Chinese renowned hedge fund manager warns that the global AI stock has become a "super bubble."

BlockBeats News, two well-known Chinese hedge fund managers have warned that the global AI stock market has formed a "super bubble" and is on the verge of a potential crash.

Ningquan Asset founder Yang Dong explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that the global AI stocks have formed a "super bubble" and the tipping point may be imminent. In the letter, he bluntly stated that "many popular A-share stocks are very likely to plummet by 80% to over 90% in the future," and mentioned that "it is irresponsible for holders to take such risks without the ability to come out unscathed or with confidence." Yang Dong had accurately predicted the peak of the 2007 bull market;

Shanghai Banxia Investment founder Li Bei also pointed out in the "Letter to Banxia Investors" monthly report released on June 21 that "the trigger conditions for the AI bubble to burst have already emerged." Using Anthropic's ARR (Annual Recurring Revenue) as an example, she believes that the revenue growth of downstream model companies has significantly slowed down, and by the end of the year, it is highly likely to be significantly below market expectations, with a subsequent expected decline in capital expenditure as a high-probability event.