From chips to new stocks: Which type of companies is the market starting to reward?

In the past few years, the most favored theme in the capital markets has been "the future." Whether it’s AI, robotics, autonomous driving, or commercial spaceflight, as long as it’s related to new technological revolutions, even if the profit models are not yet mature, there’s a chance to achieve high valuations. Investors are willing to pay for future growth, and the market has gradually formed a valuation system centered around "expectations" and "stories."

But after entering 2026, a clear change has begun to emerge. The market is no longer satisfied with companies having popular concepts but is starting to reassess: Do these companies possess key technologies? Do they have stable orders? Can they truly turn growth into profits? These questions are becoming the new core of valuation.

The recent market performance over the past few weeks also precisely reflects this shift. SK Hynix’s market capitalization has surpassed Samsung Electronics for the first time, Micron continues to rise driven by AI storage demand, while some once highly sought-after star tech companies are adjusting due to profit realization pressures. The capital market seems to be re-answering an old question: what kind of companies truly deserve long-term high valuations?

SK Hynix Surpasses Samsung, Who Holds the Initiative in the Industry Chain in the AI Era?

One of the most watched recent events in the Korean capital market is SK Hynix’s market value surpassing Samsung Electronics for the first time. This is not just a ranking change between two Korean tech giants but also reflects the reallocation of industry value chains in the AI era.

In the past, when people talked about AI, they first thought of GPUs, large models, and application software. But as AI model sizes continue to expand, the importance of storage has rapidly increased. AI chips need to process massive amounts of data in extremely short times, and high-bandwidth memory (HBM) is a crucial infrastructure to ensure this process runs smoothly. Without high-performance storage, even the most powerful AI chips cannot fully realize their potential.

SK Hynix is leading in this field. As global AI data center construction accelerates, demand for HBM continues to grow, and the market is beginning to assign higher valuations to this storage giant. Investors are gradually realizing that winners in the AI era are not only those developing AI applications but also those companies that control key infrastructure and core segments of the industry chain, which also have enormous growth potential.

This is also why the Korean market has recently regained attention. Compared to simply chasing concepts, more investors are starting to study the real value of the industry chain, and companies with core technologies and industry barriers are gaining more recognition.

Micron Hits New Highs, Why Are Chip Companies Still Popular in the Market?

If SK Hynix represents the rise of HBM storage, Micron’s continued ascent reflects that investment in AI infrastructure remains strong. Over the past year, the AI application layer has become a market focus, with large models, AI assistants, and various intelligent applications emerging endlessly. But as the industry develops, the market is beginning to realize: the companies that benefit most stably are often those providing underlying infrastructure.

Whether it’s GPUs, storage chips, or servers and data centers, they are all indispensable parts of the AI industry chain. As companies continue to increase AI investments and data center construction scales expand, the demand for high-performance storage is also rapidly growing. Micron is benefiting from this trend, and its performance outlook and market performance are attracting investor attention.

From historical experience, every technological revolution produces two types of winners. One type creates new applications and consumption scenarios, while the other provides the infrastructure for the entire industry. The current market’s ongoing focus on chip companies is a reflection of this investment logic.

Investors are no longer just looking at who owns the hottest concepts but are starting to seek out those core companies that can benefit long-term from industry development.

Star Companies Might Fall Behind? The Market Is Reassessing High Valuations

The market’s redefinition of value also means that not all hot companies will continue to rise. In the past, investors were willing to accept a "spend first, profit later" development model, as long as there was enough market space and growth stories, enabling high valuations. But as AI investment scales expand, the market is beginning to focus more on a practical question: when can companies turn their investments into real profits?

Therefore, we see a clear recent market divergence. Companies with stable orders and profitability continue to attract funds; while some with leading technologies but uncertain profit realization face valuation pressures.

This change does not mean the market has lost interest in innovation. On the contrary, investors still believe in the prospects of AI, robotics, and future industries, but are now paying more attention to business models, profitability, and long-term competitive advantages.

In other words, the market is shifting from "storytelling" to "proof of results."

And truly excellent companies often stand out in this changing environment.

Hong Kong IPOs Continue to Heat Up: Why Do New Economy Companies Choose Hong Kong?

Compared to the Korean market and the US stock market, the Hong Kong market has recently shown a different vitality. Although the Hang Seng Index has entered a period of fluctuation, the IPO market remains hot. Recently, many companies have launched plans to list in Hong Kong, covering sectors such as AI, chip design, smart manufacturing, and consumer technology.

More and more companies are choosing Hong Kong not just for financing needs. For new economy enterprises, Hong Kong connects international capital markets and Asian markets, with a mature financing system and international investor base. As AI and advanced manufacturing develop rapidly, Hong Kong is re-emerging as an important financing platform for innovative companies. More importantly, the industry structure in the Hong Kong stock market is changing. In the past, finance, real estate, and large internet platforms dominated the market; now, AI, chips, robotics, innovative medical, and consumer tech companies are becoming new growth drivers.

The IPO boom actually reflects the capital market’s re-selection of future industry directions. For investors, observing which companies are listing in Hong Kong is often more meaningful than watching index fluctuations, because these companies may represent new growth opportunities in the coming years.

Gate Stock Trading: How to Follow Popular Companies in Different Markets?

As market hotspots shift constantly, investors are paying attention to more diverse markets. In Korea, there are semiconductor giants like SK Hynix and Samsung Electronics; in the US, there are Micron, Intel, and leaders in healthcare and consumer sectors; in Hong Kong, AI, chip, and new economy companies continue to attract listings.

To help users participate more conveniently in opportunities across markets, Gate Stock Trading now covers multiple stock exchanges and has officially launched Korea stock trading services. Users can use a unified account to follow popular companies in Korea, the US, and Hong Kong, enabling more flexible multi-market investments.

Popular 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 companies, chip companies, new consumer | New economic growth | | Digital Assets | BTC, ETH | Digital asset ecosystem |

From recent market performance, the focus of capital attention is shifting from "what’s hottest" to "what can create long-term value." Companies with core technologies, stable profitability, and long-term growth potential are becoming the new winners in the market competition.

FAQs

Why has SK Hynix recently attracted market attention?

Mainly because of the rapid growth in demand for HBM storage chips, with SK Hynix holding a leading advantage in AI storage and benefiting from global AI infrastructure development.

Why does Micron continue to perform strongly?

AI data center construction drives storage demand growth, and the market maintains positive expectations for Micron’s future performance.

Why is the Hong Kong IPO market still hot?

AI, chip, and smart manufacturing companies continue to list in Hong Kong, and the attractiveness of Hong Kong’s capital market for new economy companies is increasing.

Does Gate Stock support trading Korean stocks?

Yes. Users can participate in the Korean stock market through Gate Stock Trading and follow popular companies like SK Hynix and Samsung Electronics.

What kind of companies is the current market paying more attention to?

Companies with industry competitiveness, genuine profitability, and long-term growth potential are becoming the key focus of the market.