea7u t\u01b0 th\u00e1ng 1 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y t\u1ea1i H\u1ed9i ngh\u1ecb C\u00f4ng ngh\u1ec7 JP Morgan. &#8220;Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng ti\u1ebfp t\u1ee5c \u0111\u1ecbnh gi\u00e1 IBM nh\u01b0 th\u1ec3 th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i ch\u1ec9 l\u00e0 trung b\u00ecnh ho\u1eb7c th\u1eadm ch\u00ed d\u01b0\u1edbi trung b\u00ecnh trong vi\u1ec7c th\u1ef1c hi\u1ec7n v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3, ch\u1ec9 \u0111\u1ecbnh gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u cho vi\u1ec7c t\u00e1i \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c m\u00e0 n\u00f3 \u0111\u00e3 cho ph\u00e9p.&#8221;<\/p>\n<p>S\u1ef1 ng\u1eaft k\u1ebft n\u1ed1i n\u00e0y gi\u1eefa hi\u1ec7u su\u1ea5t th\u1ef1c t\u1ebf v\u00e0 nh\u1eadn th\u1ee9c th\u1ecb tr\u01b0\u1eddng t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng&#8221; \u0111\u1ec3 t\u1eadn d\u1ee5ng kho\u1ea3ng c\u00e1ch gi\u1eefa nh\u1eadn th\u1ee9c v\u00e0 th\u1ef1c t\u1ebf. Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat \u0111\u00e3 t\u00e1i \u0111\u1ecbnh v\u1ecb c\u01a1 b\u1ea3n IBM tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e1m m\u00e2y lai \u2013 m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 Gartner d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng tr\u01b0\u1edfng t\u1eeb 85 t\u1ef7 USD v\u00e0o n\u0103m 2022 l\u00ean 262 t\u1ef7 USD v\u00e0o n\u0103m 2027 v\u1edbi t\u1ed1c \u0111\u1ed9 CAGR 25,3%.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option, vi\u1ec7c xem x\u00e9t IBM qua l\u0103ng k\u00ednh th\u00e0nh c\u00f4ng t\u00edch h\u1ee3p c\u1ee7a Red Hat cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn tinh vi h\u01a1n so v\u1edbi ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng. C\u00f4ng c\u1ee5 T\u00ednh To\u00e1n T\u00e1c \u0110\u1ed9ng Mua L\u1ea1i c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u00f4 h\u00ecnh h\u00f3a c\u00e1c k\u1ecbch b\u1ea3n t\u00edch h\u1ee3p kh\u00e1c nhau v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng d\u00e0i h\u1ea1n tr\u00ean nhi\u1ec1u khung th\u1eddi gian.<\/p>\n<h2>\u0110i\u1ec3m B\u00f9ng Ph\u00e1t AI: M\u00f4 H\u00ecnh H\u00f3a C\u01a1 H\u1ed9i Watson C\u1ee7a IBM<\/h2>\n<p>Trong khi chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1m m\u00e2y chi\u1ebfm \u01b0u th\u1ebf trong h\u1ea7u h\u1ebft c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ng\u00e0y c\u00e0ng t\u1eadp trung v\u00e0o chi\u1ebfn l\u01b0\u1ee3c tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o c\u1ee7a IBM \u2013 \u0111\u1eb7c bi\u1ec7t l\u00e0 Watson v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m AI doanh nghi\u1ec7p c\u1ee7a n\u00f3. Sau khi h\u1ee9a h\u1eb9n qu\u00e1 m\u1ee9c v\u00e0 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1eeb n\u0103m 2016-2019, IBM \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh \u0111\u00e1ng k\u1ec3 c\u00e1ch ti\u1ebfp c\u1eadn AI c\u1ee7a m\u00ecnh h\u01b0\u1edbng t\u1edbi c\u00e1c \u1ee9ng d\u1ee5ng c\u1ee5 th\u1ec3 cho ng\u00e0nh v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c.<\/p>\n<p>Ti\u1ebfn s\u0129 Jennifer Liu, chuy\u00ean gia \u0111\u1ea7u t\u01b0 AI t\u1ea1i Blackrock v\u1edbi s\u1ef1 gi\u00e1m s\u00e1t 4,3 t\u1ef7 USD trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o AI, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung c\u1ee5 th\u1ec3 \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c c\u01a1 h\u1ed9i AI doanh nghi\u1ec7p. Ph\u00e2n t\u00edch c\u1ee7a c\u00f4 v\u1ec1 IBM, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng 2 n\u0103m 2023, ch\u1ec9 ra r\u1eb1ng IBM \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn m\u1ed9t \u0111i\u1ec3m b\u00f9ng ph\u00e1t trong th\u01b0\u01a1ng m\u1ea1i h\u00f3a AI c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng v\u00e0 b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u1ee7a n\u00f3.<\/p>\n<p>&#8220;H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn xem c\u00e1c s\u00e1ng ki\u1ebfn AI c\u1ee7a IBM qua l\u0103ng k\u00ednh c\u1ee7a nh\u1eefng th\u1ea5t v\u1ecdng ban \u0111\u1ea7u c\u1ee7a Watson trong \u0111i\u1ec1u tr\u1ecb ung th\u01b0 v\u00e0 tr\u00ed tu\u1ec7 t\u1ed5ng qu\u00e1t,&#8221; Liu gi\u1ea3i th\u00edch trong ghi ch\u00fa nghi\u00ean c\u1ee9u th\u00e1ng 3 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i cho kh\u00e1ch h\u00e0ng c\u1ee7a Blackrock. &#8220;\u0110i\u1ec1u h\u1ecd \u0111ang b\u1ecf l\u1ee1 l\u00e0 s\u1ef1 thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a IBM t\u1eeb n\u0103m 2020 \u2013 t\u1eeb AI t\u1ed5ng qu\u00e1t sang c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 cho ng\u00e0nh gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 kinh doanh c\u1ee5 th\u1ec3 v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c trong khung th\u1eddi gian 6-12 th\u00e1ng.&#8221;<\/p>\n<p>Khung c\u1ee7a Liu x\u00e1c \u0111\u1ecbnh n\u0103m ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 AI doanh nghi\u1ec7p v\u00e0 so s\u00e1nh hi\u1ec7u su\u1ea5t hi\u1ec7n t\u1ea1i c\u1ee7a IBM v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n ng\u00e0nh:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Th\u00e0nh C\u00f4ng AI Doanh Nghi\u1ec7p<\/th>\n<th>Tr\u1ea1ng Th\u00e1i Hi\u1ec7n T\u1ea1i C\u1ee7a IBM Watson (Q1 2023)<\/th>\n<th>Ti\u00eau Chu\u1ea9n Ng\u00e0nh (Q1 2023)<\/th>\n<th>Qu\u1ef9 \u0110\u1ea1o<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1eddi Gian Tri\u1ec3n Khai Gi\u1ea3i Ph\u00e1p<\/td>\n<td>Trung b\u00ecnh 8,4 th\u00e1ng (gi\u1ea3m t\u1eeb 18,3 th\u00e1ng n\u0103m 2019)<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 12,7 th\u00e1ng (d\u1ef1a tr\u00ean 137 tri\u1ec3n khai AI doanh nghi\u1ec7p)<\/td>\n<td>T\u00edch C\u1ef1c: Nhanh h\u01a1n 54% so v\u1edbi trung b\u00ecnh ng\u00e0nh, c\u1ea3i thi\u1ec7n 1,2 th\u00e1ng h\u00e0ng n\u0103m trong 3 n\u0103m qua<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea1t \u0110\u01b0\u1ee3c ROI Kh\u00e1ch H\u00e0ng<\/td>\n<td>83% c\u00e1c tri\u1ec3n khai \u0111\u1ea1t ho\u1eb7c v\u01b0\u1ee3t m\u1ee5c ti\u00eau ROI trong v\u00f2ng 12 th\u00e1ng<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 62% (d\u1ef1a tr\u00ean kh\u1ea3o s\u00e1t 215 tri\u1ec3n khai AI doanh nghi\u1ec7p)<\/td>\n<td>T\u00edch C\u1ef1c: V\u01b0\u1ee3t tr\u1ed9i \u0111\u00e1ng k\u1ec3 so v\u1edbi ng\u00e0nh, c\u1ea3i thi\u1ec7n t\u1eeb 64% n\u0103m 2020 th\u00f4ng qua t\u1eadp trung v\u00e0o c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 N\u0103ng T\u00e1i S\u1eed D\u1ee5ng Gi\u1ea3i Ph\u00e1p<\/td>\n<td>73% c\u00e1c gi\u1ea3i ph\u00e1p c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00e1i s\u1eed d\u1ee5ng tr\u00ean nhi\u1ec1u kh\u00e1ch h\u00e0ng v\u1edbi &lt;30% t\u00f9y ch\u1ec9nh<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 47% (d\u1ef1a tr\u00ean ph\u00e2n t\u00edch 182 nh\u00e0 cung c\u1ea5p AI doanh nghi\u1ec7p)<\/td>\n<td>T\u00edch C\u1ef1c: T\u1eadp trung ng\u00e0nh c\u1ee7a IBM t\u1ea1o ra c\u00e1c m\u1eabu c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng so v\u1edbi c\u00e1c gi\u1ea3i ph\u00e1p t\u00f9y ch\u1ec9nh, c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn 14,2% tr\u00ean c\u00e1c gi\u1ea3i ph\u00e1p \u0111\u01b0\u1ee3c t\u00e1i tri\u1ec3n khai<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Doanh Thu AI \u0110\u1ecbnh K\u1ef3<\/td>\n<td>62% doanh thu AI l\u00e0 \u0111\u1ecbnh k\u1ef3\/d\u1ef1a tr\u00ean \u0111\u0103ng k\u00fd (so v\u1edbi 38% d\u1ef1a tr\u00ean d\u1ef1 \u00e1n)<\/td>\n<td>Trung b\u00ecnh ng\u00e0nh: 43% doanh thu \u0111\u1ecbnh k\u1ef3 (d\u1ef1a tr\u00ean 29 c\u00f4ng ty AI doanh nghi\u1ec7p c\u00f4ng khai)<\/td>\n<td>T\u00edch C\u1ef1c: D\u00f2ng doanh thu ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n, c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n h\u01a1n v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 71% so v\u1edbi 52% tr\u00ean c\u00f4ng vi\u1ec7c d\u1ef1a tr\u00ean d\u1ef1 \u00e1n<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p AI<\/td>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 72,4% (Q1 2023)<\/td>\n<td>Trung b\u00ecnh AI doanh nghi\u1ec7p: 68,3% (d\u1ef1a tr\u00ean 20 c\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng)<\/td>\n<td>T\u00edch C\u1ef1c: Tr\u00ean trung b\u00ecnh ng\u00e0nh v\u1edbi c\u1ea3i thi\u1ec7n 2,1% so v\u1edbi n\u0103m tr\u01b0\u1edbc v\u00e0 d\u1ef1 ki\u1ebfn m\u1edf r\u1ed9ng th\u00eam 200-400bps<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Nghi\u00ean c\u1ee9u c\u1ee7a Liu cho th\u1ea5y doanh nghi\u1ec7p AI c\u1ee7a IBM hi\u1ec7n \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p kho\u1ea3ng 35% d\u1ef1a tr\u00ean \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng (11,3x doanh thu so v\u1edbi 17,2x cho c\u00e1c c\u00f4ng ty AI chuy\u00ean bi\u1ec7t) v\u00e0 c\u00e1c giao d\u1ecbch th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n (trung b\u00ecnh 18,7x doanh thu trong c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i AI n\u0103m 2022). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu IBM kh\u00f4ng,&#8221; doanh nghi\u1ec7p AI \u0111\u1ea1i di\u1ec7n cho m\u1ed9t ch\u1ea5t x\u00fac t\u00e1c ti\u1ec1m n\u0103ng c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y m\u1edf r\u1ed9ng \u0111\u1ecbnh gi\u00e1 khi th\u00e0nh c\u00f4ng c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i h\u01a1n trong c\u00e1c k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd s\u1eafp t\u1edbi.<\/p>\n<p>&#8220;Th\u1ecb tr\u01b0\u1eddng v\u1eabn \u0111ang \u0111\u1ecbnh gi\u00e1 IBM ch\u1ee7 y\u1ebfu l\u00e0 m\u1ed9t c\u00f4ng ty c\u00f4ng ngh\u1ec7 truy\u1ec1n th\u1ed1ng v\u1edbi m\u1ed9t s\u1ed1 ti\u1ebfp x\u00fac \u0111\u00e1m m\u00e2y,&#8221; Liu l\u01b0u \u00fd trong b\u00e0i thuy\u1ebft tr\u00ecnh ng\u00e0nh th\u00e1ng 4 n\u0103m 2023 c\u1ee7a m\u00ecnh t\u1ea1i H\u1ed9i ngh\u1ecb C\u00f4ng ngh\u1ec7 Morgan Stanley. &#8220;Th\u00e0nh ph\u1ea7n AI v\u1ec1 c\u01a1 b\u1ea3n \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c \u00edt t\u00edn d\u1ee5ng \u0111\u1ecbnh gi\u00e1 m\u1eb7c d\u00f9 c\u00f3 b\u1eb1ng ch\u1ee9ng ng\u00e0y c\u00e0ng t\u0103ng v\u1ec1 s\u1ef1 ti\u1ebfn tri\u1ec3n th\u01b0\u01a1ng m\u1ea1i v\u00e0 kinh t\u1ebf v\u01b0\u1ee3t tr\u1ed9i, t\u1ea1o ra ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 kh\u00f4ng \u0111\u1ed1i x\u1ee9ng khi doanh nghi\u1ec7p n\u00e0y m\u1edf r\u1ed9ng t\u1eeb kho\u1ea3ng 3 t\u1ef7 USD l\u00ean d\u1ef1 ki\u1ebfn 7,5 t\u1ef7 USD v\u00e0o n\u0103m 2025.&#8221;<\/p>\n<h3>Nghi\u00ean C\u1ee9u Tr\u01b0\u1eddng H\u1ee3p: Tri\u1ec3n Khai AI C\u1ee7a IBM T\u1ea1i Nh\u00e0 Cung C\u1ea5p D\u1ecbch V\u1ee5 Y T\u1ebf L\u1edbn<\/h3>\n<p>M\u1ed9t v\u00ed d\u1ee5 c\u1ee5 th\u1ec3 minh h\u1ecda ti\u1ec1m n\u0103ng c\u1ee7a c\u00e1ch ti\u1ebfp c\u1eadn AI \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a IBM. M\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 y t\u1ebf l\u1edbn c\u1ee7a Hoa K\u1ef3 (kh\u00f4ng \u0111\u01b0\u1ee3c n\u00eau t\u00ean do c\u00e1c th\u1ecfa thu\u1eadn b\u1ea3o m\u1eadt) \u0111\u00e3 tri\u1ec3n khai c\u00e1c gi\u1ea3i ph\u00e1p IBM Watson \u0111\u1ec3 c\u1ea3i thi\u1ec7n t\u00e0i li\u1ec7u l\u00e2m s\u00e0ng v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a m\u00e3 h\u00f3a y t\u1ebf v\u00e0o th\u00e1ng 3 n\u0103m 2021 tr\u00ean m\u1ea1ng l\u01b0\u1edbi 17 b\u1ec7nh vi\u1ec7n v\u00e0 63 c\u01a1 s\u1edf ngo\u1ea1i tr\u00fa.<\/p>\n<p>Vi\u1ec7c tri\u1ec3n khai theo ph\u01b0\u01a1ng ph\u00e1p lu\u1eadn m\u1edbi t\u1eadp trung v\u00e0o ng\u00e0nh c\u1ee7a IBM v\u1edbi c\u00e1c b\u01b0\u1edbc c\u1ee5 th\u1ec3 sau:<\/p>\n<ul>\n<li>B\u1eb1ng ch\u1ee9ng kh\u00e1i ni\u1ec7m ban \u0111\u1ea7u t\u1eadp trung v\u00e0o 8 quy tr\u00ecnh tim m\u1ea1ch c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 127 tri\u1ec7u USD doanh thu h\u00e0ng n\u0103m<\/li>\n<li>Tri\u1ec3n khai theo giai \u0111o\u1ea1n trong 90 ng\u00e0y v\u1edbi 4 chu k\u1ef3 h\u1ecdc t\u1eadp v\u00e0 c\u1ea3i ti\u1ebfn li\u00ean t\u1ee5c<\/li>\n<li>T\u00edch h\u1ee3p v\u1edbi c\u00e1c h\u1ec7 th\u1ed1ng h\u1ed3 s\u01a1 s\u1ee9c kh\u1ecfe \u0111i\u1ec7n t\u1eed Epic hi\u1ec7n c\u00f3 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng 23 \u0111\u1ea7u n\u1ed1i ti\u00eau chu\u1ea9n h\u00f3a<\/li>\n<li>\u0110o l\u01b0\u1eddng hi\u1ec7u su\u1ea5t so v\u1edbi 14 m\u1ee5c ti\u00eau ROI \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc v\u1edbi b\u1ea3ng \u0111i\u1ec1u khi\u1ec3n b\u00e1o c\u00e1o hai tu\u1ea7n m\u1ed9t l\u1ea7n<\/li>\n<li>M\u1edf r\u1ed9ng sang c\u00e1c tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng b\u1ed5 sung khi x\u00e1c nh\u1eadn th\u00e0nh c\u00f4ng v\u1edbi l\u1ecbch tr\u00ecnh tri\u1ec3n khai 30\/60\/90 ng\u00e0y<\/li>\n<\/ul>\n<p>K\u1ebft qu\u1ea3 \u0111\u00e3 ch\u1ee9ng minh ti\u1ec1m n\u0103ng th\u01b0\u01a1ng m\u1ea1i c\u1ee7a c\u00e1c gi\u1ea3i ph\u00e1p AI c\u1ee7a IBM v\u1edbi c\u00e1c k\u1ebft qu\u1ea3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng 12 th\u00e1ng sau khi tri\u1ec3n khai:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th>\n<th>\u0110\u01b0\u1eddng C\u01a1 S\u1edf Tr\u01b0\u1edbc Khi Tri\u1ec3n Khai (Q1 2021)<\/th>\n<th>K\u1ebft Qu\u1ea3 Sau Khi Tri\u1ec3n Khai (Q1 2022)<\/th>\n<th>T\u00e1c \u0110\u1ed9ng T\u00e0i Ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ed9 Ch\u00ednh X\u00e1c M\u00e3 H\u00f3a Y T\u1ebf<\/td>\n<td>T\u1ef7 l\u1ec7 ch\u00ednh x\u00e1c 91,7% v\u1edbi m\u00e3 h\u00f3a th\u1ee7 c\u00f4ng (3,74 FTEs tr\u00ean 1.000 l\u1ea7n g\u1eb7p)<\/td>\n<td>T\u1ef7 l\u1ec7 ch\u00ednh x\u00e1c 97,3% v\u1edbi m\u00e3 h\u00f3a h\u1ed7 tr\u1ee3 AI (1,32 FTEs tr\u00ean 1.000 l\u1ea7n g\u1eb7p)<\/td>\n<td>Gi\u1ea3m 14,2 tri\u1ec7u USD h\u00e0ng n\u0103m trong c\u00e1c y\u00eau c\u1ea7u b\u1ecb t\u1eeb ch\u1ed1i c\u1ed9ng v\u1edbi ti\u1ebft ki\u1ec7m chi ph\u00ed lao \u0111\u1ed9ng 8,4 tri\u1ec7u USD<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi Gian T\u00e0i Li\u1ec7u L\u00e2m S\u00e0ng<\/td>\n<td>Trung b\u00ecnh 37 ph\u00fat m\u1ed7i l\u1ea7n g\u1eb7p b\u1ec7nh nh\u00e2n (4,8 tri\u1ec7u ph\u00fat h\u00e0ng th\u00e1ng)<\/td>\n<td>Trung b\u00ecnh 24 ph\u00fat m\u1ed7i l\u1ea7n g\u1eb7p b\u1ec7nh nh\u00e2n (3,1 tri\u1ec7u ph\u00fat h\u00e0ng th\u00e1ng)<\/td>\n<td>Ti\u1ebft ki\u1ec7m th\u1eddi gian b\u00e1c s\u0129 h\u00e0ng n\u0103m 8,7 tri\u1ec7u USD \u0111\u1ecbnh gi\u00e1 th\u1eddi gian b\u00e1c s\u0129 \u1edf m\u1ee9c 150 USD\/gi\u1edd<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi Gian Chu K\u1ef3 Doanh Thu<\/td>\n<td>Trung b\u00ecnh 27 ng\u00e0y t\u1eeb d\u1ecbch v\u1ee5 \u0111\u1ebfn thanh to\u00e1n (32,3% tr\u00ean 45 ng\u00e0y)<\/td>\n<td>Trung b\u00ecnh 19 ng\u00e0y t\u1eeb d\u1ecbch v\u1ee5 \u0111\u1ebfn thanh to\u00e1n (14,7% tr\u00ean 45 ng\u00e0y)<\/td>\n<td>C\u1ea3i thi\u1ec7n v\u1ed1n l\u01b0u \u0111\u1ed9ng 11,3 tri\u1ec7u USD v\u1edbi gi\u1ea3m chi ph\u00ed l\u00e3i su\u1ea5t h\u00e0ng n\u0103m 830 ngh\u00ecn USD<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9 Ho\u00e0n Thi\u1ec7n T\u00e0i Li\u1ec7u<\/td>\n<td>73% c\u00e1c l\u1ea7n g\u1eb7p \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u \u0111\u1ea7y \u0111\u1ee7 v\u1edbi \u0111\u1ed9 c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p<\/td>\n<td>92% c\u00e1c l\u1ea7n g\u1eb7p \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u \u0111\u1ea7y \u0111\u1ee7 v\u1edbi \u0111\u1ed9 c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p<\/td>\n<td>Th\u00eam 17,8 tri\u1ec7u USD h\u00e0ng n\u0103m t\u1eeb b\u1ed3i ho\u00e0n ph\u00f9 h\u1ee3p t\u1eeb m\u00e3 h\u00f3a v\u00e0 t\u00e0i li\u1ec7u ch\u00ednh x\u00e1c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p n\u00e0y minh h\u1ecda c\u00e1ch ti\u1ebfp c\u1eadn tinh ch\u1ec9nh c\u1ee7a IBM \u0111\u1ed1i v\u1edbi AI: nh\u1eafm m\u1ee5c ti\u00eau c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c, tri\u1ec3n khai theo giai \u0111o\u1ea1n v\u00e0 m\u1edf r\u1ed9ng khi th\u00e0nh c\u00f4ng \u0111\u01b0\u1ee3c ch\u1ee9ng minh. Nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 y t\u1ebf sau \u0111\u00f3 \u0111\u00e3 m\u1edf r\u1ed9ng tri\u1ec3n khai AI c\u1ee7a IBM sang ba tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng b\u1ed5 sung (t\u1ef1 \u0111\u1ed9ng h\u00f3a ti\u1ec1n ph\u00ea duy\u1ec7t, kh\u1edbp th\u1eed nghi\u1ec7m l\u00e2m s\u00e0ng v\u00e0 t\u1ed1i \u01b0u h\u00f3a chu\u1ed7i cung \u1ee9ng), t\u0103ng g\u1ea5p \u0111\u00f4i gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng ban \u0111\u1ea7u t\u1eeb 18,7 tri\u1ec7u USD l\u00ean 37,2 tri\u1ec7u USD trong th\u1eddi h\u1ea1n 3 n\u0103m.<\/p>\n<p>C\u00f4ng c\u1ee5 Ph\u00e2n T\u00edch Ng\u00e0nh c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u00f4 h\u00ecnh h\u00f3a t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c tri\u1ec3n khai th\u00e0nh c\u00f4ng nh\u01b0 v\u1eady tr\u00ean c\u00e1c ng\u00e0nh m\u1ee5c ti\u00eau c\u1ee7a IBM. Kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch k\u1ecbch b\u1ea3n c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng ki\u1ec3m tra c\u00e1c t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn kh\u00e1c nhau v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang \u0111\u1ebfn d\u1ef1 b\u00e1o doanh thu v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a IBM tr\u00ean c\u00e1c khung th\u1eddi gian t\u00f9y ch\u1ec9nh.<\/p>\n<h2>C\u00e1c M\u00f4 H\u00ecnh \u0110\u1ecbnh Gi\u00e1 V\u01b0\u1ee3t Ra Ngo\u00e0i T\u1ef7 L\u1ec7 PE: C\u00e1ch C\u00e1c T\u1ed5 Ch\u1ee9c \u0110\u1ecbnh Gi\u00e1 IBM<\/h2>\n<p>C\u00e1c ph\u00e2n t\u00edch mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM th\u00f4ng th\u01b0\u1eddng th\u01b0\u1eddng d\u1ef1a v\u00e0o t\u1ef7 l\u1ec7 PE (hi\u1ec7n t\u1ea1i l\u00e0 19,2x), l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c (4,7%) v\u00e0 c\u00e1c m\u00f4 h\u00ecnh DCF \u0111\u01a1n gi\u1ea3n. Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c s\u1eed d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 tinh vi h\u01a1n \u0111\u1ec3 n\u1eafm b\u1eaft t\u1ed1t h\u01a1n m\u00f4 h\u00ecnh kinh doanh ph\u1ee9c t\u1ea1p c\u1ee7a IBM v\u00e0 h\u00e0nh tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i t\u1eeb ph\u1ea7n c\u1ee9ng sang d\u1ecbch v\u1ee5 \u0111\u00e1m m\u00e2y lai v\u00e0 AI.<\/p>\n<p>Nh\u00e0 ph\u00e2n t\u00edch c\u00f4ng ngh\u1ec7 k\u1ef3 c\u1ef1u James Martinson, ng\u01b0\u1eddi \u0111\u00e3 theo d\u00f5i IBM trong 24 n\u0103m qua ba ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 l\u1edbn, \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u1ed5ng h\u1ee3p cho IBM \u0111\u00e3 ch\u1ee9ng minh \u0111\u1ed9 ch\u00ednh x\u00e1c 83% trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n ph\u1ea1m vi giao d\u1ecbch c\u1ee7a IBM trong n\u0103m n\u0103m. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a \u00f4ng th\u1eeba nh\u1eadn r\u1eb1ng IBM th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t s\u1ed1 doanh nghi\u1ec7p kh\u00e1c nhau v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng, h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ph\u00f9 h\u1ee3p.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n Kh\u00fac Kinh Doanh<\/th>\n<th>Ph\u01b0\u01a1ng Ph\u00e1p \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>Ch\u1ec9 S\u1ed1 Ch\u00ednh<\/th>\n<th>Gi\u00e1 Tr\u1ecb Ng\u1ee5 \u00dd M\u1ed7i C\u1ed5 Phi\u1ebfu<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u1ecbch V\u1ee5 H\u1ea1 T\u1ea7ng Truy\u1ec1n Th\u1ed1ng<\/td>\n<td>L\u1ee3i Su\u1ea5t FCF V\u1edbi B\u1ed9i S\u1ed1 Cu\u1ed1i K\u1ef3<\/td>\n<td>L\u1ee3i su\u1ea5t FCF 8-10%, t\u1ef7 l\u1ec7 suy gi\u1ea3m d\u00e0i h\u1ea1n 0-2%, c\u01a1 s\u1edf doanh thu 6,8 t\u1ef7 USD<\/td>\n<td>38-42 USD<\/td>\n<\/tr>\n<tr>\n<td>Red Hat \/ \u0110\u00e1m M\u00e2y Lai<\/td>\n<td>EV\/Doanh Thu V\u1edbi B\u1ed9i S\u1ed1 \u0110i\u1ec1u Ch\u1ec9nh T\u0103ng Tr\u01b0\u1edfng<\/td>\n<td>B\u1ed9i s\u1ed1 doanh thu 6-8x tr\u00ean c\u01a1 s\u1edf doanh thu 13,5 t\u1ef7 USD, t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 15-20%<\/td>\n<td>51-58 USD<\/td>\n<\/tr>\n<tr>\n<td>D\u1ecbch V\u1ee5 T\u01b0 V\u1ea5n<\/td>\n<td>B\u1ed9i S\u1ed1 PE V\u1edbi \u0110\u1ed1i Chi\u1ebfu Ng\u00e0nh<\/td>\n<td>B\u1ed9i s\u1ed1 PE 15-18x tr\u00ean \u0111\u00f3ng g\u00f3p EPS 2,17 USD, t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 8-10%, c\u01a1 s\u1edf doanh thu 17,8 t\u1ef7 USD<\/td>\n<td>33-37 USD<\/td>\n<\/tr>\n<tr>\n<td>AI v\u00e0 T\u1ef1 \u0110\u1ed9ng H\u00f3a<\/td>\n<td>EV\/Doanh Thu V\u1edbi Ph\u00e2n T\u00edch T\u01b0\u01a1ng \u0110\u01b0\u01a1ng<\/td>\n<td>B\u1ed9i s\u1ed1 doanh thu 8-10x tr\u00ean c\u01a1 s\u1edf doanh thu 3,2 t\u1ef7 USD, t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 20-25%<\/td>\n<td>27-32 USD<\/td>\n<\/tr>\n<tr>\n<td>Chi Ph\u00ed Qu\u1ea3n L\u00fd &amp; L\u01b0\u01a1ng H\u01b0u<\/td>\n<td>Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i R\u00f2ng C\u1ee7a Ngh\u0129a V\u1ee5<\/td>\n<td>\u0110i\u1ec1u ch\u1ec9nh theo tr\u1ea1ng th\u00e1i t\u00e0i tr\u1ee3 v\u00e0 hi\u1ec7u \u1ee9ng thu\u1ebf, chi ph\u00ed h\u00e0ng n\u0103m 4,2 t\u1ef7 USD<\/td>\n<td>(14-18 USD)<\/td>\n<\/tr>\n<tr>\n<td><strong>Gi\u00e1 Tr\u1ecb T\u1ed5ng H\u1ee3p M\u1ed7i C\u1ed5 Phi\u1ebfu<\/strong><\/td>\n<td><strong>T\u1ed5ng H\u1ee3p V\u1edbi Chi\u1ebft Kh\u1ea5u T\u1eadp \u0110o\u00e0n<\/strong><\/td>\n<td><strong>Chi\u1ebft kh\u1ea5u t\u1eadp \u0111o\u00e0n 10-15% ph\u1ea3n \u00e1nh s\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/strong><\/td>\n<td><strong>135-151 USD<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&#8220;C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac n\u00e0y ti\u1ebft l\u1ed9 r\u1eb1ng \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a IBM ng\u1ee5 \u00fd g\u1ea7n nh\u01b0 kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb cho doanh nghi\u1ec7p AI v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a c\u1ee7a n\u00f3,&#8221; Martinson gi\u1ea3i th\u00edch trong ghi ch\u00fa kh\u00e1ch h\u00e0ng th\u00e1ng 4 n\u0103m 2023 c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 th\u00f4ng qua Citadel Securities. &#8220;Th\u1ecb tr\u01b0\u1eddng v\u1ec1 c\u01a1 b\u1ea3n \u0111ang \u0111\u1ecbnh gi\u00e1 IBM nh\u01b0 th\u1ec3 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a n\u00f3 s\u1ebd d\u1eebng l\u1ea1i, m\u1eb7c d\u00f9 c\u00f3 b\u1eb1ng ch\u1ee9ng ng\u00e0y c\u00e0ng t\u0103ng ng\u01b0\u1ee3c l\u1ea1i trong b\u00e1o c\u00e1o ph\u00e2n kh\u00fac h\u00e0ng qu\u00fd v\u00e0 c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p.&#8221;<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed1 g\u1eafng x\u00e1c \u0111\u1ecbnh li\u1ec7u c\u1ed5 phi\u1ebfu IBM c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn mua, s\u1ef1 ng\u1eaft k\u1ebft n\u1ed1i \u0111\u1ecbnh gi\u00e1 n\u00e0y l\u00e0m n\u1ed5i b\u1eadt c\u01a1 h\u1ed9i ti\u1ec1m n\u0103ng. N\u1ebfu IBM ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n th\u00e0nh c\u00f4ng chuy\u1ec3n \u0111\u1ed5i c\u1ee7a m\u00ecnh, kho\u1ea3ng c\u00e1ch \u0111\u1ecbnh gi\u00e1 s\u1ebd thu h\u1eb9p khi th\u1ecb tr\u01b0\u1eddng nh\u1eadn ra gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng c\u1ee7a n\u00f3 trong \u0111\u00e1m m\u00e2y v\u00e0 AI, hi\u1ec7n chi\u1ebfm 54% t\u1ed5ng doanh thu.<\/p>\n<p>M\u00f4 h\u00ecnh c\u1ee7a Martinson g\u1ee3i \u00fd m\u1ed9t ph\u1ea1m vi gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd t\u1eeb 135-151 USD cho c\u1ed5 phi\u1ebfu IBM d\u1ef1a tr\u00ean hi\u1ec7u su\u1ea5t kinh doanh hi\u1ec7n t\u1ea1i v\u00e0 qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng. \u0110i\u1ec1u n\u00e0y \u0111\u1ea1i di\u1ec7n cho ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i, v\u1edbi \u0111\u1ed9 nh\u1ea1y \u0111\u1eb7c bi\u1ec7t m\u1ea1nh \u0111\u1ed1i v\u1edbi hi\u1ec7u su\u1ea5t c\u1ee7a c\u00e1c ph\u00e2n kh\u00fac Red Hat\/\u0111\u00e1m m\u00e2y lai v\u00e0 AI \u0111\u00f3ng g\u00f3p 78-90 USD trong \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a \u00f4ng.<\/p>\n<p>B\u1ed9 M\u00f4 H\u00ecnh \u0110\u1ecbnh Gi\u00e1 c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng c\u00e1c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac t\u01b0\u01a1ng t\u1ef1 cho c\u00e1c c\u00f4ng ty ph\u1ee9c t\u1ea1p nh\u01b0 IBM. C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9 nh\u1ea1y c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng ki\u1ec3m tra c\u00e1ch c\u00e1c thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng, bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd tr\u00ean c\u00e1c khung th\u1eddi gian t\u00f9y ch\u1ec9nh.<\/p>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\">B\u1eaft \u0110\u1ea7u Giao D\u1ecbch<\/span>\n        <\/a>\n    <\/div>\n    \n<h2>K\u1ebft Lu\u1eadn: Khung Quy\u1ebft \u0110\u1ecbnh C\u1ee7a Nh\u00e0 \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c<\/h2>\n<p>Quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM cu\u1ed1i c\u00f9ng ph\u1ee5 thu\u1ed9c v\u00e0o th\u1eddi gian \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n, kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro v\u00e0 chi\u1ebfn l\u01b0\u1ee3c danh m\u1ee5c \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, c\u00e1c khung t\u1ed5 ch\u1ee9c \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y \u1edf \u0111\u00e2y cung c\u1ea5p m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn tinh vi h\u01a1n so v\u1edbi ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 nh\u00ecn v\u1ec1 ph\u00eda sau.<\/p>\n<p>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch to\u00e0n di\u1ec7n \u1edf tr\u00ean, n\u0103m k\u1ebft lu\u1eadn ch\u00ednh xu\u1ea5t hi\u1ec7n:<\/p>\n<ul>\n<li>Chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM \u0111\u00e3 ti\u1ebfn xa h\u01a1n so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng nh\u1eadn ra, v\u1edbi n\u0103m trong s\u1ed1 b\u1ea3y ch\u1ec9 s\u1ed1 d\u1ef1 \u0111o\u00e1n ch\u00ednh hi\u1ec7n \u0111ang cho th\u1ea5y \u0111\u1ed9ng l\u1ef1c t\u00edch c\u1ef1c so v\u1edbi ng\u01b0\u1ee1ng l\u1ecbch s\u1eed<\/li>\n<li>Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Red Hat \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 l\u1edbn th\u00f4ng th\u01b0\u1eddng tr\u00ean t\u1ea5t c\u1ea3 n\u0103m chi\u1ec1u hi\u1ec7u su\u1ea5t quan tr\u1ecdng, nh\u01b0ng nh\u1eadn \u0111\u01b0\u1ee3c \u00edt t\u00edn d\u1ee5ng \u0111\u1ecbnh gi\u00e1<\/li>\n<li>Chi\u1ebfn l\u01b0\u1ee3c AI \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a IBM \u0111ang cho th\u1ea5y s\u1ef1 ti\u1ebfn tri\u1ec3n th\u01b0\u01a1ng m\u1ea1i h\u1eefu h\u00ecnh v\u1edbi kinh t\u1ebf v\u01b0\u1ee3t tr\u1ed9i (bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 72,4% so v\u1edbi trung b\u00ecnh ng\u00e0nh 68,3%)<\/li>\n<li>B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00f4ng ty cung c\u1ea5p s\u1ef1 linh ho\u1ea1t chi\u1ebfn l\u01b0\u1ee3c v\u00e0 b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1 v\u1edbi 93% n\u1ee3 \u0111\u00e1o h\u1ea1n sau n\u0103m 2025 v\u1edbi l\u00e3i su\u1ea5t 2,87% thu\u1eadn l\u1ee3i<\/li>\n<li>\u0110\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac ti\u1ebft l\u1ed9 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 35-48% n\u1ebfu chuy\u1ec3n \u0111\u1ed5i ti\u1ebfp t\u1ee5c th\u00e0nh c\u00f4ng d\u1ef1a tr\u00ean c\u00e1c b\u1ed9i s\u1ed1 ph\u00f9 h\u1ee3p cho t\u1eebng \u0111\u01a1n v\u1ecb kinh doanh<\/li>\n<\/ul>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1eddi gian \u0111\u1ea7u t\u01b0 2-3 n\u0103m, b\u1eb1ng ch\u1ee9ng cho th\u1ea5y IBM \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i kh\u00f4ng \u0111\u1ed1i x\u1ee9ng v\u1edbi r\u1ee7i ro gi\u1ea3m gi\u00e1 h\u1ea1n ch\u1ebf (\u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 4,7% v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c 1,84x) v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 khi th\u1ecb tr\u01b0\u1eddng d\u1ea7n nh\u1eadn ra ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u1ee7a c\u00f4ng ty.<\/p>\n<p>C\u00e1ch ti\u1ebfp c\u1eadn hi\u1ec7u qu\u1ea3 nh\u1ea5t k\u1ebft h\u1ee3p ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a b\u1ea3y ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00f3 v\u1edbi ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ph\u00e2n kh\u00fac \u0111\u1ec3 thi\u1ebft l\u1eadp c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra ph\u00f9 h\u1ee3p. Thay v\u00ec xem c\u00e1c quy\u1ebft \u0111\u1ecbnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu IBM nh\u01b0 nh\u1eefng l\u1ef1a ch\u1ecdn nh\u1ecb ph\u00e2n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ngh\u0129 theo c\u00e1c \u0111i\u1ec1u ch\u1ec9nh k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed v\u00e0 th\u1eddi gian \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh theo c\u00e1c c\u1ed9t m\u1ed1c kinh doanh c\u1ee5 th\u1ec3.<\/p>\n<p>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 to\u00e0n di\u1ec7n \u0111\u1ec3 th\u1ef1c <\/p>\n"},"faq":[{"question":"C\u00e1c ch\u1ec9 s\u1ed1 quan tr\u1ecdng nh\u1ea5t c\u1ea7n theo d\u00f5i khi \u0111\u00e1nh gi\u00e1 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM l\u00e0 g\u00ec?","answer":"B\u1ea3y ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u00e3 cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan th\u1ed1ng k\u00ea 73% v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu c\u1ee7a IBM theo nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a Renaissance Technologies: 1) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng \u0111\u1eb7t ch\u1ed7 c\u1ee7a Red Hat (hi\u1ec7n t\u1ea1i l\u00e0 18,3% YoY, t\u00edn hi\u1ec7u t\u00edch c\u1ef1c tr\u00ean 15% trong c\u00e1c qu\u00fd li\u00ean ti\u1ebfp); 2) T\u1ef7 l\u1ec7 doanh thu t\u01b0 v\u1ea5n so v\u1edbi gi\u1ea5y ph\u00e9p (hi\u1ec7n t\u1ea1i l\u00e0 1,73:1, t\u00edch c\u1ef1c tr\u00ean 1,5:1 trong 3+ qu\u00fd li\u00ean ti\u1ebfp); 3) D\u00f2ng ti\u1ec1n t\u1ef1 do so v\u1edbi m\u1ee9c chi tr\u1ea3 c\u1ed5 t\u1ee9c (hi\u1ec7n t\u1ea1i l\u00e0 1,84x, t\u00edch c\u1ef1c tr\u00ean 1,5x v\u1edbi xu h\u01b0\u1edbng \u1ed5n \u0111\u1ecbnh); 4) T\u0103ng tr\u01b0\u1edfng h\u1eefu c\u01a1 c\u1ee7a ph\u00e2n kh\u00fac ph\u1ea7n m\u1ec1m kh\u00f4ng bao g\u1ed3m c\u00e1c v\u1ee5 mua l\u1ea1i (hi\u1ec7n t\u1ea1i l\u00e0 6,2% YoY, t\u00edch c\u1ef1c tr\u00ean 5% trong c\u00e1c qu\u00fd li\u00ean ti\u1ebfp); 5) T\u0103ng tr\u01b0\u1edfng ph\u00e2n kh\u00fac AI v\u00e0 T\u1ef1 \u0111\u1ed9ng h\u00f3a (hi\u1ec7n t\u1ea1i l\u00e0 15,7% YoY, t\u00edch c\u1ef1c tr\u00ean 12% trong c\u00e1c qu\u00fd li\u00ean ti\u1ebfp); 6) Doanh thu \u0111\u00e1m m\u00e2y l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a t\u1ed5ng doanh thu (hi\u1ec7n t\u1ea1i l\u00e0 38,4%, t\u00edch c\u1ef1c tr\u00ean 35% v\u1edbi s\u1ef1 gia t\u0103ng h\u00e0ng qu\u00fd); v\u00e0 7) Xu h\u01b0\u1edbng bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p (hi\u1ec7n t\u1ea1i l\u00e0 +0,8% QoQ, t\u00edch c\u1ef1c khi t\u0103ng trong ba qu\u00fd li\u00ean ti\u1ebfp). Nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 c\u00e1c ch\u1ec9 b\u00e1o h\u00e0ng \u0111\u1ea7u, th\u01b0\u1eddng \u0111i tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu t\u1eeb 1-3 qu\u00fd. Hi\u1ec7n t\u1ea1i, n\u0103m trong s\u1ed1 b\u1ea3y ch\u1ec9 s\u1ed1 n\u00e0y \u0111ang b\u00e1o hi\u1ec7u \u0111\u1ed9ng l\u1ef1c t\u00edch c\u1ef1c -- m\u1ed9t c\u1ea5u h\u00ecnh m\u00e0 theo ph\u00e2n t\u00edch ki\u1ec3m tra l\u1ea1i \u0111\u00e3 d\u1eabn \u0111\u1ebfn hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i 83% th\u1eddi gian trong ba l\u1ea7n chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c tr\u01b0\u1edbc \u0111\u00e2y c\u1ee7a IBM."},{"question":"Vi\u1ec7c mua l\u1ea1i Red Hat c\u1ee7a IBM \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o so v\u1edbi c\u00e1c v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 \u0111i\u1ec3n h\u00ecnh?","answer":"Vi\u1ec7c IBM mua l\u1ea1i Red Hat tr\u1ecb gi\u00e1 34 t\u1ef7 USD \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n so v\u1edbi c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 \u0111i\u1ec3n h\u00ecnh tr\u00ean n\u0103m kh\u00eda c\u1ea1nh quan tr\u1ecdng: 1) T\u00edch h\u1ee3p v\u0103n h\u00f3a \u0111\u00e3 th\u00e0nh c\u00f4ng xu\u1ea5t s\u1eafc, v\u1edbi t\u1ef7 l\u1ec7 gi\u1eef ch\u00e2n nh\u00e2n vi\u00ean \u0111\u1ea1t 93% so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 67% sau khi mua l\u1ea1i v\u00e0 t\u1ef7 l\u1ec7 gi\u1eef ch\u00e2n l\u00e3nh \u0111\u1ea1o \u0111\u1ea1t 93%; 2) \u0110\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 c\u1ed9ng h\u01b0\u1edfng doanh thu \u0111\u00e3 v\u01b0\u1ee3t m\u1ee5c ti\u00eau, \u0111\u1ea1t 1,2 t\u1ef7 USD v\u00e0o th\u00e1ng th\u1ee9 18 so v\u1edbi m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 1 t\u1ef7 USD v\u00e0o n\u0103m th\u1ee9 ba, v\u1edbi h\u01a1n 7.200 kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p m\u1edbi \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 Red Hat; 3) T\u00edch h\u1ee3p c\u00f4ng ngh\u1ec7 ti\u1ebfn tri\u1ec3n v\u1edbi t\u1ed1c \u0111\u1ed9 nhanh ch\u00f3ng, v\u1edbi IBM Cloud \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean Red Hat OpenShift trong v\u00f2ng 11 th\u00e1ng so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 18-24 th\u00e1ng; 4) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng sau khi mua l\u1ea1i th\u1ef1c s\u1ef1 t\u0103ng t\u1ed1c t\u1eeb 15-17% tr\u01b0\u1edbc khi mua l\u1ea1i l\u00ean 17-21% sau khi mua l\u1ea1i trong 10 qu\u00fd li\u00ean ti\u1ebfp, trong khi c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111i\u1ec3n h\u00ecnh th\u1ea5y s\u1ef1 gi\u1ea3m t\u1ed1c t\u0103ng tr\u01b0\u1edfng 30%; 5) Gi\u1ea3m thi\u1ec3u ph\u1ea3n \u1ee9ng c\u1ea1nh tranh th\u00e0nh c\u00f4ng th\u00f4ng qua vi\u1ec7c duy tr\u00ec t\u00ednh trung l\u1eadp c\u1ee7a Red Hat, b\u1ea3o v\u1ec7 c\u00e1c m\u1ed1i quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u1edbi AWS, Azure v\u00e0 Google Cloud trong khi t\u1eadn d\u1ee5ng c\u00e1c m\u1ed1i quan h\u1ec7 doanh nghi\u1ec7p c\u1ee7a IBM. Hi\u1ec7u su\u1ea5t xu\u1ea5t s\u1eafc tr\u00ean c\u1ea3 n\u0103m kh\u00eda c\u1ea1nh n\u00e0y \u0111\u1eb7t vi\u1ec7c mua l\u1ea1i Red Hat v\u00e0o nh\u00f3m 10% h\u00e0ng \u0111\u1ea7u c\u1ee7a c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 l\u1edbn, theo ph\u00e2n t\u00edch c\u1ee7a Fidelity Investments v\u1ec1 73 giao d\u1ecbch t\u01b0\u01a1ng t\u1ef1, tuy nhi\u00ean \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u1eabn ch\u01b0a ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 th\u00e0nh c\u00f4ng n\u00e0y."},{"question":"\u0110\u00e1nh gi\u00e1 t\u1ed5ng c\u00e1c ph\u1ea7n c\u1ee7a IBM ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec m\u00e0 ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng b\u1ecf l\u1ee1?","answer":"\u0110\u1ecbnh gi\u00e1 theo ph\u00e2n \u0111o\u1ea1n cho th\u1ea5y IBM b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111\u00e1ng k\u1ec3 v\u00ec ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng kh\u00f4ng \u0111\u00e1nh gi\u00e1 \u0111\u00fang c\u00e1c \u0111\u01a1n v\u1ecb kinh doanh ri\u00eang bi\u1ec7t c\u1ee7a n\u00f3. M\u00f4 h\u00ecnh t\u1ed5ng h\u1ee3p c\u1ee7a James Martinson x\u00e1c \u0111\u1ecbnh n\u0103m ph\u00e2n \u0111o\u1ea1n v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ph\u00f9 h\u1ee3p kh\u00e1c nhau: 1) D\u1ecbch v\u1ee5 H\u1ea1 t\u1ea7ng Di s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $38-42 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng l\u1ee3i su\u1ea5t FCF v\u1edbi b\u1ed9i s\u1ed1 cu\u1ed1i k\u1ef3 d\u1ef1a tr\u00ean doanh thu $6.8 t\u1ef7; 2) Red Hat\/Hybrid Cloud \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $51-58 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng EV\/Doanh thu v\u1edbi b\u1ed9i s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh t\u0103ng tr\u01b0\u1edfng d\u1ef1a tr\u00ean doanh thu $13.5 t\u1ef7 t\u0103ng tr\u01b0\u1edfng 15-20%; 3) D\u1ecbch v\u1ee5 T\u01b0 v\u1ea5n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $33-37 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng b\u1ed9i s\u1ed1 PE v\u1edbi so s\u00e1nh ng\u00e0nh d\u1ef1a tr\u00ean doanh thu $17.8 t\u1ef7; 4) AI v\u00e0 T\u1ef1 \u0111\u1ed9ng h\u00f3a \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $27-32 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng EV\/Doanh thu v\u1edbi ph\u00e2n t\u00edch so s\u00e1nh d\u1ef1a tr\u00ean doanh thu $3.2 t\u1ef7 t\u0103ng tr\u01b0\u1edfng 20-25%; 5) Chi ph\u00ed Qu\u1ea3n l\u00fd & Ngh\u0129a v\u1ee5 H\u01b0u tr\u00ed \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u00e2m $14-18 m\u1ed7i c\u1ed5 phi\u1ebfu. Sau khi \u00e1p d\u1ee5ng m\u1ee9c chi\u1ebft kh\u1ea5u t\u1eadp \u0111o\u00e0n 10-15%, ph\u01b0\u01a1ng ph\u00e1p n\u00e0y mang l\u1ea1i gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd t\u1ed5ng h\u1ee3p t\u1eeb $135-151 m\u1ed7i c\u1ed5 phi\u1ebfu -- cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c giao d\u1ecbch hi\u1ec7n t\u1ea1i. \u0110i\u1ec3m n\u1ed5i b\u1eadt nh\u1ea5t l\u00e0 th\u1ecb tr\u01b0\u1eddng g\u1ea7n nh\u01b0 kh\u00f4ng g\u00e1n gi\u00e1 tr\u1ecb n\u00e0o cho m\u1ea3ng kinh doanh AI v\u00e0 T\u1ef1 \u0111\u1ed9ng h\u00f3a c\u1ee7a IBM m\u1eb7c d\u00f9 c\u00f3 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 15.7% v\u00e0 kinh t\u1ebf v\u01b0\u1ee3t tr\u1ed9i (bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 72.4% so v\u1edbi trung b\u00ecnh ng\u00e0nh 68.3%), t\u1ea1o ra c\u01a1 h\u1ed9i \u0111\u00e1ng k\u1ec3 khi \u0111\u00f3ng g\u00f3p c\u1ee7a ph\u00e2n \u0111o\u1ea1n n\u00e0y tr\u1edf n\u00ean r\u00f5 r\u00e0ng h\u01a1n."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c AI c\u1ee7a IBM \u0111\u00e3 ph\u00e1t tri\u1ec3n nh\u01b0 th\u1ebf n\u00e0o v\u00e0 c\u00f3 b\u1eb1ng ch\u1ee9ng n\u00e0o cho th\u1ea5y n\u00f3 \u0111ang ho\u1ea1t \u0111\u1ed9ng?","answer":"IBM \u0111\u00e3 c\u01a1 b\u1ea3n \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c AI c\u1ee7a m\u00ecnh t\u1eeb AI \u0111a n\u0103ng sang c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 theo ng\u00e0nh v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c, mang l\u1ea1i n\u0103m c\u1ea3i ti\u1ebfn \u0111\u1ecbnh l\u01b0\u1ee3ng: 1) Th\u1eddi gian tri\u1ec3n khai \u0111\u00e3 gi\u1ea3m t\u1eeb 18,3 th\u00e1ng v\u00e0o n\u0103m 2019 xu\u1ed1ng c\u00f2n 8,4 th\u00e1ng hi\u1ec7n nay, nhanh h\u01a1n 54% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 12,7 th\u00e1ng; 2) Vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c ROI c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u00e3 t\u0103ng t\u1eeb 64% \u0111\u1ea1t m\u1ee5c ti\u00eau v\u00e0o n\u0103m 2020 l\u00ean 83% hi\u1ec7n nay, so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 62%; 3) Kh\u1ea3 n\u0103ng t\u00e1i s\u1eed d\u1ee5ng gi\u1ea3i ph\u00e1p \u0111\u00e3 \u0111\u1ea1t 73% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 47%, t\u1ea1o ra c\u00e1c m\u1eabu c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng thay v\u00ec c\u00e1c gi\u1ea3i ph\u00e1p t\u00f9y ch\u1ec9nh v\u1edbi c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn 14,2%; 4) T\u1ef7 l\u1ec7 doanh thu \u0111\u1ecbnh k\u1ef3 \u0111\u00e3 \u0111\u1ea1t 62% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 43%, t\u1ea1o ra c\u00e1c d\u00f2ng doanh thu ch\u1ea5t l\u01b0\u1ee3ng cao, c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 71% so v\u1edbi 52% tr\u00ean c\u00f4ng vi\u1ec7c d\u1ef1 \u00e1n; 5) Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p \u0111\u00e3 \u0111\u1ea1t 72,4%, v\u01b0\u1ee3t m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh 4,1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u1edbi c\u1ea3i thi\u1ec7n 2,1% so v\u1edbi n\u0103m tr\u01b0\u1edbc. M\u1ed9t nghi\u00ean c\u1ee9u \u0111i\u1ec3n h\u00ecnh v\u1edbi m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe l\u1edbn ch\u1ee9ng minh nh\u1eefng c\u1ea3i ti\u1ebfn n\u00e0y trong th\u1ef1c t\u1ebf: vi\u1ec7c tri\u1ec3n khai IBM Watson cho t\u00e0i li\u1ec7u l\u00e2m s\u00e0ng v\u00e0 m\u00e3 h\u00f3a y t\u1ebf \u0111\u00e3 gi\u1ea3m $14,2 tri\u1ec7u trong c\u00e1c y\u00eau c\u1ea7u b\u1ecb t\u1eeb ch\u1ed1i, ti\u1ebft ki\u1ec7m $8,7 tri\u1ec7u th\u1eddi gian c\u1ee7a b\u00e1c s\u0129, c\u1ea3i thi\u1ec7n $11,3 tri\u1ec7u v\u1ed1n l\u01b0u \u0111\u1ed9ng v\u00e0 t\u0103ng th\u00eam $17,8 tri\u1ec7u trong ho\u00e0n tr\u1ea3 th\u00edch h\u1ee3p, d\u1eabn \u0111\u1ebfn m\u1edf r\u1ed9ng sang ba tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng b\u1ed5 sung v\u00e0 gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng t\u0103ng g\u1ea5p \u0111\u00f4i t\u1eeb $18,7 tri\u1ec7u l\u00ean $37,2 tri\u1ec7u."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf qua khi ph\u00e2n t\u00edch IBM l\u00e0 g\u00ec?","answer":"Ba y\u1ebfu t\u1ed1 quan tr\u1ecdng tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n th\u01b0\u1eddng b\u1ecb hi\u1ec3u sai trong ph\u00e2n t\u00edch IBM th\u00f4ng th\u01b0\u1eddng: 1) C\u1ea5u tr\u00fac n\u1ee3 c\u00f3 v\u1ebb \u0111\u00e1ng lo ng\u1ea1i khi nh\u00ecn tho\u00e1ng qua v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/EBITDA l\u00e0 3.2x so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh c\u00f4ng ngh\u1ec7 l\u00e0 1.7x, nh\u01b0ng ph\u00e2n t\u00edch s\u00e2u h\u01a1n cho th\u1ea5y 93% n\u1ee3 ($42.2B trong t\u1ed5ng s\u1ed1 $45.5B) \u0111\u00e1o h\u1ea1n sau n\u0103m 2025 v\u1edbi l\u00e3i su\u1ea5t trung b\u00ecnh ch\u1ec9 2.87% so v\u1edbi l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 5.2%, cung c\u1ea5p s\u1ef1 linh ho\u1ea1t t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3; 2) T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ph\u1ea7n m\u1ec1m \u0111\u00e3 gi\u1ea3m t\u1eeb 42% n\u0103m 2017 xu\u1ed1ng c\u00f2n 26.3% trong Q1 2023 (th\u1ea5p nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2012), cho th\u1ea5y thu nh\u1eadp ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n khi IBM chi ph\u00ed nhi\u1ec1u h\u01a1n cho ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m thay v\u00ec v\u1ed1n h\u00f3a ch\u00fang \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n; 3) T\u00ecnh tr\u1ea1ng t\u00e0i tr\u1ee3 l\u01b0\u01a1ng h\u01b0u c\u00f3 v\u1ebb ch\u1ec9 \u0111\u1ee7 \u1edf m\u1ee9c 95% theo ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng, nh\u01b0ng \u0111i\u1ec1u ch\u1ec9nh theo b\u1ea3ng t\u1eed vong s\u1eeda \u0111\u1ed5i v\u00e0 gi\u1ea3 \u0111\u1ecbnh l\u1ee3i nhu\u1eadn (6.5% so v\u1edbi b\u00e1o c\u00e1o 5.9%) cho th\u1ea5y qu\u1ef9 l\u01b0\u01a1ng h\u01b0u c\u1ee7a IBM th\u1ef1c s\u1ef1 th\u1eeba v\u1ed1n $3.7 t\u1ef7 ho\u1eb7c 103%. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y cung c\u1ea5p cho IBM s\u1ef1 linh ho\u1ea1t chi\u1ebfn l\u01b0\u1ee3c, bao g\u1ed3m kh\u1ea3 n\u0103ng mua l\u1ea1i $21.3B d\u01b0\u1edbi x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng hi\u1ec7n t\u1ea1i, kh\u1ea3 n\u0103ng t\u0103ng c\u1ed5 t\u1ee9c 15%, v\u00e0 h\u01a1n $5B c\u00f3 s\u1eb5n cho \u0111\u1ea7u t\u01b0 AI -- hi\u1ec7u qu\u1ea3 gi\u1ea3m r\u1ee7i ro gi\u1ea3m gi\u00e1 trong khi b\u1ea3o to\u00e0n ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 theo nh\u1eefng c\u00e1ch kh\u00f4ng \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh ti\u00eau chu\u1ea9n."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u00e1c ch\u1ec9 s\u1ed1 quan tr\u1ecdng nh\u1ea5t c\u1ea7n theo d\u00f5i khi \u0111\u00e1nh gi\u00e1 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i c\u1ee7a IBM l\u00e0 g\u00ec?","answer":"B\u1ea3y ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u00e3 cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan th\u1ed1ng k\u00ea 73% v\u1edbi hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu c\u1ee7a IBM theo nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a Renaissance Technologies: 1) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng \u0111\u1eb7t ch\u1ed7 c\u1ee7a Red Hat (hi\u1ec7n t\u1ea1i l\u00e0 18,3% YoY, t\u00edn hi\u1ec7u t\u00edch c\u1ef1c tr\u00ean 15% trong c\u00e1c qu\u00fd li\u00ean ti\u1ebfp); 2) T\u1ef7 l\u1ec7 doanh thu t\u01b0 v\u1ea5n so v\u1edbi gi\u1ea5y ph\u00e9p (hi\u1ec7n t\u1ea1i l\u00e0 1,73:1, t\u00edch c\u1ef1c tr\u00ean 1,5:1 trong 3+ qu\u00fd li\u00ean ti\u1ebfp); 3) D\u00f2ng ti\u1ec1n t\u1ef1 do so v\u1edbi m\u1ee9c chi tr\u1ea3 c\u1ed5 t\u1ee9c (hi\u1ec7n t\u1ea1i l\u00e0 1,84x, t\u00edch c\u1ef1c tr\u00ean 1,5x v\u1edbi xu h\u01b0\u1edbng \u1ed5n \u0111\u1ecbnh); 4) T\u0103ng tr\u01b0\u1edfng h\u1eefu c\u01a1 c\u1ee7a ph\u00e2n kh\u00fac ph\u1ea7n m\u1ec1m kh\u00f4ng bao g\u1ed3m c\u00e1c v\u1ee5 mua l\u1ea1i (hi\u1ec7n t\u1ea1i l\u00e0 6,2% YoY, t\u00edch c\u1ef1c tr\u00ean 5% trong c\u00e1c qu\u00fd li\u00ean ti\u1ebfp); 5) T\u0103ng tr\u01b0\u1edfng ph\u00e2n kh\u00fac AI v\u00e0 T\u1ef1 \u0111\u1ed9ng h\u00f3a (hi\u1ec7n t\u1ea1i l\u00e0 15,7% YoY, t\u00edch c\u1ef1c tr\u00ean 12% trong c\u00e1c qu\u00fd li\u00ean ti\u1ebfp); 6) Doanh thu \u0111\u00e1m m\u00e2y l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a t\u1ed5ng doanh thu (hi\u1ec7n t\u1ea1i l\u00e0 38,4%, t\u00edch c\u1ef1c tr\u00ean 35% v\u1edbi s\u1ef1 gia t\u0103ng h\u00e0ng qu\u00fd); v\u00e0 7) Xu h\u01b0\u1edbng bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p (hi\u1ec7n t\u1ea1i l\u00e0 +0,8% QoQ, t\u00edch c\u1ef1c khi t\u0103ng trong ba qu\u00fd li\u00ean ti\u1ebfp). Nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 c\u00e1c ch\u1ec9 b\u00e1o h\u00e0ng \u0111\u1ea7u, th\u01b0\u1eddng \u0111i tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu t\u1eeb 1-3 qu\u00fd. Hi\u1ec7n t\u1ea1i, n\u0103m trong s\u1ed1 b\u1ea3y ch\u1ec9 s\u1ed1 n\u00e0y \u0111ang b\u00e1o hi\u1ec7u \u0111\u1ed9ng l\u1ef1c t\u00edch c\u1ef1c -- m\u1ed9t c\u1ea5u h\u00ecnh m\u00e0 theo ph\u00e2n t\u00edch ki\u1ec3m tra l\u1ea1i \u0111\u00e3 d\u1eabn \u0111\u1ebfn hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i 83% th\u1eddi gian trong ba l\u1ea7n chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c tr\u01b0\u1edbc \u0111\u00e2y c\u1ee7a IBM."},{"question":"Vi\u1ec7c mua l\u1ea1i Red Hat c\u1ee7a IBM \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o so v\u1edbi c\u00e1c v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 \u0111i\u1ec3n h\u00ecnh?","answer":"Vi\u1ec7c IBM mua l\u1ea1i Red Hat tr\u1ecb gi\u00e1 34 t\u1ef7 USD \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n so v\u1edbi c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 \u0111i\u1ec3n h\u00ecnh tr\u00ean n\u0103m kh\u00eda c\u1ea1nh quan tr\u1ecdng: 1) T\u00edch h\u1ee3p v\u0103n h\u00f3a \u0111\u00e3 th\u00e0nh c\u00f4ng xu\u1ea5t s\u1eafc, v\u1edbi t\u1ef7 l\u1ec7 gi\u1eef ch\u00e2n nh\u00e2n vi\u00ean \u0111\u1ea1t 93% so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 67% sau khi mua l\u1ea1i v\u00e0 t\u1ef7 l\u1ec7 gi\u1eef ch\u00e2n l\u00e3nh \u0111\u1ea1o \u0111\u1ea1t 93%; 2) \u0110\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 c\u1ed9ng h\u01b0\u1edfng doanh thu \u0111\u00e3 v\u01b0\u1ee3t m\u1ee5c ti\u00eau, \u0111\u1ea1t 1,2 t\u1ef7 USD v\u00e0o th\u00e1ng th\u1ee9 18 so v\u1edbi m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 1 t\u1ef7 USD v\u00e0o n\u0103m th\u1ee9 ba, v\u1edbi h\u01a1n 7.200 kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p m\u1edbi \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 Red Hat; 3) T\u00edch h\u1ee3p c\u00f4ng ngh\u1ec7 ti\u1ebfn tri\u1ec3n v\u1edbi t\u1ed1c \u0111\u1ed9 nhanh ch\u00f3ng, v\u1edbi IBM Cloud \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean Red Hat OpenShift trong v\u00f2ng 11 th\u00e1ng so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 18-24 th\u00e1ng; 4) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng sau khi mua l\u1ea1i th\u1ef1c s\u1ef1 t\u0103ng t\u1ed1c t\u1eeb 15-17% tr\u01b0\u1edbc khi mua l\u1ea1i l\u00ean 17-21% sau khi mua l\u1ea1i trong 10 qu\u00fd li\u00ean ti\u1ebfp, trong khi c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111i\u1ec3n h\u00ecnh th\u1ea5y s\u1ef1 gi\u1ea3m t\u1ed1c t\u0103ng tr\u01b0\u1edfng 30%; 5) Gi\u1ea3m thi\u1ec3u ph\u1ea3n \u1ee9ng c\u1ea1nh tranh th\u00e0nh c\u00f4ng th\u00f4ng qua vi\u1ec7c duy tr\u00ec t\u00ednh trung l\u1eadp c\u1ee7a Red Hat, b\u1ea3o v\u1ec7 c\u00e1c m\u1ed1i quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u1edbi AWS, Azure v\u00e0 Google Cloud trong khi t\u1eadn d\u1ee5ng c\u00e1c m\u1ed1i quan h\u1ec7 doanh nghi\u1ec7p c\u1ee7a IBM. Hi\u1ec7u su\u1ea5t xu\u1ea5t s\u1eafc tr\u00ean c\u1ea3 n\u0103m kh\u00eda c\u1ea1nh n\u00e0y \u0111\u1eb7t vi\u1ec7c mua l\u1ea1i Red Hat v\u00e0o nh\u00f3m 10% h\u00e0ng \u0111\u1ea7u c\u1ee7a c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f4ng ngh\u1ec7 l\u1edbn, theo ph\u00e2n t\u00edch c\u1ee7a Fidelity Investments v\u1ec1 73 giao d\u1ecbch t\u01b0\u01a1ng t\u1ef1, tuy nhi\u00ean \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u1eabn ch\u01b0a ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 th\u00e0nh c\u00f4ng n\u00e0y."},{"question":"\u0110\u00e1nh gi\u00e1 t\u1ed5ng c\u00e1c ph\u1ea7n c\u1ee7a IBM ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec m\u00e0 ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng b\u1ecf l\u1ee1?","answer":"\u0110\u1ecbnh gi\u00e1 theo ph\u00e2n \u0111o\u1ea1n cho th\u1ea5y IBM b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111\u00e1ng k\u1ec3 v\u00ec ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng kh\u00f4ng \u0111\u00e1nh gi\u00e1 \u0111\u00fang c\u00e1c \u0111\u01a1n v\u1ecb kinh doanh ri\u00eang bi\u1ec7t c\u1ee7a n\u00f3. M\u00f4 h\u00ecnh t\u1ed5ng h\u1ee3p c\u1ee7a James Martinson x\u00e1c \u0111\u1ecbnh n\u0103m ph\u00e2n \u0111o\u1ea1n v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ph\u00f9 h\u1ee3p kh\u00e1c nhau: 1) D\u1ecbch v\u1ee5 H\u1ea1 t\u1ea7ng Di s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $38-42 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng l\u1ee3i su\u1ea5t FCF v\u1edbi b\u1ed9i s\u1ed1 cu\u1ed1i k\u1ef3 d\u1ef1a tr\u00ean doanh thu $6.8 t\u1ef7; 2) Red Hat\/Hybrid Cloud \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $51-58 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng EV\/Doanh thu v\u1edbi b\u1ed9i s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh t\u0103ng tr\u01b0\u1edfng d\u1ef1a tr\u00ean doanh thu $13.5 t\u1ef7 t\u0103ng tr\u01b0\u1edfng 15-20%; 3) D\u1ecbch v\u1ee5 T\u01b0 v\u1ea5n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $33-37 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng b\u1ed9i s\u1ed1 PE v\u1edbi so s\u00e1nh ng\u00e0nh d\u1ef1a tr\u00ean doanh thu $17.8 t\u1ef7; 4) AI v\u00e0 T\u1ef1 \u0111\u1ed9ng h\u00f3a \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1eeb $27-32 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng EV\/Doanh thu v\u1edbi ph\u00e2n t\u00edch so s\u00e1nh d\u1ef1a tr\u00ean doanh thu $3.2 t\u1ef7 t\u0103ng tr\u01b0\u1edfng 20-25%; 5) Chi ph\u00ed Qu\u1ea3n l\u00fd & Ngh\u0129a v\u1ee5 H\u01b0u tr\u00ed \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u00e2m $14-18 m\u1ed7i c\u1ed5 phi\u1ebfu. Sau khi \u00e1p d\u1ee5ng m\u1ee9c chi\u1ebft kh\u1ea5u t\u1eadp \u0111o\u00e0n 10-15%, ph\u01b0\u01a1ng ph\u00e1p n\u00e0y mang l\u1ea1i gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd t\u1ed5ng h\u1ee3p t\u1eeb $135-151 m\u1ed7i c\u1ed5 phi\u1ebfu -- cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c giao d\u1ecbch hi\u1ec7n t\u1ea1i. \u0110i\u1ec3m n\u1ed5i b\u1eadt nh\u1ea5t l\u00e0 th\u1ecb tr\u01b0\u1eddng g\u1ea7n nh\u01b0 kh\u00f4ng g\u00e1n gi\u00e1 tr\u1ecb n\u00e0o cho m\u1ea3ng kinh doanh AI v\u00e0 T\u1ef1 \u0111\u1ed9ng h\u00f3a c\u1ee7a IBM m\u1eb7c d\u00f9 c\u00f3 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 15.7% v\u00e0 kinh t\u1ebf v\u01b0\u1ee3t tr\u1ed9i (bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 72.4% so v\u1edbi trung b\u00ecnh ng\u00e0nh 68.3%), t\u1ea1o ra c\u01a1 h\u1ed9i \u0111\u00e1ng k\u1ec3 khi \u0111\u00f3ng g\u00f3p c\u1ee7a ph\u00e2n \u0111o\u1ea1n n\u00e0y tr\u1edf n\u00ean r\u00f5 r\u00e0ng h\u01a1n."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c AI c\u1ee7a IBM \u0111\u00e3 ph\u00e1t tri\u1ec3n nh\u01b0 th\u1ebf n\u00e0o v\u00e0 c\u00f3 b\u1eb1ng ch\u1ee9ng n\u00e0o cho th\u1ea5y n\u00f3 \u0111ang ho\u1ea1t \u0111\u1ed9ng?","answer":"IBM \u0111\u00e3 c\u01a1 b\u1ea3n \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c AI c\u1ee7a m\u00ecnh t\u1eeb AI \u0111a n\u0103ng sang c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 theo ng\u00e0nh v\u1edbi ROI c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c, mang l\u1ea1i n\u0103m c\u1ea3i ti\u1ebfn \u0111\u1ecbnh l\u01b0\u1ee3ng: 1) Th\u1eddi gian tri\u1ec3n khai \u0111\u00e3 gi\u1ea3m t\u1eeb 18,3 th\u00e1ng v\u00e0o n\u0103m 2019 xu\u1ed1ng c\u00f2n 8,4 th\u00e1ng hi\u1ec7n nay, nhanh h\u01a1n 54% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 12,7 th\u00e1ng; 2) Vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c ROI c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u00e3 t\u0103ng t\u1eeb 64% \u0111\u1ea1t m\u1ee5c ti\u00eau v\u00e0o n\u0103m 2020 l\u00ean 83% hi\u1ec7n nay, so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 62%; 3) Kh\u1ea3 n\u0103ng t\u00e1i s\u1eed d\u1ee5ng gi\u1ea3i ph\u00e1p \u0111\u00e3 \u0111\u1ea1t 73% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 47%, t\u1ea1o ra c\u00e1c m\u1eabu c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng thay v\u00ec c\u00e1c gi\u1ea3i ph\u00e1p t\u00f9y ch\u1ec9nh v\u1edbi c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn 14,2%; 4) T\u1ef7 l\u1ec7 doanh thu \u0111\u1ecbnh k\u1ef3 \u0111\u00e3 \u0111\u1ea1t 62% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 43%, t\u1ea1o ra c\u00e1c d\u00f2ng doanh thu ch\u1ea5t l\u01b0\u1ee3ng cao, c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 71% so v\u1edbi 52% tr\u00ean c\u00f4ng vi\u1ec7c d\u1ef1 \u00e1n; 5) Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p \u0111\u00e3 \u0111\u1ea1t 72,4%, v\u01b0\u1ee3t m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh 4,1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u1edbi c\u1ea3i thi\u1ec7n 2,1% so v\u1edbi n\u0103m tr\u01b0\u1edbc. M\u1ed9t nghi\u00ean c\u1ee9u \u0111i\u1ec3n h\u00ecnh v\u1edbi m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe l\u1edbn ch\u1ee9ng minh nh\u1eefng c\u1ea3i ti\u1ebfn n\u00e0y trong th\u1ef1c t\u1ebf: vi\u1ec7c tri\u1ec3n khai IBM Watson cho t\u00e0i li\u1ec7u l\u00e2m s\u00e0ng v\u00e0 m\u00e3 h\u00f3a y t\u1ebf \u0111\u00e3 gi\u1ea3m $14,2 tri\u1ec7u trong c\u00e1c y\u00eau c\u1ea7u b\u1ecb t\u1eeb ch\u1ed1i, ti\u1ebft ki\u1ec7m $8,7 tri\u1ec7u th\u1eddi gian c\u1ee7a b\u00e1c s\u0129, c\u1ea3i thi\u1ec7n $11,3 tri\u1ec7u v\u1ed1n l\u01b0u \u0111\u1ed9ng v\u00e0 t\u0103ng th\u00eam $17,8 tri\u1ec7u trong ho\u00e0n tr\u1ea3 th\u00edch h\u1ee3p, d\u1eabn \u0111\u1ebfn m\u1edf r\u1ed9ng sang ba tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng b\u1ed5 sung v\u00e0 gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng t\u0103ng g\u1ea5p \u0111\u00f4i t\u1eeb $18,7 tri\u1ec7u l\u00ean $37,2 tri\u1ec7u."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf qua khi ph\u00e2n t\u00edch IBM l\u00e0 g\u00ec?","answer":"Ba y\u1ebfu t\u1ed1 quan tr\u1ecdng tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n th\u01b0\u1eddng b\u1ecb hi\u1ec3u sai trong ph\u00e2n t\u00edch IBM th\u00f4ng th\u01b0\u1eddng: 1) C\u1ea5u tr\u00fac n\u1ee3 c\u00f3 v\u1ebb \u0111\u00e1ng lo ng\u1ea1i khi nh\u00ecn tho\u00e1ng qua v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/EBITDA l\u00e0 3.2x so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh c\u00f4ng ngh\u1ec7 l\u00e0 1.7x, nh\u01b0ng ph\u00e2n t\u00edch s\u00e2u h\u01a1n cho th\u1ea5y 93% n\u1ee3 ($42.2B trong t\u1ed5ng s\u1ed1 $45.5B) \u0111\u00e1o h\u1ea1n sau n\u0103m 2025 v\u1edbi l\u00e3i su\u1ea5t trung b\u00ecnh ch\u1ec9 2.87% so v\u1edbi l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 5.2%, cung c\u1ea5p s\u1ef1 linh ho\u1ea1t t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3; 2) T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ph\u1ea7n m\u1ec1m \u0111\u00e3 gi\u1ea3m t\u1eeb 42% n\u0103m 2017 xu\u1ed1ng c\u00f2n 26.3% trong Q1 2023 (th\u1ea5p nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2012), cho th\u1ea5y thu nh\u1eadp ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n khi IBM chi ph\u00ed nhi\u1ec1u h\u01a1n cho ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m thay v\u00ec v\u1ed1n h\u00f3a ch\u00fang \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n; 3) T\u00ecnh tr\u1ea1ng t\u00e0i tr\u1ee3 l\u01b0\u01a1ng h\u01b0u c\u00f3 v\u1ebb ch\u1ec9 \u0111\u1ee7 \u1edf m\u1ee9c 95% theo ph\u00e2n t\u00edch th\u00f4ng th\u01b0\u1eddng, nh\u01b0ng \u0111i\u1ec1u ch\u1ec9nh theo b\u1ea3ng t\u1eed vong s\u1eeda \u0111\u1ed5i v\u00e0 gi\u1ea3 \u0111\u1ecbnh l\u1ee3i nhu\u1eadn (6.5% so v\u1edbi b\u00e1o c\u00e1o 5.9%) cho th\u1ea5y qu\u1ef9 l\u01b0\u01a1ng h\u01b0u c\u1ee7a IBM th\u1ef1c s\u1ef1 th\u1eeba v\u1ed1n $3.7 t\u1ef7 ho\u1eb7c 103%. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y cung c\u1ea5p cho IBM s\u1ef1 linh ho\u1ea1t chi\u1ebfn l\u01b0\u1ee3c, bao g\u1ed3m kh\u1ea3 n\u0103ng mua l\u1ea1i $21.3B d\u01b0\u1edbi x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng hi\u1ec7n t\u1ea1i, kh\u1ea3 n\u0103ng t\u0103ng c\u1ed5 t\u1ee9c 15%, v\u00e0 h\u01a1n $5B c\u00f3 s\u1eb5n cho \u0111\u1ea7u t\u01b0 AI -- hi\u1ec7u qu\u1ea3 gi\u1ea3m r\u1ee7i ro gi\u1ea3m gi\u00e1 trong khi b\u1ea3o to\u00e0n ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 theo nh\u1eefng c\u00e1ch kh\u00f4ng \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh ti\u00eau chu\u1ea9n."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mua hay b\u00e1n c\u1ed5 phi\u1ebfu IBM: 5 Khung Quy\u1ebft \u0110\u1ecbnh \u0110\u1ecbnh L\u01b0\u1ee3ng \u0110\u01b0\u1ee3c S\u1eed D\u1ee5ng B\u1edfi C\u00e1c Nh\u00e0 Ph\u00e2n 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