HSBC’s Max Kettner: The AI Trade Hasn’t Fundamentally Changed
THE SO WHAT
A 4%+ equity drawdown with AI names hit hardest but strategists calling the AI trade intact means public markets are repricing risk, not abandoning the thesis. Operators shouldn’t overreact on multi-year capex or hiring based on a single-day move—but late-stage fundraising terms may tighten near term.
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Tech & InnovationBig Tech lost big in the 2026 election
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