Abstract. The article analyzes modern problems of economic security in the digital technologies realm using the semiconductor (microelectronic) sector as a case. Rise of risks and threats here cannot be explained only by the emergence of emerging technologies such as Artificial Intelligence. The key factor structuring modern security challenges in the semiconductor sector and the growth of their relevance is globalization. Formation of global value chains amid growing concentration of manufacturing and technological competencies in a small number of clusters, as well as a number of other processes, led to the emergence of new risks that are extremely externalized relative to key international actors (countries, corporations, etc.). Increasing competition and aggravation of geopolitical contradictions, external shocks, including the COVID-19 pandemic, made these risks predominant for the industry. The response of the elites has led to increased securitization of the industry and its key technologies. And attempts to mitigate external risks (especially ones related to the access to high-performance chips and technological leadership) have further increased the conflict potential of semiconductor markets, up to weaponization of technologies and value chains. New vision of semiconductor technologies as an important element of the structural power of states – and associated security problems – supports the long-term nature of this trend. In the long term this approach creates new threats and risks to various types of international and national security, as they disrupt normal economic processes of both the microelectronic industry and the digital sector, which are of fundamental importance for global development.