Micron Technology (MU) experienced a significant 24-hour plunge of 5.24% on Wednesday, as the semiconductor industry faced a broad selloff triggered by new U.S. government restrictions on chip exports to China and concerns over potential tariffs on critical minerals.

The decline in Micron's stock price comes in the wake of an announcement that the U.S. government will require licenses for Nvidia to export certain AI chips to China. This move has sparked fears of escalating trade tensions and potential retaliation that could impact the entire semiconductor sector. Micron, as a major player in the memory chip market, is particularly vulnerable to any disruptions in the global tech supply chain.

Adding to the sector-wide pressure, President Donald Trump has ordered a probe into potential tariffs on critical minerals, further stoking concerns about the semiconductor industry's access to essential raw materials. This combination of factors has led to a widespread retreat from chip stocks, with Micron joining peers like AMD, Broadcom, and Intel in the downturn. As the situation continues to develop, investors will be closely monitoring how these geopolitical tensions may affect Micron's operations and future growth prospects in the competitive global semiconductor market.