Key Takeaways
- For the first time since 2000, SK Hynix momentarily surpassed Samsung Electronics in market valuation on Monday, both reaching approximately $1.35 trillion
- Data from Bernstein shows Samsung’s high-bandwidth memory exports from South Chungcheong Province increased 79% month-over-month in May
- Analysts at Bernstein project Samsung’s HBM revenue for Q2 2026 will increase 58% compared to the previous quarter
- A 30% increase in Samsung’s “value per weight” indicator during May suggests the company is ramping up HBM4 production, according to Bernstein
- While Samsung gained 200% this year, SK Hynix stock has climbed over 340% in the same period
For more than a quarter-century, Samsung Electronics maintained its position as the highest-valued company in South Korea — but that streak ended on Monday.
Samsung Electronics Co., Ltd., SMSD.L
In a historic shift, SK Hynix momentarily surpassed Samsung’s market capitalization, climbing 5.7% to achieve a valuation of 2,082.5 trillion won (approximately $1.35 trillion). Samsung followed closely with 2,081.3 trillion won, posting a modest 0.4% gain during the session.
This narrowing competitive landscape has been developing throughout the year. SK Hynix shares have soared over 340% in 2026, while Samsung posted approximately 200% gains — substantial performance, yet the momentum clearly favors its rival.
Both semiconductor giants are benefiting from robust AI-related demand for advanced memory solutions. However, investors are increasingly favoring SK Hynix due to its dominant position in supplying HBM chips to artificial intelligence processors.
Yet new data suggests Samsung may be narrowing this competitive divide. Bernstein’s examination of South Korean trade statistics reveals that Samsung’s HBM shipments from South Chungcheong Province — its primary HBM packaging facility — surged 79% compared to April, representing a 55% increase from February levels.
Evidence of HBM4 Production Scaling
The acceleration in Samsung’s export activity extends beyond simple quantity metrics. Bernstein monitors a “value per weight” indicator that serves as a proxy for HBM pricing dynamics. Samsung’s metric climbed 30% in May, while SK Hynix’s remained unchanged.
According to Bernstein, this discrepancy strongly indicates Samsung is scaling production of HBM4 — its advanced next-generation offering — rather than experiencing broad-based pricing improvements across all HBM products. Since HBM4 carries premium pricing, an increased proportion in the product mix would naturally elevate this metric.
South Korea’s aggregate HBM exports reached unprecedented levels in May, climbing 13% from the previous month and 15% compared to February.
Bernstein’s analytical framework now anticipates Samsung will achieve 58% quarter-over-quarter HBM revenue growth in Q2 2026. While this represents robust expansion, the research firm acknowledges it remains below their internal projections — potentially reflecting timeline adjustments related to Nvidia’s Rubin platform deployment.
SK Hynix Maintains Advantage, Though Samsung Shows Progress
The May export data painted a contrasting picture for SK Hynix. Shipment volumes from its North Chungcheong and Icheon facilities decreased 9% compared to April and declined 3% versus February. Nevertheless, Bernstein anticipates 25% sequential HBM revenue growth for SK Hynix in Q2, albeit marginally below the firm’s expectations.
In May, SK Hynix achieved a significant milestone by joining Samsung and Micron in the exclusive $1 trillion market capitalization club, propelled by AI-related semiconductor demand.
HBM pricing remained stable throughout May despite significant fluctuations in traditional memory chip prices, which experienced sharp increases during the period. HBM value per weight metrics remained within established ranges, especially for SK Hynix.
Samsung’s shares advanced 0.14% on Monday’s trading session. Micron (MU) posted an 8.70% gain during the same period.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
