Why Lam Research (LRCX) fell 11.55%
Lam Research (LRCX) fell 11.55% on October 22, 2026 — Broad tech selloff drags chip equipment lower.
What happened
A broad tech selloff hit the market, with futures falling and the Nasdaq slipping back below a key level amid weakness tied to Meta, Tesla, and oil prices.
Why it moved
Wafer equipment makers carry high beta to Nasdaq risk appetite and to sentiment about semiconductor capex, so when the broad tech tape turns, they sell off harder than the index.
Why it matters
Lam sits in the Chip Supply Chain theme, where broad semis beta and AI-server hardware rode the AI capex wave for months.
What would break the thesis
If the Nasdaq reclaims its key level and chip stocks lead the rebound, the selloff was a macro flush rather than a regime change.