Chip stocks more broadly slumped after President Donald Trump on Tuesday barred Nvidia from selling its H20 chip to China in new rules aimed at thwarting Beijing’s supercomputing capabilities, the company said in a filing.

SOXL down 13%; AMD, Nvidia down around 7%; ASML, ARM, Broadcom, Micron, SMCI down about 5%; TSMC down 3.8%; Qualcomm, Intel down 3%.

Additionally, ASML Holding reported orders for the first quarter that were far lower than expected and warned that it doesn’t know how to quantify the impact from recent tariff announcements, which are threatening to upend the semiconductor industry.

The Dutch company, which counts Taiwan Semiconductor Manufacturing Co. and Intel Corp. among its biggest customers, reported bookings of €3.94 billion ($4.47 billion). Analysts on average expected €4.82 billion, according to data compiled by Bloomberg.

ASML is the sole producer of cutting-edge lithography machines used by semiconductor companies to make advanced chips for various products including Apple Inc.’s smartphones and Nvidia Corp.’s artificial intelligence accelerators.

The company has benefited from an artificial intelligence boom that has seen tech giants invest billions of dollars in chips and data centers to power the emerging technology. This has allowed ASML to project revenue ranging between €44 billion and €60 billion in 2030. But concern over a potential slowdown in AI demand has intensified after disappointing outlooks from some chipmakers and analyst warnings, compounded by looming US tariffs.