SK Hynix stock up roughly 978% over the past year as AI demand drives memory chip sales; Nomura analyst sees 78% additional upside

SK Hynix held 32% of the global DRAM market share by revenue at the end of 2025 (second only to Samsung) and 57% of the global HBM (high-bandwidth memory) market share, according to market research firm Counterpoint. The stock has risen roughly 978% over the past year and 1,694% over the past five years as of May 27.

HBM consists of multiple DRAM chips stacked together, allowing more data to be processed and reducing the distance to GPUs (graphics processing units). Data centers have scaled GPU clusters due to increased consumption of large language models, driving significantly greater demand for DRAM and HBM.

On May 17, Nomura analyst CW Chung raised his price target on SK Hynix from 2,340,000 SKW to 4,000,000 SKW, implying roughly 78% upside from current levels. Chung believes the AI supercycle will lead to demand far outstripping memory supply, and that SK Hynix should trade at a higher valuation multiple once it lists American depositary receipts (ADRs).

SK Hynix currently trades at 2,243,000 South Korean Won (SKW) per share, equivalent to roughly $1,493 per share, and trades around 6 times forward earnings compared with Taiwan Semiconductor at around 20 times forward earnings.