$Unitedhealth(UNH.US) recent stock performance has been quite mixed. On one hand, it boasts the strong fundamentals and competitive advantage of being a leading health insurance provider; on the other hand, the market is concerned about rising Medicare Advantage costs and regulatory pressures. The latest financial report shows a significant increase in the healthcare cost ratio, indicating that utilization rates have indeed returned, releasing pent-up demand after the pandemic, which puts short-term pressure on profit margins. However, in the long term, the US healthcare system is highly dependent on insurance management, and UnitedHealth's Optum business is increasingly resembling a technology + healthcare management platform, suggesting some short-term panic pricing in the market. Now, after the valuation pullback, it's actually approaching its value range.