Analysis: In China, the AI bubble has already burst

China's AI and semiconductor stocks have plunged about 40% in under four months, wiping out nearly $480 billion in market value amid concerns over AI demand and export restrictions. This sharp decline disrupts a two-year rally and challenges Beijing's goal of fostering a stable 'slow bull' market. Retail investors, heavily involved in these sectors, have faced significant losses as popular AI-related stocks sharply fall.