HSBC’s Max Kettner: The AI Trade Hasn’t Fundamentally Changed
Channel: Bloomberg Television
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Read a transcript preview of “HSBC’s Max Kettner: The AI Trade Hasn’t Fundamentally Changed” from Bloomberg Television, uploaded on 2026-11-06.
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Language: English (creator captions)
[0:00] Well, let's dig into the market moves that we're seeing today on a
[0:02] significantly negative day for equities. We've got Max Kastner with US services
[0:06] chief multi-asset strategist for more. Max good morning.
[0:10] I wonder in all of the shakedowns that we've seen of eye related trades over
[0:14] the past couple of months, where you place what we're seeing over the past 24
[0:18] hours, is this a moment of reckoning or something much less dramatic?
[0:22] No, I think it's a sort of moment like we had, uh, if you guys remember the end
[0:26] of January 2018, the blow up and all the inverse vol products, that feels pretty
[0:32] similar, right? We had obviously the news that you guys
[0:34] broke on on one of the hedge funds, uh, shutting part of their equity business.
[0:39] Uh, then the rumors coming, is there going to be more more than that?
[0:43] Um, that feels very similar to what we had eight years ago or nine years ago.
[0:47] One was now, um, remember back then it was the smart beta product blowing up.
[0:51] It was all the inverse VIX, Eaton's and inverse VIX ETFs blowing up.
[0:55] And then people were also for a couple of days saying right, which, which you
[0:59] know how much AUM can can blow up. How systemic is this going to be a lot.
[1:04] So I think this