LRCX

The sell-off in memory and storage stocks, including Lam Research, was triggered by fears that geopolitical conflict in the Middle East could cause a major energy price shock. South Korea, one of the world's largest LNG importers, faced concerns about surging LNG prices, which directly impacted the operating costs of its semiconductor fabs. This was reflected in the significant drop in shares of memory makers SK Hynix and Samsung.

The company's gross margin decline and reduced revenue from China contributed to the stock price drop. These factors, coupled with broader market downturn, resulted in a significant decline in Lam Research's share price.

There was clustered insider selling, including CFO Douglas R. Bettinger selling 40,329 shares (~$9.28M) and Ava Harter selling 4,000 shares (~$930k). Insider selling can be a signal to investors about the confidence that insiders have in the company's future performance.