SK Hynix’s and Micron’s market caps exceed US$1tn - Taipei Times

The recent surge in memory chip stocks, driven by the artificial intelligence (AI) boom, has pushed SK Hynix and Micron Technology's market caps above $1 trillion for the first time, highlighting the ... Read original →

The AI compute arms race has elevated HBM to the apex of semiconductor value chains. SK Hynix and Micron crossing the $1T market cap threshold reflects not speculative froth but the monetization of a real technology gap. HBM3E and upcoming HBM4 demand exponential increases in EUV layers and TSV stacking yields, directly tightening ASML’s tool backlog and TSMC’s CoWoS capacity. Taiwan, China’s crackdown on illicit AI server exports reveals supply chain vulnerabilities under geopolitical stress, likely forcing customers to pre-commit capacity at higher compliance costs. Samsung will accelerate HBM4 ramp to reclaim share, while NVIDIA may cultivate alternate suppliers to dilute SK Hynix’s pricing power. Over the next 18 months, structural HBM shortages will sustain premium pricing—but if AI cluster deployments lag, a sharp inventory correction could hit by Q2 2027.