🚨 HEALTH INSURANCE STOCKS – MIXED SESSION WITH INSURTECH STRENGTH Health insurance names showing clear divergence today — smaller insurtech players rallying while the industry giant lagged. 📊 TODAY’S HEALTH INSURANCE SNAPSHOT 🔴 $HIMS (Hims & Hers Health) — $28.36 2.16% 🟢 $OSCR (Oscar Health) — $28.37 4.21% 🟢 $ROOT (Root Inc) — $55.88 3.77% 🔴 $UNH (UnitedHealth Group) — $407.14 1.34% 👉 Core takeaway: Strong outperformance by OSCR ( 4.21%) and ROOT ( 3.77%), while UNH pulled back modestly and HIMS lagged. Clear rotation favoring highgrowth insurtech names over the largecap incumbent. 📈 HEALTH INSURANCE BREAKDOWN 🏥 Traditional / LargeCap • UNH — UnitedHealth Group — Dominant payer Optum services 🚀 Insurtech & Digital • OSCR — Oscar Health — Techfirst health insurance platform • ROOT — Root Inc — AIdriven auto health insurance • HIMS — Hims & Hers — Telehealth & personalized wellness ⚡ WHAT’S DRIVING THE MOVE Continued momentum in disruptive insurtech names (OSCR, ROOT) on improving margins and user growth Mild weakness in UNH possibly on broader healthcare rotation or profittaking HIMS under pressure amid sectorspecific news or valuation reset Rotation from megacap stability toward higherbeta growth stories Signal: Investors are rewarding innovation and efficiency gains in digital health insurance while taking a breather on the biggest player. 🔥 BULL vs BEAR 🟢 Bull Case • Techenabled insurers gaining market share through better UX and lower costs • Expanding telehealth and personalized medicine tailwinds (HIMS, OSCR) • AI underwriting improvements driving profitability (ROOT) • Longterm healthcare spending growth aging population 🔴 Bear Case • Regulatory and reimbursement risks for large payers (UNH) • High valuations and execution risk in smaller insurtechs • Medical loss ratio pressure from rising healthcare costs • Potential slowdown in consumer spending on elective/wellness services 💭 CONCLUSION Health insurance stocks were mixed today with Oscar Health and Root leading sharp gains while UnitedHealth and Hims traded softer. The secular shift toward digital and techdriven insurance models continues to attract capital, even as the traditional giants face nearterm headwinds. 👀 KEY QUESTION Will OSCR and ROOT’s strength signal accelerating disruption in health insurance, or is UNH’s weakness hinting at broader sector pressures from costs and regulation?

The skills piece matters too. The plan includes major semiconductor and AI hardware skills funding, with support for chip design, undergraduate bursaries and 500 more UK PhD students through TechFirst. No talent pipeline, no chip strategy

On how SMEs can benefit from DSIT funding, Elliot acknowledges that TechFirst has not historically engaged with SMEs, but this is changing - highlighting the Tech4Women scheme which is aimed at getting female tech workers into SMEs #LTW26

Elliot notes that it is not within central government’s gift to fix all problems, which is why TechFirst is taking a regional approach to support, taking into account devolved education policy, regional strengths & opportunities & working with local anchor institutions #LTW26

Elliot agrees that measurement is important, noting that TechFirst records the neurodiversity status of people it supports - he notes it is often not an issue to employers who “just want the best people for the job” #LTW26

First speaker @SciTechgovuk’s Andrew Elliot discussed the UK govt’s #TechFirst imitative, which aims to move recruitment into tech away from focusing on universities to make recruitment more inclusive from NEET backgrounds #LTW26

IN4 Group wins TechFirst contract to support 45,000 East Midlands students into tech careers dlvr.it/TSxy36

IN4 Group wins East Midlands TechFirst contract to support 45,000 local students into tech careers: Professional technology training and skills provider IN4 Group has secured the contract to deliver… dlvr.it/TSxwnM #EducationNewsFENews #EdTechNewsonEducationTechnology

“We will back the tech and AI talent of the future through our TechFirst scheme — helping 1 million young people get the skills they need, including 400,000 pupils in the most disadvantaged schools.” Tech Secretary @leicesterliz speaking at the world’s first AI Adoption Summit

I'm determined to build a future where everyone, whatever their background, can fulfil their potential. I've tasked delivery partners with reaching 400,000 kids in the most disadvantaged schools in our TechFirst scheme. My speech today at the government's AI Adoption Summit ⬇️

Partnership supports the government's TechFirst program to provide one million secondary school students with access to digital learning experiences itpro.com/business/careers-a…

PAGE 3 OF 4 5. ANALOGUE TO DIGITAL: PUBLIC SERVICES AND SOVEREIGN TECHNOLOGY New Industrial Revolution – replacing legacy IT with UK-built systems: Procurement overhaul: £14bn per year spent on government digital services currently National Digital Exchange: One-stop shop to cut £1.2bn waste. AI matching in hours Digital playbook plus £8bn tech procurement pipeline to prioritise UK social value Sovereign infrastructure: Data centres = Critical National Infrastructure since Sept 2024 AI Growth Zones: Fast-track planning plus energy. First in North Wales = 3,450 jobs Compute sovereignty: 20x AIRR expansion to cut US cloud reliance Public service adoption: National Data Library: Unlock NHS, HMRC, education data for UK AI models DSIT uplift: £1.2bn redirected to digital and AI priorities TechFirst: 1M secondary students plus 7.5M workers trained 6. HOW UK GOVERNMENT EMBRACES TECH AND NEW JOBS Job creation and targets: Quantum: 100,000 UK jobs plus £212bn economic impact over 20 years AI hubs: Version 1 investing £40M into 6 UK cities = 1,000 AI-related jobs AI Growth Zones: North Wales zone = 3,450 jobs across energy plus tech Skills: TechFirst = 1M students plus 7.5M workers upskilled Private investment: £24.25bn in Jan 2025 = thousands more jobs Sovereign AI Fund: Anchor world’s most promising AI firms in Britain to start, scale and succeed Policy language: PM Starmer: This industrial strategy marks a turning point, a clear break from short-termism Chancellor Reeves: UK will achieve the fastest AI adoption in the G7, make Britain the place where the industries of the future are created PAGE 4 OF 4 7. GOVERNMENT CRACKDOWN: GROK NAKED IMAGES In Jan 2026, xAI’s Grok tool on X generated non-consensual sexualised deepfakes of women and children. UK Government response: Immediate action: Jan 9, 2026: PM Starmer: This is disgraceful, it's disgusting. I've asked for all options to be on the table including banning X Jan 12, 2026: Ofcom opened formal investigation into Grok under Online Safety Act Tech Secretary Liz Kendall: Sexually manipulating images of women and children is despicable. I expect Ofcom to use full legal powers. The Online Safety Act includes power to block services from being accessed in the UK New laws fast-tracked: Criminalised: Creating intimate images without consent – brought into force that week Crime and Policing Bill: Ban nudification apps 48-hour rule: Platforms must remove non-consensual intimate images within 48 hours or face 10% global revenue fines Priority offence: Treated same as child sexual abuse plus terrorism Legal action backed by PM: June 3, 2026: Labour MP Jess Asato sued xAI after Grok created fake bikini images plus video showing her being chloroformed and prepared for a sexual assault PM Starmer: 100% behind Asato. Jess Asato is absolutely right. Disgusting images were created by Grok xAI response: Jan 9 restricted Grok to paid subscribers. Later blocked sexualised images of real people. Still under Ofcom investigation Government stance: We are as determined to ensure women and girls are safe online as we are to ensure they are safe in the real world. No excuses. 8. 8 SOVEREIGN SECTORS All funding targets: Advanced manufacturing, Clean energy industries, Creative industries, Defence, Digital and technologies and AI, Financial services, Life sciences, Professional and business services Sources: GOV.UK, UKRI, DSIT, Reuters, Ofcom, Hansard Sir Keir Starmer is set to pledge that no community will be "left behind in the tech revolution" as he unveils new AI tools designed to assist jobseekers into employment, aiming for technology to benefit everyone. The Prime Minister will also deliver a speech detailing government plans to prepare the workforce for a changing employment market, promising to make technology work "for everyone, not just the privileged few." A new "AI assistant" with a "CV builder