By Adam Clark

Micron Technology was gaining again early Wednesday as it built on its surge from the previous day. But South Korean rival SK Hynix has joined it in the list of companies with a more than $1 trillion valuation.

Micron shares were up 5.5% at $945.04 in premarket trading. The stock rose 19% on Tuesday, fueled by a research note from UBS which raised its price target for Micron to $1,625 from $535, arguing long-term supply agreements justified a higher price-to-earnings ratio for the company.

What's good news for Micron is also being taken as positive for SK Hynix, which closed 9.3% higher in local trading on Wednesday, bringing the South Korean firm's market capitalization to 1.599 quadrillion won, equivalent to $1.061 trillion.

American investors could soon have the pick of both companies. SK Hynix has filed an application to list American depositary receipts with the Securities and Exchange Commission. Although the timing isn't confirmed, reports point to a June or July time frame. The size and pricing of the listing haven't been decided, but SK Hynix could raise up to $10 billion according to local Korean media reports.

Meanwhile, workers at Samsung Electronics -- the third big memory-chip player -- have approved a tentative bonus-pay agreement reached last week, averting a strike at the company's operations.

Write to Adam Clark at adam.clark@barrons.com

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May 27, 2026 07:16 ET (11:16 GMT)

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