Combat Tricks and sacrifice

My friend has [[Ramses, Assassin Lord]] for his commander on the battlefield and a [[Hullcarver]] swinging at me. After I declare no blockers, he plays [[hatred]] , paying 39 and buffing his hullcarver up to swing in for lethal. In response, I create a token copy of [[shadowgrange archfiend]]. (I'm playing [[hashaton]] ).

My question is, does the sacrifice from archfiend target hullcarver or ramses? We played it as the stack resolves down, the hatred would not have buffed the hullcarver yet, making ramses 4/4 the greatest power on the board.