SK hynix's market cap is approaching Samsung Electronics, with the two Korean semiconductor giants competing increasingly fiercely in the HBM supply market.

SK Hynix's market capitalization has approached 95% of Samsung Electronics' market capitalization, with the gap between the two reaching a historic low. Riding the wave of the artificial intelligence (AI) chip market expansion, SK Hynix has maintained steep growth, signaling that the market capitalization landscape centered on Samsung Electronics for approximately 27 years since 2000 is undergoing structural transformation.

According to the Korea Exchange (KRX) on June 22, as of the close on the 19th, Samsung Electronics' market capitalization stood at 2.069 trillion Korean won, while SK Hynix was at 1.969 trillion Korean won. SK Hynix's market capitalization reached 95.17% of Samsung Electronics', surpassing the previous record high of 93.17% set on May 28. During intraday trading, SK Hynix's market capitalization expanded to approximately 2.051 trillion Korean won at one point.

Even if Samsung Electronics' preferred shares are included in the calculation, the gap between the two has narrowed significantly. SK Hynix's market capitalization compared to Samsung Electronics' combined market capitalization of common and preferred shares reached 87.63%, far above the ten-year average of 22%.

Since 2000, Samsung Electronics has maintained the top market capitalization position in the Korean stock market. In the 1990s, Korea Electric Power Corporation held the highest market capitalization; in 1999, KT Group rose to the top position. At that time, Samsung Electronics ranked third in market capitalization, behind only Korea Electric Power Corporation and POSCO, but it expanded rapidly and ascended to the market cap throne in 2000. Since then, for nearly 27 years, it has never relinquished its top position.

As the AI chip market grows, the gap between the two is rapidly narrowing. While Samsung Electronics' stock price rose from 59,800 Korean won a year ago to recently 354,000 Korean won, an increase of approximately 498%, SK Hynix gained 1,024% over the same period.

The market believes that SK Hynix's early leadership in the high bandwidth memory (HBM) market has played a decisive role. SK Hynix has established itself as a key supplier to NVIDIA and is benefiting directly from the expansion of AI infrastructure investment. In contrast, Samsung Electronics maintains a broad business portfolio extending beyond semiconductors—smartphones, home appliances, and displays—so the AI memory boom's impact is relatively dispersed for it.

iM Securities analyst Park Sang-hyun stated: "While Samsung Electronics has a diversified business portfolio, SK Hynix's focused strategy on semiconductors has proven effective." He added, "Given strong expectations for continued super-cycle growth in semiconductor exports, the market capitalization competition between the two will become increasingly intense."

SK Hynix's push to list American Depositary Receipts (ADRs) is also strongly stimulating investor sentiment. Brokerages stated that if ADR listing materializes, the difficulty for overseas investors to gain access will clearly decrease. From a long-term perspective, the possibility of inclusion in global semiconductor indices could also open, laying the foundation for SK Hynix's valuation to reach the next level.

Yuanta Securities Korea analyst Lee Jae-won stated: "Since June 8's 'Black Monday,' SK Hynix's relatively strong performance during the index normalization process stands out." He added, "If ADR listing is achieved as early as July, not only will overseas investors' access difficulties improve, but from a long-term perspective, inclusion in the Philadelphia Semiconductor Index is also possible."

Notably, while SK Hynix is catching up, Samsung Electronics' enterprise value is also reaching record highs. Earlier this month, Samsung Electronics became the first domestic listed company whose market capitalization surpassed 2 trillion Korean won, subsequently surpassing Bitcoin again in global asset rankings. While the gap between the two is narrowing, Samsung Electronics is also rapidly expanding based on expectations of benefiting from AI chips.

According to market capitalization tracking website CompaniesMarketCap, as of the 19th, Samsung Electronics' market capitalization was approximately 1.522 trillion US dollars, ranking 12th in global assets. Bitcoin was approximately 1.276 trillion US dollars, ranking 15th, with a market cap difference of approximately 246 billion US dollars between the two. SK Hynix's market capitalization was approximately 1.248 trillion US dollars, ranking 16th in global asset rankings and approaching Bitcoin.