Dow hits new high... Next is Nasdaq? Possibility of a 'second act rally' until September

Summary

Han Sang-hee, Senior Research Fellow at Hanwha Investment & Securities, explains why the recent Dow all-time high historically leads to a Nasdaq catch-up rally driven by risk-on rotation, and why he expects this pattern to play out until the September FOMC. He highlights market signals of elevated risk appetite, including strength in US private equity names benefiting from AI capex and new highs in biotech. The discussion also covers Apple’s memory supplier strategy, the significance of long-term memory contracts, the Unitree Robotics IPO, and midterm election risks that could trigger volatility in October.

• Dow new high historically triggers risk-on rotation into Nasdaq; speaker sees this repeating into September FOMC.
• Big tech valuations remain reasonable, and many M7 stocks are still below prior highs.
• US private equity firms (Blackstone, Carlyle, KKR, Apollo) rally as AI funding boosts expected earnings and signals strong risk appetite.
• US biotech indices hit all-time highs, confirming broad market risk-on behavior.
• Long-term memory agreements from Micron could eventually underpin Korean memory stock valuations as market trust builds.
• Apple is likely using CXMT as a bargaining chip to pressure Korean memory suppliers, not as a real volume threat.
• Unitree Robotics IPO may set a valuation benchmark for the global robotics sector but the impact on Korean names is uncertain.
• Midterm elections are the biggest H2 macro risk; October may see heightened volatility ahead of the vote.