KOSPI Hits Record as SK Hynix Joins $1 Trillion Club

SEOUL - South Korea's KOSPI stock index hit a record high on Wednesday, as SK Hynix joined Samsung Electronics and Micron Technology in the $1 trillion market capitalization club, fueled by the ongoing AI boom.

The KOSPI surged as much as 5% to 8,450.26, triggering a 'sidecar' halt on algorithmic trading. SK Hynix shares jumped over 11%, pushing its market value to a record $1.08 trillion.

Strong demand for high-end memory chips used in AI processors-such as those from Nvidia-has tightened supply and lifted prices. Samsung Electronics first crossed the $1 trillion mark on May 6, followed by Micron on Tuesday.

Combined, Samsung and SK Hynix now make up 50% of the KOSPI’s market cap. The index has surged 98% this year, with Samsung up 165% and SK Hynix up 245% in 2024.