The report explains that FPT’s share price dropped from near VND120,000 in January 2025 to VND57,900 on 9 October 2026, cutting the company’s market capitalisation by about $4.5 billion (VND117 trillion). This sharp decline makes the situation worth examining for investors and professionals alike.

During the first eight months of 2026, the company recorded revenues of VND35.41 trillion, up 13.5 % year‑on‑year, and pre‑tax profit of VND7.65 trillion, up 17.5 %. These figures show that FPT’s core operations are still expanding strongly, even as the share price falls.

The report says foreign investors have sold a net VND14.8 trillion of FPT shares—about 180 million shares—since early 2026. This large outflow reduces the foreign ownership ratio and threatens the company’s eligibility for the VN‑Diamond index.

AI’s rapid expansion is pressuring traditional software‑service pricing, because higher productivity lowers customers’ willingness to pay for routine work. The pricing squeeze adds another layer of risk, even while the firm’s earnings continue to grow.

In summary, FPT’s market‑cap loss is driven by three key forces: a massive foreign‑investor sell‑off, the threat of removal from the VN‑Diamond index, and AI‑induced price pressure on its core services. Strong earnings alone cannot stop a stock from tumbling when these headwinds appear.