HSBC's Max Kettner: The AI Trade Hasn't Fundamentally Changed

Wall Street's biggest trading desks spent weeks arguing that the stock-market rally would resume once the election was over. On Thursday, that call backfired spectacularly.Max Kettner, HSBC's Chief Multi-Asset Strategist, argues that the sharp selloff in AI and US equities does not yet point to a fundamental break in the trade. He explains why positioning and forced selling may be driving the volatility, and how he is thinking about AI valuations including why he'd be comfortable with an Anthropic IPO valuation below $1 trillion.