If recent market action feels confusing, it should. Over the past several weeks, many of the market’s former leaders have been sharply repriced, in a trend that has been evolving for months. Mega-cap technology companies such as Microsoft ((MSFT) and Amazon ((AMZN), along with higher-beta growth names including Robinhood Markets ((HOOD), AppLovin ((APP), and Palantir Technologies ((PLTR) among many others, have fallen dramatically, in some cases as much as 50% from their 2025 highs. Yet despite the severity ...