Health-tech bifurcated sharply in Q1: consumer wearables crossed a $10B private valuation milestone—[[c:e793346e-57a9-4127-953b-115e8f670051|Whoop]]'s $575M Series G—while pandemic-era telehealth platforms remain mired in contraction, unable to pivot legacy video-visit infrastructure into durable enterprise value. [[c:95ff9b18-4bc6-44d9-8093-6a70f6cd887b|Verily]]'s $300M growth round reaffirms foundation-model infrastructure as the sector's next moat category, while [[c:da1e942d-9dda-4d50-96ee-47d2e994da3a|Amwell]]'s 22% revenue decline crystallizes the telehealth reset. Winners this quarter sustained margin through workflow integration ([[c:64dc3c6f-c8fa-41dc-a99b-67def18bbc7d|Doximity]]) or built hybrid D2C/B2B models ([[c:4ab71038-7350-4c98-a875-8ed4340ff005|Hims & Hers]]) that outlasted the pandemic tailwind. Watch Abbott's Q1 earnings to benchmark wearables TAM expansion and CMS reimbursement rule changes that could unlock digital therapeutics payor tailwinds.