A prominent Chinese hedge fund manager has warned that global AI stocks have become a "super bubble."

According to Mars Finance, two prominent Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are facing imminent bursting. Yang Dong, founder of Ningquan Asset Management, explicitly warned in his "2026 Semi-Annual Investment Report" released on June 23 that global AI stocks have formed a "super bubble," and the collapse may not be far off. The report stated bluntly that "many popular A-share stocks are very likely to fall by 80% or even 90% in the future," and added that "it is irresponsible to holders to take such risks without the ability to profit from the fire and the confidence to emerge unscathed." Yang Dong accurately predicted the peak of the 2007 bull market. Li Bei, founder of Shanghai Banxia Investment, also pointed out in her "Letter to Banxia Investors" monthly report released on June 21 that "the triggering conditions for the bursting of the AI bubble have already appeared." She cited Anthropic's ARR (Annualized Revenue Run Rate) as an example, believing that the revenue growth of downstream model companies has slowed significantly, and is likely to be significantly lower than market expectations by the end of the year, making a subsequent decline in capital expenditure expectations highly probable.