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macroJun 23, 2026, 2:05 PM

Micron Earnings and South Korea Tax News Drive Stock Market Volatility

Micron Technology's upcoming earnings report is fueling market swings similar to Nvidia's 2023-2024 earnings days, while South Korea's proposed tax on unrealized stock gains and record leverage amplify volatility. The broader AI narrative remains intact.

MUSPX

Market volatility has intensified as traders focus on Micron Technology's (MU) earnings release tomorrow, which some analysts compare to the Nvidia earnings events of 2023-2024. The stock's market cap now exceeds $1.2 trillion, making sentiment around MU a key driver of broader momentum-based rallies.

Adding to the uncertainty, South Korea's stock market—now among the world's top six—fell 10% overnight after lawmakers reportedly discussed imposing taxes on unrealized stock gains. Record margin loans in South Korea ($26 billion) and record levered ETF trading in the U.S. are amplifying price swings in both directions. The S&P 500 has already recovered 60 points from its opening low.

Despite the short-term turbulence, the broader AI narrative has only strengthened, and market analysts view the current volatility as normal following the recent rally.

Source: The Kobeissi Letter