The global race to build artificial intelligence infrastructure is lifting a wider group of technology companies, with memory chipmakers SK Hynix and Micron now joining the ranks of firms valued at more than $1 trillion.
The rise reflects how quickly investor attention has expanded beyond companies designing AI processors to those supplying the memory chips needed inside data centres. High-bandwidth memory has become especially important because it allows vast amounts of data to move rapidly between processors, helping AI systems train and operate more efficiently.
SK Hynix has emerged as one of the strongest beneficiaries of this shift. The South Korean company’s shares rose sharply on Wednesday, extending a rally that has more than tripled its stock price since the beginning of the year. Its close position in Nvidia’s supply chain has made it a key player in the AI hardware boom, as demand for advanced memory continues to exceed available supply.
Micron has seen a similar surge in market enthusiasm. Shares in the U.S. company jumped after UBS raised its price target, signalling stronger confidence that AI-related demand could support higher earnings for memory manufacturers. The sector has historically been vulnerable to sharp swings in pricing, but investors are increasingly betting that AI spending may create a more sustained cycle of growth.
Their gains add to a growing list of trillion-dollar technology companies, including Nvidia, Microsoft, Apple, Amazon, Alphabet, Meta, Samsung Electronics, and TSMC. Samsung reached the milestone earlier in May, becoming only the second Asian company after TSMC to do so.
Samsung shares also advanced after workers approved a pay deal, easing concerns that a strike could affect operations. The company remains a major semiconductor supplier, alongside its better-known consumer electronics business.
The strength of Samsung and SK Hynix has helped push South Korea’s Kospi index to record levels, underscoring the influence of chipmakers on the country’s market.
Nvidia remains the clearest winner from the AI investment surge, after becoming the first company to reach a $5 trillion valuation in October. Even so, some investors are warning that optimism around AI may be stretching valuations, particularly if spending slows, competition increases, or returns take longer to materialise.