SK Hynix's time in the trillion-dollar club lasted just 10 days.
After crossing the $1 trillion market cap threshold on May 27, the South Korean memory chipmaker saw its valuation slide to approximately $943 billion following a single-session selloff. The stock dropped nearly 10% in one day, though shares have still risen more than 800% over the past year.
SK Hynix became the third Asian company to hit the trillion-dollar mark, joining Samsung Electronics and Micron Technology. The roughly $57 billion evaporation in market value serves as a reminder that memory chip stocks remain cyclical.
The company has positioned itself as the dominant supplier of High Bandwidth Memory (HBM), the specialized DRAM powering AI accelerators and data center GPUs. SK Hynix holds over 57% market share in the HBM segment and reported record Q1 2026 results with operating margins around 72%.
For investors, the bullish case centers on SK Hynix's HBM market control and elevated margins, driven by insatiable demand from hyperscale data centers. However, memory chips are notoriously cyclical. As Samsung and other competitors bring additional HBM capacity online, pricing pressure is almost inevitable. Traders should monitor broader semiconductor sentiment and any signals about AI spending growth rates.