Chipmakers SK Hynix and Micron join $1tn club on surging AI demand
Summary
The stock market values of chipmakers SK Hynix and Micron have each risen above $1 trillion because of high demand for computer chips used in artificial intelligence (AI). This increase is part of a larger trend where companies linked to AI technology are seeing big growth in sales and stock prices.Key Facts
- SK Hynix’s shares rose 10% in one day and have tripled since the beginning of the year.
- Micron’s shares increased nearly 20% after investment bank UBS raised its price target for the company.
- Both SK Hynix and Micron now have stock market values above $1 trillion.
- Other companies with valuations above $1 trillion include Nvidia, Amazon, Apple, Microsoft, Alphabet (Google’s parent company), and Meta.
- The demand for advanced computer chips used in AI has caused a global memory chip shortage.
- South Korea’s Samsung Electronics recently joined the $1 trillion club, becoming the second Asian company to do so after Taiwan’s TSMC.
- Samsung is a major chipmaker and supplies companies like Nvidia.
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