SK Hynix overtook Samsung Electronics on Monday to become South Korea’s most valuable listed company, capping a remarkable turnaround for the chipmaker, which was once burdened by heavy debt and faced an uncertain future two decades ago.
The company has emerged as the world’s leading supplier of high-bandwidth memory (HBM) chips, a critical component used in artificial intelligence systems by major technology firms such as Nvidia and Google.
Driven by soaring demand for AI-related semiconductors, SK Hynix’s share price has surged more than 340% this year, pushing its market capitalisation ahead of both Samsung Electronics and US memory chipmaker Micron Technology.
Shares of SK Hynix rose 5.7% on Monday, lifting its market value to 2,082.5 trillion won ($1.35 trillion), narrowly surpassing Samsung Electronics, whose market capitalisation stood at 2,081.3 trillion won, excluding preferred shares.