SK hynix beats Samsung Electronics in market cap to become most valuable company
The SK hynix logo is seen behind a worker at its plant in Icheon, Gyeonggi Province, April 23. Yonhap
SK hynix on Monday surpassed Samsung Electronics in market capitalization, to become Korea's most valuable listed company.
Shares of SK hynix closed 5.61 percent higher, lifting the company's market capitalization to 2,080.37 trillion won ($1,350.98 billion), compared with Samsung Electronics' 2,066.66 trillion won after its stock slipped 0.14 percent.
The milestone marked the first time Samsung Electronics has relinquished the top spot on the benchmark Korea Composite Stock Price Index (KOSPI) since it began its uninterrupted reign in 2000.
Samsung first became the country's most valuable company by market capitalization in 1999.
The shift comes as Korea's two largest chipmakers have continued to benefit from robust semiconductor demand fueled by the artificial intelligence (AI) boom, with SK hynix significantly outperforming Samsung Electronics in stock gains.
SK hynix, now the dominant supplier of high-bandwidth memory (HBM) chips used in AI systems by customers including Nvidia and Alphabet's Google, has emerged as one of the biggest beneficiaries of the global AI boom.
Its shares have surged more than 340 percent so far this year.
By comparison, Samsung Electronics' stock has risen 197.7 percent during the same period.
Market observers attribute the widening gap largely to investors' increasing preference for semiconductor-focused companies amid the AI-driven rally in global equity markets.
While SK hynix is heavily concentrated in memory chips, including HBM products, Samsung Electronics maintains a broader business portfolio spanning smartphones, consumer electronics and displays.
As a result, analysts say Samsung has been unable to fully capitalize on the recent surge in semiconductor-related investor enthusiasm.