The short answer, is that I have no idea. His poor run of form has continued, losing his last 3 classical games at 2024 Norway Chess. The most common explanation is a combination of recent poor health, and the psychological letdown after winning the World Championship. This may be so, but then again ...
When I played him in 2019, he had just flown in from St Louis, where he had beaten Magnus Carlsen in a playoff to win the 2019 Sinquefield Cup. He was clearly unwell when he played me, and at one point I was convinced he was going to fall asleep at the board. Nonetheless, he went all the way through the tournament, only losing in the Final. Of course the level of opposition is slightly below what he is currently facing, but at least in 2019 he was still able to win while suffering from poor health.
Ding was complaining of depression and an inability to concentrate during the World Championship match, so the problems go back further than you suggest here.
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