SK Hynix closes in on Samsung as AI chip demand surges

The market capitalization gap between SK Hynix and Samsung Electronics has narrowed to a record low, driven by SK Hynix’s gains in high-bandwidth memory (HBM) chips critical for AI.

On November 7, SK Hynix’s market cap reached 422.2 trillion won (US$290billion), about 73% of Samsung’s 580.7 trillion won (US$398.9 billion), according to local stock exchange data.

SK Hynix shares have surged 122% over the past three months, compared with Samsung’s 39% rise.

Analysts cite SK Hynix’s early supply of HBM3E chips to Nvidia and strong memory demand as key drivers.

Samsung said it has also begun supplying HBM3E chips and shipped HBM4 samples.

Foreign investors recently sold 6.1 trillion won (US$4.2 billion) of SK hynix shares while increasing their holdings in Samsung.

🔗 Source: The Korea Times

🧠 Food for thought

Implications, context, and why it matters.

SK hynix leads on timing with a thin moat

SK hynix held 62% of the High Bandwidth Memory (HBM) market in Q2 2025 and remains Nvidia’s main supplier 1 2. Samsung passed Nvidia’s 12‑layer HBM3E checks and will start limited shipments as the third source 1 2.
Samsung hit 11 Gbps for HBM4, ahead of SK hynix at 10 Gbps 1 3. The focus shifts to 2026 to 2027 output where Samsung’s money, cleanroom space, and a sixth‑generation 10‑nanometer‑class dynamic random‑access memory (DRAM) process could lift share above 30% 1 3. Wells Fargo’s Andrew Rocha says Samsung could cut prices to win share 3.

Advanced packaging growth opens lanes for equipment suppliers and OSAT partners

Taiwan Semiconductor Manufacturing Co. (TSMC) plans to lift Chip‑on‑Wafer‑on‑Substrate (CoWoS) capacity to 75,000 to 80,000 wafers per month in 2025 from 30,000 to 35,000 in 2024 4 5. It targets over 100,000 by 2026 with help from ASE Technology and Amkor, both outsourced semiconductor assembly and test (OSAT) firms 4 5.
ASMPT supplies thermo‑compression bonding (TCB) tools; BE Semiconductor Industries (BESI) sells hybrid bonders 5. Onto Innovation and Camtek focus on inspection/metrology; SUSS MicroTec offers lithography plus wafer bonding tools 5.
Sales of advanced packaging gear could rise over 10% in 2024 then top 20% in 2025 6. Samsung, SK hynix, and Micron plan new HBM packaging sites across the US; South Korea; Taiwan; and Singapore 6.
ASE handles 40% to 50% of outsourced CoWoS‑S assembly for TSMC 7. Rising capacity creates openings for specialized assembly and test firms 7.