Renowned Chinese Hedge Fund Managers Warn of 'Super Bubble' in Global AI Stocks

BlockBeats reports that two renowned 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 Management, explicitly warned in his 'Mid-2026 Investment Report' published on June 23: global AI stocks have formed a 'super bubble,' and the collapse point may be imminent. In the report, he stated bluntly, 'A large number of popular stocks in the A-share market are highly likely to drop by 80% or even over 90% in the future,' adding that 'taking such risks without the ability to retrieve chestnuts from the fire and ensuring a safe exit is irresponsible to investors.' Yang Dong had previously accurately predicted the peak of the 2007 bull market. Li Bei, founder of Shanghai Banxia Investment, also pointed out in her monthly report 'Letter to Banxia Investors' published on June 21 that 'the conditions triggering the AI bubble burst have already emerged.' Using Anthropic's ARR (Annualized Revenue Run Rate) as an example, she argued that the revenue growth rate of downstream model companies has significantly slowed, and by year-end, it is highly likely to fall significantly below market expectations. She further noted that subsequent capital expenditure expectations are likely to decline.