China’s $340B AI bubble has popped — and the charts prove it

China’s AI stock bubble is popping, and the data is overwhelming. Since its peak in late June, China’s Star 50 AI stock index has declined 42% . China’s tech sector, per the country’s CSI 300 index, is down 18%. Both indices are drastically underperforming the benchmark decline of 1.5% for the Nasdaq 100 index over the same period. Publicly traded stocks in China’s AI sector with mainland operations, as major constituents of these indices, are leading the declines. AI model developer MiniMax is one particularly egregious example. Its shares closed trading in Hong Kong on Thursday at 87% below their HK$1,330 high earlier this year. Unisound, a Chinese AI speech technology and language model software company, has experienced a similar drawdown from its 2026 peak.

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