[Renowned Chinese Hedge Fund Managers Warn of a Super Bubble in Global AI Stocks] Odaily Planet Daily News, June 27 – Two renowned Chinese hedge fund managers have warned that global AI stocks have become a super bubble, which is on the verge of bursting. Yang Dong, founder of Ningquan Asset Management, stated in the '2026 Mid-Year Investment Report' released on June 23 that global AI stocks have formed a super bubble, and the collapse point may not be far off. Yang Dong mentioned that a large number of popular stocks in the A-share market are highly likely to drop by 80% to over 90% in the future. Li Bei, founder of Shanghai Banxia Investment, noted 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) run rate as an example, she pointed out that the revenue growth rate of downstream model companies has significantly slowed, and by the end of the year, it is highly likely to fall significantly below market expectations. She further stated that a downward revision in subsequent capital expenditure expectations is a high-probability event.