今年在人工智慧相關股票上獲得豐厚回報的中國對沖基金正開始削減持倉。上海永領資本旗下成長策略三號基金截至五月底回報率高達164%，但已減持光通訊和先進封裝公司的股票。渾金資本旗下岳陽G1基金同期漲幅達三分之一，也已賣出部分AI股票，並表示已確定可能觸發更大規模退出的具體指標。

儘管這些基金尚未宣稱AI泡沫即將破裂，但從近期致投資者的業績信函中可以看出，即便是從AI交易中獲利最多的基金也開始感到不安。知名基金經理但斌在五月信函中寫道「你可以利用狂熱，但絕不能成為狂熱本身」，並指出2027年可能是AI資本支出達到拐點、增速放緩的一年。渾金資本則提醒投資者關注社會對AI的反彈、模型改進的停滯以及供應鏈的鬆動等風險信號。

看空者認為壓力信號已經出現。上海半夏投資引用Anthropic營收增長承壓作為「AI泡沫破裂的觸發點已經出現」的證據。然而多頭並不急於離場：永領資本認為海外存儲龍頭的增長潛力「依然巨大」，渾金資本強調本輪行情「由真實盈利驅動」。不過渾金已將其AI硬體投資週期「進度條」從二月的30提升至60（滿分100），並表示「我們當然不會等到90或100才開始賣出」。

Chinese hedge funds that reaped substantial gains from AI-linked stocks this year are beginning to reduce their exposure. Shanghai Everlead Capital's Growth Strategy No. 3 Fund, which returned 164% through May, has trimmed holdings in optical communications and advanced packaging firms. Hunjin Capital's Yueyang G1 fund, up by a third in the first five months, also sold some AI stocks and identified specific triggers that would warrant a broader exit from the sector.

While these funds are not yet declaring the AI bubble is about to burst, their recent investor letters reveal growing unease even among the biggest beneficiaries of the rally. Prominent fund manager Dan Bin cautioned investors to exploit the frenzy without becoming part of it, predicting 2027 as a potential inflection point for AI capital expenditure. Hunjin Capital urged investors to watch for a societal backlash against AI, a plateau in model improvement, and a loosening supply chain as key risk indicators.

Bears see warning signs already materializing. Shanghai Banxia Investment cited revenue growth pressure at Anthropic as evidence that the trigger for the AI bubble to burst has appeared. Nevertheless, bulls remain cautiously optimistic, pointing to solid industry fundamentals and real earnings underpinning the rally. However, Hunjin Capital raised its AI hardware investment-cycle progress gauge from 30 in February to 60 out of 100, adding pointedly that the firm will not wait until 90 or 100 before it starts selling.