Micron Technology (MU) saw its stock price plummet by 5.24% in Wednesday's trading session, caught in a broader selloff affecting the semiconductor industry. The sharp decline comes as the tech sector, particularly chip stocks, faced significant pressure following news of tightened export controls on Nvidia's chips to China and a potential probe into tariffs on critical minerals.

The semiconductor industry was rattled after Nvidia announced that the U.S. government would require licenses for exporting its H20 chips to China, signaling an escalation in trade restrictions. This development sent shockwaves through the chip sector, with Micron and its peers experiencing substantial declines in after-hours and early trading. AMD, another major player in the industry, fell by 7%, while other chip manufacturers like Broadcom, Marvell Technology, and TSMC also saw their stock prices drop.

Adding to the sector's woes, President Donald Trump ordered an investigation into potential tariffs on critical minerals, further stoking fears of increased trade tensions and their potential impact on the semiconductor supply chain. The combined effect of these factors led to a broad-based selloff in tech stocks, with Micron Technology being among the hardest hit. As investors reassess the implications of these geopolitical developments on the chip industry's future prospects, Micron's stock may continue to face volatility in the near term.