South Korea’s semiconductor giant SK Hynix is riding a dual wave of product momentum and fresh foreign capital. The company has started shipping samples of its next-generation 12-layer HBM4E memory chips to customers, while a new exchange-traded fund listed in Hong Kong is opening the door for international investors to pile into the stock. Together, the catalysts have pushed the share price to a fresh 52-week high of 2,891,000 won intraday on Friday, before closing at 2,764,000 won – a gain of 2.94% on the day.
The HBM4E samples are designed for the most demanding artificial intelligence workloads in data centres. Each chip achieves a data transfer speed of 16 gigabits per second and improves energy efficiency by more than 20% compared to its predecessor. SK Hynix uses an advanced MR-MUF packaging process to stack 12 layers, yielding 48 gigabytes of capacity while cutting thermal resistance by 17%. The move puts it in direct competition with Samsung Electronics, which has been delivering its own 12-layer HBM4E samples since early June. Both Korean memory makers are racing to secure orders from hyperscale cloud operators and AI accelerator builders.
The stock’s blistering run has been mirrored by the broader Kospi index, which closed Thursday at 9,063 points, up 2% and well above the 8,000 level it breached just weeks earlier. Yet the rally is exceptionally narrow. On the main bourse, decliners still outnumber advancers, and the entire upward thrust is concentrated in a handful of chip stocks. SK Hynix has surged 308.27% since the start of the year, while Samsung Electronics has also posted strong gains.
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The arrival of the CSOP Kospi-200 ETF on the Hong Kong Stock Exchange provides a new conduit for foreign money. The fund is heavily skewed: Samsung Electronics accounts for 35.33% of its portfolio, SK Hynix for 26.41%, meaning nearly two-thirds of the ETF rests on just two names. Global capital flows into South Korean market products had already topped $30 billion by the end of May, and the new listing is expected to accelerate that trend.
Technically, the stock is running hot. It now trades 59% above its 50-day moving average, and the relative strength index sits at 73.5 – firmly in overbought territory. The annualised 30-day volatility has hit nearly 96%, underscoring the aggressive re-rating. Any slowdown in ETF inflows could trigger sharp reversals in a market where the breadth is so dangerously thin.
Beyond the HBM4E samples, SK Hynix showcased certified server SSDs and DDR5 memory modules at the HPE Discover conference in Las Vegas this week, broadening its infrastructure portfolio. The immediate focus, however, is on the validation phase with customers. The company has not disclosed specific client names or a start date for mass production. A smooth transition to volume output would open the door to lucrative long-term contracts, but the technology race is far from over.
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