SK Group’s recent achievement of surpassing KRW 2,000 trillion was driven entirely by the ‘one-top’ system of SK Hynix. According to Korea Exchange data, SK Hynix accounts for a whopping 84% of the combined market capitalization of the group's 19 listed companies exceeding 2,000 trillion won. This proves that the entire corporate value of the group is actually influenced by the semiconductor industry. Close cooperation with NVIDIA, the unrivaled leader in the AI ​​accelerator market, and the overwhelming superiority of high-bandwidth memory (HBM) technology served as key drivers for the stock price rise. As a result, SK Hynix has grown the size of the group by leaps and bounds, demonstrating performance that exceeds market expectations and future growth value.

But this overwhelming dependence can be a double-edged sword for investors. The fact that the absolute majority of the group's market capitalization is concentrated in specific stocks implies the risk that the entire group's market capitalization may fluctuate rapidly if the semiconductor industry cycle enters a downward phase. Of course, affiliates such as SK Square, SK Telecom, and SK Innovation are working hard in their respective fields, but the size difference is large enough to offset or complement the enormous energy radiated by Hynix. The market capitalization of KRW 2,000 trillion is certainly a glorious milestone, but it also served as an opportunity to once again raise the chronic problem of 'dependence on Hynix'.

Meanwhile, the gap with Samsung Group, which ranks first in the business world, is still maintained at more than 500 trillion won. Samsung Group's vast affiliates, led by Samsung Electronics, form a diverse industrial portfolio and have a market capitalization of 2,500 trillion won. There is a significant difference in business model between Samsung Electronics becoming the first individual stock to reach a market capitalization of 2,000 trillion won and SK Hynix raising the entire group to the 2,000 trillion won range. While Samsung adopts a strategy of securing stable revenue sources through a diversified business structure, SK uses a strategy of securing global No. 1 competitiveness in specific fields through selection and concentration. These differences in the strategies of the two companies are expected to exert different aspects of competitiveness in the future battle for market share in the global market.

Market experts note that global investment in artificial intelligence will not stop anytime soon. The supply issue of NVIDIA's next-generation platform 'Rubin' and the speed of development of next-generation memory such as HBM4 and HBM4E are factors that make SK Hynix's future value brighter. It is also positive that semiconductor investment sentiment has improved as geopolitical risks from the Middle East have eased somewhat. However, due to the nature of the memory semiconductor market, demand is highly volatile and astronomical investment in facilities must continue to overcome technological entry barriers, which is an eternal challenge for the group. Ultimately, in order to achieve sustainable growth beyond the 2,000 trillion won figure, it is essential to discover new growth engines other than semiconductors and to develop a management strategy that maximizes synergy between affiliates.