Chip, chip ... boom? South Korea tech makers join the trillion-dollar club but some fear a short-circuit looms

S outh Korea has leapfrogged India to become the world’s sixth largest share market, leaving equity markets in the UK, Germany and France trailing in its dust. But despite the runaway success, some are raising concerns that the Kospi index is too dependent on two freshly minted trillion-dollar chipmaking companies. Chip company SK Hynix last week claimed a seat in Asia’s trillion-dollar company club, alongside South Korean compatriot Samsung Electronics and Taiwan’s TSMC. Explosive demand for chips used in AI has propelled the trio past the valuation threshold. SK Hynix’s share price has skyrocketed 1,000% over the past year, while Samsung has soared 500%. Off the back of the stunning rise of these chipmakers, South Korea ’s stock market has experienced blistering growth since late 2025, shattering record after record. The Kospi index hit an all-time high of 8,880 this week, capping a 220% rise in 12 months. Goldman Sachs have predicted further gains. It has raised their 12-month Kospi target to 9,000, in what the investment bank called a “once-in-a-generation surge” in semiconductor earnings. In a reshuffle of the global pecking order, South Korea and Taiwan’s stock markets have vaulted over India. “I’m watching it in Seoul, and I still have to keep pinching myself,” says Peter Kim, global investment strategist at KB Securities, as South Korea became the first country other than the US to have more than one ​company worth at least $1tn. …