今年在人工智慧相关股票上获得丰厚回报的中国对冲基金正开始削减持仓。上海永领资本旗下成长策略三号基金截至五月底回报率高达164%，但已减持光通讯和先进封装公司的股票。浑金资本旗下岳阳G1基金同期涨幅达三分之一，也已卖出部分AI股票，并表示已确定可能触发更大规模退出的具体指标。

尽管这些基金尚未宣称AI泡沫即将破裂，但从近期致投资者的业绩信函中可以看出，即便是从AI交易中获利最多的基金也开始感到不安。知名基金经理但斌在五月信函中写道「你可以利用狂热，但绝不能成为狂热本身」，并指出2027年可能是AI资本支出达到拐点、增速放缓的一年。浑金资本则提醒投资者关注社会对AI的反弹、模型改进的停滞以及供应链的松动等风险信号。

看空者认为压力信号已经出现。上海半夏投资引用Anthropic营收增长承压作为「AI泡沫破裂的触发点已经出现」的证据。然而多头并不急于离场：永领资本认为海外存储龙头的增长潜力「依然巨大」，浑金资本强调本轮行情「由真实盈利驱动」。不过浑金已将其AI硬体投资周期「进度条」从二月的30提升至60（满分100），并表示「我们当然不会等到90或100才开始卖出」。

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.