Samsung Electronics Co. has reached a $1 trillion market valuation after the world’s largest memory maker saw its stock more than quadruple over the past year.
The rally is driven by booming demand for chips used in artificial intelligence, which has seen the company emerge as a key player in the supply of high-performing chips.
This surge in valuation follows reports from last week indicating an over eightfold increase in the company's first-quarter operating profits.
Samsung is now only the second Asian company to hit the $1 trillion mark, joining TSMC.