SK Hynix Overtakes Samsung Electronics in KOSPI Market Cap - 조선일보

SK Hynix has overtaken Samsung Electronics to become the top company by market capitalization on the KOSPI, marking the first time since 1999 that Samsung has lost its position as the market's bellwet... Read original →

SK Hynix’s KOSPI market cap lead reflects AI-driven HBM demand crystallizing into valuation premiums. Its focused memory strategy intensifies upstream pressure on EUV and TSV supply chains, forcing equipment makers to prioritize 3D stacking capabilities. Samsung, burdened by dual investments in 3nm logic and DRAM, lags in HBM3E yield ramp—exacerbating exposure to U.S.-Netherlands export controls on advanced lithography tools. TSMC may leverage this gap to bundle CoWoS with HBM, marginalizing Samsung Foundry, while Micron accelerates HBM4 to reclaim technical leadership. Over the next 18 months, SK Hynix must convert its HBM dominance into ecosystem control over advanced packaging; otherwise, its valuation edge risks erosion. This isn’t a blip—it’s a structural repricing of pure-play AI semiconductor equities.