For over a quarter-century, Samsung Electronics maintained its position as South Korea’s largest company by market capitalization — that streak ended on Monday.
Samsung Electronics Co., Ltd., SMSD.L
SK Hynix temporarily claimed the top spot in market valuation, climbing 5.7% to reach 2,082.5 trillion won (approximately $1.35 trillion). Samsung followed closely at 2,081.3 trillion won, posting a modest 0.4% increase.
The valuation divergence between these semiconductor giants has intensified throughout the year. SK Hynix has skyrocketed more than 340% in 2026. Samsung’s approximately 200% appreciation, while substantial, reflects a widening performance gap.
This market cap reversal occurs as both chipmakers capitalize on artificial intelligence-fueled demand for high-bandwidth memory solutions. However, investors are increasingly favoring SK Hynix for its dominant position in HBM supply to AI semiconductor manufacturers.
Yet Samsung may be positioning for a comeback. Bernstein’s examination of South Korean trade statistics reveals that Samsung’s HBM shipments from South Chungcheong Province — its primary HBM packaging facility — soared 79% from April to May, representing a 55% increase compared to February levels.
The acceleration in Samsung’s export numbers extends beyond simple volume metrics. Bernstein monitors a “value per weight” calculation that serves as a proxy for HBM pricing dynamics. Samsung’s reading climbed 30% in May while SK Hynix’s remained unchanged.
According to Bernstein, this pattern suggests Samsung is scaling production of HBM4 — its advanced-generation offering — rather than experiencing industry-wide price increases across all HBM products. Since HBM4 carries premium pricing, a product mix shift toward it would naturally elevate this indicator.
South Korea’s aggregate HBM exports reached unprecedented levels in May, advancing 13% month-over-month and 15% above February totals.
Bernstein’s current projections indicate Samsung’s Q2 2026 HBM revenue will expand 58% sequentially. While this represents robust growth, the firm acknowledges it remains below their internal expectations — potentially reflecting postponements connected to Nvidia’s Rubin platform timeline.
SK Hynix’s May export patterns presented a contrasting narrative. Shipments from its North Chungcheong and Icheon facilities declined 9% versus April and dropped 3% compared to February. Despite this, Bernstein’s model anticipates 25% quarter-over-quarter HBM revenue expansion for SK Hynix in Q2, albeit marginally below the firm’s projections.
SK Hynix recently joined Samsung and Micron in achieving the $1 trillion market capitalization threshold during May, propelled by AI infrastructure demand.
HBM pricing remained stable throughout May despite significant fluctuations in traditional memory chip prices, which experienced sharp increases during the identical timeframe. HBM value per weight metrics maintained their established range, especially for SK Hynix.
Samsung’s stock advanced 0.14% on Monday. Micron (MU) surged 8.70% during the same trading session.
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