South Korean chip manufacturer SK Hynix has crossed the $1 trillion market cap, joining the ranks of Samsung Electronics (OTC:SSNLF) and Micron Technology (NASDAQ:MU) in the memory chip sector.
On Wednesday, SK Hynix’s shares ended the session with a 9.3% increase, after peaking at 14.9% during the session. This rise propelled the company’s market value to a record 1,680 trillion won ($1.12 trillion), pushing the KOSPI index to an all-time high.
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Earlier this month, competitor Samsung also crossed the $1 trillion market cap. This makes South Korea the first nation outside the U.S. to have multiple companies achieve this market value. Only three Asian companies, including Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), have reached the $1 trillion milestone.
Surging demand for high-end memory chips used in AI systems like NVIDIA's (NASDAQ:NVDA) has tightened global supply and sharply increased prices, boosting profits for major chipmakers. Memory chip prices doubled in the first quarter and are expected to rise as much as 63% this quarter as AI data center demand strains supplies for smartphones, laptops, and automobiles.
