Group 1 - HCA Healthcare, Inc. operates a network of 190 hospitals and approximately 2,400 ambulatory care sites, with a significant reduction in share count by 44% since the end of 2015 [1] - The stock reached new all-time highs last month but has since pulled back nearly $50 without a specific reason, indicating a potential buying opportunity [1] - L1 Capital has reduced its investment in HCA Healthcare due to strong share price appreciation, although it remains a retained investment, no longer a top 10 holding [2] Group 2 - The market has previously reacted pessimistically to potential regulatory developments affecting HCA, creating opportunities for investment at attractive price levels [2] - Current expectations for operating conditions are more balanced, and the share price has increased significantly, leading to a less favorable risk-adjusted return potential from the current price [2] - There is a belief that certain AI stocks may offer greater upside potential and carry less downside risk compared to HCA [2]