In a landmark shift for South Korea’s technology sector, SK hynix has overtaken Samsung Electronics to become the country’s most valuable publicly listed company. The milestone, achieved on Monday, marks the first time Samsung has lost the top position on the KOSPI index since November 2000. The breakthrough comes as SK hynix’s market capitalization surged to 2,080.4 trillion won ($1.35 trillion), narrowly surpassing Samsung’s 2,066.7 trillion won valuation—excluding preferred shares—following a remarkable 340% rally in its stock this year.
The rise of high-bandwidth memory
The company’s explosive growth is almost entirely attributed to its dominance in high-bandwidth memory (HBM) chips, which power the latest AI accelerators from Nvidia and other chipmakers. According to industry data, SK hynix held a commanding 61% share of the global HBM market in 2025, far outpacing Samsung’s 17% and Micron’s 21%. This strategic focus on HBM has reshaped investor perceptions, as the technology commands significantly higher margins compared to traditional DRAM chips.
Strategic investments and market positioning
SK hynix’s ascent contrasts sharply with Samsung’s struggles in the HBM space. Despite Samsung’s broader diversification across smartphones, displays, and contract chipmaking, investors have favored SK hynix’s pure-play memory strategy. The company’s relentless investment in HBM during the 2023 semiconductor downturn—when a severe price collapse led to a 7.73 trillion won annual operating loss—has paid off. Meanwhile, Samsung reportedly faced delays in qualifying its HBM3E chips, impacting major Nvidia orders and contributing to its smaller market share.
While Samsung retains a stronger position in conventional DRAM, its dominance is eroding. Bank of America estimates indicate SK hynix’s monthly DRAM output at approximately 589,000 wafers in 2025, compared to Samsung’s 691,000. Looking ahead, SK hynix plans to expand its production capacity by 38% between 2025 and 2028, while Samsung projects just 17.5% growth. This could reduce the production gap from roughly 23% in 2025 to under 10% by 2028. The company has also committed to doubling its memory wafer output within five years to meet surging demand.
Samsung disputes the current ranking, arguing that including preferred shares would elevate its market capitalization to 2,246.4 trillion won. The difference also highlights that current valuations are based on HBM3 and HBM3E generations, not the upcoming HBM4 standard. Nvidia CEO Jensen Huang recently confirmed that Samsung, SK hynix, and Micron have all achieved HBM4 certification for the upcoming Vera Rubin platform. Additionally, Samsung delivered the industry’s first 12-layer HBM4E samples on May 29, signaling the next phase of innovation in memory technology.
Vision behind the transformation
The strategic vision driving SK hynix’s transformation was outlined by SK Group Chairman Chey Tae-won in his January book. He described the acquisition of Hynix as a deliberate effort to shift from commodity memory production to becoming an indispensable semiconductor supplier. "What I really wanted to accomplish when we acquired Hynix was to transform it from a commodity memory producer into a mainstream semiconductor company whose products are indispensable," Chey noted. This long-term approach has positioned SK hynix at the forefront of the AI-driven memory revolution.
As the demand for AI-powered infrastructure continues to escalate, the rivalry between SK hynix and Samsung will intensify. With HBM at the heart of next-generation computing, the outcome could redefine not just memory markets but the broader semiconductor landscape for years to come.
AI summary
Güney Kore’nin en değerli şirketi unvanını SK hynix’in kazanmasıyla sonuçlanan devrim niteliğindeki gelişmeleri keşfedin. HBM üretimindeki liderliği ve AI pazarındaki yükselişiyle ilgili tüm detaylar burada.
