\(xy\ge2\left(y-1\right)\ge0\Rightarrow x\ge\dfrac{2\left(y-1\right)}{y}\ge0\)
\(\Rightarrow M\ge\dfrac{\dfrac{4\left(y-1\right)^2}{y^2}+4}{y^2+1}=4.\dfrac{\left(y-1\right)^2+y^2}{y^2\left(y^2+1\right)}\)
\(\dfrac{M}{4}\ge\dfrac{2y^2-2y+1}{y^4+y^2}-\dfrac{1}{4}+\dfrac{1}{4}=\dfrac{\left(2-y\right)\left(y^3+2y^2-3y+2\right)}{4\left(y^4+y^2\right)}+\dfrac{1}{4}\ge\dfrac{1}{4}\)
\(\Rightarrow M\ge1\)
Dấu "=" xảy ra khi \(y=2;x=1\)