At the core of this market capitalization phenomenon is a game changer called ‘HBM (High Bandwidth Memory).’ In the past, memory semiconductors were classified as a typical cyclical industry where performance fluctuated depending on the economic cycle, but SK Hynix completely broke this equation through close technological cooperation with global big tech companies, including NVIDIA. In particular, we have secured an overwhelming lead in the HBM market, which is essential for AI learning in data centers, and have been elevated from a simple parts supplier to a key partner in the AI ​​industry. Securities companies highly value this improvement in fundamentals and analyze that the long-term supply agreement (LTA) that guarantees SK Hynix's future profitability and HBM's stable pricing structure have significantly reduced past profit volatility. As a result, SK Hynix escaped the undervaluation phase in the global semiconductor sector based on its technological superiority and entered the path of re-rating.

While SK Hynix's dominance continues, the progress of its parent company, SK Square, has also emerged as a hot potato in the market. Investors are concentrating their purchases on the holding company, SK Square, in order to fully enjoy the huge asset value of SK Hynix, and this, combined with the regulation of stock inclusion limits for institutional investors, has resulted in maximizing the amount of increase. SK Square is gradually resolving the holding company discount factors that have been hidden in unlisted subsidiaries through business restructuring. The enormous equity method profits and dividend income generated from Hynix solidly support SK Square's financial structure, and expectations that the shareholder return policy will be further strengthened in the future are strongly stimulating investment sentiment. Now, SK Square is going beyond a simple holding company and is strengthening its identity as an aggressive investment platform centered on the semiconductor value chain.

Meanwhile, with this ranking change, Samsung Electronics faces both the light and the dark of its diversified business portfolio. Samsung Electronics' structure, which operates in various business areas such as smartphones and home appliances in addition to semiconductors, has strengths in terms of stability, but the prevailing analysis is that it has actually acted as a weakness in terms of concentration in the current market environment where explosive demand for AI semiconductors is concentrated. Some in the market remind us that Samsung Electronics is still the largest company in Korea considering its total market capitalization, including Samsung Electronics' preferred stocks, and are also wary of the possibility that changes in rankings based on common stocks may be a short-term overheating. Nevertheless, the fact that Samsung Electronics lost the symbolic number one position it had maintained since 1999 is clear evidence of the harsh reality that the pace of technological change is much faster than the company's history.

The market's attention is now shifting to SK Hynix's push for ADR listing in the US. This listing, which will directly compare and evaluate technology in the global capital market, is expected to be an important opportunity for SK Hynix to raise funds and prove its corporate value on an equal footing with global competitors such as Micron. However, the company is maintaining a cautious stance that no decisions have been made regarding the timing of listing, issuance volume, price per share, etc., so hasty speculation based on unconfirmed information should be avoided. Currently, securities companies are presenting aggressive forecasts, such as significantly raising SK Hynix's target stock price to over 4 million won, but it is a time when cautious investment is needed, taking into account external macroeconomic indicators and the volatility of the global semiconductor industry. Watching how a company that has built a technological moat leaps to become a global champion based on market trust is the most important observation point in our current stock market.