KOSPI refuses to rally despite chip strength: one big risk is still getting worse

Impact · against what's priced in

Micron's record results and guidance serve as a confirmation of existing AI-driven demand assumptions rather than a new catalyst. The primary risk is now a macro valuation reset driven by US Treasury yields, which threatens to offset fundamental earnings momentum across the semiconductor sector.

MU+0.00

Already priced in

The price assumes

The current AI-driven surge in DRAM and HBM demand

The reported record results and strong revenue guidance confirm the AI memory demand and supply tightness that the market has already fully endorsed.