HSBC's Max Kettner downgraded the US stock rating from highest superratio to neutral two weeks ago. At the time, he believed that regardless of the capital expenditure strategy adopted by the company, the market narrative surrounding technology stocks had turned unfavorable. Despite a sharp sell-off this week, Kettner believes the fundamentals of AI-themed deals are still intact. However, he remained cautious even after the election was over. According to Kettner, since investors had hardly hedged against the election before, it is still unknown how much risk this election will actually clear up. “The real risk clearance event could be Anthropic's IPO in two weeks, provided it actually goes public. “In the best case, it's probably going public, but the valuation is only $1 trillion, not $1.5 trillion,” he said. Kettner said, “If listed at a reasonable lower valuation, stocks can actually start rising in the secondary market. Or at least it won't plummet 20%-30% in the first week because that would obviously be really bad.”

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