Shares of South Korean semiconductor firms posted sharp gains on Thursday, driven by Micron Technology’s better-than-expected quarterly performance and guidance, as well as SK Hynix’s announcement of a planned U.S. stock market listing.
Micron’s positive results reinforced investor expectations of continued tightness in memory chip supply, fueled by artificial intelligence demand, further boosting sentiment in the sector.
As of 1:11 PM (Bangkok time), shares of SK Hynix climbed by 14.57%, while Samsung Electronics advanced 5.43%, following a surge in U.S. chip stocks. These gains lifted the Kospi benchmark index 6.15%, with market capitalization for the two tech giants together comprising over 55% of the index.
Both companies have seen their combined market capitalization surpass $1 trillion this year, with Samsung Electronics now valued at around $1.47 trillion.
SK Hynix disclosed plans on Wednesday to pursue a U.S. listing aimed at raising up to $29.4 billion, a move anticipated by investors to help narrow the valuation difference with its American counterpart, Micron. The announcement came as Micron revealed that it had secured $22 billion in customer commitments for memory chips, projecting quarterly profit and revenue above market forecasts. This strong guidance sent Micron shares up 15% in after-hours trading.
The robust performance of Micron and the planned U.S. IPO by SK Hynix have heightened expectations for sustained high demand for memory chips related to AI infrastructure. Meanwhile, some analysts see the possibility of Samsung Electronics following SK Hynix in seeking a U.S. listing through American Depositary Receipts (ADRs), which could help close the valuation gap with Micron and act as a catalyst for Korean chip stock prices.
JPMorgan highlighted South Korea as its preferred equity market in the region and raised its year-end target for the Kospi to 12,500 points, projecting that continued momentum in AI and related sectors could further boost the performance of large-cap tech names and, by extension, the broader market.
The bank placed a potential bull scenario of the index reaching 15,000 by the end of 2026. As the best performing global index so far in 2026, the Kospi has doubled on the back of strong showings in the two prominent memory chipmakers.
The investment bank identified corporate earnings growth driven by AI data center investment as a major macroeconomic boost for Korea. It also projected that benefits will extend into industrials, financials, and the household and government sectors as ongoing governance reforms provide further support.
However, JPMorgan flagged that continued foreign outflows, which totaled a record $95 billion in 2026, and market volatility are likely headwinds. The firm noted that retail investors still have room to increase holdings, which could help sustain further gains.
