SK hynix briefly overtook Samsung Electronics in market capitalization during intraday trading on Monday, marking the first time in nearly 26 years that Samsung's dominance as South Korea's most valuable listed company faced a direct challenge. The shift was driven by the global artificial intelligence boom, which has boosted demand for high-bandwidth memory chips.
Record high for SK hynix
Shares of SK hynix climbed as much as 6.5 percent to hit a record high of 2.95 million won (USD 1,900). The surge pushed the company's market capitalization to 208.1 trillion won (USD 156.1 billion) at its peak, exceeding Samsung Electronics' market value of 207.3 trillion won (USD 155.5 billion) by approximately 800 billion won (USD 600 million), according to a news report by The Korea Herald.
As of 3:15 p.m., SK hynix was trading at 2.91 million won, up 5.32 percent, while Samsung Electronics lost 0.28 percent to 353,000 won, the report said.
Historical context and AI-driven demand
Samsung originally claimed the title of Korea's most valuable listed firm in July 1999 and maintained an uninterrupted hold on the top spot since November 2000, when it surpassed Korea Telecom. The market inversion highlights a growing investor preference for businesses directly tied to artificial intelligence infrastructure. SK hynix has captured a vital position as the primary supplier of high-bandwidth memory chips for Nvidia's AI accelerators.
Driven by this demand, SK hynix shares surged 341.9 percent this year, outpacing the 197.7 percent gain recorded by Samsung Electronics.
Potential US listing as catalyst
Investor sentiment also responded to expectations that SK hynix could pursue an American depositary receipt listing in the United States. Referring to market analysts, the report mentioned that a potential Nasdaq debut would broaden the firm's investor base and help bridge the valuation gap with international competitors like Micron Technology.
Hanwha Investment & Securities analyst Park Jun-young recently raised his target price for SK hynix to 4.3 million won. Park attributed the adjustment to stronger earnings visibility and the company's clear leadership in the memory market. He noted that domestic memory chip-makers are moving past their historical valuation discount due to long-term supply agreements and escalating demand for high-bandwidth memory.
"An ADR listing would give SK hynix a chance to be valued alongside comparable companies in the US market," the news report quoted Park. "SK hynix's technology lead and valuation appeal could make a US listing another catalyst for a further rerating of the stock."
