Key Takeaways
- For the first time in over two decades, SK Hynix momentarily surpassed Samsung Electronics in market capitalization on Monday, both hovering around $1.35 trillion
- Data analysis from Bernstein reveals Samsung’s high-bandwidth memory exports from South Chungcheong Province increased 79% sequentially in May
- Analysts at Bernstein project Samsung’s HBM revenue will expand 58% quarter-over-quarter in Q2 2026
- A 30% increase in Samsung’s “value per weight” metric during May suggests the company is ramping next-generation HBM4 production
- Year-to-date performance shows SK Hynix stock climbing over 340%, significantly outperforming Samsung’s 200% rally
For more than a quarter century, Samsung Electronics maintained its position as South Korea’s largest company by market value — that streak ended Monday.
Samsung Electronics Co., Ltd., SMSD.L
In a historic shift, SK Hynix temporarily claimed the top spot with its market capitalization reaching 2,082.5 trillion won (approximately $1.35 trillion) following a 5.7% daily gain. Samsung followed closely with a valuation of 2,081.3 trillion won after a modest 0.4% increase.
The competitive landscape has shifted dramatically throughout 2026. SK Hynix shares have skyrocketed more than 340% year-to-date, while Samsung’s approximately 200% advance, though substantial, hasn’t kept pace.
Both semiconductor giants are capitalizing on surging artificial intelligence demand for advanced memory solutions. However, investors are increasingly favoring SK Hynix due to its dominant position supplying high-bandwidth memory to leading AI chip manufacturers.
Yet recent developments suggest Samsung may be closing the competitive divide. Bernstein’s examination of South Korean trade statistics uncovered a 79% month-over-month spike in Samsung’s HBM shipments from South Chungcheong Province — the company’s primary HBM packaging facility — during May. Compared to February levels, shipments climbed 55%.
Evidence of HBM4 Production Acceleration
The dramatic increase in Samsung’s export volumes tells only part of the story. Bernstein monitors a “value per weight” indicator to gauge HBM pricing dynamics. Samsung’s metric jumped 30% in May while SK Hynix’s remained unchanged.
According to Bernstein analysts, this disparity strongly suggests Samsung is scaling up production of HBM4 — its advanced next-generation memory product — rather than experiencing broad-based price appreciation across its entire HBM portfolio. Since HBM4 carries premium pricing, an increased product mix would naturally elevate this metric.
South Korea’s aggregate HBM exports reached an all-time peak in May, advancing 13% from April and 15% compared to February levels.
Bernstein’s financial models now anticipate Samsung’s second-quarter 2026 HBM revenue will surge 58% sequentially. While impressive, analysts note this projection remains below their internal expectations — potentially reflecting postponements associated with Nvidia’s Rubin platform transition.
SK Hynix Maintains Advantage as Samsung Gains Momentum
SK Hynix’s May export data painted a contrasting picture. Shipments from its North Chungcheong and Icheon facilities declined 9% month-over-month and slipped 3% versus February. Despite this softness, Bernstein’s models predict 25% quarter-over-quarter HBM revenue expansion for SK Hynix in Q2, albeit marginally below the firm’s projections.
SK Hynix recently joined Samsung and Micron in achieving trillion-dollar market capitalization status during May, propelled by artificial intelligence-related demand.
HBM pricing remained stable throughout May even as conventional memory chip prices experienced significant volatility and upward pressure during the identical timeframe. The HBM value per weight metric stayed within established ranges, especially for SK Hynix.
Samsung’s shares advanced 0.14% during Monday’s trading session. Micron (MU) posted an 8.70% gain in 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
