Value Play or Value Trap?; 134 Stocks in the S&P 500 are in a 40% Drawdown; $TSMC Earnings

Despite the S&P 500 near highs, 134 constituent stocks sit in 40%+ drawdowns, with homebuilders and legacy tech the most contested value hunting grounds.

• Market breadth is extreme: 134 S&P 500 stocks sit in a 40%+ drawdown even as the index is near all-time highs, reflecting heavy concentration in AI/mega-cap tech.
• Oracle flagged as risk-reward: Jason Hall calls Oracle 'the most leveraged of the large spenders on infrastructure,' vulnerable near-term but potentially strong over five years.

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