1/ The US stock market has traded in less than a 7% range this year. But dont just look beneath the surface. ➡️Energy: +34% YTD ➡️Tech: now at a 23% discount to fair value, a level only seen at the 2022 bottom and during the 2011 European debt crisis ➡️Growth stocks overall: a 21% discount, reached less than 5% of the time since 2011 The main raisons as: 1️⃣ The Iran conflict pushed oil prices higher, sending energy soaring while dragging down everything else 2️⃣Rising inflation expectations have the market pricing in a possible Fed rate hike, crushing growth names 3️⃣Meanwhile, AI capex is actually accelerating. Hyperscalers raised their 2026 spending plans.(BloFin Research)