Bloomberg： Two prominent Chinese hedge funds are warning that the global AI stock boom has crossed from strong demand into a super bubble.

Their point is that many AI-linked stocks now price in years of perfect growth before the businesses have proved they can defend profits.

The weakest point is AI infrastructure， where companies must keep spending huge amounts on chips， servers， power， and data centers just to stay relevant.

A business with a moat can protect pricing， margins， and customers， while a business built only on sudden demand can look brilliant until supply catches up or customers push back.

Wealspring says some hot Chinese AI shares could fall more than 80%， while Banxia points to Anthropic's revenue run-rate as a pressure point because token costs can rise faster than customer budgets.