SK Hynix has crossed the $1 trillion market value threshold for the first time, as investors continue to reprice memory-chip makers around the AI infrastructure boom. The South Korean company’s shares jumped as much as 14.9% on May 27, lifting its market capitalization to about 1,680 trillion won, or roughly $1.12 trillion.

The rally reflects a powerful shift in how the market views memory. High-bandwidth memory and advanced DRAM have become critical inputs for AI accelerators, data centers and Nvidia-linked platforms. Tight supply has given producers stronger pricing power: Reuters reported that memory-chip prices doubled in the previous quarter and could rise by as much as 63% in the current one.

The move also followed a sharp rally in Micron, after UBS lifted its price target and argued that AI demand has structurally changed the memory cycle. For investors, SK Hynix is now seen as one of the clearest public-market plays on the AI supply chain. Still, the risk is valuation and cyclicality. A stock that has risen more than 1,000% in a year leaves little room for disappointment if AI spending slows, supply catches up or investors rotate out of crowded semiconductor trades.