Micron stock was rallying alongside other chip names on Wednesday but lagged behind two rivals: SK Hynix and Samsung Electronics. Singapore may be the reason why.

Micron stock gained 2.8% in U.S. premarket trading on Wednesday as the shares continued to rebound from a six-week rout that has seen the stock price -- up 175% this year -- shed almost 10% in a month amid concerns including the sustainability of chip prices.

But South Korean rival SK Hynix -- a favorite among Wall Street analysts -- was doing even better. The company's American depositary receipts (ADRs), essentially US-listed stock, were up 3.4% with the Korean listing gaining 5.5%.

The boost for SK Hynix came following a report from Asia Business Daily that Temasek -- Singapore's $400 billion state-owned investment company -- was planning to invest directly in the company and was considering its timing.

The report also said that Temasek was planning to buy into chipmaking peer Samsung Electronics, sending its shares up 6.7% in Seoul on Wednesday. The news was a broader, rising tide for Korea's stock market, with the KOSPI index gaining 3.7%.

In a statement to Bloomberg, Temasek said that it did not seek advice from South Korea's government on investment timing and first intimated holdings in SK Hynix and Samsung Electronics more than two years ago. Barron's has reached out to Temasek for comment.

If confirmed, Temasek's decision to wade further into chip names that have been beaten down in recent weeks could accelerate the rebound in SK Hynix. That should help Micron, too, by boosting sentiment across the sector.