Over the last decade, Samsung Electronics, SK Hynix, and Micron Technology have witnessed their collective market capitalization soar from $254 billion to $4.1 trillion, primarily fueled by the escalating demand for memory in artificial intelligence.
All three manufacturers crossed the $1 trillion cap in May 2026, marking a historic milestone. Samsung led on May 6, followed by Micron on May 26 and SK Hynix on May 27.
In early 2026, Samsung’s stock rose 149%, SK Hynix climbed 215%, and Micron surged 245%.
This valuation equates to Japan's entire GDP, with Samsung, SK Hynix, and Micron ranking 11th, 12th, and 13th globally by market cap.
High-bandwidth memory (HBM) is essential for AI accelerators, with SK Hynix leading the HBM market with 61% share, while Samsung holds 17% and Micron 21%. In June 2026, SK Hynix briefly surpassed Samsung as South Korea's most valuable company.
Unlike traditional memory demand, driven by consumer spending, AI infrastructure expenditure is supported by corporate investments from firms like Microsoft and Google. These companies are securing multi-year supply agreements, bolstering revenue predictability.
The concentration of HBM manufacturing among three companies presents supply chain risks due to potential disruptions. Micron's significant gain positions it advantageously amid a U.S. push for onshore semiconductor manufacturing, a policy not equally available to its competitors, despite their plans for U.S. facilities.