HSBC Strategist Says Proposed Anthropic IPO Could Be a Key Risk-Clearing Event
2026-11-07 · 3 min read · AlphaGBM
At a glance
HSBC strategist Max Kettner said Anthropic’s proposed initial public offering could prove more consequential than the midterm elections and may become the market’s real risk-clearing event. Kettner downgraded U.S. equities from his highest overweight rating to neutral two weeks earlier, arguing that the market narrative surrounding technology stocks had turned unfavorable. Despite the heavy selling this week, he said the fundamentals of the artificial-intelligence theme remained intact. Regarding Anthropic, Kettner described a preferable outcome as a completed listing at a $1 trillion valuation rather than $1.5 trillion, without the shares falling 20%-30% during their first week. The report said the proposed IPO faces obstacles including the recent selloff in AI-related stocks and a change of power in Washington. On Thursday, the S&P 500 recorded its worst one-day performance since April 2025, while the Nasdaq 100 and semiconductor indexes posted their largest declines since March 2020. Kettner characterized the selloff as position-clearing caused by the unwinding of momentum trades rather than a genuine reassessment of fundamentals. He also acknowledged that he could not determine when any short-covering rally in semiconductor shares might occur.
Summary
HSBC strategist Max Kettner said Anthropic’s proposed initial public offering could prove more consequential than the midterm elections and may become the market’s real risk-clearing event. Kettner downgraded U.S. equities from his highest overweight rating to neutral two weeks earlier, arguing that the market narrative surrounding technology stocks had turned unfavorable. Despite the heavy selling this week, he said the fundamentals of the artificial-intelligence theme remained intact. Regarding Anthropic, Kettner described a preferable outcome as a completed listing at a $1 trillion valuation rather than $1.5 trillion, without the shares falling 20%-30% during their first week. The report said the proposed IPO faces obstacles including the recent selloff in AI-related stocks and a change of power in Washington. On Thursday, the S&P 500 recorded its worst one-day performance since April 2025, while the Nasdaq 100 and semiconductor indexes posted their largest declines since March 2020. Kettner characterized the selloff as position-clearing caused by the unwinding of momentum trades rather than a genuine reassessment of fundamentals. He also acknowledged that he could not determine when any short-covering rally in semiconductor shares might occur.