I would not over-interpret a single session selloff as a regime shift. Positioning had become crowded, so a sharp unwind was overdue regardless of the leadership change.

The transition from Jerome Powell to Kevin Warsh does matter, but mainly through uncertainty. Markets dislike losing a predictable policy anchor. That raises volatility, not necessarily changes the trend immediately.

On adding exposure, I would be selective rather than aggressive:

I would not deploy all cash here. Macro shorts rising suggests this could extend.

I would start scaling in gradually, especially into quality names that corrected on positioning rather than fundamentals.

For AI/semis, I would wait until after NVIDIA earnings. That event will likely set near-term direction for the entire complex.

If NVDA holds up well, this pullback becomes a buying opportunity. If it disappoints, you likely get a deeper leg down where risk-reward improves meaningfully.

So yes, this is a pullback worth engaging, but only in layers. Not a “buy the dip aggressively” moment yet.