Ningquan Asset: Current AI Bubble is a Mega Bubble Comparable to the Internet Bubble at the Turn of

On June 24, Ningquan Asset, founded by Yang Dong, pointed out in its "2026 Mid-Year Investment Report" released on the 23rd that the current AI bubble is of a global nature. According to the Buffett Indicator, which is the ratio of stock market capitalization to GDP, the ratio reached over 180 at the peak of the internet bubble, while currently in the U.S. it is over 240, and South Korea and Japan are also around 200. Therefore, this bubble is essentially a mega bubble similar to the U.S. internet bubble at the turn of the century; the current frenzy in the South Korean stock market is something we have also experienced.