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China's well-known hedge fund manager warns that global AI stocks have become a 'super bubble'

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On June 27, two well-known Chinese hedge fund managers warned that global AI stocks have become a "super bubble" and are about to face the risk of bursting. Yang Dong, founder of Ningquan Asset, clearly warned in the "2026 Half-Year Investment Report" released on June 23 that global AI stocks have formed a "super bubble" and the breaking 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 90% in the future" and said that "without the ability to pull chestnuts out of the fire and come out unscathed, taking such risks is irresponsible to holders."
Yang Dong accurately predicted the top of the 2007 bull market; Li Bei, founder of Shanghai Bansha Investment, also pointed out in the monthly report "To Bansha Investors" released on June 21 that "the trigger conditions for the AI bubble burst have already appeared." Using Anthropic's ARR (annualized revenue run rate) as an example, she believes that the revenue growth of the most downstream model companies has slowed significantly, and it is likely to be significantly lower than market expectations by the end of the year. Subsequent expectations of capital expenditure declines are highly probable.
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