Samsung has lost its status as South Korea's most valuable company. It has been overtaken by a competitor

Shares of memory chip maker SK Hynix jumped 3.7% during trading on Monday, June 22. This gave the company a market capitalization of 2,082 trillion won (about $1.3 trillion) and allowed it to surpass its competitor Samsung Electronics to become South Korea’s most valuable company, according to Investing.com. Over the past year, its value has soared by 1,000%.

SK Hynix has become one of the main beneficiaries of the surging demand for advanced memory chips in the artificial intelligence industry. Along with Samsung and the U.S.-based Micron, the company is one of the few major manufacturers of high-bandwidth memory (HBM), which is used in modern AI processors. SK Hynix is a key supplier to chipmaker Nvidia and recently announced that it has already provided samples of its cutting-edge HBM4 memory to its largest customers, according to Investing.

SK Hynix's stock price also soared as analysts raised their price targets for the company ahead of the listing of its American Depositary Receipts, according to Bloomberg.

According to Reuters sources, SK Hynix plans to conduct an ADR offering in August. However, the details have not yet been finalized, the agency’s sources note. One of them stated that the U.S. Securities and Exchange Commission is likely to approve SK Hynix’s listing application within a week starting June 22. The company confidentially filed documents with the regulator back in March. As one of Reuters’ sources reported at the time, SK Hynix plans to raise up to $14 billion. Korean media outlets are citing figures as high as 40 trillion won ($26 billion)—an amount that has risen amid a strong rally in the company’s stock this year, which has surged 350%, according to The Korea Herald.

This article was AI-translated and verified by a human editor