Growing threats of military action from China against the self-ruled island of Taiwan could create shockwaves across the global tech industry—particularly if the turmoil affects the Taiwan Semiconductor Manufacturing Co., the world’s largest maker of computer chips.

Any impact would reverberate across the U.S. tech industry and across the globe. TSMC holds a 56% market share in the semiconductor industry and is a supplier to the top chip designers in the U.S., including Apple, Nvidia and Qualcomm.