A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".

Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.