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.
