South Korea's Kospi hits record as SK Hynix joins US$1 trillion club after Samsung, Micron

South Korea’s Kospi index hit a record high on May 27 as SK Hynix became the third company to surpass a $1 trillion market cap, joining Samsung Electronics and Micron Technology amid an AI-driven surge in demand for memory chips. The rally pushed SK Hynix’s market value to $1.08 trillion, while Samsung and SK Hynix together accounted for half of the Kospi’s total market capitalization, with all three companies seeing massive year-to-date gains." "article": "South Korea’s benchmark Kospi stock index reached an all-time high on May 27, driven by SK Hynix’s entry into the $1 trillion market capitalization club, following Samsung Electronics and Micron Technology. The index surged as much as 5 percent to 8,450.26, triggering a temporary halt on algorithmic trading due to rapid gains. SK Hynix’s shares jumped 11.1 percent, lifting its market value to a record 1,624 trillion won ($1.08 trillion). The rally was fueled by strong demand for high-end memory chips used in AI chipsets, particularly those from Nvidia, which has tightened supply and increased prices globally. Samsung Electronics also saw its shares rise 8 percent to a new record, while Micron Technology had joined the $1 trillion club the previous day. Together, Samsung and SK Hynix now represent half of the Kospi’s total market capitalization. The Kospi has been the world’s top-performing index this year, rising 98 percent in 2024 after a 76 percent gain in 2023. Samsung’s shares have climbed 165 percent year-to-date, while SK Hynix and Micron have surged 245 percent and 214 percent, respectively, reflecting the broader AI-driven boom in semiconductor demand.