A symbolic moment just happened in the Korean stock market. SK hynix briefly overtook Samsung Electronics in market capitalization during trading.
According to Reuters, on June 22 SK hynix shares rose 5.7%, lifting its market cap to KRW 2,082.5 trillion, while Samsung Electronics stood at KRW 2,081.3 trillion. The comparison is based on common shares and excludes Samsung Electronics’ preferred shares.
So, to be precise, this was not a case of “Samsung Electronics’ total value being completely overturned.” It was SK hynix briefly taking the most symbolic spot in the Korean market, the top common stock, during the trading session.
The symbolism is still significant. Since 2000, Samsung Electronics has effectively been the face of the No. 1 spot by market cap in the Korean stock market. SK hynix shaking that position is not just a stock-price event; it is closer to a sign that the way the market values Korean chipmakers is changing.
- Why this moment is historic
For a long time, Samsung Electronics has been the symbol of the Korean stock market. “The KOSPI’s bellwether” naturally meant Samsung Electronics, and foreign flows, the chip cycle and the direction of the Korean market were often read through Samsung Electronics.
This time, SK hynix challenged that position. What makes it more interesting is that SK hynix was never a stable market leader. Reuters described SK hynix as a company that came close to collapse in 2002 under excessive debt. Some 20 years later, that same company has passed Samsung Electronics to stand at the top of the Korean market.
The key to this shift is AI. More precisely, it is the high-performance memory that goes into AI data centers, especially HBM.
- HBM is why SK hynix took off
AI servers need more than Nvidia GPUs. For a GPU to process huge amounts of data quickly, it needs memory right next to it that can feed data just as fast. The leading product for that job is HBM.
HBM
Short for High Bandwidth Memory, HBM is high-performance memory that stacks multiple memory chips vertically and sits next to AI accelerators to process large volumes of data quickly.
In the past, memory was closer to a commodity that swung with price cycles. Rising DRAM prices were good, and rising supply pushed prices down. HBM is different. It has to fit the GPU roadmaps of key customers such as Nvidia, and technical maturity and reliable delivery matter.
According to Reuters, SK hynix held a 61% share of the global HBM market in 2025, compared with 17% for Samsung Electronics and 21% for Micron. That gap changed how the market values the company. In the AI era, SK hynix is being re-rated not as just a memory maker but as a supplier of core components for AI data centers.
- Earnings have entered a completely different phase too
SK hynix’s turnaround is not just about its share price. Its earnings have changed dramatically as well.
In 2023, when the memory downturn was severe, SK hynix posted an annual operating loss of KRW 7.73 trillion. But in 2024, as demand for AI memory grew, it recorded revenue of KRW 66.193 trillion and operating profit of KRW 23.4673 trillion.
For the first quarter of 2026, it reported revenue of KRW 52.5763 trillion and operating profit of KRW 37.6103 trillion. SK hynix described this as its best quarterly result ever, driven by higher sales of high-value products on the back of AI demand.
These numbers matter for a simple reason. They mean the market has not pushed SK hynix up on hope alone; it sees a company whose actual profits are following through.
The most important question in AI chip investing is not “Who will benefit?” The more important question is “Who is proving it with real revenue and profit?” Right now, the market gives SK hynix a higher score on that question.
- Why Samsung Electronics has been relatively sluggish
Samsung Electronics has not become a weak company. It is still one of the world’s largest chipmakers and a giant diversified tech company spanning memory, foundry, smartphones, displays and home appliances.
But the stock market right now places a higher value on “companies where AI benefits flow most directly into earnings.” By that standard, SK hynix has a relatively simple structure. When demand for HBM and AI server memory grows, the earnings improvement shows up right away.
Samsung Electronics, by contrast, has a broad business. Even when it makes money in memory, foundry competition, smartphone demand, the home appliance cycle and heavy investment burdens are all priced in. That may be a big advantage over the long run, but in today’s stock market, “how purely the AI benefit shows” carries more weight.
A similar trend has emerged in Japan. According to Nippon.com, on June 12 Kioxia overtook Toyota to become Japan’s largest company by market cap on expectations of chip demand for data centers as AI spreads.
- AI has reshaped the order of the memory industry
The real meaning of this event is not that “SK hynix has become better than Samsung.” More precisely, AI has changed where the money flows within the semiconductor industry.
In the past, big companies had the edge in the chip industry. Those that built many fabs, cut costs and excelled at mass production were strong. The AI era has added a new condition: whether a company can develop the high-performance products customers want first, and deliver them reliably in line with the roadmaps of key customers such as Nvidia.
SK hynix kept investing in HBM even when the memory market was bad, and that choice became a powerful weapon in the AI cycle. The stock market is now paying a premium for that choice.
In the end, this market cap reversal is not just a change in stock rankings. As AI data centers grow, it signals that the chip market’s yardstick of value is shifting from “the company that makes the most” to “the company that best supplies the components the AI era can’t do without.”
- The contest isn’t over yet
Of course, this reversal alone does not mean SK hynix has fully replaced Samsung Electronics. Including preferred shares, Samsung Electronics’ total market cap is still larger. Samsung Electronics is also a diversified tech company with not only memory but also foundry, smartphones, home appliances and displays.
On the other hand, because SK hynix benefits so heavily from HBM, it may be more sensitive to the AI investment cycle and memory price swings. If HBM supply rises or competition intensifies, today’s high expectations could be revised down at any time.
Still, one change is clear. Samsung Electronics’ long-taken-for-granted No. 1 position in the Korean market has been shaken, and the reason is not a passing theme but real demand from AI data centers and HBM.
BITPRESS Insight
This event is not a declaration that Samsung Electronics’ era is over. It is closer to a sign that the way the market values Korean chipmakers is changing.
It used to be that “who is the bigger company” mattered. Now what matters is “whose earnings AI demand reaches faster.” Through HBM, SK hynix has become the company most directly tied to AI infrastructure demand, while Samsung Electronics is the larger diversified tech company, and its valuation has become more complex as a result.
There are three key things to watch. First, whether SK hynix can keep its lead in HBM. Second, how much Samsung Electronics can narrow the gap in HBM and foundry. Third, whether AI infrastructure spending by Nvidia and Big Tech continues.
What shook the throne of the Korean stock market was not just a rising share price. It was the market reassessing which chips the AI era needs more, and who is proving that demand with real earnings.
In the end, the market is asking one question: is the leader of Korean chip stocks “the biggest company” or “the company the AI era needs most”?
Sources
Reuters, SK Hynix dethrones Samsung Electronics as South Korea’s most valuable company
https://www.reuters.com/world/asia-pacific/sk-hynix-dethrones-samsung-electronics-south-koreas-most-valuable-company-2026-06-22/
Reuters, SK Hynix joins $1 trillion club after Samsung, Micron on AI chip boom
https://www.reuters.com/world/asia-pacific/sk-hynix-market-capitalisation-tops-1-trln-2026-05-27/
SK hynix, SK hynix Reports Fourth Quarter 2023 Financial Results
https://news.skhynix.com/sk-hynix-reports-fourth-quarter-2023-financial-results/
SK hynix, SK hynix Announces 4Q24 Financial Results
https://news.skhynix.com/sk-hynix-announces-4q24-financial-results/
SK hynix, SK hynix Announces 1Q26 Financial Results
https://news.skhynix.com/q1-2026-business-results/
Nippon.com, Kioxia Rises to Top Spot in Market Capitalization in Japan
https://www.nippon.com/en/news/yjj2026061200850/
YouTube Shorts: Only SK hynix is soaring? A must-watch for frustrated Samsung Electronics shareholders
https://www.youtube.com/shorts/p2S2dBVS6Bk
