SK Hynix has overtaken Samsung Electronics to become South Korea’s most valuable listed company, driven by its leadership in high-bandwidth memory (HBM) chips used in AI systems.

The surge reflects a more than 340% rise in SK Hynix’s shares this year as demand for AI infrastructure from companies like Nvidia and Google has accelerated.

This shift highlights how AI has transformed memory chips from commodity products into critical components of advanced computing.

Samsung Electronics, which has led South Korea’s market capitalization rankings since 2000, has been surpassed despite arguing its valuation should include preferred shares, Reuters has reported.

SK Hynix’s rise marks a major turnaround from its near-collapse in the early 2000s and a recent 2023 downturn, followed by a strong recovery fueled by the AI boom.