In China, the AI Bubble Has Already Burst

China's AI bubble has burst, causing the STAR50 index of semiconductor and AI leaders to plunge 40% in under four months. This crash vaporized $480 billion in market value, driven by export curbs and AI demand worries. The meltdown halts a two-year rally and complicates Beijing's efforts to encourage stock investment. Simultaneously, Anthropic's $2 trillion IPO filing warns that AI poses catastrophic or existential risks to humanity, adding further tension to wobbly global tech markets.