[Edaily Reporter kyoungeun kim ] On the 22nd, SamsungElectronics(005930)ceded its position as the top company by market capitalization on the KOSPI—a title it had held for over 26 years—to SK hynix(000660). Riding the wave of the artificial intelligence (AI) server and high-bandwidth memory (HBM) supercycle, SK hynix’s valuation has been rapidly reevaluated, leading to a reversal in the market capitalizations of the two companies.

According to MP Doctor, based on the closing price that day, SK hynix’s market capitalization stood at 2,080.3782 trillion won, slightly exceeding SamsungElectronics’ 2,066.6595 trillion won.
Since the start of the year, SK hynix has risen 348.4%, while SamsungElectronics has risen 194.8%. On this day as well, SK hynix rose 5.61% compared to the previous trading day, while SamsungElectronics fell 0.14% from the previous day, allowing SK hynix to pull ahead.
As a result, SamsungElectronics—which had consistently held the top spot in market capitalization since November 21, 2000—has relinquished its throne after 25 years and 7 months.
Considering that SamsungElectronics’ market capitalization used to be 4 to 7 times that of INICS Corporation, the market has effectively been restructured into a “two-horse race” where the two companies are now on a similar playing field.
However, since SamsungElectronics’ market capitalization for its preferred shares amounts to 179조7311억원, its overall market capitalization remains higher than that of SK hynix.
This reversal in market capitalization is drawing attention not only as a simple shift in sectors but also as a change within the same sector. When SamsungElectronics first rose to the top spot in market capitalization on July 29, 1999, it symbolized a shift in the industrial paradigm from a focus on public enterprises and telecommunications—having surpassed public entities such as KoreaElectricPower and KTCorporation (now KT)—to manufacturing and electronics.
In contrast, market experts note that SK hynix’s rise to the top was largely driven by the resolution of factors that had previously led to its undervaluation within the two-horse race in the semiconductor sector. Park Jun-young, an analyst at HANWHA INVESTMENT & SECURITIES, stated, “SK hynix is emerging from a phase of undervaluation in which it generated the most profit but was valued at the lowest multiples,” adding, “With the upcoming listing of American Depositary Receipts (ADRs) within the year, a full-scale revaluation to multiples on par with global tech companies is now underway.”