By Blessing Nweke
The global surge in artificial intelligence investment has propelled memory chipmakers SK Hynix and Micron Technology beyond the $1 trillion (£740 billion) market valuation mark, highlighting the growing dominance of AI-related firms in global markets.
Shares of SK Hynix climbed 10% on Wednesday, extending a remarkable rally that has seen the South Korean company’s stock more than triple since the beginning of the year. The firm is a major supplier to Nvidia, whose advanced processors are widely used in AI data centres across the world.
Meanwhile, Micron shares jumped nearly 20% on Tuesday after investment bank UBS sharply increased its target price for the company. Investors have poured money into semiconductor firms as demand for memory chips used in AI systems continues to soar.
The two companies now join an elite group of trillion-dollar corporations that includes Amazon, Apple, Microsoft, Alphabet and Meta.
Earlier this month, Samsung Electronics also crossed the $1 trillion valuation milestone, becoming only the second Asian company after TSMC to achieve the feat. Samsung’s shares rose more than 6% on Wednesday after workers approved a pay agreement that prevented a potential strike.
The AI spending boom has also lifted South Korea’s Kospi stock index to a record high. However, some analysts continue to warn that soaring technology valuations could signal the emergence of an AI investment bubble.
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