Plenty of theories are floating around. Some point to the strong jobs report, since fewer rate cuts expected means less fuel for risk assets. Others say the mega IPOs of SpaceX, Anthropic, and OpenAI are pulling capital away from existing stocks into shiny new plays.

Truth is, no one really knows. And frankly, it doesn’t matter why.What matters is answering two questions. Should you sell? Or is this a dip worth buying?

There’s no one-size-fits-all answer here. But let me paint a few scenarios and you can see which one fits you closest.

That was the day the market handed out the bill. Looking at the top losers among S&P 500 constituents, the pattern was unmistakable. Last month’s biggest winners became the day’s biggest losers. Thirteen constituents dropped more than 10% in a single session. All of them AI-related.