The Throne Changed Hands — The Week SK Hynix Pushed Samsung Off KOSPI's #1 Spot for the First Time Since the IMF

First Time Since 1999

At the June 22, 2026 close, SK Hynix (000660) finished +5.61% at KRW 2,919,000 for a market cap of KRW 2,080T. Samsung Electronics (005930) closed at KRW 2,067T. The gap is KRW 13T, or about 0.6%. The number is small. What it means is not. For the first time since the post-IMF year of 1999–2000, the top market-cap spot on KOSPI — held by Samsung Electronics for 26 unbroken years — changed hands.

This is not a tick on a leaderboard. It is a signal about which asset Korea's capital market now prices the highest. A single product line — HBM — has produced more market value than Samsung's full diversified electronics stack of phones, appliances, foundry, system LSI and consumer panels. Korea's industrial hierarchy itself was repriced this week.

HBM Made the Throne — But This Story Is Bigger Than HBM

The surface narrative is clean. SK Hynix sits at the center of NVIDIA's HBM supply chain. Hanwha Investment & Securities raised its SK Hynix target to KRW 4.3M on June 21, citing long-term agreements (LTAs) and an HBM-heavy revenue mix that smooths earnings volatility. Korea Investment & Securities kept its sector Overweight, calling earnings momentum still alive.

But the real refraction this week happened off-stage. A June 21 report flagged that commodity DRAM margins have now overtaken HBM margins — supply has tightened that far. June 20 industry forecasts peg the 2026 global memory market at KRW 1,500T, roughly 4x last year. Korean semi exports printed $29.4B in May (+154.29% YoY), $25.2B in April (+158.18%), $24.9B in March (+138.22%) — three straight months above 100% growth. Total Korean exports in the first 20 days of June hit a record $62B, with June memory exports tracking for a fresh all-time high.

Even Tim Cook has publicly flagged DRAM pricing. Korean trade press called it 'memory spreading its wings.' HBM contract prices are now penciled for another lift in 2027. The DDR5/HBM trickle-down is dragging substrate names like Simmtech (036710) higher, and retail money is pouring into Korean semi equipment ETFs under the banner of 'Semi Bull Round 2.'

Samsung's Defensive Line

The deposed king did not sit still. At its global strategy meeting the same week, Samsung reviewed HBM roadmap and long-term supply contract strategy, and reports stacked up about Samsung pursuing next-gen HBM sales and multi-year deals with hyperscalers. On June 20, both Samsung and SK Hynix began shipping 7th-gen HBM4E samples — meaning the de facto SK monopoly of the HBM4 generation gives way to a fresh head-to-head race at HBM4E.