HSBC’s Kettner Sees Hyperscalers Back in Favor Amid ‘Melt-Up’

Max Kettner, equity strategist at HSBC Holdings, said investors are returning to hyperscaler technology companies after the firms demonstrated profitability while spending hundreds of billions of dollars on artificial-intelligence infrastructure. Kettner's assessment reflects renewed investor interest in major technology companies that provide cloud and computing services at massive scale. The shift follows a period in which some investors had reduced exposure to these companies.

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