HSBC strategist flags Anthropic IPO as bigger risk event than election

Kettner's framing is notable less for the Anthropic comparison itself than for what it reveals about where strategists see event risk concentrated: not in the political calendar, but in the AI complex's own supply of new paper. The caution despite intact fundamentals suggests the concern is positioning and liquidity around a large AI listing, not the trade's underlying thesis. With hedging described as thin ahead of the vote, the open question is whether an election outcome can actually clear risk, or merely reset the clock on the AI event.