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

0 November 6, 2026 08:40

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.
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