Key Takeaways
- For the first time in over two decades, SK Hynix momentarily surpassed Samsung Electronics in market valuation on Monday, both reaching approximately $1.35 trillion
- Export data from South Chungcheong Province shows Samsung’s HBM shipments increased 79% from April to May, per Bernstein’s analysis
- Analysts at Bernstein project Samsung’s second-quarter 2026 HBM revenue will expand 58% sequentially
- A 30% increase in Samsung’s value-per-weight measurement during May suggests HBM4 production acceleration, according to Bernstein
- Year-to-date performance shows SK Hynix climbing over 340% while Samsung has posted approximately 200% gains
For more than a quarter-century, Samsung Electronics maintained its position as South Korea’s top company by market capitalization — that changed on Monday.
Samsung Electronics Co., Ltd., SMSD.L
SK Hynix momentarily eclipsed Samsung’s valuation, climbing 5.7% to hit 2,082.5 trillion won (approximately $1.35 trillion). Samsung trailed slightly at 2,081.3 trillion won following a modest 0.4% daily increase.
The performance divergence between these semiconductor giants has expanded throughout 2026. SK Hynix has surged more than 340% year-to-date, while Samsung has recorded gains near 200% — substantial, yet distinctly different trajectories.
Both manufacturers are benefiting from artificial intelligence-fueled demand for advanced memory solutions. However, investors are increasingly favoring SK Hynix due to its dominant position supplying high-bandwidth memory to AI chip manufacturers.
For Samsung, emerging indicators suggest potential narrowing of this performance gap. Regional trade statistics examined by Bernstein reveal that Samsung’s HBM shipments from South Chungcheong Province — its primary HBM packaging hub — soared 79% sequentially in May and climbed 55% compared to February levels.
Next-Generation Memory Production Accelerates
The expansion in Samsung’s export volumes tells only part of the story. Bernstein monitors a value-per-weight calculation that serves as a proxy for HBM pricing dynamics. Samsung’s metric increased 30% during May while SK Hynix’s remained unchanged.
According to Bernstein’s interpretation, this pattern indicates Samsung is scaling up HBM4 production — representing its latest-generation offering — rather than experiencing broad-based pricing increases across all HBM variants. Since HBM4 carries premium pricing, a product mix transition toward this technology would naturally elevate the value metric.
South Korea’s aggregate HBM exports reached unprecedented levels in May, advancing 13% month-over-month and 15% above February totals.
Bernstein’s financial modeling now anticipates Samsung’s second-quarter 2026 HBM revenue will climb 58% sequentially. While robust, the firm acknowledges this projection falls short of its internal estimates — attributed to postponements connected with Nvidia’s Rubin platform launch.
Market Leader Maintains Edge While Challenger Advances
SK Hynix’s May export patterns presented a contrasting narrative. Shipment volumes from North Chungcheong and Icheon facilities declined 9% versus April and dropped 3% from February. Despite this, Bernstein’s model anticipates 25% quarter-over-quarter HBM revenue expansion for SK Hynix in Q2, though marginally below the firm’s projections.
SK Hynix achieved membership in the trillion-dollar market cap club alongside Samsung and Micron in May, propelled by AI infrastructure investment.
HBM pricing remained stable throughout May even as conventional memory prices experienced significant turbulence during the identical timeframe. Value-per-weight measurements for HBM maintained consistency 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 during the same period.
