New Delhi, May 15 -- The forward 12-month price-to-earnings (P/E) ratio for the S&P 500 has expanded to 21.2x, well above its ten-year average. Yet, beneath this expensive surface, significant segments are trading at a discount to their intrinsic fair value. According to reports, the broader U.S. market entered this quarter trading at a 12% discount to fair value. This divergence is not uniform; it varies across size, sector, and style, making these gaps harder to identify at a glance but essential for refining entry points.

It is a significant irony of May 2026: while the AI narrative drives the headlines, broad swaths of the technology sector remain undervalued. According to State Street Global Advisors (SSGA), the sector's relative va...