Samsung Electronics' market value exceeds $1 trillion

The market value of South Korea's Samsung Electronics surpassed $1 trillion for the first time on Wednesday, boosted by a boom in artificial intelligence chips, which has pushed Seoul's Kospi stock index to record highs.

The company has established itself as a key player, along with domestic rival SK hynix, in supplying high-performance chips demanded by companies struggling to keep up with the rapidly evolving artificial intelligence industry.

Samsung posted record first-quarter profit last week, an announcement that comes as the South Korean government strives to step onto the podium and move into the top three global artificial intelligence powerhouses, along with the United States and China.

The company's shares soared nearly 12% in Wednesday's morning session, pushing its market value above the $1 trillion milestone.

SK hynix rose about 10%.

That came as the country's benchmark Kospi index soared more than five percent, surpassing 7,000 points for the first time at the session's open.

Samsung shares have surged about 300% over the past year, boosted by the artificial intelligence boom fueling South Korea's growth.

As reported by Bloomberg News, the company is the second Asian company, after Taiwan Semiconductor Manufacturing, to reach a market capitalization of $1 trillion.