SK Hynix Climbs to 93.2% of Samsung Market Value, Putting No. 1 Crown in Play

Market-cap gap narrows from 54% to the 6% range in a year

SK Hynix jumps 977% while Samsung gains 429%

A move into the 5% range could open the door to a change at the top

The market-capitalization gap between SK Hynix Inc. and Samsung Electronics Co. has narrowed to single digits. A year ago, SK Hynix was worth less than half of Samsung by market value. As of the May 28 close, it had climbed to 93.2% of Samsung’s market capitalization. That has intensified market attention on whether the ranking of South Korea’s leading chip stocks could change.

SK Hynix, once worth less than half of Samsung, climbs to 93.2

According to an analysis published May 28 by the Korea CXO Institute, a corporate research firm, Samsung Electronics had a market capitalization of about 175.0 trillion won at the close that day, while SK Hynix stood at about 163.1 trillion won. Using Samsung as a base of 100, SK Hynix had risen to 93.2. The gap between the two was 6.8%.

Their share-price moves also diverged. SK Hynix closed up 2.05% from the previous session at 228,900 won, while Samsung Electronics fell 2.44% to 59,500 won. With the two stocks moving in opposite directions on the same day, the market-cap gap narrowed to single digits.

The change looks even starker compared with a year earlier. On May 28, 2025, Samsung Electronics had a market capitalization of 330.9077 trillion won, compared with 151.4244 trillion won for SK Hynix. The ratio between the two then was 100 to 45.8. SK Hynix was worth less than half of Samsung at the time.

The gap then narrowed before widening again. On June 16, 2025, SK Hynix had a market capitalization of 180.5 trillion won, while Samsung stood at 338.6 trillion won, putting the ratio at 100 to 53.3. By June 30, 2025, Samsung was at about 353 trillion won and SK Hynix at about 212 trillion won, narrowing the ratio to 100 to 60.

The move was not one-way, however. On Aug. 21, 2025, the gap reached its widest point in the past year. Samsung Electronics was then valued at 417.9264 trillion won, while SK Hynix stood at 178.3605 trillion won. The ratio fell to 100 to 42.7, widening the gap to 57.3%.

977% vs. 429%: The market split the two

The trend shifted again after November 2025. On Nov. 5, 2025, Samsung Electronics was valued at about 595 trillion won, while SK Hynix stood at about 421 trillion won, narrowing the ratio to 100 to 70.8. That brought the gap below 30%.

The distance narrowed further in May. On May 11, 2026, Samsung Electronics had a market capitalization of about 166.9 trillion won, versus about 133.9 trillion won for SK Hynix. The ratio rose to 100 to 80.3, and the gap narrowed to 19.2%. By May 28, it had fallen below 10% for the first time, reaching the single-digit range.

The Korea CXO Institute said Samsung Electronics’ market capitalization rose 429.1% over the past year, while SK Hynix surged 977.5%. That suggests investors have assigned sharply different valuations to the two chipmakers despite their being in the same industry. The shift has fueled discussion that market views are diverging even within the semiconductor sector. Even so, whether the top ranking changes will depend on future share-price moves, industry conditions and investor sentiment.

SK Hynix ranked first last year in operating profit on both a standalone and consolidated basis, and in net profit on a standalone basis. More recently, President Kwak Noh-jung has also been cited as taking the top spot long held by Samsung in the ranking of South Korea’s richest non-owner stockholders.

Oh Il-sun, head of the Korea CXO Institute, said Samsung Electronics’ market capitalization rose about 429% over the past year, while SK Hynix gained more than 977%. During a period when Samsung faced an intense labor-management standoff over issues including performance bonuses, SK Hynix quietly built momentum and closed in on Samsung’s market value, he added.

If SK Hynix eventually takes the crown as South Korea’s most valuable listed company, Samsung Electronics would lose another title it has long held, Oh said. That could slightly shake Samsung’s standing as a company that has built a strong domestic reputation around its No. 1 status.

Hong Min-seong, Hankyung.com reporter mshong@hankyung.com