[Edaily Reporter kyoungeun kim ] As of the closing price on the 22nd, SK hynix(000660)has risen to become the top stock by market capitalization in South Korea. This marks the first time in 25 years and 7 months that SamsungElectronics(005930), which had held the top spot since November 2000, has been displaced.
Lee Young-won, an analyst at Heungkuk Securities, stated in a report on the 23rd, “Considering that SamsungElectronics’ revenue scale surpasses that of SK hynix—both in terms of DRAM sales, which have recently garnered the most attention, and overall semiconductor sales—it seems difficult to explain the reversal in their market valuations solely based on their size or profit levels.”

In terms of revenue and profit, SamsungElectronics is ahead of SK hynix. In the first quarter, SK hynix reported an operating profit of 37.6 trillion won, while SamsungElectronics reported 57.2 trillion won; for the second quarter, projected operating profits are 62.9 trillion won for SK hynix and 87.7 trillion won for SamsungElectronics, with SamsungElectronics maintaining the lead. The projected annual operating profit for 2026 is 262.2 trillion won for SK hynix and 363.1 trillion won for SamsungElectronics, with SamsungElectronics leading by more than 100 trillion won.
On the 22nd, based on the closing price in regular trading, SK hynix recorded a market capitalization of 2,080.3782 trillion won, surpassing SamsungElectronics’ 2,066.6594 trillion won. However, when SamsungElectronics’ preferred stock market capitalization of 179.7311 trillion won is added, its total market capitalization reaches 2,246.3905 trillion won, allowing it to retain its status as the company with the largest market capitalization.
Analysts attribute this reversal in market capitalization rankings to differences in strategic positioning amid the transition to artificial intelligence (AI). “The shift in market capitalization rankings between the two companies is based on the assessment that SK hynix is pursuing a clearer strategy in line with the ongoing AI transition,” the analyst explained, adding, “SK hynix’s lead in the high-bandwidth memory (HBM) competition is a concrete example of this.” Based on this, SK hynix outperformed SamsungElectronics in DRAM sales during the first three quarters of last year.
On the 8th, SK hynix announced a long-term technology partnership with NVIDIA to advance memory for AI factories. Through this partnership, the two companies have agreed to synchronize supply, advanced manufacturing, and capital investment to address the long development cycles of cutting-edge memory, thereby attempting to establish a sustainable long-term growth model that transcends the wide fluctuations in industry cycles typically seen among traditional memory manufacturers.
HBM4, designed for NVIDIA’s next-generation platforms—the Vera-Rubin supercomputer and Rubin graphics processing units (GPUs)—as well as LPDDR5X compliant with the SOCAMM2 standard for the Vera central processing unit (CPU), and the RTX Spark PC—a PC-based AI product—have all been realized through collaboration with SK hynix.
The analyst stated, “Reports indicate that SK hynix currently leads the HBM4 market with a 66–70% share, and as its partnership with NVIDIA appears to be growing closer strategically, market expectations are running high.” However, the collaboration between the two companies does not imply an exclusive supply arrangement, and competition among the three companies—including SamsungElectronics and Micron—is expected to intensify across all sectors.
The analyst noted, “Despite the sharp rise in stock prices, both SK hynix and SamsungElectronics still trade below the market average in terms of valuation and continue to trade at a lower level compared to Micron, another memory competitor,” adding “SK hynix’s plan to list American Depositary Receipts (ADRs) is drawing significant market attention because it could serve as an opportunity to bridge this valuation gap,” he pointed out.
He predicted, “While the sharp rise in semiconductor stocks is raising concerns about excessive market concentration, they are likely to continue attempting further gains as confidence in the sustainability of their growth deepens.”