A well-known hedge fund manager in China warns that global AI stocks have become a "super bubble"

On June 27, two well-known hedge fund managers in China warned that global AI stocks had become a "super bubble" and were about to face the risk of bursting. Yang Dong, founder of Ningquan Assets, clearly warned in the "2026 Semi-annual Investment Report" released on June 23 that global AI stocks have formed a "super bubble" and the collapse point may not be far away. The letter bluntly stated that "a large number of popular A-share stocks are very likely to fall by 80% or even more than 90% in the future" and stated that "we have no ability to draw the chestnut from the fire and are confident that we will come out unscathed. Taking such risks is irresponsible to the holders." Yang Dong once accurately predicted the top of the bull market in 2007; Li Bei, founder of Shanghai Banxia Investment, also pointed out in the monthly report "To Banxia Investors" released on June 21 that "the trigger conditions for the bursting of the AI bubble have emerged." Taking Anthropic's ARR (annualized revenue operating rate) as an example, she believes that the revenue growth rate of the most downstream model company has slowed down significantly, the probability at the end of the year is significantly lower than market expectations, and the expected downward trend in subsequent capital expenditure is a high probability event.