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What happened: Samsung Electronics (005930.KS) reached a $1 trillion market cap on Wednesday.
What’s behind the move: Shares of the South Korean memory maker have surged nearly a staggering 750% increase year over year.
Samsung Electronics has officially become the second Asian firm, alongside Taiwan Semiconductor Manufacturing (TSM), to surpass a $1 trillion valuation.
The company recently posted record quarterly profits, surging 750% year over year, driven by a massive influx of orders for high-bandwidth memory for AI.
What else you need to know: A critical bottleneck in the supply of high-bandwidth memory for data center chips has sent shares of major manufacturers soaring.
Samsung remains the world’s largest memory manufacturer, leading in both DRAM and NAND flash production.
Meanwhile, fellow South Korean manufacturer SK Hynix (000660.KS) has also reached all-time highs, as has Micron (MU), the leading US-based memory chipmaker.
Ines Ferre is a Senior Business Reporter for Yahoo Finance covering the US stock market, publicly traded companies, and commodities.
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