Is this AI hardware dip worth buying, or just FOMO?

I’ve been seeing a lot of people talk about buying the dip after NVDA, AMD, and a few other chip names sold off. I’ll admit, I’m tempted. Watching NVDA drop on the day while some of the mega-cap softwares held up better makes it feel like there might be an opportunity in the hardware side of the AI trade. But I’m also trying to figure out if I’m actually seeing a decent entry, or just getting pulled in because everyone is talking about catching the bounce. What’s throwing me off is that valuation isn’t a clean “cheap vs expensive” call either. On a longer-term PE basis, some of these names already look less stretched than they did earlier in the run. Still, there’s plenty left that could go wrong: earnings, the Fed, and whether big tech keeps spending this aggressively on AI infrastructure. I have some cash ready, but I’m not sure if this is the kind of pullback where it makes sense to start buying, or if I should wait and see whether the selling in semis continues.