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I 4bet/fold this. He can indeed be squeezing. If he shoves we're likely behind. Our UTG first in range is strong, but it's not just AA, KK, QQ and AK.
Otherwise as played. I don't want to get too fancy on that board.
Why are you discounting KK and AA? Vs QQ+, AKx you come in at 38.8%.
I don't like calling off here with AK. If he comes over the top of the 4bet, he has a monster. He may be squeezing light, but he's not coming over the top of an utg raise and 4bet with much. If I can't fold this to a shove, then I don't 4bet. Then I'd stick to as played.
I also 4b fold this spot. Flatting would be my default if it were HU but once CO is in the pot ev of flatting goes way down.
Stacking off AKo isn't going to win money all in pre flop (except maybe SBvBU and BB v BB but even then probably not), the profit comes from fold equity when we 4b and calling the shove is a matter of pot odds. We are going to lose money overall but usually that is less per 100 hands than if we 4b/fold.
We can 4b fold UTG though. Call 3b, 4b fold, 4b call, there isn't much difference in terms of ev so really player dependent. Another spot most people overplay is when we 3b SB/BB versus UTG and face a 4b. Here folding to 4b should be default (I notice solvers also 3b fold this spot but also flat AKo alot of of the time BB v UTG)
Gone are the days where AKo is a value hand and we are happy to get it in pre flop.