Who rules Kospi? Samsung, SK hynix locked in battle for No. 1 - The Korea Herald

The rivalry between South Korea's two chip giants, Samsung Electronics and SK Hynix, has intensified amid the AI-driven memory boom. On June 22, 2024, SK Hynix briefly overtook Samsung in market capit... Read original →

SK hynix’s brief overtaking of Samsung signals a tectonic shift driven by AI memory demand: its HBM3E already commands ~70% global share, fueled by NVIDIA and Microsoft server ramps. Samsung, despite leadership in 3nm GAA logic and EUV, suffers valuation drag from legacy DRAM/NAND exposure—revealing the vulnerability of its 'full-stack' strategy in an era of vertical specialization. Upstream, ASML will prioritize EUV tools for HBM stacking; downstream, cloud providers fast-track SK hynix’s CoWoS-compatible validation. Tighter Korean buyback rules—barring offshore debt funding—force Samsung to deploy ₩90 trillion in cash, propping up shares at the cost of advanced packaging R&D. Within 18 months, if SK hynix locks in HBM4 volume production and integrates into TSMC’s CoWoS 2.0 ecosystem, its market cap lead could solidify. Samsung risks structural discounting unless it breaks through in CXL memory or AI-optimized custom chips.