Lam Research falls 11.72%, biggest one-day drop since March 2020

The size of the move, rather than the direction, is the story: an 11.72% single-session drop is the kind of repricing usually reserved for company-specific shocks, yet this is framed as part of a broad semiconductor move. That distinction matters because it suggests sentiment toward chip-equipment exposure is being reset collectively, not on Lam-specific news. Whether the selling stays broad-based or narrows to individual names is the open question worth watching.