The Direxion Daily MU Bull 2X Shares (MUU) surged 5.22% in after-hours trading on Wednesday, marking a significant reversal from its intraday performance.

The leveraged exchange-traded fund's rally was driven by a strong rebound in the Korean semiconductor sector and positive analyst commentary on its underlying asset, Micron Technology. South Korea's KOSPI index jumped over 5%, with key memory chip makers SK Hynix and Samsung Electronics posting substantial gains. Concurrently, remarks from the Korean president urging regulators to address concerns around single-stock leveraged ETFs helped alleviate recent market anxiety, contributing to a broader storage sector recovery.

Additionally, Bank of America released a bullish forecast, projecting the High Bandwidth Memory (HBM) market to grow sevenfold to $246 billion by 2030 and raising its price target for Micron Technology to $155. As a fund designed to deliver twice the daily return of Micron stock, MUU's 2x leverage characteristic amplified these positive developments, leading to the pronounced after-hours gain.