PANews reported on June 30 that according to Fortune magazine, Jim Chanos, founder of Chanos & Co, a well-known short-selling agency, warned that although the AI craze has pushed up the stock market, its ecosystem may be facing a correction. He compared AI companies to network giants Cisco and Lucent in the 1990s, whose orders and valuations plummeted when the TMT bubble burst. Now that the labor market is slowing and tariffs are interfering, companies may cut AI spending, reduce capital expenditures, and shelve projects, which will hit revenue and profit expectations. This risk is underestimated.

In addition, Chanos has been warning about other absurdities in the market, such as the surge in public companies holding Bitcoin. He had a dispute with Strategy founder Michael Saylor over the company's high valuation. Saylor said that Strategy could raise funds at a premium and its business model was "risk-free", and Chanos denounced his statement as financial nonsense. Speaking of Tesla, Chanos used Cisco as an analogy, saying that every bull market has stocks that carry people's hopes and dreams. In 1999, it was Cisco, and now it is undoubtedly Tesla.