SK hynix has surpassed Samsung Electronics in market capitalization on South Korea's benchmark Kospi index, marking the first time the AI memory chipmaker has claimed the top spot and ending Samsung's more than 25-year reign as the country's most valuable listed company.
According to the Korea Exchange on Monday, SK hynix's market capitalization exceeded 2,040 trillion won during intraday trading, edging past Samsung Electronics' common shares. The milestone highlights a dramatic shift in the semiconductor industry, with the center of gravity moving toward artificial intelligence (AI)-driven memory technologies.
The reversal has been fueled by the explosive growth of the AI semiconductor market. As investments in generative AI and data centers continue to surge, demand for high-bandwidth memory (HBM) chips has soared. SK hynix, a global leader in HBM technology and a key supplier to major AI chipmakers, has emerged as one of the biggest beneficiaries of this trend.
Samsung Electronics, meanwhile, has seen relatively weaker stock performance despite the broader recovery in the memory market. Investor concerns over the company's pace in catching up in the HBM market and challenges in its foundry business have weighed on its valuation, allowing the gap between the two companies to narrow rapidly over the past year.
Industry experts say the leadership change carries symbolic significance beyond a simple reshuffling of market rankings. While the semiconductor industry was once dominated by conventional DRAM and NAND flash memory, investors are increasingly assigning higher valuations to companies with strong positions in AI-related technologies such as HBM and advanced packaging.
Analysts view SK hynix's ascent as a sign of changing investment dynamics in the Korean stock market.
"In the past, Samsung Electronics represented South Korea's manufacturing and IT industries. Today, companies that are leading the AI infrastructure boom are receiving a premium valuation," said an industry analyst. "SK hynix's rise to the top underscores that AI has become a new growth engine for the Korean equity market."
Despite losing the top position in common-share market capitalization, Samsung Electronics still maintains a larger total market value when preferred shares are included. Market watchers also note that the rankings could shift again if Samsung successfully strengthens its competitiveness in AI memory and advanced semiconductor technologies.
The historic change in market leadership is widely seen as a reflection of the rapidly evolving global semiconductor landscape, where AI-related demand is increasingly shaping corporate valuations and investor sentiment.
