SK Hynix Overtakes Samsung via HBM Dominance, US Listing Hopes - 조선일보

Driven by the surge in demand for AI chips, SK Hynix overtook Samsung Electronics on June 22, 2026, to become the top market capitalization company in South Korea's KOSPI index. This shift is largely ... Read original →

SK Hynix’s ascent to South Korea’s top market cap—fueled by its HBM dominance and 72% operating margin—signals that AI memory has become the semiconductor industry’s new profit epicenter. This shift accelerates adoption of 3D stacking, TSV, and EUV in DRAM manufacturing and pressures TSMC to expand CoWoS capacity for HBM3e/4 integration. However, with 30% of its output tied to fabs in Wuxi and Dalian, U.S. export controls pose acute supply chain and compliance risks. Samsung will likely counter with aggressive GDDR7/LPDDR6 roadmaps or even acquire Micron’s HBM assets, while Micron lobbies Washington for licensing relief to win NVIDIA’s GB200 contracts. A successful Nasdaq ADR listing this summer could inject $14B into SK Hynix’s Yongin cluster, triggering a capital arms race. Within 18 months, HBM supply will consolidate further, marginalizing smaller players and cementing a ‘winner-takes-most’ dynamic.