SK hynix overtook Samsung Electronics as South Korea's most valuable listed company Monday, ending Samsung's nearly 26-year reign at the top as investors continue to pile into artificial intelligence-related stocks.
Shares of SK hynix rose 5.61 percent to close at 2.92 million won ($1,900), giving the memory chipmaker a market capitalization of about 2,080 trillion won. Samsung Electronics slipped 0.14 percent to 353,500 won, leaving its market value slightly lower.
The milestone marks the first time since November 2000 that Samsung has lost its position as Korea's most valuable listed company. Samsung first claimed the top spot in July 1999 and had held it continuously since overtaking Korea Telecom, now KT Corp., in late 2000.
The shift underscores investors' growing preference for companies viewed as direct beneficiaries of the AI boom.
SK hynix has emerged as one of the biggest winners from the surge in AI infrastructure spending as the leading supplier of high-bandwidth memory, or HBM, chips used in Nvidia's AI accelerators.
Its shares have soared 341.9 percent this year, far outpacing Samsung Electronics' 197.7 percent gain.
The stock has also been buoyed by expectations that SK hynix will pursue a US American depositary receipt listing. Analysts say a Nasdaq debut could broaden its investor base and help narrow its valuation gap with overseas peers such as Micron Technology.
Hanwha Investment & Securities analyst Park Jun-young recently raised his target price for SK hynix to 4.3 million won, citing improving earnings visibility and the company's leadership in the HBM market.
Park said Korean memory chipmakers are beginning to shake off their longstanding valuation discount as long-term supply agreements and robust demand for AI memory improve earnings predictability.
"An ADR listing would give SK hynix a chance to be valued alongside comparable companies in the US market," he said.
He added that SK hynix's technology lead and growing appeal to global investors could make a US listing another catalyst for a further rerating of the stock.
yeeun@heraldcorp.com
