SK hynix has closed in to as much as 95% of Samsung Electronics' market capitalization, narrowing the gap between the two to a record low. Riding the expansion of the artificial intelligence (AI) semiconductor market, SK hynix has sustained steep growth, signaling a tectonic shift in the Samsung Electronics-centered market cap landscape that had held firm for about 27 years since 2000.
According to the Korea Exchange (KRX) on the 22nd, as of the close on the 19th, Samsung Electronics' market cap stood at 2,069 trillion won and SK hynix at 1,969 trillion won. SK hynix's market cap was 95.17% of Samsung Electronics', surpassing the previous high of 93.17% on May 28. Intraday, SK hynix's market cap at one point swelled to around 2,051 trillion won.
Even when including Samsung Electronics' preferred shares in the calculation, the gap has narrowed sharply. SK hynix's ratio to the combined market cap of Samsung Electronics' common and preferred shares came to 87.63%. That far exceeds the 10-year average of 22%.
Samsung Electronics has held the No. 1 spot in Korea's stock market by market capitalization since 2000. In the 1990s, Korea Electric Power Corporation maintained the top market cap for a long period, and in 1999 KT rose to the lead. Samsung Electronics then was in third place by market cap behind Korea Electric Power Corporation and POSCO, but it rapidly bulked up and took the market throne in 2000. Since then, for about 27 years, it has not once relinquished the No. 1 position.
The gap between the two is narrowing quickly alongside growth in the AI Semiconductor market. While Samsung Electronics' share price climbed about 498% from 59,800 won a year ago to 354,000 won at the most recent close, SK hynix surged 1,024% over the same period.
The market says an early lead in the high-bandwidth memory (HBM) market played a decisive role. SK hynix has established itself as a key supplier to Nvidia and is reaping direct benefits from expanding AI infrastructure investment. By contrast, Samsung Electronics has a vast business portfolio beyond semiconductors—smartphones, appliances, and displays—so the boom in AI memory is seen as relatively dispersed.
Park Sang-hyun, an analyst at iM Securities, said, "While Samsung Electronics holds a diverse business portfolio, SK hynix's focus on semiconductors had an effect," adding, "With strong expectations for a continued super-boom cycle in semiconductor exports, the market cap race between the two will become even fiercer."
SK hynix's push to list American depository receipts (ADR) is also strongly stoking investor sentiment. Brokerages say that if an ADR listing materializes, overseas investor access will improve markedly, and over the longer term, potential inclusion in a global semiconductor index could open up, giving SK hynix a springboard for another step-up in valuation.
Lee Jae-won, an analyst at Yuanta Securities Korea, said, "Since the 'Black Monday' on the 8th, SK hynix's relative strength has stood out during the index normalization process," adding, "If ADR listing happens as early as July, not only will overseas investor access improve, but over the long term inclusion in the Philadelphia Semiconductor Index is also possible."
What is notable is that despite SK hynix's chase, Samsung Electronics is also hitting an all-time high in corporate value. Early this month, Samsung Electronics became the first domestically listed company to top 2,000 trillion won in market cap and then again overtook Bitcoin in the global asset rankings. The gap between the two is narrowing, but Samsung Electronics is also rapidly bulking up on expectations it will benefit from AI Semiconductor.
According to the market cap tracker CompaniesMarketCap, as of the 19th Samsung Electronics' market cap was about $1.522 trillion, ranking 12th in the global asset standings. Bitcoin was about $1.276 trillion, in 15th place. The gap between the two market caps was about $246 billion. SK hynix, with a market cap of about $1.248 trillion, ranked 16th in the global asset standings and is closing in on Bitcoin.