Earlier in the week, Beijing said it would restrict exports of gallium and germanium.
The two elements are vital to the chipmaking process.
But on Thursday TSMC - the world's biggest contract chipmaker - said it expected no direct impact on production.
The Taiwan firm said it would monitor the situation, but didn't elaborate any further.
Despite the reassurance, its shares dropped around 3% on the day.
Local rivals also tried to calm the mood.
WIN Semiconductors said it got most of its supplies of the metals from Germany and Japan.
Firms in other sectors weighed in too, with automakers also among big users of gallium and germanium.
German giant Volkswagen said it was ready to take measures with partners, without spelling out what that might mean.
Now the worry is that this might just be China's first move.
There's concern Beijing could also control exports of rare earths.
They're a group of metals used in everything from electric cars to military gear.
Since China is the world's biggest producer, it has major sway over supplies.
