Figures are more than enough to break the one-sided narrative of the "bubble theory." According to Minister of Industry and Information Technology Li Lecheng, China"s core AI industry was valued at more than 1.2 trillion yuan ($173.9 billion) in 2025, as the technology is emerging as a powerful driver for high-quality economic development. AI is increasingly being deployed across factories and daily life in China. As of the end of 2025, more than 30 percent of manufacturing enterprises with annual main business turnover of at least 20 million yuan had adopted AI technologies, while Chinese companies had released more than 300 humanoid robot products.

　　Data released at a State Council Information Office press conference shows that as of the end of June 2026, China"s intelligent computing capacity reached 2,185 EFLOPS (Exa Floating-point Operations Per Second), a year-on-year surge of 177 percent, and the overall utilization rate of computing facilities nationwide stood at 71.4 percent.

　　Even more symbolic is that Chinese AI large-language models recorded usage of 93.54 trillion tokens for the week ending October 25, marking 26 consecutive weeks of global leadership, according to data from OpenRouter. This figure shows that the vitality of China"s domestic AI application ecosystem has entered the global first tier. These indicators certainly cannot replace profitability, nor can they guarantee that every enterprise will succeed, but they at least show that China"s AI sector has a continuously expanding base, a growing number of market players and large-scale computing power support. Given such extensive industrial activity, it is obviously biased to claim that the entire industry is a "bubble that has burst" based solely on a phase of stock price adjustment.