Over the past few years, capital markets have favored the promise of the "future." Whether it’s AI, robotics, autonomous driving, or commercial space exploration, any company tied to the latest technological revolution—even if its profit model isn’t fully developed—has had a shot at commanding high valuations. Investors have been willing to pay for future growth, and the market gradually developed a pricing system centered on "expectations" and "narratives."
However, as we move into 2026, a clear shift has emerged. The market is no longer satisfied with companies simply having trendy concepts. Instead, it’s starting to re-examine key questions: Do companies possess critical technologies? Do they have stable order flows? Can they truly convert growth into profits? These issues are becoming the new core of valuation.
Recent market performance has highlighted this transformation. SK Hynix’s market cap surpassed Samsung Electronics for the first time, Micron continues to climb on the back of AI-driven demand for memory, while some once-celebrated tech stars are adjusting under the pressure to deliver profits. Capital markets seem to be revisiting an old question: What kind of company truly deserves a high valuation over the long term?
SK Hynix Surpasses Samsung: Who Holds the Key to the Value Chain in the AI Era?
One of the most watched events in South Korea’s capital market recently has been SK Hynix overtaking Samsung Electronics in market value. This isn’t just a reshuffling between two Korean tech giants—it signals a redistribution of value across the AI industry chain.
In the past, discussions about AI focused on GPUs, large models, and application software. But as AI models grow in scale, the importance of memory has surged. AI chips must process massive amounts of data in extremely short timeframes, making high-bandwidth memory (HBM) an essential infrastructure for smooth operation. Without high-performance memory, even the most powerful AI chips can’t reach their full potential.
SK Hynix has taken a leading position in this area. As global AI data center construction accelerates and demand for HBM continues to rise, the market is awarding the memory giant higher valuations. Investors are realizing that winners in the AI era aren’t limited to those developing AI applications. Companies that control critical infrastructure and core segments of the value chain also have enormous growth potential.
This renewed focus on Korea’s market reflects a broader shift. Instead of chasing concepts alone, more investors are researching the real value within the industry chain. Companies with core technologies and strong industry barriers are gaining greater recognition.
Micron Hits New Highs: Why Are Chip Companies Still in the Spotlight?
If SK Hynix represents the rise of HBM memory, Micron’s ongoing rally shows that investment in AI infrastructure remains robust. Over the past year, the spotlight has been on AI applications—large models, AI assistants, and various intelligent tools. But as the sector matures, the market is noticing that the companies with the most stable benefits are often those providing foundational infrastructure.
Whether it’s GPUs, memory chips, servers, or data centers, these are indispensable components of the AI value chain. As businesses ramp up AI investments and expand data center construction, demand for high-performance memory is growing rapidly. Micron is thriving in this environment, with its earnings outlook and market performance attracting investor attention.
Historically, every technological revolution produces two types of winners: those who create new applications and consumer scenarios, and those who provide the infrastructure for the entire industry. The market’s sustained interest in chip companies reflects this investment logic.
Investors are no longer focused solely on who has the hottest concept. They’re seeking out companies positioned to benefit from long-term industry growth.
Even Star Companies Can Fall Behind: Market Reassesses High Valuations
Redefining value means not all hot companies will continue to rise. Previously, investors accepted the "invest first, profit later" model, believing that a big enough market and compelling growth story could justify high valuations. But as AI investment scales up, the market is paying closer attention to a practical question: When will companies turn investment into real profits?
As a result, we’re seeing clear market divergence. Companies with stable orders and proven profitability continue to attract capital. Meanwhile, some firms with advanced technology but uncertain profit realization are facing valuation pressures.
This shift doesn’t signal a loss of interest in innovation. On the contrary, investors remain optimistic about AI, robotics, and future industries. They’re simply placing greater emphasis on business models, profitability, and long-term competitive advantages.
In other words, the market is moving from "storytelling" to "showing results."
The best companies often stand out amid these changes.
Hong Kong IPOs Heat Up: Why Are New Economy Firms Choosing Hong Kong?
Compared to Korea and US markets, Hong Kong stocks are showing a different kind of vitality. While the Hang Seng Index has entered a period of volatility, the IPO market remains red-hot. Recently, several firms have launched Hong Kong listing plans, spanning AI, chip design, smart manufacturing, and consumer technology.
More companies are choosing Hong Kong not just for fundraising. For new economy firms, Hong Kong connects international capital with Asian markets, offering a mature financing system and a global investor base. As AI and advanced manufacturing evolve rapidly, Hong Kong is reclaiming its role as a key financing platform for innovative enterprises. More importantly, the structure of the Hong Kong market is changing. Previously, finance, real estate, and major internet platforms dominated. Now, AI, chips, robotics, innovative healthcare, and consumer tech companies are emerging as new growth drivers.
The IPO boom reflects the capital market’s renewed focus on future industry directions. For investors, tracking which companies are listing in Hong Kong is often more meaningful than watching index movements. These firms may represent the next wave of growth opportunities in the market.
Gate Stock Trading: How to Track Leading Companies Across Markets?
As market trends shift, investors are paying attention to a broader range of markets. In Korea, SK Hynix and Samsung Electronics lead the semiconductor sector. In the US, Micron, Intel, and leaders in healthcare and consumer industries stand out. Hong Kong continues to attract listings from AI, chip, and new economy firms.
To help users seize opportunities across different markets, Gate Stock Trading now covers multiple stock markets and has officially launched Korean stock trading services. Users can follow leading companies in Korea, the US, and Hong Kong through a unified account, enabling flexible multi-market investing.
Hot Markets and Representative Companies
| Market | Popular Stocks | Core Logic |
|---|---|---|
| Korea | SK Hynix, Samsung Electronics | AI chips, HBM |
| US | Micron, Intel, AbbVie | AI, manufacturing, pharmaceuticals |
| Hong Kong | AI firms, chip companies, new consumer | New economy growth |
| Digital Assets | BTC, ETH | Digital asset ecosystem |
Looking at recent market performance, capital is shifting its focus from "what’s hottest" to "what can create lasting value." Companies with core technologies, stable profitability, and long-term growth prospects are emerging as winners in the next round of market competition.
FAQs
Why has SK Hynix attracted so much market attention recently?
The main reason is the rapid growth in demand for HBM memory chips. SK Hynix holds a leading position in AI storage and benefits from global AI infrastructure expansion.
Why does Micron continue to perform strongly?
AI data center construction is driving increased demand for memory, and the market remains optimistic about Micron’s future earnings.
Why is Hong Kong’s IPO market still hot?
AI, chip, and smart manufacturing firms are actively pursuing Hong Kong listings, and the city’s capital market is becoming increasingly attractive to new economy companies.
Does Gate Stock Trading support Korean stocks?
Yes. Users can participate in the Korean stock market through Gate Stock Trading and follow leading companies like SK Hynix and Samsung Electronics.
What types of companies are the market focusing on now?
Companies with industry competitiveness, real profitability, and long-term growth potential are becoming the main focus for investors.
