Svmuu News, June 27: Two prominent Chinese hedge fund managers have warned that global AI stocks have become a “super bubble” and are at risk of bursting.
Yang Dong, founder of Ningquan Asset, stated in the “2026 Mid-Year Investment Report” released on June 23 that global AI stocks have formed a “super bubble,” and the point of collapse may not be far off. Yang Dong said that a large number of popular A-share stocks are highly likely to lose 80% or even 90% or more of their value in the future.
Li Bei, founder of Shanghai Banxia Investment, stated in the monthly report “To Banxia Investors” released on June 21 that the conditions triggering the bursting of the AI bubble have already emerged. Citing Anthropic’s ARR (Annualized Revenue Run Rate) as an example, she noted that revenue growth at model companies at the very bottom of the supply chain has slowed significantly, and that by year-end, revenue is highly likely to fall significantly short of market expectations, making a downward revision in future capital expenditure projections a high probability event.