HSBC strategist Max Kettner said an Anthropic IPO in two weeks could have greater market impact than the US midterm elections. Kettner, who cut his US equity rating from overweight to neutral two weeks ago, said the market narrative for tech has turned adverse regardless of capex plans; the recent tech sell-off has not undermined the basic AI trade case. He remains cautious after the midterms, noting investors showed little election hedging and it is unclear how much risk the vote removed. Kettn

HSBC strategist Max Kettner said an Anthropic IPO in two weeks could have greater market impact than the US midterm elections. Kettner, who cut his US equity rating from overweight to neutral two weeks ago, said the market narrative for tech has turned adverse regardless of capex plans; the recent tech sell-off has not undermined the basic AI trade case. He remains cautious after the midterms, noting investors showed little election hedging and it is unclear how much risk the vote removed. Kettner said the true market-clearing event may be the Anthropic IPO, if it proceeds as planned.