27-Year Reign Ends: SK Hynix Market Cap Surpasses Samsung for First Time, an AI-Driven Reshuffle of Korean Chip Power
On June 22, 2026, SK Hynix made history by surpassing Samsung Electronics in market capitalization, ending Samsung's 27-year reign as South Korea's most valuable company. This dramatic reversal is powered by the AI boom and SK Hynix's dominant position in High Bandwidth Memory (HBM), a critical component for AI model training.
Once a heavily indebted firm on the brink of bankruptcy, SK Hynix bet early on HBM, which has evolved from a niche product to essential AI infrastructure. It now commands a 59% share of the global HBM market. Its financial performance is staggering, with Q1 2026 net profit soaring nearly fourfold year-over-year to KRW 40.35 trillion, translating to over 2 billion RMB in daily net profit. HBM now drives roughly 40% of its revenue with exceptionally high margins.
In contrast, Samsung, with its broad portfolio spanning memory chips, smartphones, and foundry services, has lagged in the HBM race while facing headwinds in other divisions. This shift signifies a deeper restructuring of South Korea's economy, moving from consumer electronics to AI-driven growth. However, the future remains competitive. With major capacity expansions planned industry-wide by 2028 and Samsung aiming to catch up in HBM technology, the new market leader cannot afford complacency. This event marks a pivotal moment in the global semiconductor industry's ongoing power realignment.
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