The former. When applied to objects, the == operator does not check for equality, but for identity. Even if two objects, obj1 and obj2, would otherwise be equal (like when you have two copies of the same object, or two vectors with the same contents), “obj1 == obj2” will evaluate to nil, because they are not the same object. This is because objects in TADS use reference semantics.
Note that this only applies to objects. Other types use value semantics. Two different variables for example will be equal if they contain the same number. Also note that lists are value types, not objects.