Samsung Hits $1 Trillion Valuation, Joining TSMC in Elite Club

Samsung Electronics Co.’s market valuation topped $1 trillion after shares in the world’s largest memory maker more than quadrupled over the past year on booming demand for the chips used in artificial intelligence.

The milestone came as the South Korean company’s shares rallied 14% on Wednesday, making it only the second Asian firm after Taiwan Semiconductor Manufacturing Co. to hit the mark. Samsung’s gain also boosted the Kospi benchmark by more than 6%, driving it above the 7,000 level for the first time.